贝特瑞：2024年半年报点评：Q2负极产能利用率较高，海外产能布局领先

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]