据华友钴业官微发文称，旗下浙江华友循环科技有限公司、衢州华友资源再生科技有限公司与LG新能源正式签署合资协议，分别在南京、衢 州两地成立预处理和再生冶金两家合资公司，双方暂未披露合资公司的各自持股比例。双方计划分别在南京、衢州建设两座电池回收工厂。其 中，预处理工厂将建设在南京，后处理厂则将建设在衢州。 （ 来源：综合报道） LG新能源4月29日宣布，与法国环境服务商Derichebourg成立电池回收合资企业，将投建电池回收工厂。两家公司持股比例各为50%。工厂 选址于法国北部瓦兹河畔布吕耶尔，预计2026年动工，2027年投产，年处理能力超2万吨。 此前在2023年8月， LG新能源还曾 联手华友钴业，在华布局电池回收业务。 are 全球领导 的电子 2 2 2 台 服 务 内 容 FT 品牌服务 研究咨询 资本服务 政府服务 品牌 论坛 研究 数据 融资 Ibo 规划 招商 宣传 报告 调研 咨询 报告 服务 展会 服务 雷 销 会员 品牌 旋滑 豐拔 国专 政府 投资 定位 顾问 顾问 合作咨询 邱先生 189 3802 3176 2 12 2 1 1 1 1 2 - 2 1 - 2 - 2 1 - ...

Core Viewpoint - The China Securities Green Energy Index has experienced a decline in recent months, reflecting challenges in the green energy sector and the performance of its constituent companies [2]. Group 1: Index Performance - The China Securities Green Energy Index opened lower and fluctuated, down 0.82% to 3612.6 points with a trading volume of 24.847 billion yuan [1]. - Over the past month, the index has decreased by 7.44%, by 1.07% over the last three months, and has fallen by 5.27% year-to-date [2]. Group 2: Index Composition - The index comprises 50 listed companies involved in solar, wind, hydro, hydrogen energy, and lithium battery sectors, aiming to reflect the overall performance of green energy theme stocks [2]. - The top ten weighted companies in the index are: - Changjiang Electric Power (17.46%) - BYD (16.81%) - CATL (14.57%) - LONGi Green Energy (4.71%) - Sungrow Power Supply (4.65%) - EVE Energy (2.61%) - Huayou Cobalt (2.38%) - Tongwei Co. (2.3%) - Ganfeng Lithium (1.78%) - Chuanwei Energy (1.73%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.50%), followed by the Shanghai Stock Exchange (39.15%) and the Beijing Stock Exchange (0.35%) [2]. - In terms of industry distribution, the index's holdings are composed of: - Industrial sector (53.87%) - Utilities (20.47%) - Consumer discretionary (16.81%) - Materials (8.44%) - Information technology (0.41%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3]. - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment, unless special circumstances necessitate a temporary adjustment [3]. Group 5: Related Investment Funds - Public funds tracking green energy include the Huabao China Securities Green Energy ETF [4].

