2025 年 4 月 21 日 公司研究 Q4 利润率改善，新技术产品量产领先 ——贝特瑞（835185.BJ）2024 年年报点评 要点 事件：贝特瑞发布2024年年报，公司24年营业收入为142.37亿元，同比下降 43.32%；实现归母净利润9.3亿元，同比下降43.76%；实现扣非归母净利润9.13 亿元，同比下降42.20%。 负极海外产能布局领先，优势显著：公司印尼年产8万吨锂电池负极材料一体化 项目（一期）投产，并启动印尼二期年产8万吨负极材料产能建设，在摩洛哥启 动年产5万吨锂离子电池正极材料、年产6万吨锂离子电池负极材料项目。 引领新技术产品前瞻开发：新技术方面，公司建立了干法与湿法工艺并行的固态 电解质产线，年产能突破百吨级，服务于动力、3C等领域客户，已实现出货； 磷酸钛铝锂氧化物固态电解质已实现吨级出货。高压实、低膨胀快充型新硅碳负 极通过头部电池厂商测试；新一代硅基负极产品实现了在国内外"46"系列大 圆柱项目中的全面突破；CVD硅碳产品预计2025年批量供应。 盈利预测、估值与评级：正负极材料产品价格下滑，下调 25-26 年、新增 27 年 归母净利润预测 12.74/16.28 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with stable profitability in the anode segment [8] - Revenue for 2024 is projected at 14.24 billion yuan, a decrease of 43.32% year-on-year, while net profit attributable to shareholders is expected to be 930.22 million yuan, down 43.76% year-on-year [1][8] - The report anticipates that the company will maintain a unit profit of 0.2 thousand yuan per ton for the anode segment in 2025, with expected shipments of 50-55 thousand tons, representing a year-on-year growth of around 20% [8] Financial Forecasts - Total revenue is forecasted to grow from 14.24 billion yuan in 2024 to 21.47 billion yuan by 2027, with year-on-year growth rates of -43.32%, 16.95%, 15.47%, and 11.68% respectively [1][9] - Net profit attributable to shareholders is projected to increase from 930.22 million yuan in 2024 to 1.80 billion yuan in 2027, with corresponding growth rates of -43.76%, 29.46%, 25.34%, and 19.27% [1][9] - The report estimates the earnings per share (EPS) to rise from 0.83 yuan in 2024 to 1.60 yuan in 2027 [1][9] Market Data - The closing price of the company's stock is 20.36 yuan, with a market capitalization of approximately 22.95 billion yuan [6] - The price-to-earnings (P/E) ratio is projected to be 24.67 for 2024, decreasing to 12.75 by 2027 [1][9] Operational Insights - The company has a robust operational cash flow, with a reported operating cash flow of 12.5 billion yuan in 2024, despite a year-on-year decrease of 76.2% [8] - The report highlights that the company has successfully established production lines for solid-state electrolytes and has developed advanced silicon-carbon anode materials, which are expected to contribute to future growth [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4] Core Views - The company reported a revenue of 14.24 billion yuan in 2024, a decrease of 43.32% year-on-year, with a net profit attributable to shareholders of 930 million yuan, down 43.76% [4] - The company is expected to achieve net profits of 1.19 billion yuan, 1.67 billion yuan, and 2.00 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.05 yuan, 1.48 yuan, and 1.78 yuan [4] - The current stock price corresponds to a PE ratio of 19.3, 13.7, and 11.4 for the years 2025, 2026, and 2027 respectively [4] Sales and Production - In 2024, the company’s sales of negative electrode materials exceeded 430,000 tons, with positive electrode materials sales around 20,000 tons [5] - The company has established a production capacity of 575,000 tons per year for negative electrode materials and 63,000 tons per year for positive electrode materials by the end of 2024 [5] - The company is actively expanding its overseas production bases, including an integrated project in Indonesia with an annual production capacity of 80,000 tons for negative electrode materials [5] Market Trends - The global production of negative electrode materials in 2024 reached 2.1673 million tons, a 23% increase, with China accounting for 98.5% of the total [6] - The market for negative electrode materials is showing signs of improvement in supply-demand structure, driven by increased penetration of new energy vehicles and rapid growth in energy storage market demand [6] Financial Summary and Valuation Indicators - The company’s revenue for 2023 was 25.12 billion yuan, with a projected revenue of 16.00 billion yuan for 2025, reflecting a year-on-year growth of 12.4% [8] - The gross margin for 2024 is reported at 23.0%, with a net margin of 6.5% [8] - The return on equity (ROE) is expected to improve from 6.6% in 2024 to 