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]

华友钴业 20241008 摘要 • 华润物业在 2024 年上半年实现显著的出货量增长，其中电镍同比增长约 350%，达到 4.1 万吨，高冰镍为 2.7 万吨，MHP 为 8.4 万吨。 • 华润物业重点关注印尼和津巴布韦等地的发展，印尼项目已启动一体化产 业链建设，并与淡水河谷及福特汽车合作建设年产 12 万吨 MHP 项目，预 计将在 2027 年前后建成投产。 • 华润物业在津巴布韦金矿阿卡迪亚锂矿项目进展顺利，目前主要将高品位 锂辉石运回国内加工成碳酸锂，未来计划在津巴布韦建设一个硫酸锂加工 厂，以降低成本。 • 华润物业在 2024 年上半年镍产品出货量为 7.6 万吨，其中电镍占比最大， 达到 4.1 万吨，硫酸镍为 3.5 万吨，主要用于内部供应生产。 • 华润物业在公布镍产品收入时采用了两种口径：一是直接销售给股东的包 销收入，二是外销非股东部分，即少数股东持有份额之外的销售收入。 • 华润物业预计 2024 年下半年电镍出货量将超过上半年，全年目标为 10 万吨以上，MHP 出货量也将显著增加，钴产品全年目标为 4 万多吨，钴铜 产品全年目标为 10 万多吨。 Q&A 请介绍一下华润物业 ...

F 镍钴锡锑 华友钴业（603799.SH） 买入-A(维持) Q2 业绩环比大增，镍出货量大幅提升 证券研究报告 2024 年 8 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：8 月 20 日，华友钴业发布 2024 年半年报，公司 2024 年 H1 实现 营业收入 300.5 亿元，同比-9.9%，实现归母净利润 16.7 亿元，同比-19.9%； 实现扣非归母净利润 17.5 亿元，同比-4.7%，业绩符合预期。 事件点评 Q2 业绩环比大增，镍产品营收大幅增长。公司 Q2 实现归母净利润 11.5 亿元，环比大幅+119.8%，得益于上游镍资源项目逐步达产，以及价格回升 提升盈利能力。2024 年 H1 公司镍矿产品实现营收 54.0 亿元，同比+72.5%， 市场数据：2024 年 8 月 27 日 镍中间品实现营收 32.9 亿元，同比-13.8%；钴产品实现营收 22.2 亿元，同 收盘价（元）： 21.81 比-4.4%；铜产品实现营收 29.6 亿元，同比+17.5%；锂产品实现营收 16.5 亿 年内最高/最低（元）： 47.49/20.82 元，同比+150. ...

增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 华友钴业 （ 603799 ） 603799 ＃title＃ 镍价上涨带动公司 Q2 盈利改善，关注印尼镍业务项目进展 ＃createTime1＃ 2024 年 08 月 23 日 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 钴 ＃investSuggestion＃ 投资要点 ＃summary＃ 业绩概要：公司发布 2024 年半年报，2024 年上半年公司实现营业收入 300.5 亿元，同比下降 9.88％；实现归母净利润 16.71 亿元，同比下降 19.87%；实 现扣非后归母净利润为 17.52 亿元，同比下降 4.74%。 锂电材料价格下滑致公司 2024 年上半年盈利下降。2024H1 公司归母净利润 同比下降 19.87%，主要受锂电材料价格回落影响。价：受行业供需格局逆转 等因素影响，202H1 公司主营三元正极和前驱体等锂电材料价格显著下滑， 根据 SMM 数据，2024H1 三元材料 811 均价为 16.03 万元/吨，同比下滑 49.29%；三元前驱体 811 均价约 ...

