尚太科技：Q2盈利环比增长，盈利保持较强韧性

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next 6-12 months [1][3] Core Views - The company's Q2 2024 net profit attributable to the parent company increased by 19.4% YoY and 39.83% QoQ, reaching RMB 208 million, demonstrating strong profit resilience [1] - The company's negative electrode material sales volume grew by 59.34% YoY in H1 2024, reaching 83,800 tons, despite facing pricing pressure due to industry competition [1] - The company is actively pursuing an internationalization strategy, with plans to establish wholly-owned subsidiaries in Singapore and Spain, aiming to expand its overseas market presence [1] - The company is increasing R&D investment in silicon-carbon negative electrode materials, with a mature technical team and pilot production line in place, expecting to achieve batch supply in the future [1] Financial Performance - H1 2024 revenue reached RMB 2.093 billion, a 6.45% YoY increase, while net profit attributable to the parent company declined by 11.86% YoY to RMB 357 million [1][4] - The gross profit margin for negative electrode materials decreased by 7.79 percentage points YoY to 23.32% in H1 2024, reflecting pricing pressure in the industry [1] - The company's EPS for 2024-2026 is forecasted to be RMB 2.80, RMB 3.46, and RMB 4.39, respectively, with corresponding P/E ratios of 13.0x, 10.5x, and 8.3x [1][2] Operational Highlights - The company expects to maintain full production capacity in Q3 2024, with a focus on differentiated products such as fast-charging and ultra-fast-charging negative electrode materials to enhance competitiveness [1] - The company's operating cash flow is projected to improve significantly, from RMB -416 million in 2023 to RMB 367 million in 2024E, reflecting better working capital management [5] Valuation and Projections - The company's revenue is expected to grow at a CAGR of 24.1% from 2024E to 2026E, reaching RMB 8.389 billion by 2026E [2][6] - The company's ROE is projected to recover from 12.8% in 2023 to 14.6% in 2026E, driven by improved profitability and operational efficiency [6]