Shijiazhuang Shangtai Technology (SZ:001301) Soochow Securities·2025-10-28 08:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance of the company met expectations, and profit improvement is anticipated [1] - The company reported a revenue of 5.5 billion yuan for the first three quarters of 2025, a year-on-year increase of 52%, with a net profit attributable to shareholders of 710 million yuan, up 23% year-on-year [8] - The company expects to achieve an annual shipment of over 330,000 tons, a year-on-year increase of over 50% [8] - The target price is set at 126 yuan, with a projected P/E ratio of 25 times for 2026 [8] Financial Performance Summary - Total revenue for 2023 is projected at 4.391 billion yuan, with a year-on-year decrease of 8.18% [1] - The net profit attributable to shareholders for 2023 is estimated at 722.9 million yuan, down 43.94% year-on-year [1] - The latest diluted EPS for 2023 is 2.77 yuan, with a P/E ratio of 30.13 [1] - For 2024, total revenue is expected to rise to 5.229 billion yuan, a year-on-year increase of 19.10% [9] - The net profit for 2024 is projected at 838.33 million yuan, a year-on-year increase of 15.97% [9] - The company anticipates a significant increase in revenue and profit in the following years, with 2025 revenue expected to reach 8.438 billion yuan, a 61.36% increase year-on-year [1][9]