Sherritt 2024Q4 成品镍和钴产量分别同比增长 3% 和 41%，镍净直接现金成本同比下降 31%至 5.44 美元/磅
HUAXI Securities·2025-03-31 08:36

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q4 2024, finished nickel and cobalt production increased by 3% and 41% year-on-year, respectively, with nickel net direct cash costs decreasing by 31% to $5.44 per pound [1][2] - The average realized price for nickel in Q4 2024 was CAD 9.98 per pound, down 8% year-on-year, while cobalt's average reference price was CAD 12.30 per pound, down 29% [2] - The company reported a significant increase in sales volume for finished nickel and cobalt, with Q4 2024 sales reaching 4,326 tons and 465 tons, respectively, marking a 23% and 17% increase year-on-year [1][6] Summary by Sections Production and Operational Performance - In Q4 2024, the Moa joint venture produced 3,853 tons of finished nickel and 465 tons of cobalt, reflecting a year-on-year increase of 3% and 41% [1] - The total production for finished nickel and cobalt in 2024 was 15,166 tons and 1,603 tons, respectively [4] - The production of ammonium sulfate fertilizer in Q4 2024 was 67,600 tons, an 11% increase year-on-year, with sales rising by 14% [1] Financial Performance - Q4 2024 revenue from the metals business was CAD 148 million, a 48% increase year-on-year, driven by a 23% increase in nickel sales volume [9] - The overall revenue for 2024 was CAD 158.8 million, a 29% decrease compared to the previous year [19] - The adjusted EBITDA for Q4 2024 was CAD 15.4 million, compared to a loss of CAD 7 million in the same quarter last year [18] Future Outlook - For 2025, the company expects finished nickel and cobalt production to be between 31,000 - 33,000 tons and 3,300 - 3,600 tons, respectively, indicating an increase from 2024 [20] - The Moa JV expansion plan is progressing, with the first phase completed and the second phase expected to enhance production capacity [23] - The company is advancing its nickel-cobalt hydroxide MHP project, aiming to convert nickel intermediates into high-purity nickel and cobalt for the electric vehicle supply chain [25]