11.1% in 2027 [8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Views - The company reported a revenue of 14.237 billion yuan for 2024, a year-on-year decrease of 43.32%, and a net profit attributable to shareholders of 930 million yuan, down 43.76% year-on-year [1]. - The company is expanding its global footprint with projects in Indonesia and Morocco, enhancing the resilience of its supply chain for new energy materials [2]. - The company is actively developing new technologies, including solid-state batteries and silicon-based anodes, which significantly improve product competitiveness [3]. - Future revenue projections for 2025-2027 are 14.537 billion, 20.683 billion, and 27.161 billion yuan, with year-on-year growth rates of 2.1%, 42.3%, and 31.3% respectively [4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.968 billion yuan, a year-on-year decline of 17.50%, but a quarter-on-quarter increase of 22.78% [1]. - The gross margin for Q4 2024 was 24.85%, showing a year-on-year increase of 2.55 percentage points [1]. - The net profit margin for Q4 2024 was 6.84%, reflecting a slight year-on-year increase [1]. Sales and Production - The company sold 437,800 tons of negative electrode materials in 2024, a year-on-year increase of 20.97%, while the revenue from negative electrodes was 10.692 billion yuan, down 13.04% due to price declines [2]. - The sales volume of positive electrode materials was 19,800 tons, a year-on-year decrease of 51.71%, with revenue of 3.079 billion yuan [2]. Strategic Initiatives - The company has successfully launched an integrated project in Indonesia with an annual production capacity of 80,000 tons of new energy lithium battery negative materials [2]. - In Morocco, the company has initiated projects for the production of 50,000 tons of lithium-ion battery positive materials and 60,000 tons of negative materials [2]. - The company has established production lines for solid-state electrolytes and developed advanced silicon-carbon anode materials, enhancing its technological capabilities [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Views - The company reported a revenue of 14.237 billion yuan for 2024, a year-on-year decrease of 43.32%, and a net profit attributable to shareholders of 930 million yuan, down 43.76% year-on-year [1]. - The company is expanding its global footprint with projects in Indonesia and Morocco, enhancing the resilience of its supply chain for new energy materials [2]. - The company is actively developing new technologies, including solid-state batteries and silicon-based anodes, which significantly improve product competitiveness [3]. - Revenue projections for 2025-2027 are 14.537 billion, 20.683 billion, and 27.161 billion yuan, with year-on-year growth rates of 2.1%, 42.3%, and 31.3% respectively [4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.968 billion yuan, a year-on-year decrease of 17.50%, but a quarter-on-quarter increase of 22.78% [1]. - The gross margin for Q4 2024 was 24.85%, reflecting a year-on-year increase of 2.55 percentage points [1]. - The net profit margin for Q4 2024 was 6.84%, showing a slight year-on-year increase [1]. Sales and Production - The company sold 437,800 tons of negative electrode materials in 2024, a year-on-year increase of 20.97%, while the revenue from negative electrode materials was 10.692 billion yuan, down 13.04% due to price declines [2]. - The sales volume of positive electrode materials was 19,800 tons, a year-on-year decrease of 51.71%, with revenue of 3.079 billion yuan [2]. Strategic Initiatives - The company has successfully launched an integrated project in Indonesia with an annual production capacity of 80,000 tons of new energy lithium battery negative materials [2]. - In Morocco, the company has initiated projects for the production of 50,000 tons of lithium-ion battery positive materials and 60,000 tons of negative materials [2]. - The company has established production lines for solid-state electrolytes and developed advanced silicon-carbon anode materials, enhancing its technological capabilities [3].

