HUAYOU COBALT(SH:603799) 高工锂电·2025-12-19 11:41Core Viewpoint - Huayou Cobalt has secured significant supply agreements in the lithium battery industry, reflecting a structural reshaping of supply and demand dynamics in the sector [2][4]. Group 1: Supply Agreements - On December 16, Huayou Cobalt announced a memorandum of understanding with an international client to supply 79,600 tons of ternary precursors [2]. - This marks the third major supply agreement in three months, following a contract with LG Energy for 76,000 tons of ternary precursors and 88,000 tons of ternary cathode materials from 2026 to 2030, and another with Chengdu Bamo for 127,800 tons of high-nickel ternary cathode materials from 2026 to 2035 [2]. Group 2: Industry Dynamics - The surge in orders for Huayou Cobalt is attributed to a structural contraction in supply, with inefficient capacities being phased out, while demand is driven by the need for long-range batteries in electric vehicles and emerging fields like low-altitude economy and humanoid robots [2][4]. - GGII data indicates that global shipments of ternary materials reached 580,000 tons in the first three quarters of 2025, representing a year-on-year increase of over 20% [2]. Group 3: Competitive Advantage - Huayou Cobalt's competitive edge stems from its integrated "resource-smelting-materials" business model and global capacity planning [2][3]. - The company reported revenues of 58.941 billion yuan and a net profit of 4.216 billion yuan for the first three quarters of 2025, reflecting year-on-year growth of 29.57% and 39.59%, respectively [2]. Group 4: Market Positioning - The company has established a factory in Hungary to connect with the European market, ensuring efficient integration of resources, smelting, and applications while mitigating trade barriers and compliance risks [5]. - As lithium prices stabilize, industry profits are shifting from lithium resources to cobalt and nickel resources, benefiting integrated enterprises like Huayou Cobalt [5].