Shijiazhuang Shangtai Technology (SZ:001301) Bank of China Securities·2025-11-07 07:51Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company achieved a record high sales scale in Q3, with a net profit of 711 million RMB for the first three quarters, representing a year-on-year growth of 23.08% [4][9]. - The company is actively expanding its production capacity, with ongoing projects in Malaysia and Shanxi expected to enhance its production capabilities significantly by 2026 [9]. - The report anticipates strong profitability resilience due to continuous cost reduction and efficiency improvements [4][9]. Financial Summary - The company’s revenue for the first three quarters reached 5.51 billion RMB, a 52.09% increase year-on-year, while the net profit for the same period was 711 million RMB, up 23.08% [9][10]. - The projected earnings per share (EPS) for 2025-2027 are 3.85 RMB, 5.13 RMB, and 6.36 RMB, respectively, with corresponding price-to-earnings ratios of 24.4, 18.3, and 14.7 [6][8]. - The company expects to maintain a strong growth trajectory, with revenue projected to reach 7.75 billion RMB in 2025, reflecting a growth rate of 48.2% [8][11].