研报掘金丨西部证券：首予华友钴业“买入”评级，目标价78.98元

Core Viewpoint - The market perceives the company as a beta play following cobalt prices, but the greater focus should be on nickel, which is currently near its bottom price level, with a potential cyclical turning point expected around 2027-2028 [1] Group 1: Nickel Market Insights - Nickel project investments are substantial, presenting significant financial and scale barriers to entry [1] - The company has established a full industry chain layout from nickel ore to nickel intermediate products and nickel products, showcasing its core competitive advantages [1] Group 2: Investment Rating - The company is considered a relatively rare alpha-type company in the market [1] - A price-to-earnings ratio of 26 times is projected for 2025, with a target price set at 78.98 yuan per share, initiating coverage with a "buy" rating [1]