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]

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 ...

证券研究报告·公司点评报告·电池 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 25,119 | 14,237 | 16,651 | 19,227 | 21,472 | | 同比（%） | (2.18) | (43.32) | 16.95 | 15.47 | 11.68 | | 归母净利润（百万元） | 1,653.91 | 930.22 | 1,204.27 | 1,509.42 | 1,800.28 | | 同比（%） | (28.42) | (43.76) | 29.46 | 25.34 | 19.27 | | EPS-最新摊薄（元/股） | 1.47 | 0.83 | 1.07 | 1.34 | 1.60 | | P/E（现价&最新摊薄） | 13.88 | 24.67 | 19.06 | 15.21 | 12.75 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：下游需求不及预期 ...

北交所信息更新 贝特瑞（835185.BJ） 2025 年 04 月 18 日 投资评级：增持（维持） | 日期 | 2025/4/17 | | --- | --- | | 当前股价(元) | 20.12 | | 一年最高最低(元) | 32.00/13.45 | | 总市值(亿元) | 226.82 | | 流通市值(亿元) | 223.17 | | 总股本(亿股) | 11.27 | | 流通股本(亿股) | 11.09 | | 近 3 个月换手率(%) | 42.23 | 北交所研究团队 2024 全年负极材料销量突破 43 万吨，全球化战略稳步推进 ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 风险提示：市场竞争加剧的风险、原材料价格波动风险、应收账款风险。 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,119 | 14,237 | 16,005 | 25, ...

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].

贝特瑞（835185.BJ）2024 年年报点评 全球化布局持续深化，新技术多点开花 2025 年 04 月 16 日 ➢ 事件。公司发布 2024 年年报，全年实现营收 142.37 亿元，同比-43.32%， 实现归母净利润 9.30 亿元，同比-43.76%，扣非后归母净利润 9.13 亿元，同比 -42.20%。 ➢ Q4 业绩拆分。营收和净利：公司 2024Q4 营收 39.68 亿元,同比-17.50%， 环比+22.78%，归母净利润为 2.59 亿元，同比-10.47%，环比+44.99%，扣非 后归母净利润为 2.34 亿元，同比-17.26%，环比+61.78%。毛利率：2024Q4 毛 利率为 24.85%，同比+2.55pcts，环比+0.28pct。净利率：2024Q4 净利率为 6.84%，同比+0.02pct，环比+1.40pct。 ➢ 负极销量稳步增长。2024 年，公司负极材料销量达到 43.78 万吨，同比增 长 20.97%，负极营业收入 106.92 亿元，同比下降 13.04%，主要系负极材料受 到价格下降影响；正极材料销量 1.98 万吨，同比下降 51.71%，正 ...

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 ...

CONTENTS | | 04 | | --- | --- | | 关于贝特瑞 | 06 | | 责任专题 | 09 | | 专题一 | 09 | | 为推动全球新能源可持续发展贡献智 | | | 慧和力量 | | | 专题二 | 11 | | 构建全球电池循环经济体系 | | | 可持续发展治理 | 13 | 环境篇 社会篇 治理篇 | 循环共生 | | 品质致胜 | | 开放融合 | | 人才筑基 | | 民生为本 | | 行稳致远 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 探索低碳运营模式 | | 引领市场价值升级 | | 驱动产业协同发展 | | 激发组织创新动能 | | 助力建设美好生活 | | | | 应对气候变化 | 27 | 研发与创新 | 43 | 负责任供应链 | 55 | 员工权益保护 | 63 | 社会公益 | 77 | 公司治理体系 | | 绿色生产 | 31 | 产品质量与安全 | 47 | 行业发展 | 60 | 人才发展 | 65 | 员工志愿活动 | 82 | 合规与风险管理 ...

本次开展外汇衍生品交易业务的具体内容如下： 一、开展外汇衍生品交易业务目的 随着国际业务的快速发展，公司及控股子公司国外经营与外汇业务规模日益 扩大。由于汇率和利率震荡幅度不断加大，外汇市场不确定性显著增加，结算货 币的多元化是支持公司业务向深度和广度快速推进的必要手段。公司及各子公司 开展外汇衍生品交易业务，是为了满足业务发展的需要，以套期保值为目的，在 对汇率走势判断不明确时，降低国际业务中的汇率、利率风险，规避和防范汇率、 利率波动对公司利润带来的不利影响，从而增强公司财务稳定性，实现公司稳健 经营，维护公司和全体股东利益。 证券代码：835185 证券简称：贝特瑞 公告编号：2025-026 贝特瑞新材料集团股份有限公司 关于开展外汇衍生品交易业务的公告 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。 为有效应对汇率及利率波动等对公司日常经营带来的风险，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 14 日召开第六届董事会第 二十六次会议审议通过了《关于开展外汇衍生 ...

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 14 日 召开第六届董事会第二十六次会议，审议通过了《关于 2024 年度计提资产减值 准备的议案》，此事项无需提交公司股东大会审议。具体情况公告如下： 一、本次计提资产减值准备情况概述 公司根据《企业会计准则》《北京证券交易所股票上市规则（试行）》等相关 规定的要求，为真实准确地反映公司截至 2024 年 12 月 31 日的财务状况、资产 价值以及 2024 年度的经营成果，公司对合并范围内的各类资产进行了全面检查 和减值测试。根据测试结果，2024 年公司计入当期损益的资产减值准备金额为 25,838.72 万元（已经审计确认），具体情况如下： 单位：元 | 项目 | 本期发生额（正号表示损失，负号表示计提冲回） | | --- | --- | | 信用减值损失 | -748.46 | | 存货跌价损失 | 19,763.51 | | 长期股权投资减值损失 | 4,446.90 | | 固定资产减值损失 | 714.89 | | 其他非流动资产减值损失 | 1,661.88 | | 合计 | 25,838.72 | 二、计提资产减 ...