北交所策略专题报告 2025 年 05 月 18 日 贝特瑞发布固态电池材料解决方案，关注北证内锂电产业机会 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 贝特瑞发布固态电池材料解决方案，关注北证锂电标的 2025 年 5 月 13 日，贝特瑞举办固态电池材料整体解决方案发布会暨投资者交流 会，会上贝特瑞发布了贝安 FLEX 半固态及 GUARD 全固态系列高镍正极、硅基 负极、固态电解质、锂碳复合负极等材料。目前北交所内锂电相关标的共 17 家， 截至 2025 年 5 月 16 日总市值达到 726.10 亿元，产品包含负极材料、辊压设备、 成品锂电池等。贝特瑞（835185.BJ）主营业务包括锂离子电池负极材料、正极 材料及石墨烯材料三大业务板块，2024 全年负极材料销量突破 43 万吨，已投产 负极材料产能 57.5 万吨/年，2024 年负极产能利用率超过 90%。2024 年全年， 贝特瑞实现营收 142 亿元，归母净利润 9.3 亿元；2025Q1 营收 33.92 亿元，归母 净利润 1.76 亿元。 ...

Group 1 - The report highlights the launch of solid-state battery material solutions by BetterRay, focusing on opportunities within the lithium battery sector on the Beijing Stock Exchange [2][12][24] - As of May 16, 2025, there are 17 lithium battery-related companies on the Beijing Stock Exchange, with a total market capitalization of 72.61 billion yuan [21][24] - BetterRay's main business includes lithium-ion battery anode materials, cathode materials, and graphene materials, achieving a revenue of 14.2 billion yuan and a net profit of 930 million yuan in 2024 [24][26] Group 2 - The report notes that five major industries on the Beijing Stock Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28] - The average price-to-earnings (P/E) ratios for various sectors have risen, with the consumer services sector reaching a median of 60.4X [3][28] - The technology new industry saw a total market capitalization increase from 444.26 billion yuan to 447.61 billion yuan, with a median P/E ratio rising from 55.0X to 55.4X [4][44] Group 3 - The report indicates that BetterRay's solid-state battery solutions include high-nickel cathode materials and silicon-based anode materials, which enhance energy density and safety [12][19] - The solid-state electrolyte materials developed by BetterRay exhibit ionic conductivity exceeding 10 mS/cm, indicating strong performance [19][24] - The report also mentions the successful progress of new production capacity projects by companies like DeRay Lithium Battery, expected to commence production in the second half of 2025 [64][65]

尽管上市公司在调研公告中只字未提固态电池对业绩的贡献程度，市场资金仍在板块内挖掘个别标 的"先炒为敬"，三祥新材（603663.SH）、冠盛股份（605088.SH）、上海洗霸（603200.SH）等固态电 池概念股的年涨幅超过50%。 机构密集调研固态电池产业链 固态电池产业链的多家企业预计将在近日发布新款材料与电池产品。本周初，贝特瑞发布了贝安FLEX 半固态及GUARD全固态系列高镍正极、硅基负极、固态电解质、锂碳复合负极等材料，为下一代电池 技术提供"高能量+高安全"材料解决方案。 国轩高科本周的新品发布会则是固态电池行业的另一大看点。根据公司官微发布，5月16日至17日将举 办全球科技大会。国轩高科本周二（5月13日）官微发布的《六大新品发布 献礼新世界》提到，此次将 发布"一款超越期待的前瞻电池产品"，市场猜测这款新产品是固态电池。 产业链新品发布前夕，机构投资者的调研频次明显提升，为投资者带来更多产业发展变化。记者统计公 告发现，仅本周以来，就有12家上市公司发布的机构调研内容涉及固态电池，主要集中在电池、材料、 制造设备等环节，包括宁德时代、贝特瑞、利元亨、西磁科技、灵鸥科技、安达科技、星源材 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 贝特瑞 在智能电动车、低空飞行器、人形机器人等新兴领域快速发展的背景下，高安全与高能量密度需求正成为 电动场景的核心诉求。 5 月 1 3 日，全球电池负极材料龙头贝特瑞举办 "未来能量引擎"固态电池材料整 体解决方案发布会，正式发布其针对固态电池的材料整体解决方案，标志着公司在下一代电池技术领域迈 出关键一步。 贝特瑞为固态电池做了全面的材料布局，开发出贝安 FLEX 半固态及 GUARD 全固态 系列 高镍正极、硅基负极、固态电解质、 锂 碳复合负极等材料，通过材料创新与技术迭代支撑固态电池商业 化进程，为下一代电池技术提供 " 高能量 +高安全"的 材料解决方案。 贝特瑞中央研究院院长李子坤博士在发布会介绍 " 从 3D多孔 锂 碳复合材料 、 硫化物 固态电解质到 超 高镍正极 材料 ，这些创新不再是实验室的蓝图，而是 迈入商用 的 固态电池材料整体 解决方案。 " 全面材料布局，覆盖固态电池核心需求 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群 ...

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 13, 2025, at the company's technology park in Shenzhen, Guangdong Province, with a total of 46 investors attending [3][4]. - Key attendees included representatives from various investment firms such as Bosera Fund, Shenwan Hongyuan, and CITIC Securities [3]. Group 2: New Product Launch - The company launched the "Beian FLEX" semi-solid and "GUARD" all-solid-state battery materials, providing solutions for next-generation battery technology with a focus on "high energy + high safety" [5]. - The high-nickel positive electrode material in the Beian FLEX series reduces resistance by 6% compared to equivalent nickel content ternary materials, while the silicon-based negative electrode can achieve a capacity of 2,300 mAh/g [5]. Group 3: Production and Market Insights - The company has the production technology for solid-state battery materials, with 2024 expected to be a representative year for semi-solid battery product shipments, while 2027 is anticipated for large-scale production of all-solid-state batteries [6]. - The company is strategically positioned in the solid-state battery materials market, leveraging its extensive R&D background and engineering capabilities [7][8]. Group 4: Cost and Production Challenges - The third-generation silicon-based materials are currently in mass production, with costs comparable to industry standards [9]. - The company faces challenges in scaling up the production of sulfide materials, which still have high production costs despite recent reductions [12]. Group 5: Future Growth and Strategic Planning - The company aims to transition from a material supplier to a provider of comprehensive battery material solutions, focusing on new technologies and products to enhance value for customers [15]. - The strategic focus on high-nickel materials and overseas market expansion is expected to drive growth, with a significant emphasis on developing a closed-loop recycling system for materials [16]. Group 6: Market Dynamics and Competitive Landscape - The company acknowledges the downward pressure on prices due to market oversupply and the need for technological breakthroughs to reduce costs [18]. - The competitive landscape in the negative electrode market is evolving, with the company emphasizing the importance of balancing cost and performance in new product developments [19].