贝特瑞：产品价格下降盈利承压 全球化战略布局稳步推进

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]