市值重回1000亿，华友钴业，熬过“至暗时刻”

Core Viewpoint - The resurgence of the non-ferrous metals sector is highlighted, particularly with the rise of cobalt and lithium prices, benefiting companies like Huayou Cobalt [1][2]. Market Performance - Huayou Cobalt's stock has shown significant resilience, with a price increase of 18.9% since September, while the Shanghai Composite Index fell by 0.77% [1]. - Over the past three months, Huayou Cobalt's stock price surged by 54.32%, leading to a market capitalization of 105.4 billion yuan [1][8]. Company Background - Huayou Cobalt was established in 2002, initially focusing on cobalt resources, and has since expanded its operations internationally, particularly in the Democratic Republic of Congo [3][4]. - The company has undergone significant transformations, evolving from a resource seller to an integrated player in the resource-refining-sales chain [4]. Cyclical Nature of the Industry - The non-ferrous metals industry, including cobalt and nickel, is characterized by strong cyclical trends, with Huayou Cobalt experiencing three notable cycles of boom and bust [5][6]. - The first cycle (2015-2017) saw cobalt prices soar due to demand from the smartphone and electronics sectors, followed by a sharp decline [5]. - The second cycle (2019-2022) was marked by a significant drop in cobalt prices due to adjustments in the new energy battery industry, leading to a drastic reduction in Huayou's profits [5]. - The third cycle began in 2023, with an oversupply in the market impacting Huayou's performance [6]. Recent Performance and Recovery - In the first half of 2023, Huayou Cobalt reported revenue of 37.2 billion yuan, a year-on-year increase of 23.78%, and a net profit of 2.711 billion yuan, up 62.26% [7][8]. - This performance marks the company's best half-year results in recent years, driven by the recovery in cobalt and nickel prices [8]. Price Trends and Future Outlook - Cobalt prices have rebounded from a low of $9.95 per pound earlier in the year, influenced by supply constraints from the Democratic Republic of Congo [9]. - Nickel, which constitutes a significant portion of Huayou's revenue, has also shown signs of recovery due to supply restrictions and rising production costs [10]. - The development of solid-state battery technology is expected to further boost nickel demand, positioning Huayou Cobalt favorably for future growth [10].