Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 7 billion yuan, a decrease of 48% year-on-year, and a net profit attributable to shareholders of 490 million yuan, down 42% year-on-year. The gross margin was 21%, an increase of 6 percentage points, and the net profit margin was 7%, an increase of 1 percentage point [3][4] - The negative electrode unit profit remained stable in Q2 2024, with expected shipments of 400,000 to 450,000 tons for the year, representing a year-on-year growth of approximately 20% [3][4] - The positive electrode unit profit significantly declined, with expected shipments to drop by over 50% in 2024 due to weak demand from major customers [3][4] Financial Forecasts and Valuation - The company’s total revenue is forecasted to be 13.7 billion yuan in 2024, down 45.43% year-on-year, with a net profit of 1.2 billion yuan, a decrease of 27.04% year-on-year [2][4] - The estimated P/E ratios for 2024, 2025, and 2026 are 15, 11, and 9 times, respectively. The target price is set at 21.6 yuan, based on a 20 times P/E for 2024 [4][6] - The company’s operating cash flow for H1 2024 was 200 million yuan, a decrease of 94% year-on-year, with a significant drop in cash flow in Q2 [4][10] Market Data - The closing price of the company's stock is 16.43 yuan, with a market capitalization of approximately 18.35 billion yuan [6][10] - The company has a P/B ratio of 1.57 and a debt-to-asset ratio of 54.76% [6][7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - In H1 2024, the company reported a revenue of 7.038 billion yuan, a year-on-year decrease of 47.57%, and a net profit attributable to shareholders of 493 million yuan, down 41.84% year-on-year. The company is adjusting its profit forecasts for 2024-2026 due to the ongoing price decline in negative electrode materials [4][5] - The company has achieved a 19% year-on-year increase in negative electrode material shipments, with overseas production bases in Indonesia and Morocco being established [5][6] - The company maintains its leading position in the domestic negative electrode materials market, holding a market share of 22.74% [6] Financial Performance Summary - H1 2024 revenue: 7.038 billion yuan, down 47.57% YoY - H1 2024 net profit: 493 million yuan, down 41.84% YoY - Expected net profit for 2024-2026: 1.210 billion yuan, 1.559 billion yuan, and 1.737 billion yuan respectively [4][7] - Earnings per share (EPS) for 2024-2026: 1.08 yuan, 1.40 yuan, and 1.56 yuan respectively [4][7] - Current price-to-earnings (P/E) ratio: 12.8X for 2024, 9.9X for 2025, and 8.9X for 2026 [4][7] Market Position and Production Capacity - The company is the largest domestic producer of negative electrode materials, with a production capacity of 5,000 tons/year for silicon-carbon negative electrodes [6] - The company has established an integrated project in Indonesia with an annual production capacity of 80,000 tons of negative electrode materials, with plans for further expansion [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with silicon-based products leading the industry. The negative electrode shipment volume remains the highest in the industry, and gross margin has improved year-on-year. The company is also accelerating product research and development, with silicon-based negative electrode products ahead of peers [1][2]. Financial Performance - For the first half of 2024, the company reported operating revenue of 7.038 billion yuan, a year-on-year decrease of 47.57%. The net profit attributable to the parent company was 493 million yuan, down 41.84% year-on-year. The company achieved a negative electrode revenue of 5.179 billion yuan, with a shipment volume exceeding 200,000 tons, representing an 18.96% year-on-year increase [1][2]. - The company’s total assets are projected to grow from 29.385 billion yuan in 2023 to 40.297 billion yuan by 2026, with current assets increasing from 13.866 billion yuan to 26.781 billion yuan over the same period [2][3]. Profitability Metrics - The gross margin is expected to decline from -28.4% in 2023 to -27.4% in 2024, before improving to 30.7% in 2025 and 8.6% in 2026. The net profit margin is projected to be -2.2% in 2023, -9.9% in 2024, and then recover to 17.1% in 2025 and 14.9% in 2026 [3][2]. Market Position - The company is one of the earliest producers of silicon-based negative materials in China, with a production capacity of 49.5 thousand tons per year for negative materials as of the report date. The company is also focusing on cost reduction and efficiency improvements through various initiatives [1][2].