贝特瑞：北交所信息更新：2024H1负极材料出货量+19%，海外生产基地布局逐步落地

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - In H1 2024, the company reported a revenue of 7.038 billion yuan, a year-on-year decrease of 47.57%, and a net profit attributable to shareholders of 493 million yuan, down 41.84% year-on-year. The company is adjusting its profit forecasts for 2024-2026 due to the ongoing price decline in negative electrode materials [4][5] - The company has achieved a 19% year-on-year increase in negative electrode material shipments, with overseas production bases in Indonesia and Morocco being established [5][6] - The company maintains its leading position in the domestic negative electrode materials market, holding a market share of 22.74% [6] Financial Performance Summary - H1 2024 revenue: 7.038 billion yuan, down 47.57% YoY - H1 2024 net profit: 493 million yuan, down 41.84% YoY - Expected net profit for 2024-2026: 1.210 billion yuan, 1.559 billion yuan, and 1.737 billion yuan respectively [4][7] - Earnings per share (EPS) for 2024-2026: 1.08 yuan, 1.40 yuan, and 1.56 yuan respectively [4][7] - Current price-to-earnings (P/E) ratio: 12.8X for 2024, 9.9X for 2025, and 8.9X for 2026 [4][7] Market Position and Production Capacity - The company is the largest domestic producer of negative electrode materials, with a production capacity of 5,000 tons/year for silicon-carbon negative electrodes [6] - The company has established an integrated project in Indonesia with an annual production capacity of 80,000 tons of negative electrode materials, with plans for further expansion [5][6]