HANRUI COBALT(SZ:300618) Bank of China Securities·2025-05-09 05:51Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown significant growth in its cobalt and copper product sales, with a year-on-year increase in shipments and a diversified product range [3][8] - The company reported a net profit of 202 million RMB for 2024, representing a 45.85% increase year-on-year, and a net profit of 43 million RMB for Q1 2025, up 39.77% year-on-year [8] Financial Summary - The company’s revenue for 2024 is projected to be 5,950 million RMB, a 24.2% increase from 2023, with a net profit of 202 million RMB, reflecting a 45.9% growth [7][9] - For Q1 2025, the company achieved a revenue of 1,501 million RMB, a 14.56% increase compared to Q1 2024, with a net profit of 43 million RMB, up 39.77% [10] - The company’s earnings per share (EPS) for 2025 is adjusted to 0.99 RMB, with projected P/E ratios of 33.4, 25.3, and 19.9 for 2025, 2026, and 2027 respectively [5][11] Product and Market Development - The company has expanded its copper and cobalt production capacity, with copper production reaching 53,300 tons and cobalt production increasing by 94.78% to 16,200 tons in 2024 [8] - The company is also developing nickel resources, with a new project in Indonesia aimed at producing 20,000 tons of nickel annually, enhancing its position in the new energy materials sector [8]