Group 1 - The core viewpoint of the news is that the China Securities New Energy Index has experienced a decline, reflecting the overall performance of listed companies in the renewable energy sector [1][2] - The China Securities New Energy Index has decreased by 9.93% in the past month, 6.59% in the past three months, and 11.65% year-to-date [1] - The index is composed of companies involved in renewable energy production, application, storage, and related equipment, with a base date of December 31, 2011, set at 1000.0 points [1] Group 2 - The top ten weighted companies in the index include CATL (10.68%), LONGi Green Energy (5.55%), Sungrow Power (5.48%), China Nuclear Power (4.73%), and others [1] - The market share of the index's holdings is distributed as follows: Shenzhen Stock Exchange 57.61%, Shanghai Stock Exchange 41.98%, and Beijing Stock Exchange 0.41% [1] - From an industry perspective, the index's sample holdings are composed of 74.50% in industrials, 14.26% in utilities, 10.76% in materials, and 0.48% in information technology [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the energy metals sector, particularly lithium, nickel, and cobalt companies, highlighting their financial performance and market dynamics in 2024 and early 2025 [1][2][3]. Core Insights and Arguments - **Financial Performance**: In 2024, Tianqi Lithium and Ganfeng Lithium reported losses of 7.9 billion yuan and 2.1 billion yuan respectively, primarily due to declining lithium prices. The industry's profitability is increasingly reliant on non-energy metal businesses or hedging strategies [1][2]. - **Market Recovery Signs**: By Q1 2025, there are indications of improvement in energy metal companies' performance, with Tianqi Lithium returning to profitability, suggesting a potential recovery despite ongoing challenges in the lithium market [3]. - **Lithium Market Dynamics**: The lithium market is facing downward pressure, with prices challenging the critical support level of 70,000 yuan. Recent prices for battery-grade lithium carbonate have dipped below this threshold, impacting the entire supply chain [4][9]. - **Cost Reduction Limitations**: The industry has exhausted many cost-cutting measures, with limited new strategies emerging. Projects like the lithium sulfate plant in Zimbabwe are being approached cautiously due to low price levels affecting investment decisions [5][8]. - **Nickel Market Outlook**: Nickel companies are expected to see improved performance in Q2 2024, benefiting from rising prices that have not yet fully reflected in stock valuations [6][7]. - **Cobalt Export Regulations**: The Democratic Republic of Congo's (DRC) cobalt export control policies are under evaluation, with potential extensions of export bans if pricing expectations are not met. This could significantly impact market dynamics and stock prices [12][13][15]. Additional Important Insights - **Supply Chain Challenges**: The DRC's export controls and the exit of major players like Zijin Mining complicate the nickel supply chain, leading to procurement difficulties and increased costs [11]. - **Cobalt Inventory Concerns**: Current cobalt inventories are low, and the market is experiencing operational disruptions due to export bans, which could lead to price surges if supply constraints persist [14][15]. - **Rare Earth Export Restrictions**: New export bans on heavy rare earths are causing significant disruptions in the magnetic materials industry, with potential long-term impacts on production and supply chains [17][19]. - **Investment Opportunities**: Companies like Huayou Cobalt, Hanrui Cobalt, and others are expected to benefit from improved performance in the cobalt and nickel sectors, especially if they can effectively hedge against price declines [16][21]. Conclusion - The energy metals sector is navigating a challenging landscape characterized by price volatility, regulatory changes, and supply chain disruptions. However, there are signs of recovery and potential investment opportunities as companies adapt to these challenges and explore new strategies for profitability.

