Group 1 - The 2025 High-Performance Sodium Battery Industry Summit and the 2025 High-Performance Solid-State Battery Technology and Application Summit are scheduled for June 9 and June 10, respectively, at the Shangri-La Hotel in Suzhou [2][3] - The Indonesian new energy market is experiencing a significant turning point following LGES's withdrawal from its large-scale project worth hundreds of billions, which opens opportunities for Chinese lithium battery companies like Huayou Cobalt to advance in the Indonesian lithium battery market [3][4] - The total investment of LGES's project in Indonesia is nearly 60 billion RMB, covering the entire industry chain from nickel ore processing to battery manufacturing and recycling [3] Group 2 - Chinese lithium battery companies are increasingly demonstrating advantages in the Indonesian market, with major players like CATL, Guoxuan High-Tech, and Zhongxin Innovation gaining market share globally, particularly in Europe where they have surpassed Japanese and Korean competitors [4] - Chinese lithium battery companies have invested over 200 billion RMB in Indonesia, creating a closed-loop system covering nickel mining, hydrometallurgy, and battery manufacturing, which helps reduce industrialization costs through cluster effects [5] - The strategic positioning in Indonesia allows Chinese lithium battery companies to mitigate risks associated with current tariff frictions, as tariffs on lithium battery materials and batteries exported from Indonesia to the U.S. are 34.5%, significantly lower than those from China [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Report Summary 1. Industry Investment Rating - No information 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 be affected by these factors [3]. 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 68,250 yuan/ton, down 600 yuan/ton [1]. - SMM industrial - grade lithium carbonate has an average price of 66,500 yuan/ton, down 600 yuan/ton [1]. - The price difference between battery - grade and industrial - grade lithium carbonate is 1,750 yuan/ton, with no change [2]. Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) has an average price of 776 yuan/ton, down 3 yuan/ton [1]. - Lithium mica (Li20: 1.5% - 2.0%) has an average price of 895 yuan/ton, down 20 yuan/ton; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,535 yuan/ton, down 25 yuan/ton [2]. - Phosphorus lithium aluminum stone (Li20: 6% - 7%) has an average price of 6,600 yuan/ton; phosphorus lithium aluminum stone (Li20: 7% - 8%) has an average price of 7,700 yuan/ton, down 25 yuan/ton [2]. Lithium Futures - The closing price of lithium carbonate 2505 is 66,100 yuan/ton, down 2.31%; lithium carbonate 2506 is 66,240 yuan/ton, down 1.75%; lithium carbonate 2507 is 66,260 yuan/ton, down 1.63%; lithium carbonate 2508 is 67,460 yuan/ton, down 1.52%; lithium carbonate 2509 is 67,660 yuan/ton, down 1.6% [1]. - The price difference between battery - grade lithium carbonate and the main contract is 1,990 yuan/ton, up 100 yuan/ton; the price difference between the near - month and the first - continuous contract is - 140 yuan/ton, down 280 yuan/ton; the price difference between the near - month and the second - continuous contract is - 160 yuan/ton, down 300 yuan/ton [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 32,255 yuan/ton, down 135 yuan/ton [2]. - The average price of ternary material 811 (polycrystalline/power type) is 146,550 yuan/ton, down 50 yuan/ton; ternary material 523 (single - crystal/power type) is 117,285 yuan/ton, down 140 yuan/ton; ternary material 613 (single - crystal/power type) is 123,815 yuan/ton, down 50 yuan/ton [2]. Inventory - The total inventory (weekly, tons) is 131,864 tons, up 259 tons; smelter inventory (weekly, tons) is 52,400 tons, up 270 tons; downstream inventory (weekly, tons) is 42,823 tons, up 1,089 tons; other inventory (weekly, tons) is 36,641 tons, down 1,100 tons [2]. - The registered warehouse receipt (daily, tons) is 33,477 tons, up 630 tons [2]. Profit Estimation - The cash cost of外购锂辉石精矿 is 72,369 yuan/ton, and the profit is - 5,061 yuan/ton; the cash cost of外购锂云母精矿 is 73,476 yuan/ton, and the profit is - 7,825 yuan/ton [3]. Industry News - On April 23, 2025, according to Reuters, Chinese Zhejiang Huayou Cobalt will replace South Korea's LG Energy Solution as the strategic investor in a major electric vehicle battery project in Indonesia [3]. - On April 3, 2025, Australian lithium mining company Galan Lithium (ASX code: GLN) rejected the joint