贝特瑞：2024年半年报点评：海外项目积极推进，股份回购彰显信心

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]