%% %% 丨证券研究报告丨 联合研究丨公司点评丨华友钴业（603799.SH） [Table_Title] 量增价稳，业绩环比逆势增长——华友钴业 2024Q3 业绩点评 | --- | --- | |------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024Q3 实现营业收入 154.38 亿元，同比 -13% ，环比 +2.32% ；实现归母净利 13.5 亿元， | | | 同比 +45.42% ，环比 +17.53% ；实现扣非归母净利 12.89 亿元，同比 +45.35% ，环比 +8.9% 。 | | 分析师及联系人 [Table_Author] 王鹤涛 邬博华 王筱茜 叶之楠 肖百桓 SAC： SFC：BQK482 SFC：BQT626 SAC：S0490512070002 S0490514040001 SAC ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 36.16 CNY per share based on a 15x PE valuation for 2024 [4][2]. Core Insights - The company's performance in Q3 2024 showed a 45% year-on-year increase in net profit, driven by the timely release of nickel production capacity in Indonesia. However, revenue for the first three quarters of 2024 decreased by 11% year-on-year due to falling prices of nickel and lithium products [2][3]. - The company plans to change its fundraising projects to improve capital efficiency, shifting focus to a new project that will add 70,000 tons of high-purity nickel capacity, expected to be operational by December 2025 [2][3]. - The integrated mining and metallurgy investments are progressing well, with several nickel projects in Indonesia reaching production milestones, indicating a strong focus on building the nickel supply chain in the region [2][3]. Financial Summary - Revenue for 2024 is projected at 64.328 billion CNY, reflecting a 3% decrease from the previous year, with an expected recovery in subsequent years [3]. - The company's EPS is forecasted to be 2.41 CNY in 2024, with a gradual increase to 2.73 CNY by 2026, indicating a positive growth trajectory [3]. - The PE ratio is expected to be 12 for 2024, decreasing to 11 by 2026, suggesting a favorable valuation compared to historical performance [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded market expectations, with a revenue of 45.5 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 3.02 billion yuan, a year-on-year increase of 0.2% [3] - Q3 saw a significant increase in nickel product shipments, with approximately 60,000 tons shipped, representing a quarter-on-quarter increase of over 50% [3] - The report projects a target price of 38.6 yuan for the stock, based on an expected PE ratio of 15x for 2024 [4] Financial Performance Summary - Total revenue for 2022 was 63.034 billion yuan, with a forecasted revenue of 59.496 billion yuan for 2024, reflecting a year-on-year decrease of 10.27% [2] - The net profit attributable to shareholders is expected to rise to 4.356 billion yuan in 2024, a year-on-year increase of 29.98% [2] - The company’s earnings per share (EPS) is projected to be 2.57 yuan in 2024, with a PE ratio of 11.28 [2] Nickel and Other Product Insights - Nickel product shipments are expected to reach 180,000 to 200,000 tons for the year, with Q3 contributing significantly to this total [3] - The company anticipates a gross profit contribution of 15 to 20 billion yuan from nickel operations in Q3, with a unit gross profit of over 30,000 yuan per ton [3] - The copper and cobalt businesses are expected to contribute stable profits, while the lithium business is projected to break even [3] Capital Expenditure and Cash Flow - Capital expenditures for the first three quarters of 2024 are estimated at 5.1 billion yuan, a decrease of 53% year-on-year [4] - Operating cash flow for the first three quarters of 2024 is projected at 3.8 billion yuan, an increase of 55% year-on-year [4]

华友钴业（603799.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 业绩超预期，一体化优势显现 2024 年 10 月 20 日 ➢ 事件：公司发布 2024 年三季报。2024 年前三季度，公司实现营收 454.88 亿元，同比-10.97%；实现归母净利润 30.20 亿元，同比+0.24%；实现扣非归 母净利润为 30.41 亿元，同比+11.56%。2024Q3，公司实现营收 154.38 亿元， 同比-13.00%，环比+2.32%；实现归母净利润为 13.50 亿元，同比+45.32%， 环比+17.53%；实现扣非归母净利润为 12.89 亿元，同比+45.35%，环比 +8.90%，业绩超我们预期。 ➢ 量&价：上游镍资源华飞项目持续放量，产业一体化经营战略成效逐步显现。 24 年前三季度镍产品呈现持续增量趋势，主要系华飞 12 万吨镍金属量湿法冶炼 项目于 2024 年一季度末基本实现达产后呈现持续放量趋势。2024Q3，公司主 要产品价格环比呈现下行趋势，主要产品 LME 铜/MB 钴/LME 镍/碳酸锂/三元 前驱体（622）/三元正极材料等价 ...

