中信证券股份有限公司关于 浙江华友钴业股份有限公司 2023 年持续督导工作现场检查报告 上海证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为浙江华 友钴业股份有限公司（以下简称"华友钴业"、"上市公司"或"公司"）2022 公开发行可转换公司债券的持续督导机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》《上海证券 交易所上市公司自律监管指引第 11 号—持续督导》等相关法律法规规定，对上 市公司 2023 年以来的规范运作情况进行了定期现场检查，现将本次现场检查情 况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 中信证券股份有限公司 （二）保荐代表人 孟夏、王家骥 （三）现场检查时间 2024 年 4 月 17 日-2024 年 4 月 19 日 （四）现场检查人员 孟夏、束颉晟 （五）现场检查手段 1、与上市公司董事、高级管理人员及有关人员访谈； 2、察看上市公司主要生产经营场所； 1 4、查阅公司 2023 年募集资金专户银行对账单、募集资金使用台账等资料。 二、针对现场检查事项逐项发表的意见 （一）公司治理和内 ...

中信证券股份有限公司关于 浙江华友钴业股份有限公司公开发行可转换公司债券持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2024 年 4 月 | 公司名称 | 浙江华友钴业股份有限公司 | | --- | --- | | 英文名称 | Zhejiang Huayou Cobalt Co., LTD. | | 统一社会信用代码 | 913300007368873961 | | 注册资本 | 1,710,083,466 元 | | 法定代表人 | 陈雪华 | | 成立日期 | 2002-05-22 | | 上市日期 | 2015-01-29 | | 注册地址 | 浙江省嘉兴市桐乡市经济开发区二期梧振东路 号 18 | | 办公地址 | 浙江省嘉兴市桐乡市经济开发区二期梧振东路 号 18 | | 证券代码 | 603799.SH | | 证券简称 | 华友钴业 | 一、发行人基本情况 二、本次发行情况概述 经中国证券监督管理委员会《关于核准浙江华友钴业股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2022〕209 号）核准，并经上海证券交 易所同意，公司于 2022 年 2 月 24 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price on April 25, 2024, at 27.65 CNY [2]. Core Views - The company achieved a revenue of 66.304 billion CNY in 2023, a year-on-year increase of 5.19%, but the net profit attributable to shareholders decreased by 14.25% to 3.351 billion CNY [1][7]. - The company is expanding its production capacity, with significant growth in nickel and lithium battery materials sales, despite a challenging market environment [1][9]. - The company has a robust integrated layout in lithium battery materials, which is expected to provide a competitive edge in the market [1][26]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 66.304 billion CNY, with a net profit of 3.351 billion CNY, reflecting a decline in profitability [1][7]. - For Q4 2023, the company recorded a revenue of 15.213 billion CNY, a year-on-year increase of 6.22%, but a significant decline in net profit by 62.56% [1][7]. - The Q1 2024 results showed a revenue of 14.963 billion CNY, a year-on-year decrease of 21.70%, with a net profit of 5.22 billion CNY, down 48.99% [1][7]. Production and Sales - The company’s nickel production reached 128,300 tons in 2023, a year-on-year increase of 83.33%, with sales growing by 87.78% [1][10]. - Lithium product production surged by 140.97% to 11,500 tons, with sales increasing by 104.46% [1][10]. - The company’s cobalt production was 40,600 tons, with sales of 41,400 tons, reflecting increases of 5.58% and 12.20%, respectively [1][10]. Project Developments - The company is advancing its overseas resource projects, including the completion of the world's largest nickel wet smelting project [1][9]. - The company has successfully secured minority stakes in two Indonesian mines, enhancing its nickel resource security [1][9]. Investment Outlook - The company’s upstream resource layout is well-established, and its lithium battery materials are expected to see rapid growth, supported by partnerships with international resource and automotive giants [1][26]. - The projected net profits for 2024-2026 are estimated at 3.652 billion CNY, 4.778 billion CNY, and 5.432 billion CNY, respectively, indicating a positive growth trajectory [2][26].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 钴 ＃investSuggestion＃ ＃ ＃d华yCo友mpa钴ny＃业 （ 603799 ） investSug 增持 ( 维ges持tionC）h 603799 ＃title＃ 锂电材料价格下滑拖累公司盈利，关注印尼项目进展 ange＃ ＃createTime1＃ 2024 年04 月25日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告和2024年一季报，2023年公司实现营 市场数据日期 2024-04-23 业收入663.04亿元，同比增长5.19％；实现归母净利润33.51亿元，同比下 收盘价（元） 28.27 降14.25%；实现扣非后归母净利润为30.93亿元，同比下降22.25%。公司拟 总股本（百万股） 1710.09 向全体股东每10股派发现金红利10元（含税）。2024年一季度公司实现营 流通股本（百万股） 1686.33 业收入149.63亿元，同比下降21.70%；实现归母净利润5.22亿元，同比下 净资产（百万元） 34910.4 降48.99%；实现扣非 ...

