产业链低谷期，负极龙头贝特瑞称不做电池，欲靠全球布局撑起业绩

Core Viewpoint - Despite short-term competitive pressures in the domestic market, the company's global expansion and technological reserves provide support for long-term profit recovery [1] Financial Performance - In 2024, the company experienced a revenue decline of 43.32% year-on-year, totaling 14.237 billion yuan, and a net profit of 930 million yuan, down 43.76% year-on-year [2] - The revenue and gross margin decline in the positive electrode segment resulted in a gross profit gap of 1 billion yuan compared to the previous year [2] - The overall gross margin for the company was 23.02%, an increase of over five percentage points from the previous year [5] Segment Analysis - The negative electrode materials segment saw sales increase to over 430,000 tons, while positive electrode sales fell to approximately 20,000 tons [5] - The negative electrode materials generated revenue of 10.692 billion yuan, down over 10% year-on-year, with a gross margin of 27.76%, up 3.40 percentage points [5] - The positive electrode materials generated revenue of 3.079 billion yuan, down over 70% year-on-year, with a gross margin of 7.88%, down 2.27 percentage points [5][6] Production Capacity - As of the end of 2024, the company had a production capacity of 575,000 tons per year for negative electrode materials, with a utilization rate of 90.41%, up from nearly 80% the previous year [7] - The production capacity for positive electrode materials was 63,000 tons per year, with a utilization rate of 31.00%, down from nearly 65% the previous year [7] Strategic Direction - The company will not enter the battery manufacturing sector but will invest in upstream and downstream segments of the industry chain [3][12] - The company aims to increase its overseas market share and has initiated projects in Indonesia and Morocco to enhance its global footprint [4][10] - The company is focusing on solid-state battery materials and has established production lines for various solid-state electrolytes [12] Market Outlook - The company anticipates that the overall demand for materials will continue to grow in 2025, although prices may fluctuate due to domestic and international conditions [9] - The competitive landscape in the negative electrode materials sector remains intense, with low price levels and overall profitability [9]