Shijiazhuang Shangtai Technology (SZ:001301) Minsheng Securities·2024-04-26 06:30Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company reported a revenue of 4.391 billion yuan in 2023, a year-on-year decrease of 8.18%, and a net profit attributable to shareholders of 723 million yuan, down 43.94% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 861 million yuan, a decline of 9.58% year-on-year, and a net profit of 149 million yuan, down 35.48% year-on-year [2]. - The company’s anode materials business generated revenue of 3.726 billion yuan in 2023, with a shipment of 140,900 tons, and an estimated net profit of approximately 5,100 yuan per ton [2]. - The company is investing 4 billion yuan in a new project to produce 100,000 tons of lithium battery anode materials annually, which is expected to improve its market position [2]. - The company increased its R&D investment to 125 million yuan in 2023, a growth of 17.48%, focusing on high-capacity and high-performance anode materials [2]. Financial Forecasts - The company is projected to achieve revenues of 4.991 billion yuan, 7.096 billion yuan, and 9.369 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.7%, 42.2%, and 32.0% [4][5]. - The net profit attributable to shareholders is expected to be 732 million yuan, 1.071 billion yuan, and 1.460 billion yuan for the same years, with growth rates of 1.2%, 46.4%, and 36.3% [4][5]. - The company’s PE ratios are projected to be 12, 9, and 6 for 2024, 2025, and 2026, respectively [4][5].