Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved an operating revenue of 60.95 billion yuan in 2024, a year-on-year decrease of 8.08%, while the net profit attributable to shareholders was 4.15 billion yuan, an increase of 23.99% year-on-year [2][4]. - In Q1 2025, the company reported an operating revenue of 17.84 billion yuan, a quarter-on-quarter increase of 15.43%, and a net profit attributable to shareholders of 1.25 billion yuan, a quarter-on-quarter increase of 10.37% [2][4]. Summary by Sections Revenue and Profitability - In 2024, the company’s operating revenue was 60.95 billion yuan, down 8.08% year-on-year, while the net profit attributable to shareholders was 4.15 billion yuan, up 23.99% year-on-year. The net profit excluding non-recurring items was 3.80 billion yuan, an increase of 22.71% year-on-year [2][4]. - For Q1 2025, the company achieved an operating revenue of 17.84 billion yuan, a quarter-on-quarter increase of 15.43%, and a net profit attributable to shareholders of 1.25 billion yuan, a quarter-on-quarter increase of 10.37%. The net profit excluding non-recurring items was 1.23 billion yuan, a significant quarter-on-quarter increase of 62.78% [2][4]. Production Capacity and Operational Efficiency - The company’s production capacity increased significantly in 2024, primarily due to the ramp-up of the Huafei project, which contributed to a notable increase in nickel product output. The shipment of nickel intermediate products reached nearly 230,000 tons, a year-on-year increase of 50%, while nickel product sales were 184,300 tons, up 45.78% year-on-year [5]. - The company optimized its operations through reasonable hedging strategies, which contributed to performance realization. By the end of 2024, the company’s derivative financial assets were 1.001 billion yuan, down from 1.395 billion yuan at the end of 2023 [5]. Investment Gains - The company reported significant growth in investment income, achieving 1.362 billion yuan in 2024, with contributions from joint ventures and associates amounting to 743 million yuan [5]. - In Q4 2024, the net profit attributable to shareholders saw a slight decline quarter-on-quarter, primarily due to high nickel average prices realized in Q3. However, non-recurring gains and investment income in Q4 showed substantial growth, largely attributed to profit recognition from hedging [5]. Market Outlook - The company is expected to benefit from a recovery in cobalt prices and the potential for asset impairment reversals due to recent market conditions. The domestic cobalt product prices have shown signs of recovery following export bans in the Democratic Republic of the Congo [9]. - The company’s strong operational capabilities and the current market conditions present a favorable opportunity for bottom-fishing investments [9].

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a significant increase in performance for Q1 2025, with revenue reaching 178.4 billion yuan, up 19.2% year-on-year, and a net profit of 12.5 billion yuan, up 139.7% year-on-year, driven by increased product sales and reduced costs [1] - The company has achieved a leading position in the nickel intermediate product market, with a nearly 50% year-on-year increase in shipment volume for 2024 [2] - The cobalt price is expected to rise in the long term, contributing positively to the company's profits, with a 20.5% increase in cobalt product output in 2024 [3] - Lithium product shipments have surged, with a 260.7% increase in production year-on-year, although there has been a significant decline in the shipment of positive materials [4] - The company's projects in Indonesia are progressing, ensuring a synchronized configuration of smelting and upstream resource guarantees [5] - The company is expanding its overseas presence in downstream lithium battery materials, with integrated operations continuing to advance [6] - The company's integrated advantages are becoming more apparent, leading to an upward revision of profit forecasts for 2025-2027 [7] Financial Summary - In 2024, the company achieved a revenue of 609.5 billion yuan, a decrease of 8.1% year-on-year, while net profit reached 41.55 billion yuan, an increase of 24.0% year-on-year [1] - The forecast for net profit for 2025-2027 is 55.5 billion yuan, 65.5 billion yuan, and 83.7 billion yuan, representing year-on-year growth of 33.6%, 18.0%, and 27.8% respectively [7] - The company's earnings per share (EPS) is projected to be 2.44 yuan in 2024, increasing to 4.92 yuan by 2027 [15]