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 25,679 | 25,119 | 15,805 | 21,285 | 24,385 | | (+/-)% | 144.8% | -2.2% | -37.1% | 34.7% | 14.6% | | 净利润（归母） | 2,311 | 1,654 | 1,209 | 1,578 | 2,026 | | (+/-)% | 60.3% | -28.4% | -26.9% | 30.6% | 28.4% | | 每股净收益（元） | 2.07 | 1.48 | 1.08 | 1.41 | 1.81 | | 净资产收益率 (%) | 23.4% ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 7.038 billion yuan, down 47.57% year-on-year, and net profit at 493 million yuan, down 41.84% year-on-year [2] - The company is making steady progress in its global strategic layout, with a focus on increasing production capacity and expanding into overseas markets [2][3] - The negative electrode materials segment showed growth in shipment volume, with revenue reaching 5.179 billion yuan, an increase of 18.96% year-on-year, despite a decline in product prices [2] - The positive electrode materials segment faced challenges, with revenue of 1.587 billion yuan, a decrease of 50.30% year-on-year, primarily due to weaker overseas customer demand [3] - The company is actively pursuing product research and technological innovation, achieving a market share of approximately 70% in silicon-based negative electrode materials [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a total revenue of 7.038 billion yuan, a decrease of 47.57% year-on-year, and a net profit of 493 million yuan, down 41.84% year-on-year [2] - The overall gross margin was reported at 21.26%, an increase of 0.27 percentage points compared to 2023 [2] Product Segments - Negative electrode materials generated revenue of 5.179 billion yuan, with a shipment volume exceeding 200,000 tons, reflecting an 18.96% year-on-year increase, although the average product price fell by over 20% [2] - Positive electrode materials saw revenue of 1.587 billion yuan, with a shipment volume of over 9,000 tons, down 50.30% year-on-year, and a gross margin of 5.98%, a decrease of 2.56 percentage points [3] Strategic Initiatives - The company has increased its production capacity for negative electrode materials to 495,000 tons per year and has launched new projects in Indonesia and Morocco to enhance its overseas presence [2][3] - The company is focusing on continuous product development and technological innovation, with successful large-scale industrialization of silicon-based negative electrode materials [3]

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-09- | | | | | 国泰君安证券股份有 | 方正证券股份有限公 | | 03 | 835185 | 贝特瑞 | 10.64 | 140000 | 限公司浙江宁波广福 | 司杭州平澜路证券营 | | | | | | | 街营业部 | 业部 | | 2024-09- | 832469 | 富恒新材 | 5.8 | 141985 | 东莞证券股份有限公 | 海通证券股份有限公 | | 03 | | | | | 司厚街分公司 | 司广州南沙分公司 | ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong technological innovation capabilities and potential for improved profitability through international expansion [2][3] Core Views - The company achieved revenue of 7.038 billion yuan in H1 2024, a year-on-year decrease of 47.57%, with net profit attributable to shareholders of 493 million yuan, down 41.84% year-on-year [2] - The company's negative electrode material business showed resilience, with revenue of 5.179 billion yuan and shipments exceeding 200,000 tons, up 18.96% year-on-year [2] - Positive electrode material revenue was 1.587 billion yuan, with shipments over 9,000 tons, down 50.30% year-on-year [2] - The company is accelerating its global strategy, with projects in Indonesia and Morocco, including an 80,000-ton lithium battery negative electrode material project in Indonesia and a 50,000-ton lithium-ion battery positive electrode material project in Morocco [2] - The company has