Core Viewpoint - Tengyuan Cobalt Industry (301219) expects a significant increase in net profit for the year 2025, projecting a growth of 50.02% to 69.87% compared to the previous year, driven by various operational improvements and favorable market conditions [4]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 1.028 billion to 1.164 billion yuan for 2025, with a non-recurring net profit expected to be between 0.991 billion to 1.127 billion yuan, reflecting a year-on-year growth of 47.67% to 67.94% [4]. - As of January 13, the company's price-to-earnings ratio (TTM) is approximately 17.93 to 20.3 times, with a price-to-book ratio (LF) of about 2.3 times and a price-to-sales ratio (TTM) of around 2.82 times [4]. Operational Drivers - The increase in profit is attributed to several factors: 1. The gradual release of production capacity from fundraising projects, leading to a year-on-year increase in total metal output of cobalt, copper, nickel, lithium, and manganese, enhancing economies of scale [14]. 2. Continuous implementation of lean management reforms and cost control measures, which have improved operational efficiency and overall profitability [14]. 3. The enhancement of the secondary resource recovery system, which has increased the proportion of recycled materials in the raw material structure, thereby improving supply chain resilience and self-sufficiency in raw materials [14]. 4. Benefiting from the year-on-year price increase of metals like cobalt and copper, the profitability of the company's products has significantly improved [14].
腾远钴业：预计2025年净利10.28亿元-11.64亿元 同比增长50.02%-69.87%