Xin Lang Cai Jing·2025-04-28 05:31Core Viewpoint - The performance of domestic anode material companies showed significant divergence in 2024, with four out of six major listed companies reporting a decline in net profit [1][2]. Company Performance Summary - Purtai: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - BTR: Achieved a net profit of 930 million yuan, a decrease of 43.76% year-on-year, attributed to price declines in anode materials and a drop in demand from end customers [2][3]. - Shangtai Technology: Recorded a net profit of 838 million yuan, up 15.79% year-on-year, driven by a differentiated product strategy and cost reduction measures [2][5]. - Zhongke Electric: Reported a net profit of 303 million yuan, an increase of 626.56% year-on-year, benefiting from rising demand in the electric vehicle and energy storage markets [4][5]. - Xiangfenghua: Achieved a net profit of 49.55 million yuan, down 40.23% year-on-year, due to supply-demand imbalance and increased financial costs [3]. - Sunsun Co.: Experienced a net loss of 367 million yuan, a decline of 147.79% year-on-year, primarily due to challenges in its polarizer business [2][3]. Industry Trends - The anode materials industry is facing structural overcapacity, with a production capacity utilization rate of 60.8%, down 4.5 percentage points year-on-year [5][6]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy to navigate the challenging market environment [5][6]. - The trend towards fast-charging anode materials is becoming clearer, with expectations of significant demand growth in 2025 and 2026 [9][10]. Capacity and Expansion - Among the six companies, Zhongke Electric has the highest capacity utilization rate at 95.66%, followed by BTR at 90.41% and Xiangfenghua at 83.43% [6]. - Despite the overcapacity, companies continue to expand, with significant increases in construction projects reported by most firms [7][8]. - Shangtai Technology's construction projects increased over 16 times year-on-year, indicating aggressive expansion plans [8]. Fast-Charging Material Development - Companies are actively developing fast-charging anode materials, with Purtai and BTR launching products that meet high-performance standards [10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies like BTR and Sunsun Co. securing bulk orders [10].