2025 年 05 月 11 日 业绩表现强劲，竞争优势凸显 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2025-05-09 | | --- | --- | | 当前股价（元） | 51.8 | | 总市值（亿元） | 135 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 161 | | 52 周价格范围（元） | 36.1-78.53 | | 日均成交额（百万元） | 214.63 | 市场表现 -40 -20 0 20 40 60 80 100 (%) 尚太科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《尚太科技（001301）：业绩超 预期，份额有望逆势扩张》2024- 08-15 2、《尚太科技（001301）：成本优 势托底，盈利韧性显著》2024-05- —尚太科技（001301.SZ）公司事件点评报告 尚太科技发布 2025Q1 报告：公司 2025Q1 实现收入 16.28 亿 元/yoy+89%，实现归母净利润 2.39 亿元/yoy+60.87%。 投资要点 ▌2024 ...

2025 年 05 月 11 日 业绩表现强劲，竞争优势凸显 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2025-05-09 | | --- | --- | | 当前股价（元） | 51.8 | | 总市值（亿元） | 135 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 161 | | 52 周价格范围（元） | 36.1-78.53 | | 日均成交额（百万元） | 214.63 | 市场表现 -40 -20 0 20 40 60 80 100 (%) 尚太科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《尚太科技（001301）：业绩超 预期，份额有望逆势扩张》2024- 08-15 2、《尚太科技（001301）：成本优 势托底，盈利韧性显著》2024-05- —尚太科技（001301.SZ）公司事件点评报告 尚太科技发布 2025Q1 报告：公司 2025Q1 实现收入 16.28 亿 元/yoy+89%，实现归母净利润 2.39 亿元/yoy+60.87%。 投资要点 ▌2024 ...

Core Viewpoint - The article summarizes the key points from the "Shenzhen Stock Exchange Issuance and Listing Review Dynamics" since the implementation of the comprehensive registration system in February 2023, focusing on 23 common business issues addressed in 20 issues published to date. Group 1: Internal Control Audit Requirements - Proposed listed companies must provide an unqualified internal control audit report from an accounting firm when submitting their application or updating financial data for 2024 [3][4] - Existing companies under review must also provide this report when updating their annual report materials for 2024 [4] Group 2: Fundraising and Main Business Focus - Companies should plan the use of raised funds to focus on their main business, ensuring that the projects have a certain revenue scale and are relatively mature [5][6] - The definition of "existing main business" should be based on the time of disclosing the refinancing plan, and projects involving new businesses must be carefully justified [6][7] Group 3: New Product Fund Allocation - When raising funds for new products, companies must demonstrate synergy with existing products and ensure that there are no significant uncertainties in production and sales [8][9] Group 4: Dividend Regulations for IPO Companies - The exchange is tightening regulations on pre-IPO companies regarding "clearing-style" dividends, encouraging companies to retain profits for development rather than distribute them before going public [11] Group 5: Fund Usage Disclosure Requirements - Companies must disclose any changes in the use of previously raised funds in their prospectus, especially if the changes have not been approved by shareholders [12] Group 6: National Shareholder Identification - Companies with state-owned shareholders must clearly indicate this in their application materials and provide relevant approval documents [14] Group 7: Differentiated Supervision of Sponsoring Institutions - The Shenzhen Stock Exchange has initiated a differentiated supervision mechanism for sponsoring institutions to enhance the quality of their services [19][20] Group 8: Pre-communication Mechanism Optimization - The exchange has optimized the pre-communication mechanism to improve service quality and efficiency for market participants [21] Group 9: Fund Flow Verification - The exchange has revised guidelines for verifying fund flows in IPO applications, emphasizing the need for detailed documentation and clear audit opinions from sponsors [22][23] Group 10: Capital Reserve Transfer and Lock-up Period - New shares resulting from capital reserve transfers within six months prior to application must be locked for 36 months [28] Group 11: Application Document Requirements - Companies must ensure that their application documents meet the completeness requirements and comply with the new rules under the comprehensive registration system [29][30] Group 12: Attention Points for New Applications - New applicants must adhere to specific guidelines regarding their business focus and ensure compliance with the requirements set forth by the exchange [33][34]

