贝特瑞：公司季报点评：公司业绩小幅下滑，降本增效提升盈利能力

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 27.41 [2][3]. Core Insights - The company's performance saw a slight decline in 2023, with revenue of RMB 25.12 billion, down 2.18% year-on-year, and net profit attributable to shareholders at RMB 1.65 billion, a decrease of 28.42% [3][11]. - The decline was attributed to lower product prices and capacity utilization, alongside negative investment income and fair value changes [11]. - The company is focusing on cost reduction and efficiency strategies to improve operational quality, achieving a gross profit margin of 17.66%, up 1.83 percentage points [3][11]. - The company maintains a strong position in the anode market, with sales exceeding 360,000 tons, a 9.52% increase year-on-year, despite a revenue drop of 15.96% [12]. - The report projects net profits for 2024-2026 at RMB 1.53 billion, RMB 2.29 billion, and RMB 2.51 billion, respectively, reflecting the company's robust operational capabilities [13]. Financial Performance Summary - In 2023, the company reported revenue of RMB 25.12 billion, with a year-on-year decrease of 2.18% and a net profit of RMB 1.65 billion, down 28.42% [3][5]. - The gross profit margin improved to 17.66%, with net cash flows from operating activities increasing by 55.49% to RMB 5.26 billion [11]. - The company’s anode sales reached 41,000 tons, up 26.07% year-on-year, with revenue of RMB 12.31 billion, a 19.52% increase [12]. - The projected revenue for 2024 is RMB 22.29 billion, reflecting an 11.3% decrease, followed by a recovery in 2025 and 2026 [5][9]. Production and Market Position - The company solidified its leading position in the anode market, with a global market share of approximately 22% and an end-of-year production capacity of 495,000 tons/year [12]. - The report anticipates that the company will ship 450,000 tons of anode materials in 2024, supported by ongoing capacity expansions [12][13]. - The company is actively increasing its self-supply of graphitization, with new production lines expected to come online in 2024 [12].