暴涨110%，“钴王”华友钴业，前三季净赚42亿

Core Viewpoint - The non-ferrous metal sector is experiencing a performance recovery after reaching the bottom of the cycle, with leading companies' stock prices rebounding ahead of their earnings, particularly in the energy metals segment [1] Company Performance - Huayou Cobalt reported a revenue of 58.94 billion yuan for the first three quarters of 2025, a year-on-year increase of 29.57%, and a net profit of 4.216 billion yuan, up 39.59% [1][2] - In Q3 alone, Huayou Cobalt achieved a revenue of 21.744 billion yuan, marking a 40.85% increase year-on-year, and a net profit of 1.505 billion yuan, up 11.53% [2][3] - The company attributes its performance to integrated operations, rising cobalt prices, management reforms, and cost reduction efforts [3] Market Dynamics - The stock price of Huayou Cobalt surged over 78% in Q3, reflecting strong investor interest, including notable purchases by well-known investors [4][5] - The company’s major shareholder, Chen Xuehua, holds 18.92% of the shares, with a market value exceeding 22 billion yuan based on recent stock prices [3][6] Future Outlook - The new cycle for non-ferrous metals appears to be confirmed, with Huayou Cobalt's Q3 performance indicating potential for record annual earnings [7] - The company’s valuation remains low compared to its peak in 2021, suggesting room for growth as demand for lithium, cobalt, and nickel is expected to rise with the advent of solid-state batteries [8][12] - Huayou Cobalt's production capacity is set to increase significantly, with projects in Indonesia expected to enhance its cobalt output [8][11] Industry Trends - The global cobalt supply is projected to face shortages in the coming years, with significant price increases anticipated due to supply constraints [11] - The demand for energy metals is expected to grow substantially, driven by advancements in battery technology and increasing applications in various sectors [12][13] - The overall demand for lithium batteries is forecasted to rise sharply, with significant growth expected in energy storage solutions [13]