华友钴业（603799.SH）2024 年半年报点评 华飞镍产品放量，助推业绩环比显著增长 2024 年 08 月 24 日 ➢ 事件：公司发布 2024 年半年报。2024H1，公司实现营收 300.5 亿元，同 比下降 9.88%；归母净利 16.71 亿元，同比下降 19.87%；扣非归母净利 17.52 亿元，同比下降 4.74%。2024Q2，公司实现营收 150.88 亿元，同比增长 5.99%、环比增长 0.84%；归母净利润 11.48 亿元，同比上升 8.23%、环比上 升 119.81%；扣非归母净利 11.84 亿元，同比上升 40.38%、环比上升 108.53%，业绩超我们预期。 ➢ 量：上游镍资源开发项目逐步达产达标，一体化成效逐步显现。1）镍：华 飞项目达产，24H1 镍产品（电镍+硫酸镍）约 7.6 万吨，同比增长超 40%，考 虑运输影响，华飞产量释放未完全体现，预计24H2镍产品产量环比持续增长； 2）钴：24H1 钴产品出货量约 2.3 万吨（含内部自供），同比增长约 13%，保 持行业领先地位；3）锂：津巴布韦 Arcadia 锂矿项目运营有序，成本端进一步 优化，广西 ...

2024 年 8 月 22 日 公司研究 镍板块业绩如期释放，2024H1 镍板块归母净利润占比达 57% ——华友钴业（603799.SH）2024 年半年报点评 要点 事件 :华友钴业于 2024 年 8 月 19 日晚发布 2024 年上半年业绩，实现营业收入 301 亿元，同比下降 10%，归母净利润实现 16.7 亿元，同比下降 20%（业绩预 告区间为 15-18 亿元）。2024Q2 实现归母净利润 11.5 亿元，同比增长 8%，环 比增长 120%；扣非归母净利润 11.8 亿元，同比增长 40%，环比增长 109%。 点评： 镍：镍板块归母净利润占 2024H1 的 57%。2024H1 镍产品出货量约 7.6 万吨（含 内部自供），同比增长超 40%。LME 镍上半年均价为 17752 美元/吨，同比下 降 27%；其中，Q2 均价为 18681 美元/吨，环比增长 11%。2024H1 华越公司 （持股 57%）实现净利润 6.9 亿元；印尼华科（持股 69.89%）净利润 4.7 亿元； 印尼华飞（51%）净利润 4.5 亿元，归母净利润合计 9.5 亿元，占上半年归母净 利润的 5 ...

证券研究报告·公司点评报告·能源金属 华友钴业（603799） 2024 年半年报点评：Q2 业绩符合预期，镍冶 炼增量显著 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|---------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 63034 | 66304 | 66162 | 74551 | 80238 | | 同比（%） | 78.48 | 5.19 | (0.21) | 12.68 | 7.63 | | 归母净利润（百万元） | 3908 | 3351 | 3639 | 3988 | 4402 | | 同比（%） | 0.26 | (14.25) | 8.59 | 9.61 | 10.38 | | EPS-最新摊薄（元/股） | 2.30 | 1.97 | 2.14 | 2.35 | ...

Financial Performance - Revenue for the first half of 2024 was RMB 30.05 billion, a decrease of 9.88% compared to the same period last year[16] - Net profit attributable to shareholders of the listed company was RMB 1.67 billion, a decrease of 19.87% year-on-year[16] - Net cash flow from operating activities increased by 54.00% to RMB 2.76 billion[18] - Total assets as of the end of the reporting period were RMB 131.25 billion, an increase of 4.56% compared to the end of the previous year[18] - Basic earnings per share decreased by 24.24% to 1.00 yuan from 1.32 yuan in the same period last year[19] - Diluted earnings per share also decreased by 24.24% to 1.00 yuan from 1.32 yuan in the same period last year[19] - Non-recurring gains and losses amounted to -81,200,335.44 yuan, including a one-time expense of -133,985,994.90 yuan due to the cancellation and modification of equity incentive plans[23] - Government subsidies related to normal business operations amounted to 44,766,492.92 yuan[20] - Revenue for the reporting period reached 30.05 billion yuan, with net profit attributable to the parent company of 1.671 billion yuan, and a significant 119.81% quarter-on-quarter growth in Q2 net profit to 1.148 billion yuan[41] - Net profit after deducting non-recurring gains and losses decreased by 4.74% to RMB 1.75 billion in the first half of 2024 compared to the same period last year[154] - The company's EBITDA to total debt ratio decreased by 16.67% to 0.10 compared to the same period last year[154] - The company's interest coverage ratio decreased by 10.84% to 2.88 compared to the same period last year[154] - The company's cash interest coverage ratio increased significantly by 68.55% to 2.09, mainly due to an increase in net cash flow from operating activities[154] - The company's EBITDA interest coverage ratio increased by 12.71% to 4.70 compared to the same period last year[154] - The company maintained a 100% loan repayment rate and interest payment rate, consistent with the previous year[154] - Total operating revenue for the first half of 2024 was 30,050,314,564.41 RMB, compared to 33,345,537,519.76 RMB in the same period last year[178] - Net profit for the first half of 2024 was 2,369,991,979.89 RMB, down from 2,947,247,908.50 RMB in the same period last year[180] - R&D expenses for the first half of 2024 were 687,116,126.78 RMB, a decrease from 759,738,617.49 RMB in the same period last year[180] - Financial expenses for the