Investment Rating - The report assigns a "Buy" rating to the company, Huayou Cobalt Co., Ltd. (603799.SH), with a current price of 28.27 CNY and a reasonable value of 36.27 CNY [1][4]. Core Views - The company's revenue for 2023 reached 66.3 billion CNY, a year-on-year increase of 5%, while the net profit attributable to shareholders decreased by 14% to 3.35 billion CNY due to falling metal prices [1][4]. - In Q1 2024, the company reported a revenue of 15 billion CNY, a decline of 22% year-on-year, with net profit dropping by 49% [1][4]. - The company achieved significant growth in lithium battery precursor shipments, with a total of 95,000 tons shipped in 2023, marking a 31% increase year-on-year [1][4]. - The company has established strategic partnerships with major firms and is progressing on nickel resource projects in Indonesia, which are expected to enhance global supply channels [1][4]. Financial Summary - Revenue (in million CNY): - 2022A: 63,034 - 2023A: 66,304 - 2024E: 73,133 - 2025E: 79,052 - 2026E: 87,561 [3][8] - Net Profit (in million CNY): - 2022A: 3,908 - 2023A: 3,351 - 2024E: 3,101 - 2025E: 3,524 - 2026E: 4,071 [3][8] - EPS (in CNY per share): - 2022A: 2.48 - 2023A: 2.05 - 2024E: 1.81 - 2025E: 2.06 - 2026E: 2.38 [3][8] Investment Forecast - The company is expected to see stable performance from 2024 to 2026, with projected EPS of 1.81, 2.06, and 2.38 CNY per share, respectively [4][8]. - The report anticipates a gradual stabilization of unit gross profit due to the ramp-up of nickel, lithium, precursor, and cathode material projects [2][4].

公 有色金属 司 2024年 4月 22日 报 华友钴业( 603799.SH) 告 价格回落业绩承压，一体化布局收获可期 推荐（维持） 事项： 公司发布 2023 年年报及 2024年一季报，2023年全年实现营收 663.04亿元， 现价：29.65 元 yoy+5.19%；实现归母净利润33.51亿元，yoy-14.25%；归母扣非净利润30.93 亿元，yoy-22.25%。2023年利润分配预案：每10股派发现金红利10元（含税）。 公 公 主要数据 2024年一季度公司实现营收149.63亿元，yoy-21.7%；实现归母净利润5.22亿 司司 元，yoy-48.99%。归母扣非净利润5.68亿元，yoy-42.97%。 行业 有色金属 年年 公司网址 www.huayou.com 报 大股东/持股 华友控股集团有限公司/ 15.22% 平安观点： 报 实际控制人 陈雪华 点  主营产品出货量提升，全年营收实现逆势正增。2023年公司锂电正极前驱 点 总股本(百万股) 1710 评 体出货量近15万吨，同比增长约31%。正极材料出货量约9.5万吨，同比 流通A股(百万股) 1686 评 流通B/ ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's nickel smelting capacity release and high shipment growth are expected to drive profit improvement in 2024 due to rising metal prices [1] - The precursor business achieved a 31% year-on-year shipment growth in 2023, with a market share increase, and is expected to grow by over 30% in 2024 [3] - The cathode material business grew by 5% in 2023 and is expected to grow by over 25% in 2024 [3] - The Huafei project is expected to contribute significantly in 2024, with nickel price increases driving unit profit recovery [4] - Rising copper prices are expected to significantly enhance the profitability of the copper business in 2024 [4] Financial Performance - In 2023, the company achieved revenue of RMB 66.304 billion, a year-on-year increase of 5.19%, with net profit attributable to the parent company of RMB 3.351 billion, a year-on-year decrease of 14.25% [3] - In Q1 2024, the company achieved revenue of RMB 14.963 billion, a year-on-year decrease of 21.7%, with net profit attributable to the parent company of RMB 522 million, a year-on-year decrease of 48.99% [3] - The company's operating cash flow in 2023 was RMB 3.486 billion, a year-on-year increase of 19.63%, while investment cash flow was RMB -16.551 billion, a year-on-year increase of 32.05% [17] Business Segments - Precursor business: Shipments in 2023 were 129,000 tons, a year-on-year increase of 31%, with revenue of RMB 10 billion and a gross margin of 18% [3] - Cathode material business: Shipments in 2023 were approximately 95,000 tons, a year-on-year increase of 5%, with revenue of RMB 18.9 billion and a gross margin of 7.8% [3] - Nickel business: Shipments in 2023 were approximately 126,000 tons, a year-on-year increase of 88%, with revenue of RMB 6.8 billion and net profit of RMB 930 million [4] - Copper business: Shipments in 2023 were 88,000 tons, a year-on-year decrease of 2%, with expected net profit of over RMB 500 million [4] - Cobalt business: Shipments in 2023 were 41,000 tons, a year-on-year increase of 12%, achieving a break-even [4] - Lithium business: Shipments in 2023 were 8,235 tons, a year-on-year increase of 104%, achieving a break-even [4] Profit Forecast and Valuation - The company's net profit attributable to the parent company is expected to be RMB 3.529 billion in 2024, RMB 4.578 billion in 2025, and RMB 5.741 billion in 2026, with year-on-year growth rates of 5%, 30%, and 25% respectively [4] - The company's EPS is expected to be RMB 2.06 in 2024, RMB 2.68 in 2025, and RMB 3.36 in 2026 [2] - The company's P/E ratio is expected to be 14x in 2024, 11x in 2025, and 9x in 2026 [4] Market Data - The company's closing price is RMB 29.65, with a price-to-book ratio of 1.52 and a total market capitalization of RMB 50.704 billion [5] - The company's net asset per share is RMB 19.54, with a debt-to-asset ratio of 64.58% [6]

Financial Performance - The company's operating revenue for Q1 2024 was ¥14,962,649,257.31, representing a decrease of 21.70% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥522,415,394.16, down 48.99% year-over-year, primarily due to falling metal prices and increased financing costs[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥567,830,428.67, a decrease of 42.97% compared to the previous year[5]. - The basic and diluted earnings per share were both ¥0.33, representing a decline of 48.44% year-over-year[5]. - Net profit for Q1 2024 was ¥590,098,645.98, a decline of 61.1% from ¥1,517,071,573.82 in Q1 2023[25]. - Operating profit for Q1 2024 was ¥635,027,797.66, down 63.1% from ¥1,720,523,238.44 in Q1 2023[25]. - In Q1 2024, the total comprehensive income amounted to CNY 771,313,678.91, a decrease of 53.3% compared to CNY 1,651,053,815.71 in Q1 2023[26]. - Basic and diluted earnings per share for Q1 2024 were CNY 0.33, down from CNY 0.64 in Q1 2023, reflecting a decline of 48.4%[26]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 14.29% to ¥929,046,306.48, mainly due to reduced cash tied up in inventory[10]. - Cash inflows from operating activities totaled CNY 17,605,351,810.00 in Q1 2024, a decrease of 12.2% from CNY 20,068,065,384.95 in Q1 2023[27]. - The net cash flow from operating activities was CNY 929,046,306.48, an increase of 14.3% compared to CNY 812,858,791.98 in Q1 2023[29]. - Cash outflows from investing activities were CNY 4,353,462,701.63, down from CNY 5,916,701,182.39 in Q1 2023, indicating a reduction of 26.4%[29]. - The net cash flow from financing activities was CNY 3,578,366,536.60, a decrease of 39.0% compared to CNY 5,871,405,571.61 in Q1 2023[31]. - The ending balance of cash and cash equivalents increased to CNY 11,973,324,398.83, up from CNY 10,301,339,950.99 in Q1 2023, reflecting a growth of 16.2%[31]. - The company reported a cash inflow of CNY 1,074,851,699.35 from other investment-related activities, significantly up from CNY 496,962,686.32 in Q1 2023, marking a growth of 116.5%[29]. Assets and Liabilities - The total assets at the end of the reporting period were ¥129,157,238,443.42, reflecting a 2.90% increase from the end of the previous year[7]. - Total liabilities amounted to ¥83,403,289,185.13, up from ¥80,786,921,353.39 in the previous period[21]. - Total equity increased to ¥45,753,949,258.29 from ¥44,733,355,987.39[21]. - Long-term borrowings as of the end of the reporting period were ¥19,618,354,362.17, compared to ¥18,900,325,508.81 previously[21]. - The company's total accounts receivable stood at RMB 7.10 billion, down from RMB 7.98 billion in the previous period[18]. - Inventory decreased to RMB 12.93 billion from RMB 15.76 billion, indicating a reduction in stock levels[18]. - The company's derivative financial assets were valued at RMB 1.27 billion, a decrease from RMB 1.40 billion[18]. - The total amount of prepayments was RMB 1.44 billion, down from RMB 1.81 billion[18]. - The company reported a total of RMB 2.75 billion in receivables financing, an increase from RMB 2.43 billion[18]. Shareholder Information - The number of