寒锐钴业受益印尼镍供应收紧 股价随钴概念板块上涨

Core Viewpoint - The stock price of Hanrui Cobalt (300618) has risen alongside the cobalt concept sector, primarily driven by tightening nickel supply from Indonesia, benefits from the company's projects in Indonesia, and the effects of industry chain linkage [1] Stock Performance - On February 11, 2026, Hanrui Cobalt's stock price increased as part of the cobalt concept sector, which rose by 2.51% on that day [2] Industry Policy and Environment - The Indonesian Ministry of Energy and Mineral Resources confirmed a significant reduction in nickel ore production quotas for 2026 to 260-270 million tons, down approximately 34% from 379 million tons in 2025. The quota for the world's largest nickel mine, Weda Bay Nickel, dropped sharply from 42 million tons to 12 million tons, leading to a continuous rise in nickel prices on the London Metal Exchange, with an intraday increase of 2.6% on February 11. The strengthening nickel prices provide cost support and performance improvement expectations for Hanrui Cobalt, which is positioned in the nickel resource sector [3] Company Project Progress - Hanrui Cobalt is constructing a "20,000 tons/year high-nickel matte project" in Indonesia, scheduled to commence production by the end of March 2026. This project utilizes a high-oxygen side-blowing process, with expected electrolytic nickel costs below $13,000 per ton. In the context of tightening supply in Indonesia, the low-cost capacity is anticipated to directly benefit from the profit expansion brought about by rising nickel prices [4] Industry Chain Status - Hanrui Cobalt's main business includes cobalt powder and electrolytic copper, but the company is entering the nickel industry chain through its Indonesian project, forming a diversified layout of "cobalt-copper-nickel." The rise in nickel prices typically resonates with cobalt prices, and the company's integrated industry chain can mitigate risks associated with fluctuations in individual metal prices. In Q3 2025, the company's revenue increased by 16.49% year-on-year, and the commissioning of the Indonesian project will further strengthen its position in the supply chain for new energy materials [5] Capital Movement - On February 11, the cobalt concept sector saw a net inflow of 4.507 billion yuan, reflecting market recognition of the tightening metal supply logic. Although Hanrui Cobalt experienced a net outflow of 64.08 million yuan on February 5, the new policies from Indonesia have shifted overall sentiment in the sector positively, driving individual stocks to rise [6]