Investment Rating - The stock rating for Zhejiang Huayou Cobalt Co Ltd is Equal-weight [4] - The industry view is Attractive [4] Core Insights - The company reported a net profit of Rmb1.3 billion for 3Q24, which is an increase from Rmb1.1 billion in 2Q24 and Rmb928 million in 3Q23, exceeding expectations [1] - The 9M24 profit reached Rmb3 billion, reflecting a year-on-year increase of 0.2% [1] - The good performance is attributed to better-than-expected gross profit margin (GPM), lower tax expenses, and reduced minority interest [2] - The GPM for 3Q24 was 18.8%, only slightly down by 1.4 percentage points quarter-on-quarter [2] - The effective tax rate decreased to 3.7% in 3Q24 from 4.4% in 2Q24 and 12.1% in 3Q23 [2] - Minority interest accounted for 4.5% of profit after tax, significantly lower than 35.5% in 2Q24 [2] Capacity Expansion - Ongoing construction of the Huaneng 50kt ternary precursor project in Indonesia was completed on October 18, 2024 [2] - The Huaxiang 50kt sulfuric nickel project and the Hungary 25kt cathode material projects are currently under construction [2] Financial Metrics - The price target for the stock is set at Rmb27.00, indicating a downside of 7% from the current price of Rmb28.95 [4] - The market capitalization is Rmb49.507 billion, with an enterprise value of Rmb70.270 billion [4] - Projected EPS for fiscal years ending in 2023, 2024, 2025, and 2026 are Rmb2.05, Rmb1.34, Rmb1.42, and Rmb2.00 respectively [4] - Revenue projections for the same fiscal years are Rmb65.936 billion, Rmb63.642 billion, Rmb66.235 billion, and Rmb70.900 billion respectively [4] - The P/E ratio is projected to be 16.1 for 2023 and 21.5 for 2024 [4]

关于公司控股股东及一致行动人部分股份解除质押及质押的公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2024-101 | | --- | --- | --- | | 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 关于公司控股股东及一致行动人部分股份 解除质押及质押的公告 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。 重要内容提示: 近日，浙江华友钴业股份有限公司（以下简称"公司"）收到控股股东华友控 股集团有限公司（以下简称"华友控股"）及一致行动人陈雪华先生的通知，华友 控股和陈雪华先生办理了部分股份解除质押和质押业务，具体情况如下： 一、本次股份质押及解除质押情况 1、本次股份解除质押情况 1 截至本公告日，公司控股股东华友控股持有本公司股份 260,313,967 股，占公司 总股本的 15.34%；其中已累计质押 182,119,994 股，占其所持公司股份总数的 69.96%，占公司总股本的 10.73%。 截至本公告日，公司控股股东一致行动人陈雪华 ...

Investment Rating - The investment rating for Huayou Cobalt (603799.SH) is "Buy" (maintained) [1] Core Views - The report highlights that the integrated advantages of the company are gradually becoming evident, with Q3 performance exceeding expectations. The company achieved a revenue of 45.488 billion yuan in the first three quarters of 2024, a year-on-year decrease of 11%, while the net profit attributable to the parent company was 13.50 billion yuan, a year-on-year increase of 45.42% [1][5] - The report emphasizes that despite a general downward trend in commodity prices, the company's performance has shown resilience, driven by the continuous ramp-up of nickel resource projects and the effectiveness of its integrated operational strategy [1][6] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2023A: 66,304 (5% growth) - 2024E: 76,414 (15% growth) - 2025E: 85,906 (12% growth) - 2026E: 95,604 (11% growth) [1] - Net Profit (in million yuan): - 2023A: 3,351 (-14% decline) - 2024E: 3,664 (9% growth) - 2025E: 4,162 (14% growth) - 2026E: 5,030 (21% growth) [1] - Earnings Per Share (EPS): - 2023A: 1.97 - 2024E: 2.16 - 2025E: 2.45 - 2026E: 2.96 [1] Cost and Profitability - Operating Costs (in million yuan): - 2023Q3: 151.11 - 2024Q2: 119.19 - 2024Q3: 124.40 [5] - Gross Profit Margin: - 2023Q3: 14.84% - 2024Q2: 21.00% - 2024Q3: 19.42% [5] Price Trends - Average Prices of Key Products (in yuan/ton): - Nickel: 16,363 (down 12.40% quarter-on-quarter, down 67.30% year-on-year) - Cobalt: 12,952 (down 31.08% quarter-on-quarter, down 25.23% year-on-year) - Battery-grade lithium carbonate: 189,900 (down 25.23% quarter-on-quarter, down 67.30% year-on-year) [6] Future Outlook - The report projects that the company's net profit attributable to the parent company will reach 41.62 billion yuan in 2024 and 50.30 billion yuan in 2025, with corresponding P/E ratios of 14.3 and 12.6 [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 45.49 billion yuan for the first three quarters of 2024, a year-on-year increase of 11.6% [1] - The net profit attributable to the parent company for the same period was 3.02 billion yuan, reflecting a slight increase of 0.24% year-on-year [1] - The company is advancing its upstream nickel resource projects and integrated layout, enhancing its synergy in the nickel industry in Indonesia [1] - The company has made significant progress in new technology development and product research, with several new products entering mass production [1] Financial Performance Summary - For 2024, the company expects a net profit attributable to the parent company of 3.856 billion yuan, up from the previous estimate of 3.408 billion yuan [1] - The projected net profits for 2025 and 2026 are 4.228 billion yuan and 4.893 billion yuan, respectively [1] - The company's revenue is forecasted to grow from 61.22 billion yuan in 2024 to 80.575 billion yuan in 2026, with a compound annual growth rate of 13.0% [3] - The gross margin is expected to improve from 14.1% in 2023 to 16.8% in 2026 [3] - The return on equity (ROE) is projected to increase from 9.8% in 2023 to 10.7% in 2026 [3] Cash Flow and Balance Sheet - The operating cash flow for 2024 is estimated at 16.981 billion yuan, significantly higher than the previous year's figure [2] - The total assets are projected to grow from 125.52 billion yuan in 2023 to 177.31 billion yuan in 2026 [2] - The company's total liabilities are expected to increase from 48.867 billion yuan in 2023 to 67.272 billion yuan in 2026 [2]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company reported a significant year-on-year increase in Q3 performance, with a total revenue of 154.38 billion yuan, a 13% decrease compared to the same quarter last year, but a net profit attributable to shareholders of 13.5 billion yuan, reflecting a 45.42% increase [5] - The integrated advantages of the company are becoming increasingly evident, particularly following the achievement of production capacity at the Indonesian project, which has led to a continuous increase in nickel product shipments [6] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 41.75 billion yuan, 48.16 billion yuan, and 54.19 billion yuan respectively, with a corresponding PE ratio of 12.5, 10.8, and 9.6 times [6] Financial Summary - For the first three quarters of 2023, the company achieved total revenue of 454.88 billion yuan, a 10.97% decrease year-on-year, while the net profit attributable to shareholders was 30.2 billion yuan, a slight increase of 0.24% [5] - The company's gross profit margin for Q3 was 19.42%, which is a 4.58 percentage point increase year-on-year, despite a 1.58 percentage point decrease quarter-on-quarter [6] - The company’s total assets are projected to reach 125.52 billion yuan in 2023, increasing to 182.56 billion yuan by 2026 [10]

%% %% 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 ...

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 ...