Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.99 CNY [5]. Core Views - The company has shown significant growth in revenue and profit, with a 10.3% year-on-year increase in revenue to 3.53 billion CNY and a 9.9% increase in net profit to 470 million CNY for the first half of 2025 [1]. - The copper and cobalt production capacities are expected to expand simultaneously, with cobalt prices anticipated to rise, leading to sustained high growth in performance [3]. Revenue and Profit Analysis - For the first half of 2025, the company achieved a revenue of 3.53 billion CNY, a 10.3% increase year-on-year, and a net profit of 470 million CNY, up 9.9% year-on-year. The second quarter alone saw a revenue of 2.07 billion CNY, representing a 22.8% year-on-year increase and a 41.8% quarter-on-quarter increase [1]. - The company plans to distribute a cash dividend of 10 CNY per 10 shares, totaling 290 million CNY, with a dividend payout ratio of 62.5% [1]. Copper Segment Performance - The copper segment generated a revenue of 1.57 billion CNY in the first half of 2025, a decrease of 10.9% year-on-year, primarily due to power shortages and transportation issues. Recovery is expected in the second half of the year [2]. - The copper product gross margin stood at 30.6%, a decrease of 7.0 percentage points year-on-year, but remains significantly higher than domestic peers [2]. Cobalt Segment Performance - The cobalt segment reported a revenue of 1.68 billion CNY in the first half of 2025, a substantial increase of 45.4% year-on-year, driven by both volume and price increases [2]. - The average price of domestic metal cobalt was 215,000 CNY per ton in the first half of 2025, down 3.3% year-on-year, but prices began to rebound due to export bans from the Democratic Republic of Congo [2]. Future Outlook - The company plans to expand its copper production capacity by an additional 30,000 tons and cobalt intermediate products by 2,000 tons, with a current capacity of 60,000 tons of copper and 31,500 tons of cobalt [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.12 billion CNY, 1.39 billion CNY, and 1.63 billion CNY, respectively, with corresponding PE ratios of 17, 13, and 11 times based on the closing price on August 19, 2025 [3][4].
腾远钴业（301219）：2025年半年报点评：钴产品毛利率大幅提升，期待铜钴同步扩产