贝特瑞（835185）：硅碳负极进入头部客户、亿纬锂能增资子公司，预计2024归母净利润9.06亿元

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 906 million yuan in 2024, reflecting a year-on-year decline of 45.23% [1] - The company's revenue for 2024 is projected to be 14.24 billion yuan, a decrease of 43.32% year-on-year, due to intensified industry competition and price pressures on negative materials [1] - Despite the challenges, the company has made significant breakthroughs in silicon-carbon anode materials and is expanding its overseas production capacity, which supports the maintained "Outperform" rating [1] Financial Summary and Valuation Indicators - Revenue (million yuan): 2022A: 25,679, 2023A: 25,119, 2024E: 14,237, 2025E: 16,174, 2026E: 23,867 [4] - Net profit attributable to shareholders (million yuan): 2022A: 2,311, 2023A: 1,654, 2024E: 906, 2025E: 1,189, 2026E: 1,671 [4] - Gross margin (%): 2022A: 15.8, 2023A: 17.7, 2024E: 18.9, 2025E: 16.9, 2026E: 17.0 [4] - EPS (diluted, yuan): 2022A: 2.05, 2023A: 1.47, 2024E: 0.80, 2025E: 1.05, 2026E: 1.48 [4] - P/E (times): 2022A: 11.7, 2023A: 16.4, 2024E: 29.8, 2025E: 22.8, 2026E: 16.2 [4] Industry Position - The company holds over 20% market share, ranking first in the domestic anode materials market, with a total output of 211.5 million tons in 2024, further increasing its global market share to 95.9% [3] - The company has successfully integrated its new generation silicon-based anode products into the supply chains of leading international clients, marking a significant milestone in its operational capabilities [2]