HUAYOU COBALT(SH:603799) ZHONGTAI SECURITIES·2024-10-24 03:44Investment Rating - The investment rating for Huayou Cobalt (603799.SH) is "Buy" (maintained) [1] Core Views - The report highlights that the integrated advantages of the company are gradually becoming evident, with Q3 performance exceeding expectations. The company achieved a revenue of 45.488 billion yuan in the first three quarters of 2024, a year-on-year decrease of 11%, while the net profit attributable to the parent company was 13.50 billion yuan, a year-on-year increase of 45.42% [1][5] - The report emphasizes that despite a general downward trend in commodity prices, the company's performance has shown resilience, driven by the continuous ramp-up of nickel resource projects and the effectiveness of its integrated operational strategy [1][6] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2023A: 66,304 (5% growth) - 2024E: 76,414 (15% growth) - 2025E: 85,906 (12% growth) - 2026E: 95,604 (11% growth) [1] - Net Profit (in million yuan): - 2023A: 3,351 (-14% decline) - 2024E: 3,664 (9% growth) - 2025E: 4,162 (14% growth) - 2026E: 5,030 (21% growth) [1] - Earnings Per Share (EPS): - 2023A: 1.97 - 2024E: 2.16 - 2025E: 2.45 - 2026E: 2.96 [1] Cost and Profitability - Operating Costs (in million yuan): - 2023Q3: 151.11 - 2024Q2: 119.19 - 2024Q3: 124.40 [5] - Gross Profit Margin: - 2023Q3: 14.84% - 2024Q2: 21.00% - 2024Q3: 19.42% [5] Price Trends - Average Prices of Key Products (in yuan/ton): - Nickel: 16,363 (down 12.40% quarter-on-quarter, down 67.30% year-on-year) - Cobalt: 12,952 (down 31.08% quarter-on-quarter, down 25.23% year-on-year) - Battery-grade lithium carbonate: 189,900 (down 25.23% quarter-on-quarter, down 67.30% year-on-year) [6] Future Outlook - The report projects that the company's net profit attributable to the parent company will reach 41.62 billion yuan in 2024 and 50.30 billion yuan in 2025, with corresponding P/E ratios of 14.3 and 12.6 [1][9]