贝特瑞：北交所信息更新：印尼基地投产、摩洛哥项目开工，Q1-3实现归母净利润6.71亿元

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][2]. Core Views - The company achieved a revenue of 10.269 billion yuan and a net profit attributable to shareholders of 671.35 million yuan in Q1-Q3 2024, reflecting a year-on-year decline of 49.44% and 50.81% respectively [2]. - Due to the decline in the prices of anode materials, the profit forecast has been adjusted downwards, with expected net profits for 2024-2026 at 1.027 billion, 1.189 billion, and 1.671 billion yuan respectively [2]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 30.2, 26.1, and 18.6 for the years 2024, 2025, and 2026 respectively [2]. - The company maintains its leading position in the domestic lithium battery anode materials market, with ongoing overseas base construction [2]. Summary by Sections Financial Performance - In Q1-Q3 2024, the company reported a revenue of 10.269 billion yuan, down 49.44% year-on-year, and a net profit of 671.35 million yuan, down 50.81% year-on-year [2]. - The projected revenues for 2024, 2025, and 2026 are 13.873 billion, 16.174 billion, and 23.867 billion yuan respectively, with corresponding net profits of 1.027 billion, 1.189 billion, and 1.671 billion yuan [5]. Production Capacity and Projects - The first phase of the anode material project in Indonesia, with an annual capacity of 80,000 tons, was completed and put into production by August 2024 [3]. - A second phase is planned to double the capacity to 160,000 tons per year [3]. - A project for the production of 50,000 tons of lithium battery cathode materials in Morocco has commenced, targeting sales in the European and American markets [3]. Market Position - The company holds a 22.74% market share in the domestic anode materials market, ranking first in China [4]. - The company has developed fifth-generation silicon-based anode materials with a capacity exceeding 2,000 mAh/g, and has completed the technical development and mass production of several silicon oxide products with a capacity of over 1,500 mAh/g [4].