first half of 2024 were 1,070,089,436.67 RMB, significantly higher than 538,714,362.86 RMB in the same period last year[180] - Total comprehensive income for the first half of 2024 was 2,744,657,081.21 RMB, compared to 3,895,360,945.95 RMB in the same period last year[180] - Operating profit for the first half of 2024 was 2,517,397,912.87 RMB, compared to 3,257,278,209.86 RMB in the same period last year[180] - Net profit attributable to owners of the parent company for the first half of 2024 was 1,670,732,131.17 RMB, down from 2,085,104,942.66 RMB in the same period last year[180] - Basic earnings per share (EPS) for the first half of 2024 is 1.00 RMB, compared to 1.32 RMB in the same period last year[182] - Diluted earnings per share (EPS) for the first half of 2024 is 1.00 RMB, compared to 1.32 RMB in the same period last year[182] - Revenue for the first half of 2024 is 3,369,305,714.29 RMB, a 57.1% increase from 2,145,166,339.24 RMB in the same period last year[182] - Operating profit for the first half of 2024 is 184,898,956.67 RMB, compared to a loss of 62,344,321.00 RMB in the same period last year[182] - Net profit for the first half of 2024 is 234,924,886.42 RMB, a significant increase from 6,640,341.75 RMB in the same period last year[182] - Cash received from sales of goods and services in the first half of 2024 is 33,180,462,145.11 RMB, a decrease from 35,882,307,593.59 RMB in the same period last year[185] - Other comprehensive income after tax for the first half of 2024 is -36,027.61 RMB, compared to -986,885.07 RMB in the same period last year[184] - Total comprehensive income for the first half of 2024 is 234,888,858.81 RMB, compared to 5,653,456.68 RMB in the same period last year[184] - Net cash flow from operating activities increased to RMB 2,763.58 million, up from RMB 1,794.48 million in the previous period[186] - Net cash flow from investing activities was negative at RMB -4,664.29 million, compared to RMB -8,937.50 million in the previous period[186] - Net cash flow from financing activities rose to RMB 5,095.39 million, up from RMB 7,805.05 million in the previous period[188] - Cash and cash equivalents at the end of the period increased to RMB 14,098.95 million, compared to RMB 9,656.93 million in the previous period[188] - Parent company's net cash flow from operating activities was negative at RMB -1,296.41 million, compared to RMB -510.14 million in the previous period[189] - Parent company's net cash flow from investing activities improved to RMB 1,241.99 million, compared to RMB -1,649.60 million in the previous period[189] - Parent company's net cash flow from financing activities was negative at RMB -422.73 million, compared to RMB 2,721.21 million in the previous period[191] - Parent company's cash and cash equivalents at the end of the period decreased to RMB 1,486.13 million, compared to RMB 1,536.35 million in the previous period[191] - Total cash inflows from operating activities were RMB 35,825.84 million, compared to RMB 39,656.73 million in the previous period[186] - Total cash outflows from operating activities were RMB 33,062.26 million, compared to RMB 37,862.25 million in the previous period[186] - Total comprehensive income for the first half of 2024 reached RMB 2,801,755,818.13, driven by strong performance across key segments[197] - The company's total equity increased by RMB 1,584,039,588.70 in H1 2024, reflecting growth in retained earnings and capital reserves[192] - Shareholders' equity attributable to the parent company rose to RMB 34,547,888,789.61 by the end of H1 2024, up from RMB 34,277,801,337.40 at the beginning of the period[194] - Capital reserves grew by RMB 287,688,435.64 during the period, supported by equity transactions and retained earnings[192] - The company allocated RMB 1,671,853,759.40 for profit distribution to shareholders, including dividends and other payouts[193] - Minority shareholders' equity