shares held by the top 10 shareholders includes 260.31 million shares (15.22%) held by Huayou Holding Group[15]. - The company has a total of 21.85 million shares (1.28%) held in a repurchase account[15]. - The top shareholder, Huayou Holding Group, has pledged 182.12 million shares[15]. - The company has no significant changes in the shareholding structure due to the transfer of shares among major shareholders[17]. Operational Efficiency - The company is focusing on improving operational efficiency and managing costs in response to market challenges[10]. - The company reported a decrease in the cash flow due to the impact of inventory management strategies[10]. - Research and development expenses for Q1 2024 were ¥243,274,509.27, a decrease of 40.2% compared to ¥407,449,373.71 in Q1 2023[24]. - Total operating costs for Q1 2024 were ¥14,605,104,806.96, down 18.1% from ¥17,854,099,082.24 in Q1 2023[24].

Financial Performance - The company's operating revenue for 2023 was CNY 66,304,047,529.81, representing a 5.19% increase from CNY 63,033,785,499.49 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 3,350,891,340.06, a decrease of 14.25% compared to CNY 3,907,615,568.23 in 2022[15]. - The net profit after deducting non-recurring gains and losses was CNY 3,092,830,789.90, down 22.25% from CNY 3,978,101,753.60 in 2022[15]. - The net cash flow from operating activities increased by 19.63% to CNY 3,485,888,093.33 from CNY 2,913,806,375.38 in 2022[15]. - The total assets at the end of 2023 were CNY 125,520,277,340.78, reflecting a 13.50% increase from CNY 110,592,418,711.85 at the end of 2022[15]. - The net assets attributable to shareholders increased by 32.40% to CNY 34,277,801,337.40 from CNY 25,889,700,966.05 at the end of 2022[15]. - The basic earnings per share for 2023 were CNY 2.05, a decrease of 17.34% from CNY 2.48 in 2022[16]. - The weighted average return on net assets for 2023 was 11.14%, down from 17.15% in 2022[16]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the authenticity and completeness of the financial report[2]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - The company has not violated any decision-making procedures regarding external guarantees[4]. - The company has established independent operations from its controlling shareholders, ensuring autonomy in business and financial matters[110]. - The company has a clear information disclosure policy, ensuring timely and accurate communication with shareholders and investors[110]. Risk Management - The company has outlined potential risks in its future development strategies, which investors should be aware of[4]. - The company has detailed its risk factors in the management discussion and analysis section of the report[4]. - The company faces market risks due to the volatility of nickel, cobalt, lithium, and copper prices, which can significantly impact profitability[100]. - The company is exposed to foreign exchange risks due to its international operations and reliance on USD for transactions, which may affect its profitability[101]. - The company is at risk of overcapacity in the battery materials sector due to slowing demand and increased competition, which could affect utilization rates[106]. Shareholder Returns - The profit distribution plan for 2023 proposes a cash dividend of 10 CNY per 10 shares (including tax) to all shareholders, with no stock distribution or capital reserve transfer to increase share capital[3]. - The company is committed to maintaining the same per-share distribution ratio, with adjustments to the total distribution amount if the total share capital changes before the dividend record date[3]. - The total amount of cash dividends, including the share repurchase amount, is 2,326,316,038.64 RMB, accounting for 69.42% of the net profit attributable to ordinary shareholders in the consolidated financial statements[142]. - The company has a three-year shareholder return plan (2022-2024) to distribute at least 30% of the average distributable profit in cash or stock[139]. Operational Developments - The company achieved a shipment volume of approximately 150,000 tons of lithium battery cathode precursors, a year-on-year increase of about 31%[22]. - The shipment volume of cathode materials reached approximately 95,000 tons, with a year-on-year growth of about 5%[22]. - The company’s cobalt product shipment volume was around 41,000 tons, reflecting a year-on-year increase of 12%[22]. - The shipment volume of nickel products was approximately 126,000 tons, marking a significant year-on-year growth of 88%[23]. - The company initiated the construction of a 50,000-ton ternary precursor project in Indonesia, aiming to strengthen its international supply channels[26]. Sustainability and Environmental Initiatives - The company is committed to sustainable development, enhancing its capabilities for green and low-carbon industry leadership[27]. - The company has invested 587.58 million CNY in environmental protection during the reporting period[149]. - The company has achieved zero discharge of process wastewater through the MVR system, reusing it in the pure water preparation system[160]. - The company has planted approximately 1,100 mangrove seedlings over an area of about 11 hectares as part of its biodiversity protection efforts[165]. - The company has received "zero carbon" factory certification for multiple plants, reflecting its commitment to green development and environmental management[164]. Corporate Governance - The company held a total of 5 shareholder meetings during the reporting period[111]. - The board of directors convened 22 times, ensuring compliance with legal and regulatory requirements[110]. - The supervisory board met 13 times to oversee the company's operations and financial status[110]. - The company has established specialized committees, including an audit committee and a strategic committee, to oversee critical areas of operation[127]. - The company is focused on maintaining strong corporate governance and transparency in its operations[126]. Strategic Partnerships and Market Expansion - The company signed a long-term supply agreement for ternary precursors with major clients, including LG Chem and Ford, enhancing its market position[25]. - The company is actively pursuing resource development and strategic partnerships to strengthen its position in the global new energy vehicle supply chain[49]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[120]. - The company plans to enter the European market, with an initial investment of $50 million in 2024[120]. Research and Development - The company is investing in R&D, allocating 100 million CNY towards the development of new technologies[117]. - The management team emphasized the importance of technological innovation and research in maintaining competitive advantage in the industry[114]. - The company has a complete technological innovation system and is recognized as a national high-tech enterprise, with multiple high-level R&D centers and partnerships with leading research institutions[46]. Financial Management - The company has implemented a performance-based remuneration system for its directors and senior management[123]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 56.574137 million yuan[123]. - The company has approved the financial budget report for 2023, indicating a strategic focus on financial planning and resource allocation[133]. - The company has committed to invest a total of 695.7 million RMB from the raised funds, achieving an investment progress of 88.82% as of the report date[194].

华友钴业第六届董事会第十九次会议决议公告 | | 华友钴业第六届董事会第十九次会议决议公告 | | --- | --- | | 股票代码：603799 | 股票简称：华友钴业 公告编号：2024-038 | | 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 第六届董事会第十九次会议决议公告 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。 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"、"公司"）第六届董事 会第十九次会议于2024年4月18日以现场方式召开，本次会议通知于2024年4月8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。公司监事、高级 管理人员列席会议。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 一、审议通过《关于 2023 年度总经理工作报告的议案》 表决结果：7 票同意，0 票反对，0 票弃权。 二、审议通过 ...