Group 1 - LG Energy Solution has decided to postpone or cancel the construction of a lithium battery recycling joint venture with Huayou Cobalt due to stagnation in electric vehicle demand [1] - The joint venture was initially planned to build pre-treatment and post-treatment plants in Jiangsu and Zhejiang, with operations expected to start in late 2023 and production by the end of 2024 [1] - The project aims to create a closed-loop system for recycling metals like nickel, cobalt, and lithium from used batteries, but is hindered by slowing global electric vehicle demand and uncertainties in U.S.-China policies [1] Group 2 - In 2024, Huayou Cobalt's net profit is expected to grow by 23.99% to 4.155 billion yuan, while operating revenue is projected to decline by 8.08% to 60.946 billion yuan, indicating structural contradictions in its core business [2] - The company faces significant debt pressure with total interest-bearing liabilities around 59 billion yuan, despite a notable year-on-year increase in net profit for Q1 2025 [2] - The decline in cobalt prices by over 20% in 2024, along with reduced production of low-end products, has led to a decrease in gross margins for lithium battery materials [2] Group 3 - Cobalt prices have dropped to a ten-year low, and nickel prices are under pressure due to increased production capacity in Indonesia, raising concerns about inventory depreciation risks [3] - The market share of Huayou Cobalt in the ternary materials segment is shrinking, and the postponement of the joint venture project exacerbates the risk of a single profit structure [3] - The company needs to balance global expansion in Europe and Southeast Asia, explore new markets in sodium-ion and solid-state batteries, and optimize its debt structure to mitigate multiple risks [3]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - Downstream demand is mainly driven by rigid purchases, and the willingness to stock up has not increased. Social inventories continue to accumulate, raw material inventories in downstream sectors are at a high level, and warehouse receipt inventories are sufficient. In the short term, the futures price is expected to [3]. 3. Key Points by Category Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 69,800, down 100; the average price of SMM industrial - grade lithium carbonate is 68,050, down 100 [1]. - Futures contracts: The closing price of lithium carbonate 2505 is 68,380, down 0.29%; lithium carbonate 2506 is 68,180, down 0.38%; lithium carbonate 2507 is 68,180, down 0.32%; lithium carbonate 2508 is 69,240, down 0.32%; lithium carbonate 2509 is 69,400, down 0.34% [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 793, down 2; the average price of lithium mica (Li20:1.5% - 2.0%) is 940, down 10; the average price of lithium mica (Li20:2.0% - 2.5%) is 1590, down 20; the average price of phospho - lithium - aluminum stone (Li20:6% - 7%) is 6675; the average price of phospho - lithium - aluminum stone (Li20:7% - 8%) is 7800, down 75 [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 32,620, down 15; the average price of ternary material 811 (polycrystalline/power type) is 146,670; the average price of ternary material 523 (single - crystal/power type) is 117,675, down 20; the average price of ternary material 613 (single - crystal/power type) is 123,955 [2]. Price Spreads - The value of electric carbon - industrial carbon is 1750, with no change; the value of electric carbon - main contract is 1620, up 20; the value of near - month - continuous one is 200, up 160; the value of near - month - continuous two is 200, up 120 [2]. Inventory - The total inventory (weekly, tons) is 131,864, up 259; the inventory of smelters (weekly, tons) is 52,400, up 270; the inventory of downstream (weekly, tons) is 42,823, up 1089; the inventory of others (weekly, tons) is 36,641, down 1100; the registered warehouse receipts (daily, tons) is 31,555 [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 73,494, and the profit is - 4652; the cash cost of purchasing lithium mica concentrate externally is 74,747, and the profit is - 7577 [3]. Industry News - Huayou Cobalt will take over a $60 billion battery project in Indonesia, replacing LG Energy Solution as the strategic investor of a major electric vehicle battery project in Indonesia [3]. - Galan Lithium rejected a $150 million acquisition offer from Huayou Cobalt and Renault Group, considering the offer "opportunistic and undervalued" [3].

Core Viewpoint - The company has exceeded performance expectations, attracting significant attention from institutions and investors, with a strong focus on technological innovation and resource development as key drivers for future growth [1][2]. Group 1: Company Performance - The company reported a net profit of 4.155 billion yuan for 2024, representing a year-on-year increase of approximately 24%, and a net profit of 1.252 billion yuan for Q1 2025, reflecting a year-on-year growth of about 140% [2]. - The chairman emphasized the goal of "recreating a new company" as a fundamental objective for future development, leveraging integrated industry advantages, international operations, and technological strengths [2][3]. Group 2: Technological Innovation - The chairman highlighted that technological innovation is the top priority, with a focus on enhancing management and resource control capabilities to support product and cost leadership [2]. - The company is committed to increasing research and development investments in high-nickel ternary materials, aiming to lead the industry through technological breakthroughs [4]. Group 3: Market Trends and Strategy - The chairman projected that the ternary materials market will recover its rightful position over the next three years, driven by performance advantages in high-end passenger vehicles and emerging applications in AI and solid-state batteries [4]. - The company plans to maintain its focus on lithium battery materials, supported by nickel and cobalt resource assurance, while expanding its market reach and enhancing capabilities [3]. Group 4: International Expansion - The company has established a global operational framework, actively developing resource projects in Indonesia, Congo, and Zimbabwe, while also building advanced manufacturing bases in Hungary and other locations [5][6]. - Two major nickel resource projects in Indonesia are nearing production, with a combined annual capacity of 18,000 tons of nickel and 5,000 tons of cobalt expected to be operational by 2026 and 2027 [6].

