贝特瑞：2024年中报业绩点评：负极盈利稳健，业绩符合预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 7 billion yuan, a decrease of 48% year-on-year, and a net profit attributable to shareholders of 490 million yuan, down 42% year-on-year. The gross margin was 21%, an increase of 6 percentage points, and the net profit margin was 7%, an increase of 1 percentage point [3][4] - The negative electrode unit profit remained stable in Q2 2024, with expected shipments of 400,000 to 450,000 tons for the year, representing a year-on-year growth of approximately 20% [3][4] - The positive electrode unit profit significantly declined, with expected shipments to drop by over 50% in 2024 due to weak demand from major customers [3][4] Financial Forecasts and Valuation - The company’s total revenue is forecasted to be 13.7 billion yuan in 2024, down 45.43% year-on-year, with a net profit of 1.2 billion yuan, a decrease of 27.04% year-on-year [2][4] - The estimated P/E ratios for 2024, 2025, and 2026 are 15, 11, and 9 times, respectively. The target price is set at 21.6 yuan, based on a 20 times P/E for 2024 [4][6] - The company’s operating cash flow for H1 2024 was 200 million yuan, a decrease of 94% year-on-year, with a significant drop in cash flow in Q2 [4][10] Market Data - The closing price of the company's stock is 16.43 yuan, with a market capitalization of approximately 18.35 billion yuan [6][10] - The company has a P/B ratio of 1.57 and a debt-to-asset ratio of 54.76% [6][7]