Core Insights - Yichang High-tech Zone is actively developing the silicon-carbon anode industry, focusing on project construction, technological innovation, and resource allocation to create a distinctive industrial park with significant cluster advantages [1][2] Group 1: Technological Innovation - The silicon-carbon anode industry is a key development focus, with Yichang High-tech Zone encouraging technological innovation among enterprises to transition from traditional chemical industries to new energy and materials [2] - Yinsilicon (Ningbo) Technology Co., Ltd. is investing in a project with an annual production capacity of 2,000 tons of silicon-carbon anode materials, utilizing advanced gas-phase deposition technology for improved performance [2] - By 2030, the annual production capacity of silicon-carbon anode materials in the high-tech zone is expected to reach 150,000 to 200,000 tons, generating a revenue scale of 60 billion yuan and additional tax revenue exceeding 3 billion yuan [2] Group 2: Project Construction - Hubei Jiangxin New Materials Co., Ltd. is in the construction phase of its project, with plans to start trial production in June, focusing on high-energy-density lithium battery silicon-carbon materials [3] - The company plans to invest 1 billion yuan in two phases, aiming for an annual production capacity of 3,000 tons by the end of the year [3] - Multiple projects have been signed and initiated in the high-tech zone, including a 5.6 billion yuan project for electronic-grade silane and silicon-carbon anode materials [3] Group 3: Resource Allocation - Yichang High-tech Zone has introduced several silane production companies to ensure a steady supply of raw materials for downstream enterprises [4] - The annual production capacity of the silane project by Heyuan Gas is 5,000 tons, with plans for a 15,000-ton capacity in the ongoing project [4] - A public pipeline system is being constructed to facilitate "point-to-point" transmission of silane gas, reducing transportation risks for silicon-carbon materials [4]

石家庄尚太科技股份有限公司 投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关 | □媒体采访 □业绩说明会 | | | | | 系活动类 | □新闻发布会 □路演活动 | | | | | 别 | □现场参观 | | | | | | 其他（电话会议） | |  | | | 活动参与 | 电话会议 人 122 | | | | | 人员 | | | | | | 上市公司 | 董事、副总经理、董事会秘书 李龙侠 | | | | | 接待人员 | | | | | | 时间 | 2025 年 4 日 20:00 | 月 | | 28 | | 地点 | 公司北苏总部二楼会议室 | | | | | 形式 | 线上电话会议 | | | | | | 一、公司 2025 年第一季度经营情况介绍 | | | | | | （一）2025 年第一季度情况 | | | | | | 2025 年第一季度，公司北苏二期项目陆续投产，订单饱满保证 | | | | | | 了新增产能的充分释放，新增产能快速转化为销售订 ...

Company Overview - The company primarily engages in the research, production, and sales of lithium battery anode materials, focusing on customer-centric and market-driven approaches to provide better products and services [2][3] - The main product is graphite anode materials, widely used in lithium battery applications including electric vehicles, consumer electronics, and industrial energy storage [2] - The company aims to strengthen and expand its new carbon materials industry, aspiring to become a leading manufacturer of carbon-based materials [2] Business Model - The company operates on a sales-driven production model, primarily selling graphite anode materials to generate revenue and profit [3] - The procurement model is based on "production-driven procurement," ensuring that raw materials are sourced from qualified suppliers after thorough evaluation [5] - The production model is characterized by "order-based production," allowing adjustments based on customer orders and sales forecasts to ensure timely delivery [6] - The sales model is direct sales, involving customer engagement, product testing, and comprehensive support throughout the sales process [7] Financial Performance - In 2024, the company achieved operating revenue of 1,388.34 million yuan, a decrease of 17.67% year-on-year, and a net profit attributable to shareholders of 49.55 million yuan, down 40.23% compared to the previous year [8] - The decline in revenue and profit is attributed to several factors, including increased market competition leading to lower product prices, higher financial expenses due to interest from convertible bonds issued, and increased asset impairment losses [8][9] - The company faced challenges from a complex international environment, resulting in extended payment cycles from some customers and increased credit impairment losses [9] Research and Development - The company has established a research and development center with various specialized teams focused on developing both graphite and non-graphite lithium battery anode materials, as well as other new carbon materials [4]