Investment Rating - The report maintains a "Sell" rating for Huayou Cobalt with a revised target price of Rmb27.00, indicating a downside of 20.2% from the current price of Rmb33.82 [1][2]. Core Insights - Huayou Cobalt reported a net profit of Rmb4.2 billion for 2024, reflecting a 24% year-over-year increase, primarily driven by higher profits from nickel and lithium [1][20]. - The company is facing challenges in the ternary battery materials market, with market share declining to below 20% in Q1 2025 from 27% in 2024 and 32% in 2023, leading to lower shipments and margins [2][31]. - The earnings outlook remains cautious due to depressed prices for lithium, nickel, and cobalt, which are expected to cap earnings improvements [2][31]. Financial Summary - Revenue for 2024 is estimated at Rmb60.5 billion, down 8% from 2023, with a gross profit of Rmb10.1 billion, up 12% year-over-year [28]. - The earnings per share (EPS) for 2024 is reported at Rmb2.50, a 22% increase from the previous year [28]. - The company declared a cash dividend of Rmb0.50 per share, with a payout ratio of 23%, significantly lower than the 69% in 2023 [1][28]. Earnings Estimates - Recurring earnings estimates for 2025-2026 have been revised upward by 44-55% due to higher refined nickel sales volume and lower costs for lithium [2][31]. - The projected EPS for 2025 is Rmb1.89, down from the previous estimate of Rmb1.79, reflecting ongoing market challenges [2][28]. Market Dynamics - The ternary battery materials market is expected to continue facing pressure, with increased competition and declining unit profits anticipated [31]. - The report highlights that Huayou's earnings are likely to remain depressed in 2025 due to weak prices for nickel, cobalt, and lithium [31]. Valuation Analysis - A bottom-of-the-cycle valuation analysis suggests a theoretical valuation range of Rmb7.8 to Rmb14.1 per share for Huayou, compared to the current share price of Rmb33.8 [2][31]. - The report's sum-of-the-parts (SOTP) valuation methodology indicates a valuation of Rmb22.7 per share for the battery material business [26][32].

Core Viewpoint - The chairman of Huayou Cobalt, Chen Xuehua, responded to rumors regarding the replacement of LG by Huayou in the electric vehicle battery project in Indonesia, emphasizing Huayou's ongoing partnership with LG and the project's significance [1] Group 1: Company Involvement - Huayou Cobalt has been a member of the LG consortium for five years, participating in the electric vehicle battery project [1] - The project encompasses the entire industry chain from mining to precursor and battery production, highlighting Huayou's comprehensive industry advantages [1] Group 2: Future Prospects - The Indonesian government is looking for Huayou to form new partnerships to advance the project, indicating potential collaborative opportunities [1] - Huayou is open to promoting the project but emphasizes that it will not be solely driven by Huayou; industry chain partners will be involved [1]

金融界4月25日消息，A股三大指数收盘涨跌不一，沪深300金属与采矿指数 (300金属与采矿，L11606) 报2380.65点。 数据统计显示，沪深300金属与采矿指数近一个月下跌4.75%，近三个月上涨3.70%，年至今上涨 7.50%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 深300指数300只样本按行业分类标准分为10个一级行业、26个二级行业、70余个三级行业及100多个四 级行业。沪深300细分行业指数系列分别以进入各二级、三级行业的全部证券作为样本编制指数，形成 沪深300细分行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深300金属与采矿指数十大权重分别为：紫金矿业（31.22%）、北方稀土 （6.24%）、宝钢股份（6.15%）、山东黄金（6.06%）、中国铝业（5.51%）、洛阳钼业（5.35%）、华 友钴业（4.87%）、中金黄金（4.43%）、包钢股份（4.29%）、赣锋锂业（3.72%）。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.17%、深圳证券交易所占 ...