4月15日，贝特瑞发布2024年度业绩报告称，该年度公司实现营业收入142.37亿元，同比下降43.32%，实现归属于上市公司股东的净利润9.3亿元，同比下降 43.76%；公司负极材料销量同比增长，突破43万吨，正极材料销量同比下滑至约2万吨。 截至报告期末，公司已投产负极材料产能为57.5万吨/年，已投产正极材料产能为6.3万吨/年。 | | | | | 单位: 元 | | --- | --- | --- | --- | --- | | | 2024 年 | 2023 年 | 本年比 上年增 | 2022 年 | | | | | 玩% | | | 营业收入 | 14.236.816.425.87 | 25.119.438.190.34 | -43.32% | 25.678.676.353.20 | | 毛利率% | 23.02% | 17.66% | - | 15.83% | | 归属于上市公司股东的 | 930,224,441.05 | 1.653.905.198.27 | -43.76% | 2.310.588.798.88 | | 净利润 | | | | | | 归属于上市公司股东的 扣除非经常性损 ...

国信证券股份有限公司 2024 年度募集资金使用及存放情况的专项核查报告 国信证券股份有限公司（以下简称"国信证券"、"保荐机构"）作为贝特瑞 新材料集团股份有限公司（以下简称"贝特瑞"、"公司"）股票向不特定合格投 资者公开发行的保荐机构，对贝特瑞履行持续督导义务，根据《证券发行上市保 荐业务管理办法》《北京证券交易所股票上市规则（试行）》《北京证券交易所上 市公司持续监管办法（试行）》等相关法律法规的规定，对公司 2024 年度募集资 金存放及使用情况进行了专项核查，并出具核查意见如下： 一、募集资金基本情况 公司于2020年3月召开第五届董事会第十六次会议、董事会第十七次会议， 于 2020 年 4 月 3 日召开 2019 年度股东大会，审议通过了《关于公司向不特定合 格投资者公开发行股票并在精选层挂牌方案的议案》等议案，于 2020 年 6 月 18 日经中国证券监督管理委员会《关于核准贝特瑞新材料集团股份有限公司向不特 定合格投资者公开发行股票的批复》（证监许可[2020]1188 号）核准，公司向不 特定合格投资者公开发行 40,000,000 股新股，发行价格为 41.80 元/股，实际募集 ...

证券代码：835185 证券简称：贝特瑞 公告编号：2025-025 贝特瑞新材料集团股份有限公司 会计师事务所 2024 年度履职情况评估报告 一、会计师事务所基本情况 （一）资质条件 会计师事务所名称：中审众环会计师事务所（特殊普通合伙） 成立日期：2013 年 11 月 6 日 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 贝特瑞新材料集团股份有限公司（以下简称"公司"）聘请中审众环会计师事 务所（特殊普通合伙）（以下简称"中审众环"）作为公司 2024 年度审计机构。根 据《国有企业、上市公司选聘会计师事务所管理办法》，公司董事会及其审计委 员会对中审众环 2024 年度审计工作的履职情况进行了评估。具体情况如下： 组织形式：特殊普通合伙 注册地址：湖北省武汉市武昌区水果湖街道中北路 166 号长江产业大厦 17- 18 层 首席合伙人：石文先 2023 年度末合伙人数量：216 人 2023 年度末注册会计师人数：1,244 人 2023 年度末签署过证券服务业务审计报告的注册会计师人数：7 ...

证券代码：835185 证券简称：贝特瑞 公告编号：2025-024 会计师事务所名称：中审众环会计师事务所（特殊普通合伙） 成立日期：2013 年 11 月 6 日 组织形式：特殊普通合伙 注册地址：湖北省武汉市武昌区水果湖街道中北路 166 号长江产业大厦 17- 18 层 贝特瑞新材料集团股份有限公司 审计委员会对会计师事务所 2024 年度履行监督职责 情况报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》等法律法规和《公司章 程》《审计委员会议事规则》的规定和要求，贝特瑞新材料集团股份有限公司（以 下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将董事会审计委员会对中审众环会计师事务所（特殊普通合伙）（以下简称"中 审众环"）2024 年度履职评估情况汇报如下： 一、会计师事务所基本情况 （一）会计师事务所基本情况 （二）聘任会计师事务所履行的 ...

证券代码：835185 证券简称：贝特瑞 公告编号：2025-023 贝特瑞新材料集团股份有限公司 2024 年度董事会审计委员会履职情况报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 根据《北京证券交易所股票上市规则（试行）》《公司章程》《审计委员会议 事规则》等有关规定，贝特瑞新材料集团股份有限公司（以下简称"公司"）董 事会审计委员会本着勤勉尽责的原则，认真履行审计监督职责，现将 2024 年度 履职情况报告如下： 一、审计委员会基本情况 公司第六届董事会审计委员会由 3 名董事组成，分别为独立董事朱滔、独立 董事于洪宇、非独立董事黄友元，其中，审计委员会主任委员由专业会计人士朱 滔担任。 审计委员会审议了公司定期报告相关事项，与公司管理层进行了有效沟通， 认为公司财务报告的编制符合相关规定，财务报告的内容真实、准确、完整地反 映了公司的财务状况和经营成果。 （二）监督及评估外部审计机构工作 审计委员会对公司聘请的审计机构中审众环会计师事务所（特殊普通合伙） 执行公司审计工作情况进行了监督， ...