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

Investment Rating - The report maintains a "Recommended" investment rating for Huayou Cobalt Co., Ltd. [1] Core Views - The company achieved a revenue of 60.946 billion yuan in 2024, a year-over-year decrease of 8.08%, while the net profit attributable to shareholders increased by 23.99% to 4.155 billion yuan [5] - The report highlights the significant growth in nickel product shipments, with a year-over-year increase of 46% to approximately 184,300 tons, which supports the company's performance [8] - The integrated advantages of the company are expected to accelerate, with projected net profits for 2025-2027 revised to 5.034 billion, 6.212 billion, and 7.189 billion yuan respectively, indicating a strong growth outlook [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 60.946 billion yuan, with a net profit of 4.155 billion yuan, reflecting a 23.99% increase year-over-year [5] - The first quarter of 2025 saw a revenue of 17.842 billion yuan, a year-over-year increase of 19.24%, and a net profit of 1.252 billion yuan, up 139.68% [5] - The projected revenue for 2025 is 69.509 billion yuan, with a net profit forecast of 5.034 billion yuan [7] Product and Market Development - The company optimized its product structure, with significant increases in nickel and cobalt product shipments, and a notable growth in lithium battery materials [8] - The company is expanding its global footprint with several projects, including the Pomalaa and Sorowako wet process projects, which are expected to enhance production capacity [8] Valuation Metrics - The report indicates a projected P/E ratio of 11.3 for 2025, decreasing to 7.9 by 2027, suggesting an attractive valuation as earnings grow [9] - The projected ROE is expected to rise from 11.2% in 2024 to 13.9% by 2027, indicating improving profitability [12]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved record high performance in 2024, with a revenue of 60.946 billion yuan, a decrease of 8.08% year-on-year, and a net profit attributable to shareholders of 4.155 billion yuan, an increase of 23.99% year-on-year [1][12]. - The company's growth potential is supported by a robust upstream resource layout and a solid moat in lithium battery materials, indicating a promising future growth trajectory [5][58]. Summary by Sections Company Performance - In 2024, the company reported a revenue of 60.946 billion yuan, a year-on-year decrease of 8.08%, while the net profit attributable to shareholders was 4.155 billion yuan, reflecting a year-on-year increase of 23.99% [1][12]. - For Q4 2024, the company achieved a revenue of 15.457 billion yuan, a year-on-year increase of 1.61%, and a net profit of 1.134 billion yuan, a significant year-on-year increase of 235.93% [1][12]. Production and Sales - The company’s nickel segment saw a significant increase in output, with nearly 230,000 tons of nickel intermediate products shipped in 2024, a year-on-year growth of 50% [2][19]. - Lithium carbonate production reached approximately 39,000 tons in 2024, marking a substantial year-on-year increase of 377% [2][19]. Price Trends - Nickel prices are expected to rise due to a tight supply situation, while cobalt prices may also increase due to policy disruptions in the Democratic Republic of Congo [3][24]. - The average prices for key products in 2024 were 170,58 USD/ton for nickel, 12.21 USD/pound for cobalt, and 7.51 million yuan/ton for copper, with respective year-on-year changes of -4629 USD/ton, -3.57 USD/pound, and +0.70 million yuan/ton [3][24]. Project Development - The company has made significant progress in project development, including the successful commissioning of the Huafei nickel project, which has enhanced its production capacity [4][19]. - The lithium project at Arcadia has also shown promising operational results, with a shipment of approximately 400,000 tons of lithium concentrate, a year-on-year increase of 41% [4][58]. Financial Forecast - The company forecasts net profits attributable to shareholders of 5.3 billion yuan, 6.135 billion yuan, and 6.311 billion yuan for 2025, 2026, and 2027, respectively [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 11X, 9X, and 9X, respectively, based on the closing price as of April 21, 2025 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved record high performance in 2024, with a revenue of 60.946 billion yuan, a year-on-year decrease of 8.08%, and a net profit attributable to shareholders of 4.155 billion yuan, an increase of 23.99% [12][19]. - The successful production ramp-up of the Huafei project significantly contributed to the growth in nickel products, with a notable increase in profitability [19][53]. - The company is well-positioned for future growth due to its integrated business model in lithium battery materials and strong upstream resource layout [58][59]. Summary by Sections Company Performance - In 2024, the company reported a revenue of 60.946 billion yuan, a decrease of 8.08% year-on-year, while the net profit attributable to shareholders increased by 23.99% to 4.155 billion yuan [12][19]. - For Q4 2024, the company achieved a revenue of 15.457 billion yuan, a year-on-year increase of 1.61%, and a net profit of 1.134 billion yuan, up 235.93% year-on-year [12][19]. - In Q1 2025, revenue reached 17.842 billion yuan, a year-on-year increase of 19.24%, with a net profit of 1.252 billion yuan, up 139.68% year-on-year [12][19]. Production and Sales - The company’s nickel intermediate products achieved a shipment volume of nearly 230,000 tons in 2024, a year-on-year increase of 50%, while nickel product shipments reached approximately 184,300 tons, up 46% year-on-year [2][19]. - Lithium carbonate production surged to approximately 39,000 tons, reflecting a 377% year-on-year increase, driven by the Arcadia lithium mine project [2][19]. - The company strategically reduced the shipment of low-margin products to optimize its product mix, leading to a decrease in lithium battery material shipments [2][19]. Price Trends - Nickel prices are expected to rise due to a bottoming out, while cobalt prices may rebound due to policy disruptions in the Democratic Republic of Congo [3][24]. - The average prices for key products in 2024 were 75,100 yuan/ton for copper, 12.21 USD/pound for cobalt, and 17,058 USD/ton for nickel, with respective year-on-year changes of +700 yuan/ton, -3.57 USD/pound, and -4,629 USD/ton [3][24]. Project Development - The company has made significant progress in its upstream resource projects, including the successful production ramp-up of the Huafei nickel project and ongoing developments in the Pomalaa and Sorowako projects [4][53]. - The lithium project at Arcadia is operational, with a significant increase in lithium concentrate shipments, and a new lithium sulfate project commenced construction in January 2025 [4][53]. Investment Recommendations - The report forecasts net profits for 2025-2027 to be 5.300 billion, 6.135 billion, and 6.311 billion yuan, respectively, with a price-to-earnings ratio of 11X, 9X, and 9X [5][6]. - The company is expected to benefit from its solid upstream resource layout and deep integration with international resources and automotive giants, indicating strong growth potential [5][58].