Revenue and Profit - Revenue for the third quarter of 2024 was RMB 15,437,871,842.91, a decrease of 13.00% year-over-year[4] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 1,349,638,540.94, an increase of 45.42% year-over-year[4] - Total operating income for the first three quarters of 2024 was 45.49 billion RMB, down from 51.09 billion RMB in 2023[19] - Operating profit for the first three quarters of 2024 was 4.00 billion RMB, down from 4.52 billion RMB in 2023[19] - Net profit attributable to parent company shareholders: 3,020,370,672.11 RMB, a slight increase from 3,013,180,644.02 RMB in the previous period[20] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB 3,839,696,475.41, an increase of 54.65% year-over-year[5] - Cash received from sales of goods and services: 49,582,422,440.14 RMB, a decrease from 52,875,064,705.06 RMB in the previous period[23] - Net cash flow from operating activities: 3,839,696,475.41 RMB, an increase from 2,482,811,185.05 RMB in the previous period[23] - Net cash flow from investing activities: -5,932,541,034.66 RMB, an improvement from -10,983,030,693.10 RMB in the previous period[24] - Net cash flow from financing activities: 3,173,240,848.59 RMB, a decrease from 18,649,513,278.48 RMB in the previous period[24] - Net increase in cash and cash equivalents: 1,402,700,650.19 RMB, a significant decrease from 10,386,034,225.72 RMB in the previous period[24] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 132,238,379,285.85, an increase of 5.35% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was RMB 35,684,613,196.91, an increase of 4.10% compared to the end of the previous year[5] - Total current assets as of September 30, 2024, amounted to 49,926,139,780.90, compared to 49,131,776,810.26 as of December 31, 2023[15] - Monetary funds increased to 16,813,844,607.45 as of September 30, 2024, from 15,259,921,078.81 at the end of 2023[15] - Accounts receivable decreased to 6,082,993,598.87 as of September 30, 2024, from 7,977,267,961.62 at the end of 2023[15] - Inventory increased to 16,329,063,861.32 as of September 30, 2024, from 15,763,401,257.63 at the end of 2023[15] - Prepayments increased to 2,467,371,857.41 as of September 30, 2024, from 1,810,825,646.66 at the end of 2023[15] - Other receivables decreased to 354,218,313.35 as of September 30, 2024, from 392,878,676.92 at the end of 2023[15] - Trading financial assets increased to 1,205,586,158.86 as of September 30, 2024, from 373,221,093.05 at the end of 2023[15] - Derivative financial assets decreased to 1,197,434,587.80 as of September 30, 2024, from 1,395,343,385.26 at the end of 2023[15] - Receivables financing decreased to 1,565,478,512.75 as of September 30, 2024, from 2,425,306,902.49 at the end of 2023[15] - Other current assets increased to 3,910,148,283.09 as of September 30, 2024, from 3,733,610,807.82 at the end of 2023[15] - Total assets increased to 132.24 billion RMB, up from 125.52 billion RMB in the previous period[16] - Long-term equity investments rose to 11.08 billion RMB, compared to 9.71 billion RMB previously[16] - Fixed assets remained stable at 46.10 billion RMB, slightly down from 46.34 billion RMB[16] - Total liabilities increased to 84.74 billion RMB, up from 80.79 billion RMB[17] - Short-term borrowings surged to 20.67 billion RMB, up from 15.05 billion RMB[16] Earnings and Shareholder Information - Basic earnings per share for the third quarter of 2024 was RMB 0.80, an increase of 42.86% year-over-year[5] - The company's weighted average return on equity (ROE) for the third quarter of 2024 was 3.84%, an increase of 0.94 percentage points year-over-year[5] - The company's total number of ordinary shareholders as of the end of the third quarter of 2024 was 243,835[10] - Basic earnings per share: 1.80 RMB, a slight decrease from 1.88 RMB in the previous period[22] Expenses and Costs - Operating costs decreased to 42.27 billion RMB, compared to 47.75 billion RMB in the same period last year[19] - R&D expenses for the first three quarters of 2024 were 1.04 billion RMB, down from 1.14 billion RMB in 2023[19] - Financial expenses increased significantly to 1.95 billion RMB, up from 1.03 billion RMB in 2023[19] Government Subsidies and Investments - Government subsidies received during the period amounted to RMB 55,142,269.99, an increase of 99,908,762.91 year-over-year[6] - The company's upstream nickel resource development projects have gradually reached production and capacity, contributing to the significant increase in net profit and earnings per share[9] Comprehensive Income and Minority Interests - Minority shareholders' profit and loss: 763,239,973.81 RMB, a decrease from 1,034,181,956.23 RMB in the previous period[20] - Total comprehensive income: 3,906,652,507.63 RMB, a decrease from 4,834,102,024.75 RMB in the previous period[20]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024 年 10 月 18 日，浙江华友钴业股份公司（以下简称"华友钴业"或"公司"） 召开第六届董事会第二十三次会议，审议通过了《关于聘任副总裁的议案》，因公司 经营管理需要，经公司总裁提名，董事会提名委员会资格审查，同意聘任张冰先生 担任公司副总裁，任期自本次董事会审议通过之日起至本届董事会届满之日止。张 冰先生简历如下： 张冰，男，1974 年 10 月出生，毕业于大连理工大学高分子化工专业，于中科 院化学所获得硕士学位，美国密苏里大学罗拉分校获化学博士学位， 同时拥有项目 管理的六西格玛黑带认证。曾任思摩尔公司技术副总裁，北京低碳清洁能源研究院 副院长，GE 中央研究院中国区总经理，GE 中国高新技术总监、战略创新与合作部 总监等职。2024 年 9 月加入公司。 华友钴业关于聘任副总裁的公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2024-095 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华 ...

