Core Viewpoint - The global nickel market in 2024 continues to experience volatility, characterized by a "roller coaster" trend with prices peaking and then retreating due to oversupply and weak demand [1] Group 1: Supply and Demand Dynamics - The global nickel market is currently oversupplied, with an expected production of 3.52 million tons in 2024, a 4.7% increase year-on-year, primarily driven by Indonesia, which contributes three-quarters of the global supply [5] - Indonesia's export ban on nickel ore has led to a focus on building a high-value-added industry domestically, enhancing overall resource utilization efficiency [6] - The demand for nickel is expected to rise due to the long-term growth trend in the electric vehicle (EV) industry, with global EV sales projected to reach 18.236 million units in 2024, a 24.4% increase year-on-year [7] - The demand for nickel is also supported by robust stainless steel production in China, with crude stainless steel output expected to reach 39.4411 million tons in 2024, a 7.54% increase year-on-year [8] Group 2: Company Performance - Company "力勤资源" has achieved revenue of RMB 29.23 billion in 2024, a 38.8% year-on-year increase, and a net profit of RMB 1.77 billion, a 68.7% increase year-on-year, demonstrating resilience in a challenging market [4] - The company has established a competitive edge through advanced hydrometallurgical processes and a global resource layout, allowing it to thrive amid industry pressures [4] Group 3: Technological Innovations - The company is leveraging both hydrometallurgical (HPAL) and pyrometallurgical (RKEF) technologies to create a dual supply system that efficiently utilizes nickel resources [10] - The hydrometallurgical project on Obi Island has a planned capacity of 120,000 tons of nickel and 14,250 tons of cobalt, with the first two phases achieving production in record time [10][11] - The company has also implemented innovative technologies to improve energy efficiency and reduce costs in its pyrometallurgical processes, with a projected annual capacity of 280,000 tons of nickel iron by 2026 [12] Group 4: Environmental and Economic Synergy - The company is focusing on extracting valuable metals from hydrometallurgical tailings, which is expected to create new profit growth points while alleviating environmental pressures [13] - The dual approach of hydrometallurgical and pyrometallurgical processes allows the company to balance market risks and enhance overall resource utilization efficiency [12][14]
力勤资源(2245.HK)：镍价底部震荡下的逆势增长样本