increased by RMB 1,313,952,136.49, reflecting stronger contributions from subsidiaries[192] - The company's total assets reached RMB 46,317,395,576.09 by the end of H1 2024, up from RMB 44,733,355,987.39 at the start of the year[194] - Retained earnings grew to RMB 14,871,562,102.86, supported by a net profit increase of RMB 235,185,973.01[192] - The company's capital structure remained stable, with a slight decrease in share capital by RMB 12,873,601.00 due to share repurchases[192] - Special reserves increased by RMB 9,102,089.32, reflecting higher provisions for future contingencies[193] - Other expenses amounted to -213,087.00, with a significant portion allocated to profit distribution of -319,856,706.60[198] - Special reserves for the period were 8,957,482.60, with 51,569,960.47 extracted and 42,612,477.87 utilized[199] - The ending balance for the period was 1,599,465,141.00, with total assets reaching 39,305,541,300.49[200] Business Operations - The company's new energy business focuses on the R&D, production, and sales of lithium battery cathode materials, including ternary cathode materials and cobalt lithium materials, widely used in electric vehicles, energy storage systems, and consumer electronics[27] - The company's ternary cathode materials are supplied in large quantities to global leading power battery customers such as CATL and LGES, forming a rich industrial ecosystem[28] - The company's new materials business includes the R&D, production, and sales of ternary precursor materials and nickel, cobalt, and lithium new materials, mainly used in new energy vehicle power battery cathode materials and consumer electronics cathode materials[29] - The company's ternary precursor products have entered the core supply chains of global leading power battery manufacturers such as LGES, Samsung SDI, CATL, and EVE Energy, and are widely used in high-end electric vehicles like Tesla, Volkswagen, BMW, and others[30] - The company's resource business includes mining, selection, and initial processing of nickel, cobalt, lithium, and copper, with cobalt and copper products being sold based on LME pricing[31] - The company has established a comprehensive cobalt and copper resource system in the Democratic Republic of Congo and is developing the Arcadia lithium project in Zimbabwe[32] - The company is actively expanding its lithium battery recycling business, collaborating with major automotive and battery manufacturers globally[33] - Lithium battery precursor shipments reached 67,000 tons, an 11% year-on-year increase, while sodium battery precursor shipments achieved a hundred-ton milestone[41] - Positive electrode material shipments were 53,000 tons, with a Q2 quarter-on-quarter growth of over 20%, and cobalt product shipments reached 23,000 tons, a 13% year-on-year increase[41] - Nickel product shipments reached 76,000 tons, a year-on-year increase of over 40%, maintaining a leading industry position[41] - The company achieved breakthroughs in over 20 new precursor products, with high-performance NCMA system Ni89 medium-particle precursor and high-safety Ni88 small-particle precursor achieving mass production[42] - Nickel intermediate product shipments totaled approximately 112,000 tons, a year-on-year increase of over 90%[44] - The company invested in a 40,000-ton nickel metal high-ice nickel project in Indonesia through its subsidiary[57] - A new subsidiary, Zhejiang Huayou Supply Chain Co., Ltd., was established with a registered capital of RMB 20 million[57] - The company acquired a 15.9598% stake in Zhejiang Huayou New Energy Technology Co., Ltd. for RMB 526.0224 million, increasing its ownership to 100%[57] - A 50,000-ton ternary precursor project in Indonesia was approved with a total investment of approximately USD 240 million[58] - The company established a joint venture in Japan with a registered capital of JPY 500 million[58] - A 50,000-ton