一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

证券代码：835185 证券简称：贝特瑞 公告编号：2025-031 贝特瑞新材料集团股份有限公司 投资者关系活动记录表 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。 一、投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、投资者关系活动情况 活动时间：2025 年 4 月 23 日 活动地点：通过中证网"中证路演中心"（https://www.cs.com.cn/roadshow/） 采用网络远程的方式召开业绩说明会。 参会单位及人员：通过网络方式参加本次说明会的投资者。 财务总监：刘志文先生 董事会秘书：张晓峰先生 保荐代表人：余洋先生 三、投资者关系活动主要内容 （一）公司 2024 年经营实现情况 2024 年，面对行业市场竞争加剧、供给侧过剩及价格低位运行等挑战，贝 特瑞新材料集团股份有限公司（以下简称"公司"或"贝特瑞"）致力于高质量 发展，优化产能布局及原料采购，加大技术与工艺革新，多举措推行降本增效， 持续提升产 ...

Core Viewpoint - Despite short-term competitive pressures in the domestic market, the company's global expansion and technological reserves provide support for long-term profit recovery [1] Financial Performance - In 2024, the company experienced a revenue decline of 43.32% year-on-year, totaling 14.237 billion yuan, and a net profit of 930 million yuan, down 43.76% year-on-year [2] - The revenue and gross margin decline in the positive electrode segment resulted in a gross profit gap of 1 billion yuan compared to the previous year [2] - The overall gross margin for the company was 23.02%, an increase of over five percentage points from the previous year [5] Segment Analysis - The negative electrode materials segment saw sales increase to over 430,000 tons, while positive electrode sales fell to approximately 20,000 tons [5] - The negative electrode materials generated revenue of 10.692 billion yuan, down over 10% year-on-year, with a gross margin of 27.76%, up 3.40 percentage points [5] - The positive electrode materials generated revenue of 3.079 billion yuan, down over 70% year-on-year, with a gross margin of 7.88%, down 2.27 percentage points [5][6] Production Capacity - As of the end of 2024, the company had a production capacity of 575,000 tons per year for negative electrode materials, with a utilization rate of 90.41%, up from nearly 80% the previous year [7] - The production capacity for positive electrode materials was 63,000 tons per year, with a utilization rate of 31.00%, down from nearly 65% the previous year [7] Strategic Direction - The company will not enter the battery manufacturing sector but will invest in upstream and downstream segments of the industry chain [3][12] - The company aims to increase its overseas market share and has initiated projects in Indonesia and Morocco to enhance its global footprint [4][10] - The company is focusing on solid-state battery materials and has established production lines for various solid-state electrolytes [12] Market Outlook - The company anticipates that the overall demand for materials will continue to grow in 2025, although prices may fluctuate due to domestic and international conditions [9] - The competitive landscape in the negative electrode materials sector remains intense, with low price levels and overall profitability [9]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].

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]

证券代码：835185 证券简称：贝特瑞 公告编号：2025-030 贝特瑞新材料集团股份有限公司 2024 年年度报告业绩说明会预告公告 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。 一、 说明会类型 贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日在北京证券交易所官方信息披露平台(www.bse.cn)发布了《2024年年度报告》 (公告编号：2025-013)，为方便广大投资者更深入了解公司 2024 年年度经营业 绩的具体情况，加强与投资者的互动交流，公司拟召开 2024 年年度报告业绩 说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 23 日下午 15:00-17:00。 （二）会议召开地点 本次业绩说明会将采用网络方式召开，投资者可登陆中证网"中证路演中 心"（https://rs.cs.com.cn/dist/#/index?id=1ba8345f3f37559712e31223d2a7f958）参 与本次年度业绩说明会 ...

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].