事件： 华友钴业于 2025年4 月 18 日晚发布 2 024年年报及 2025年一季报 ， 2024年 实现营收 609.5 亿元，同比 下降 8 %，归母净利润 41.5 亿元，同比增长 24 %；扣非归母净利润为 37.95亿元，同比增长22.7% 。 2 02 5Q1实现营收178.4亿元，同比增长19%；归母净利润12.5亿元，同比增长139.7%。 点评： 金属：镍板块利润释放 2 024年公司镍产品出货量（含内部自供） 18.4万吨，同比增长46%，主要由于印尼华飞12万吨镍湿法冶炼 项目2024Q1实现达产，产量逐步释放；镍产品及中间品毛利合计占公司毛利的52%。钴产品出货量4.7万 吨（含内部自供），同比增长13%；铜产品销量9.0万吨，同比增长2.8%。 津巴布韦 Arcadia 锂矿项目实 现锂精矿出货量约40万吨，同比增长41%。 锂电材料：减少低盈利产品出货，优化产品结构 点击注册小程序 查看完整报告 （ 1 ） 2024年 锂电正极前驱体出货量超 12万吨（含三元前驱体和四氧化三钴，包括内部自供），正极材 料出货量超9万吨（含内部自供及参股公司权益量），因公司主动减少部分低盈利产 ...

点击注册小程序 华友钴业于 2025年4 月 18 日晚发布 2 024年年报及 2025年一季报 ， 2024年 实现营收 609.5 亿元，同比 下降 8 %，归母净利润 41.5 亿元，同比增长 24 %；扣非归母净利润为 37.95亿元，同比增长22.7% 。 2 02 5Q1实现营收178.4亿元，同比增长19%；归母净利润12.5亿元，同比增长139.7%。 点评： 金属：镍板块利润释放 2 024年公司镍产品出货量（含内部自供） 18.4万吨，同比增长46%，主要由于印尼华飞12万吨镍湿法冶炼 项目2024Q1实现达产，产量逐步释放；镍产品及中间品毛利合计占公司毛利的52%。钴产品出货量4.7万 吨（含内部自供），同比增长13%；铜产品销量9.0万吨，同比增长2.8%。 津巴布韦 Arcadia 锂矿项目实 现锂精矿出货量约40万吨，同比增长41%。 锂电材料：减少低盈利产品出货，优化产品结构 （ 1 ） 2024年 锂电正极前驱体出货量超 12万吨（含三元前驱体和四氧化三钴，包括内部自供），正极材 料出货量超9万吨（含内部自供及参股公司权益量），因公司主动减少部分低盈利产品出货，优化产品结 构 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 60.95 billion yuan in 2024, a decrease of 8% year-on-year, while the net profit attributable to shareholders increased by 24% to 4.15 billion yuan [1] - Nickel products accounted for 52% of the company's gross profit in 2024, with a significant increase in nickel product shipments by 46% year-on-year [2][3] - The company is expected to see stable growth in performance as nickel production capacity gradually releases, with net profit forecasts for 2025 and 2026 at 4.96 billion yuan and 5.98 billion yuan respectively [4] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 17.84 billion yuan, a 19% increase year-on-year, and a net profit of 1.25 billion yuan, up 139.7% [1] - The company’s nickel product shipments reached 184,000 tons in 2024, driven by the ramp-up of the nickel wet smelting project in Indonesia [2] - The company’s lithium battery materials saw a decrease in shipments due to a strategic shift to reduce low-margin products [2] Nickel Sector - The company has increased its nickel resource reserves through investments in Indonesian mines and has successfully ramped up production from its nickel wet smelting projects [3] - The total shipment of nickel intermediates reached nearly 230,000 tons, a 50% increase year-on-year [3] Lithium Battery Materials - The company has established a presence in Indonesia with projects for nickel sulfate and ternary precursors, with significant production milestones achieved [3] - The company is also collaborating with LG in South Korea and progressing with a cathode material project in Hungary [3] Profitability and Valuation - The company’s net profit is projected to grow at a compound annual growth rate (CAGR) of approximately 19.4% from 2025 to 2027, with a current price-to-earnings (P/E) ratio of 11 for 2025 [4][17] - The report highlights an expected improvement in gross margin, with projections indicating a gross margin of 17.2% by 2026 [19]