尚太科技（001301）：业绩符合预期，盈利能力坚韧

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][12]. Core Insights - The company reported a revenue of 5.506 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 52.09%. The net profit attributable to shareholders was 711 million yuan, up 23.08% year-on-year, with a non-recurring net profit of 730 million yuan, reflecting a 27.69% increase [1]. - In Q3 2025, the company achieved a revenue of 2.118 billion yuan, a year-on-year increase of 38.73% and a quarter-on-quarter increase of 20.32%. The net profit for the same period was 232 million yuan, showing a year-on-year growth of 4.87% but a quarter-on-quarter decline of 3.37% [1][3]. - The company has significantly increased its R&D investment, with R&D expenses reaching 156 million yuan in Q3 2025, a 38.35% increase from the previous year. This investment focuses on next-generation anode materials technology [2]. - The company is accelerating its capacity expansion and deepening its global layout, with key projects in both domestic and international markets [2]. Financial Forecasts - The company is projected to achieve revenues of 7.744 billion yuan, 10.538 billion yuan, and 13.295 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 48.1%, 36.1%, and 26.2% [3][5]. - The net profit attributable to shareholders is expected to be 1.010 billion yuan, 1.456 billion yuan, and 1.942 billion yuan for the same years, with growth rates of 20.5%, 44.1%, and 33.4% [3][5]. - The price-to-earnings (PE) ratios based on the closing price on October 31, 2025, are projected to be 26, 18, and 13 for the years 2025, 2026, and 2027, respectively [3][5].