贝特瑞（835185）：2024年年报点评：负极盈利稳健，业绩符合预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with stable profitability in the anode segment [8] - Revenue for 2024 is projected at 14.24 billion yuan, a decrease of 43.32% year-on-year, while net profit attributable to shareholders is expected to be 930.22 million yuan, down 43.76% year-on-year [1][8] - The report anticipates that the company will maintain a unit profit of 0.2 thousand yuan per ton for the anode segment in 2025, with expected shipments of 50-55 thousand tons, representing a year-on-year growth of around 20% [8] Financial Forecasts - Total revenue is forecasted to grow from 14.24 billion yuan in 2024 to 21.47 billion yuan by 2027, with year-on-year growth rates of -43.32%, 16.95%, 15.47%, and 11.68% respectively [1][9] - Net profit attributable to shareholders is projected to increase from 930.22 million yuan in 2024 to 1.80 billion yuan in 2027, with corresponding growth rates of -43.76%, 29.46%, 25.34%, and 19.27% [1][9] - The report estimates the earnings per share (EPS) to rise from 0.83 yuan in 2024 to 1.60 yuan in 2027 [1][9] Market Data - The closing price of the company's stock is 20.36 yuan, with a market capitalization of approximately 22.95 billion yuan [6] - The price-to-earnings (P/E) ratio is projected to be 24.67 for 2024, decreasing to 12.75 by 2027 [1][9] Operational Insights - The company has a robust operational cash flow, with a reported operating cash flow of 12.5 billion yuan in 2024, despite a year-on-year decrease of 76.2% [8] - The report highlights that the company has successfully established production lines for solid-state electrolytes and has developed advanced silicon-carbon anode materials, which are expected to contribute to future growth [8]