证券代码：835185 证券简称：贝特瑞 公告编号：2024-086 贝特瑞新材料集团股份有限公司 关于为下属子公司提供担保的公告 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。 一、担保情况概述 （一）担保基本情况 贝特瑞新材料集团股份有限公司（以下简称"公司"）为支持下属子公司业 务发展及资金需求，拟为下属子公司申请银行授信提供担保，具体明细如下： 单位：万元 | 被担保人 | 贷款银行 | 融资金额 | 担保金额 | 授信期限 | 担保方式 | | --- | --- | --- | --- | --- | --- | | 鸡西市贝特瑞新能 源科技有限公司 | 农业银行 | 18,400 | 18,400 | 1 年 | 连带责任担保 | | 云南贝特瑞新能源 材料有限公司 | 中信银行 | 10,000 | 10,000 | 2 年 | 连带责任担保 | | 合计 | | 28,400 | 28,400 | / | / | 公司于 2024 年 4 月 12 日召开第六届董事会第十八次会议、于 ...

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between 610 million and 740 million CNY, representing a decrease of approximately 55.30% to 45.78% compared to the same period last year, where it was 1,364.76 million CNY [3]. - The decline in performance is attributed to intensified industry competition and continuous pressure on product prices, leading to a decrease in industry profitability year-on-year [4]. - The company has experienced an increase in losses from changes in the fair value of trading financial assets compared to the previous year, which has also impacted overall performance [5]. Sales Performance - The sales volume of anode materials has continued to grow; however, due to price pressures, both operating revenue and net profit have decreased year-on-year [5]. - The sales volume of cathode materials has significantly declined due to impacts from the end market, resulting in corresponding decreases in operating revenue and net profit [5]. Financial Reporting - The financial data presented is preliminary and has not been audited by an accounting firm; investors are advised to pay attention to investment risks [6].

Investment Rating - No rating is provided for the company [2] Core Views - The company maintains a leading position in the lithium battery anode sector, with global leadership in shipments [3] - The company has a complete industrial chain in natural graphite anode materials, ensuring stable supply and quality [3] - In the artificial graphite anode sector, the company has established an integrated industrial chain through self-construction and cooperation, reducing production costs through process innovation [3] - The company is one of the earliest domestic enterprises to mass-produce silicon-based anode materials, with leading shipment volumes in the industry [3] - The company's silicon-carbon anode materials have reached the fifth generation, with a specific capacity of over 2,000Ah/g, and silicon-oxygen anode materials have achieved a specific capacity of over 1,500Ah/g [3] - In H1 2024, the company's anode material production capacity reached 495,000 tons/year, generating revenue of 5.179 billion yuan, with shipments exceeding 200,000 tons, a year-on-year increase of 18.96% [3] - The company faces pressure in ternary cathode shipments due to slowing downstream demand [3] - The company focuses on the R&D and production of low-cobalt, high-energy-density, and cost-effective high-nickel ternary cathode materials [3] - In H1 2024, the company's cathode material production capacity reached 63,000 tons/year, generating revenue of 1.587 billion yuan, with shipments exceeding 9,000 tons, a year-on-year decrease of 50.30% [3] - The company is accelerating its global strategic layout, with projects in Indonesia and Morocco to enhance market share and competitiveness [3] - As of September 13, 2024, the company's market capitalization was 15.5 billion yuan, with a PE (TTM) of 11.9x [3] Financial Performance - In 2023, the company's operating revenue was 25.11944 billion yuan, a year-on-year decrease of 2.18% [2] - Net profit attributable to the parent company in 2023 was 1.65391 billion yuan, a year-on-year decrease of 28.42% [2] - The gross profit margin in 2023 was 17.66%, and ROE was 14.29% [2] - Earnings per share in 2023 were 1.5 yuan, with a P/E ratio of 15.30 [2] - In H1 2024, the company's operating revenue was 7.038 billion yuan, a year-on-year decrease of 47.57% [2] - Net profit attributable to the parent company in H1 2024 was 493 million yuan, a year-on-year decrease of 41.84% [2] - Net profit attributable to the parent company after deducting non-recurring gains and losses in H1 2024 was 534 million yuan, a year-on-year decrease of 24.76% [2] Market Data - As of September 13, 2024, the company's closing price was 13.89 yuan [1] - The total share capital is 1.11668 billion shares, with a circulating share capital of 1.09934 billion shares [1] - The net assets are 11.70753 billion yuan, and total assets are 30.69465 billion yuan [1] - The net assets per share are 10.48 yuan [1]

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]