repurchased 141.6 million yuan worth of shares, accounting for 70.80% of the total planned repurchase amount, demonstrating confidence in its long-term development [2] Financial Performance and Forecast - Revenue is expected to reach 16.562 billion yuan in 2024, 21.318 billion yuan in 2025, and 25.680 billion yuan in 2026, with year-on-year growth rates of -34.1%, 28.7%, and 20.5% respectively [2][6] - Net profit attributable to shareholders is forecasted to be 1.192 billion yuan in 2024, 1.417 billion yuan in 2025, and 1.828 billion yuan in 2026, with growth rates of -27.9%, 18.9%, and 29.0% respectively [2][6] - The company's negative electrode material gross margin improved to 26.17% in H1 2024, up 4.99 percentage points year-on-year, while positive electrode material gross margin decreased to 5.98%, down 2.56 percentage points [2] Technological Advancements - The company leads in silicon-based negative electrode shipments, with its fifth-generation silicon-carbon negative electrode material achieving a specific capacity of over 2,000Ah/g [2] - The company has developed and mass-produced multiple silicon oxide products with a specific capacity of over 1,500Ah/g [2] - The company is actively expanding into sodium-ion and solid-state battery technologies, with sodium-ion battery positive and negative electrode materials already gaining customer recognition and achieving batch shipments [2] International Expansion - The company is accelerating its global strategy with projects in Indonesia and Morocco, including an 80,000-ton lithium battery negative electrode material project in Indonesia and a 50,000-ton lithium-ion battery positive electrode material project in Morocco [2] - These projects are expected to enhance the company's business reach and consolidate its long-term competitive advantage [2]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][2] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 7.038 billion yuan, down 47.57% year-on-year, and net profit at 493 million yuan, down 41.84% year-on-year [1] - Despite the challenges, the company maintains a leading position in the anode market, with a global market share of approximately 70% for silicon anodes in the first half of 2024 [1][2] - The company has a strong overseas production capacity for anodes, with a total capacity of 495,000 tons per year as of the end of the first half of 2024 [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 3.509 billion yuan, a year-on-year decline of 47.29%, but a quarter-on-quarter increase of 25.62% in net profit [1] - The gross margin for Q2 2024 was 21.53%, showing a quarter-on-quarter increase of 0.54 percentage points [1] - The company’s anode revenue for the first half of 2024 was 5.179 billion yuan, down 18.14% year-on-year, while the shipment volume exceeded 200,000 tons, up 18.96% year-on-year [1] Market Position - The company’s cathode material revenue for the first half of 2024 was 1.587 billion yuan, down 77% year-on-year, primarily due to weak demand from overseas customers [1] - The company has successfully introduced new products, including low-cost fast-charging graphite and long-cycle silicon-carbon materials, which have achieved bulk shipments [2] Capacity and Expansion - The company has initiated the construction of an integrated project for lithium battery anode materials in Indonesia, with a planned annual capacity of 80,000 tons [1] - The company is also investing in a project in Morocco for cathode materials with an annual capacity of 50,000 tons [1]

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：2024 年 8 月 30 日 活动地点：网络远程 参会单位及人员：海南华成投资基金、中银国际、上海微方私募基金、招商 基金、瑞达基金、粤佛私募基金、国寿安保基金、景元天成投资、玄卜投资、上 海雷钧资管、上海贤盛投资、上海聚劲投资、北京富智投资、杭州汇升投资、合 众易晟投资、富智投资、三峡资本、中邮保险、财通证券、东吴证券、国泰君安、 中信证券、海通证券等参加公司本次交流会的投资者约 90 人。 上市公司接待人员：公司常务副董事长兼总经理黄友元先生、 ...

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：2024 年 8 月 30 日 活动地点：网络远程 参会单位及人员：海南华成投资基金、中银国际、上海微方私募基金、招商 基金、瑞达基金、粤佛私募基金、国寿安保基金、景元天成投资、玄卜投资、上 海雷钧资管、上海贤盛投资、上海聚劲投资、北京富智投资、杭州汇升投资、合 众易晟投资、富智投资、三峡资本、中邮保险、财通证券、东吴证券、国泰君安、 中信证券、海通证券等参加公司本次交流会的投资者约 90 人。 上市公司接待人员：公司常务副董事长兼总经理黄友元先生、 ...