lithium sulfate project in Zimbabwe was approved with a total investment of approximately USD 230 million[60] - Subsidiary Huayou Cobalt (Quzhou) reported total assets of RMB 22,671,196,601.69 and net profit of RMB 158,000,997.27[61] - Subsidiary Huayou Hong Kong reported total assets of RMB 18,881,485,618.68 and net profit of RMB 1,461,513,551.25[61] - The company's main products include lithium battery cathode materials, precursor products, nickel-cobalt-lithium new materials, and copper products. The prices of nickel, cobalt, lithium, and copper are highly volatile due to global economic factors, supply-demand relationships, and market speculation, which could lead to inventory devaluation and potential profit decline if prices drop significantly[64] - The company faces significant exchange rate risks due to its highly internationalized business operations, with major transactions conducted in USD. The fluctuation of the RMB against the USD has resulted in exchange losses, which could further impact profitability if exchange rate volatility increases[65] - The company has invested heavily in environmental protection equipment and process upgrades to comply with domestic and international environmental regulations. However, stricter environmental standards in the future could increase costs and management complexity[66] - The company has developed various ternary and single-crystal application products, some of which are already in mass production and sales, while others are still under development and certification, posing risks of not meeting expected targets[67] - The company's business spans multiple regions and industries, including resource development, new materials, and new energy manufacturing, which increases management complexity and poses risks if the management system and talent pool do not keep pace with international expansion[67] - The company's international operations in countries like Indonesia, Congo (DRC), Zimbabwe, South Korea, and Hungary expose it to risks related to local industrial policies, politics, economics, regulations, and laws, which could lead to legal disputes and unmet development expectations[68] - The company faces risks of overcapacity in the lithium battery materials industry due to slowing growth in the new energy vehicle sector and the release of production capacity across the supply chain, which could lead to low capacity utilization and unmet development expectations[69] - The company's 2022 employee stock ownership plan will expire on November 8, 2024[75] - The 3.94 million restricted shares reserved under the 2023 restricted stock incentive plan have expired as the grantee was not determined within 12 months after the plan was approved[76] - The company and its subsidiaries are key environmental supervision units for water, air, soil pollution, and environmental risk[77][79] - Huayou Cobalt's actual COD emissions were 10.77 tons, well below the permitted 32.535 tons[79] - Huayou Quzhou's actual COD emissions were 145.44 tons, below the permitted 315.440 tons[79] - Huayou New Energy Quzhou's actual COD emissions were 22.75 tons, below the permitted 385.244 tons[79] - Huayou Puxiang's actual COD emissions were 0.608 tons, below the permitted 39.268 tons[81] - Resource Recycling's actual COD emissions were 19.363 tons, below the permitted 37.041 tons[81] - Guangxi Lithium's actual COD emissions were 4.01 tons, with no permitted limit specified[81] - Guangxi Bamo's actual COD emissions were 93.969 tons, with no permitted limit specified[81] - Huayou Cobalt has 11 sets of exhaust gas treatment facilities, including dust removal devices, water washing spray towers, secondary alkali spray, and VOC treatment facilities, all operating normally[83] - Huayou Quzhou has 126 sets of exhaust gas treatment facilities, with 2 sets temporarily shut down for maintenance, and the rest operating normally[84] - Huayou New Energy Quzhou