acquisition offer of its Argentine Hombre Muerto West (HMW) and Candelas lithium projects from Zhejiang Huayou Cobalt and Renault Group. The 150 - million - dollar offer was considered "opportunistic and undervalued" by Galan's management [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4] Core Views - The company has demonstrated significant year-on-year growth in net profit for both the 2024 annual report and the 2025 Q1 report, showcasing the advantages of its integrated operations [4][7] - The company is enhancing its global footprint and strengthening its supply chain collaboration, which supports the "Accumulate" rating [4][7] Financial Summary - The company's revenue for 2024 is projected at RMB 60,946 million, a decrease of 8.1% from 2023, while net profit is expected to rise by 24% to RMB 4,155 million [6][11] - For Q1 2025, the company reported revenue of RMB 17,842 million, a year-on-year increase of 19.24%, and net profit of RMB 1,252 million, up 139.68% [9][11] - The adjusted earnings per share (EPS) for 2025 is forecasted to be RMB 3.04, reflecting a significant increase from the previous estimate of RMB 2.07 [4][6] Production and Sales Performance - The company achieved a notable increase in nickel product shipments, with a year-on-year growth of 45.78%, totaling approximately 184,300 metric tons [7][8] - Cobalt product shipments reached about 46,800 metric tons, marking a 13.18% increase [7][8] Strategic Developments - The company is advancing its nickel and cobalt resource development projects in Indonesia and the Democratic Republic of Congo, which are expected to enhance its competitive edge in the market [7][8] - The establishment of a lithium resource development system in Zimbabwe and the production of nickel sulfate in Indonesia are part of the company's strategy to strengthen its supply chain [7][8]

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4] Core Views - The company has demonstrated significant year-on-year growth in net profit for both the 2024 annual report and the 2025 Q1 report, showcasing the advantages of its integrated operations [4][7] - The company is enhancing its global footprint and strengthening its supply chain collaboration, which supports the "Accumulate" rating [4][7] Financial Summary - The company's revenue for 2024 is projected at RMB 60,946 million, a decrease of 8.08% from 2023, while net profit is expected to increase by 24.0% to RMB 4,155 million [6][11] - For Q1 2025, the company achieved revenue of RMB 17,842 million, a year-on-year increase of 19.24%, and net profit of RMB 1,252 million, up 139.68% [9][11] - The company’s earnings per share (EPS) for 2025 is adjusted to RMB 3.04, reflecting a significant increase from the previous estimate of RMB 2.07 [4][6] Production and Sales Performance - The company reported a 45.78% year-on-year increase in nickel product shipments, totaling approximately 184,300 metric tons, and a 13.18% increase in cobalt shipments, totaling about 46,800 metric tons [7][8] - The company has optimized its product structure by reducing the shipment of lower-margin products, which has impacted the overall lithium battery material shipments [7][8] Strategic Developments - The company is advancing its nickel and cobalt resource development projects in Indonesia and the Democratic Republic of Congo, which are expected to enhance its competitive position in the market [7][8] - The company has successfully launched several projects, including a 50,000-ton nickel sulfate project in Indonesia and a 66,000-ton cathode material project in South Korea, contributing to its integrated supply chain [7][8]

Core Viewpoint - Huayou Cobalt Co., Ltd. has demonstrated significant growth in net profit for both 2024 and Q1 2025, supported by its integrated advantages and global expansion strategy, leading to a maintained "Buy" rating from analysts [1][2]. Financial Performance - In 2024, the company reported a revenue of 60.946 billion yuan, a decrease of 8.08% year-on-year, while net profit attributable to shareholders reached 4.155 billion yuan, an increase of 23.99%. The adjusted net profit was 3.795 billion yuan, up 22.71% [3]. - For Q1 2025, the company achieved a revenue of 17.842 billion yuan, a year-on-year increase of 19.24%. The net profit attributable to shareholders was 1.252 billion yuan, showing a remarkable growth of 139.68%, with adjusted net profit at 1.227 billion yuan, up 116.05% [3]. Product Shipment Growth - The company reported a significant increase in nickel product