贝特瑞：负极出货稳居第一，加快海外一体化建设

Investment Rating - The investment rating for the company is "Buy" (首次) [2] Core Views - The company maintains the leading position in negative electrode shipments and is accelerating overseas integration projects [2] - In 2023, the company's negative electrode product sales exceeded 360,000 tons, corresponding to revenue of 12.296 billion yuan, with a global market share of approximately 22% [2][11] - The company is actively constructing an integrated project in Indonesia with an annual production capacity of 80,000 tons of lithium battery negative materials [2] Financial Performance - In 2023, the company achieved revenue of 25.119 billion yuan, a decrease of 2.18% year-on-year, and a net profit attributable to the parent company of 1.654 billion yuan, down 28.42% year-on-year [8][11] - The company's gross profit margin for 2023 was 17.66%, with a net profit margin of 7.32% [9] - The company expects net profits for 2024-2026 to be 1.688 billion, 2.397 billion, and 2.907 billion yuan, respectively, with corresponding P/E ratios of 12, 9, and 7 [11][15] Cash Flow and Stability - The company reported stable cash flow, with operating cash flow reaching 5.260 billion yuan in 2023, a significant increase of 1920.80% year-on-year [9] - The company has optimized inventory and reduced procurement expenses, leading to a substantial increase in cash inflow from operating activities [9] Production Capacity and Projects - As of the end of 2023, the company had a production capacity of 495,000 tons per year for negative materials and 63,000 tons per year for positive materials [2] - The company plans to invest in a 50,000-ton lithium battery positive material project in Morocco and collaborate with Evolution in Australia for graphite mining [2]