华友钴业（603799）：前三季度业绩同比高增，一体化持续推进

Investment Rating - The investment rating for the company is "Accumulate" [2][5] Core Views - The company has shown significant growth in its performance, with a 39.59% year-on-year increase in net profit for the first three quarters of 2025, amounting to 4.216 billion RMB [5][10] - The company's integrated layout is continuously deepening, with steady progress in project construction, indicating potential for sustained future growth [5][10] - The company has signed long-term agreements with LG Energy Solution, enhancing its competitive edge in lithium battery materials [10] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 58.941 billion RMB, a 29.57% increase year-on-year, and a net profit of 4.216 billion RMB, reflecting a 39.59% growth [10][11] - The projected earnings per share (EPS) for 2025 is adjusted to 3.08 RMB, with corresponding price-to-earnings ratios of 20.9, 15.9, and 13.4 for the years 2025, 2026, and 2027 respectively [7][9] - The company’s revenue is expected to grow significantly, with estimates of 80.738 billion RMB for 2025, representing a 32.5% increase from the previous year [9][12]