研报掘金丨华鑫证券：格林美镍钴自供能力增强，予“买入”评级

Core Viewpoint - The report from Huaxin Securities indicates that the company is enhancing its self-supply capabilities for nickel and cobalt, which is expected to support its performance amid rising demand for high-nickel and ultra-high-nickel ternary precursor materials due to the growth of eVOTL, humanoid robots, and wearable AI devices [1] Group 1: Company Developments - The company is continuously breaking through in cathode materials, strengthening its self-supply capabilities for nickel and cobalt [1] - The increase in the proportion of self-supplied nickel and cobalt is expected to reduce raw material cost volatility, enhancing profit elasticity during price upcycles [1] Group 2: Market Trends - The global shipment share of high-nickel and ultra-high-nickel ternary precursor materials is on the rise, which is likely to benefit the company's ternary materials business [1] - The power battery sector is anticipated to enter a large-scale scrapping phase by 2026 and an explosive scrapping phase by 2030, indicating a broad market for lithium, nickel, and cobalt key minerals to rely on recycling for substantial replenishment [1] Group 3: Investment Rating - Given the structural upgrade in demand for ternary materials and the company's enhanced self-supply capabilities for nickel and cobalt, a "Buy" investment rating is assigned [1]