operates 33 sets of exhaust gas treatment facilities, including acid spray, bag/metal membrane dust removal, and water mist dust removal systems, all functioning normally[84] - Huayou Posco has 14 sets of exhaust gas treatment facilities and 3 sets of wastewater treatment facilities, all operating normally[84] - Resource Recycling operates 24 sets of exhaust gas treatment facilities and 1 set of wastewater treatment facility, all functioning normally[84] - Huajin Company has 20 sets of exhaust gas treatment facilities and 2 sets of wastewater treatment facilities, all operating normally[84] - Guangxi Lithium operates 23 sets of exhaust gas treatment facilities and 1 set of wastewater treatment facility, all functioning normally[84] - Guangxi Huayou New Materials has 3 sets of exhaust gas treatment facilities and relies on external MVR evaporation for wastewater treatment[84] - Guangxi Bamo operates 6 sets of exhaust gas treatment facilities and 1 set of wastewater treatment facility, all functioning normally[84] - Huayou Cobalt's subsidiary, Huayou Quzhou, received approval for a 50,000-ton (metal content) high-purity nickel construction project and a 3,000-ton/year cobalt electrowinning project in 2024[87] - Huayou Cobalt's subsidiary, Guangxi Lithium, completed the self-acceptance of a 50,000-ton battery-grade lithium salt project in March 2024[87] - Guangxi Huayou New Materials' 50,000-ton high-purity nickel product project (metal content) passed environmental approval in 2023, with a 30,000-ton electrowinning project self-accepted in December 2023[87] - Guangxi Bamo completed the self-acceptance review of a 50,000-ton high-nickel ternary cathode material and 100,000-ton ternary precursor material integrated project in December 2023[87] - Huayou Cobalt's environmental emergency response plan is valid until 2026, filed with the Jiaxing Ecological Environment Bureau[88] - Huayou Cobalt installed online monitoring systems for pollutants, including TOC, ammonia nitrogen, nickel, and VOC, connected to government environmental departments[92] - Guangxi Lithium installed online monitoring systems for COD, ammonia nitrogen, pH, particulate matter, SO2, and NOx, connected to government environmental departments[94] - Guangxi Bamo installed online monitoring systems for COD, ammonia nitrogen, and pH, connected to government environmental departments[95] - Chengdu Bamo achieves zero discharge of process wastewater through MVR system evaporation and reuse in pure water preparation system[96] - Tianjin Bamo's waste gas treatment meets emission standards for particulate matter, nickel compounds, and other pollutants[98] - Jiangsu Huayou's welding fumes are treated to meet emission standards for particulate matter and tin compounds[100] - Guangxi Bamo achieves zero discharge of process wastewater through MVR system evaporation and

那么我首先呢介绍一下我们整个的一个想法那么本周呢是我们这个继续安排新的这个能源金属周来给大家整体介绍我们关于能源金属的主要观点和新覆盖的一些公司的标的的一些情况 那么我想讲几个层面吧第一呢就是为什么现在要搞这个那么其实本身来讲就是对于理行业和有业行业的话我们认为理账的话现在是实际上是处于这个已经到八万了那么实际上来讲是一个蛮关键的一个点位再往下呢其实来讲的话我们可以看到现在很多的一些这个扩产项目啊包括亚宝啊在澳洲的一些项目可能也慢慢的放缓下来 然后的话呢所以再往下下行的空间其实也不是太大然后的话呢涅槃这边的话呢其实呃和弥那边也到一万六千美金然后前面也呃下行的比较多那么到现在来看的话其实整体上来讲啊其实后面的话你都忘记了一个到来的话将两个金字架构的话整体下行的一个呃一个空间都都不大可能啊还会有这个向上走的一个一个情况发生 就是关于行业方面那么整体公司方面的话我们也可以看到这些股票的话其实来讲就是调整幅度也比较大那么现在照一个其实整体上来讲就是有配置价值或者有各方面是整体上来讲都是值得关注的这个投资机会然后第 另外一点的话因为我们前面就是也做过这个能源计划之后就是有一些这个理行业的龙头公司包括天气开封都已经介绍过 ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家各位参会人员本次会议观点和信息仅限于此次受邀的海东证券客户中的专业投资者参考所有参与者均负有合规参会义务和保密义务严禁私自录音录像 严禁传播会议机要或泄露会议内容严禁发表诱导他人发表或传播违规言论市场有风险投资需谨慎投资者应自主独立决策一海之言一海通达海通研究小程序智能财经全时等是研究所指定会议平台好的 尊敬的各位计划策展大家早上好我是海生有色陈先龙那么本场电话会呢由我和我们同事张佳瑶一起为大家介绍情况 那么我首先呢介绍一下我们整个的一个想法那么本周呢是我们这个继续安排新的这个能源金属周啊来给大家整体介绍我们关于能源金属的主要观点和新覆盖的一些公司的标的的一些一些情况啊 那么我想讲几个层面吧第一呢就是为什么现在要搞这个那么其实本身来讲就是对于呃旅行业和有业行业的话我们认为呃理想的话现在事实上是处于这个已经到八万那么实际上来讲是一个呃蛮关键的一个点位再往上的其实来讲的话我们可以看到现在很多的一些 这个扩产项目包括亚宝在澳洲的一些项目可能也慢慢的放缓下来然后的话呢所以再往下下停的空间其实也不是太大然后的话呢涅槃这边的话呢其实和密宁那边也到一万六千美金当前面也下停的比 ...