尚太科技（001301）：2025年中报分析：新产品积极放量，盈利保持稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.388 billion yuan for the first half of 2025, representing a year-on-year growth of 61.83%. The net profit attributable to shareholders was 479 million yuan, up 34.37% year-on-year, while the net profit excluding non-recurring items reached 491 million yuan, growing by 40.88% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 1.760 billion yuan, reflecting a year-on-year increase of 42.84% and a quarter-on-quarter growth of 8.14%. The net profit attributable to shareholders was 240 million yuan, up 15.42% year-on-year and 0.32% quarter-on-quarter [2][4]. Financial Performance Summary - The company’s negative electrode shipments reached 141,200 tons, a year-on-year increase of over 65%, driven by the launch of new fast-charging products, which significantly improved market share. Revenue from negative electrode materials was 3.102 billion yuan, up 68.42% year-on-year, with a gross margin of 23.37%, slightly up by 0.05 percentage points [9]. - For Q2 2025, the company is expected to maintain growth in negative electrode shipments and high operating rates. The overall gross profit is estimated to have slightly decreased due to a significant rise in petroleum coke prices, but the company's profitability remains stable compared to the industry [9]. - The company’s performance is expected to remain stable in the second half of the year, with continued growth anticipated. The mid-term outlook for overseas bases and profit elasticity is promising, with a projected annual performance of around 1 billion yuan for 2025, corresponding to a PE ratio of 15X (excluding convertible bonds) [9].