浙江华友钴业股份有限公司 章 程 二零二四年十月 0 | 第一章 | 2 | 总则 | | --- | --- | --- | | 第二章 | 3 | 经营宗旨和范围 | | 第三章 | 4 | 股 份 | | 第一节 | 股份发行 4 | | | 第二节 | 股份增减和回购 5 | | | 第三节 | 股份转让 7 | | | 第四节 | 购买公司股份的财务资助 8 | | | 第四章 | 10 | 股票和股东名册 | | 第五章 | 13 | 股东和股东大会 | | 第一节 | 股东 13 | | | 第二节 | 股东大会的一般规定 16 | | | 第三节 | 股东大会的召集 19 | | | 第四节 | 股东大会的提案与通知 20 | | | 第五节 | 股东大会的召开 22 | | | 第六节 | 股东大会的表决和决议 26 | | | 第六章 | 32 | 董事会 | | 第一节 | 董事 32 | | | 第二节 | 董事会 36 | | | 第三节 | 董事会秘书 41 | | | 第七章 | 总裁及其他高级管理人员 43 | | | 第八章 监事会 | 45 | | | 第一节 | 监事 4 ...

证券代码：603799 证券简称：华友钴业 公告编号：2024-100 浙江华友钴业股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第三次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 7 日 13 点 30 分 召开地点：浙江省桐乡经济开发区梧振东路 79 号浙江华友钴业股份有限公 司研发大楼一楼一号会议室 (五)网络投票的系统、起止日期和投票时间。 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及 ...

华友钴业第六届董事会第二十三次会议决议公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 董事会会议召开情况 浙江华友钴业股份有限公司（以下简称"华友钴业"或"公司"）第六届董事会 第二十三次会议于2024年10月18日以通讯方式召开，本次会议通知于2024年10月12 日以书面、电子邮件、电话等方式通知全体董事、监事、高级管理人员。会议由董 事长陈雪华先生召集并主持，会议应参会董事7人，实际参会董事7人（其中7人以通 讯方式出席）。公司部分监事、高级管理人员列席了本次会议。本次会议的召集和召 开程序符合《公司法》和《公司章程》的规定，会议合法有效。 董事会会议审议情况 第六届董事会第二十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、审议通过《关于 2024 年第三季度报告的议案》 同意公司编制的《2024 年第三季度报告》。具体内 ...

2、关于拟回购注销2023年限制性股票激励计划首次授予部分限制性股票的 核查意见： 经核查，鉴于本激励计划首次授予部分激励对象中30因不受个人控制的岗位 调动或因公司原因提出与员工协商解除劳动关系而离职、3人因退休而离职、3 人身故，公司董事会拟对上述激励对象已获授但尚未解除限售的267,200股限制 性股票进行回购注销，回购价格为24.38元/股加上中国人民银行公布的同期存款 基准利率计算的利息。鉴于本激励计划首次授予部分激励对象中3人因不能胜任 岗位工作被辞退、148人因个人原因主动离职或合约到期不再续签、2人因个人过 错被公司解聘，公司董事会拟对上述激励对象已获授但尚未解除限售的872,600 股限制性股票进行回购注销，回购价格为24.38元/股。 浙江华友钴业股份有限公司（以下简称"公司"）监事会根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关法 律、法规、规范性文件及公司《2023年限制性股票激励计划（草案）》（以下简称 "《激励计划（草案）》"）和《公司章程》的有关规定，监 ...