shipments, with approximately 184,300 metric tons shipped, reflecting a year-on-year growth of 45.78%. Cobalt product shipments were about 46,800 metric tons, up 13.18% [3]. Global Expansion and Supply Chain Synergy - Huayou Cobalt has enhanced its global footprint, with a total production capacity of approximately 245,000 metric tons of nickel intermediate products. Projects in Indonesia are progressing, which will strengthen the company's resource development advantages. Additionally, the company has established a comprehensive cobalt-copper resource development system in the Democratic Republic of Congo and invested in lithium projects in Zimbabwe [4]. - The company has also made strides in lithium battery materials, with projects in Indonesia and Europe advancing, which are expected to enhance overall competitiveness through efficient industrial synergy [4]. Valuation Adjustments - Based on the company's annual and quarterly reports, the earnings per share forecasts for 2025-2027 have been adjusted to 3.04, 3.61, and 4.06 yuan, respectively, reflecting a price-to-earnings ratio of 11.0, 9.3, and 8.2 times [5].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has demonstrated strong profitability resilience despite a decline in metal prices, with cobalt, nickel, and lithium margins reaching historical lows. The current price levels provide a foundation for potential increases, which could significantly boost the company's performance [7][9]. - The company has established a comprehensive business structure with five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling [13][16]. - The report highlights the cyclical nature of metal prices, indicating that cobalt prices are at a long-term historical low, with potential for substantial increases due to demand growth and supply constraints [33][51]. Summary by Sections Market Performance - As of April 28, 2025, the closing price of the company's stock is 33.36 yuan, with a market capitalization of approximately 56.76 billion yuan [4]. Financial Forecast and Valuation - The projected revenue for 2023 is 66.30 billion yuan, with a forecasted decline to 60.95 billion yuan in 2024, followed by a recovery to 70.44 billion yuan in 2025. The net profit attributable to the parent company is expected to rise from 3.35 billion yuan in 2023 to 5.07 billion yuan in 2025 [6][8]. - The report anticipates a price-to-earnings (P/E) ratio of 11.19 for 2025, which is below the industry average, indicating potential undervaluation [8]. Investment Logic - The company has maintained stable revenue and profitability despite fluctuations in metal prices, with nickel and lithium segments showing growth while cobalt has declined. The overall business structure is resilient, with significant upside potential if metal prices recover [20][29]. - The report emphasizes that the current low prices of cobalt, nickel, and lithium create a favorable environment for future price increases, which could enhance the company's earnings significantly [7][9]. Cobalt Market Insights - Cobalt prices are currently at a long-term low, with expectations for a significant rebound driven by demand growth and supply constraints, particularly from the Democratic Republic of Congo [33][51]. - The report notes that the recent export ban from the Democratic Republic of Congo could further tighten supply, enhancing the potential for price increases [36]. Nickel Market Insights - Nickel supply is dominated by Indonesia, which is expected to account for 60% of global production in 2024. The report indicates that while supply is increasing, rising costs and the closure of high-cost mines may stabilize prices [53][60]. Lithium Market Insights - The lithium market is experiencing a supply-demand mismatch, with prices at historical lows. The report forecasts that the price of lithium carbonate will stabilize around 80,000 yuan per ton in 2025, with potential for increases as demand recovers [67][72].

证券代码：603799 证券简称：华友钴业 二○二四年年度股东大会 会 议 资 料 二○二五年五月九日 1 | | | | 2024 年年度股东大会会议议程 | 3 | | | --- | --- | --- | | 2024 年年度股东大会会议须知 | 4 | | | 议案一：2024 年度董事会工作报告 | 6 | | | 议案二：2024 年度监事会工作报告 | 26 | | | 议案三：关于 2024 年年度报告全文及摘要的议案 | | 30 | | 议案四：关于 2024 年度财务决算报告的议案 | | 31 | | 议案五：关于 2024 年度关联交易情况审查的议案 | | 41 | | 议案六：关于 2025 年度日常关联交易预计的议案 | | 42 | | 议案七：关于 2024 年度利润分配方案的议案 | | 43 | | 议案八：关于董事 2024 年度薪酬考核情况与 | 2025 年度薪酬方案的议案 | 44 | | 议案九：关于监事 2024 年度薪酬考核情况与 | 2025 年度薪酬方案的议案 | 45 | | 议案十：关于公司续聘 2025 年度审计机构的议案 | | 46 | | ...

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 - ...