半年报显示，华友钴业经营活动产生的现金流量净额同比减少41.45%至16.18亿元，主要系根据市场情 况锁定原料价格，预付原料款所致。华友钴业管理费用、财务费用、研发费用同比分别下降2.62%、 14.8%和24.23%，研发费用大幅减少的原因主要是职工薪酬、材料耗用下降。 华友钴业在公告中表示，上游红土镍矿湿法冶炼产能全面释放，持续稳产超产，为下游镍产品、钴产品 提供了极具竞争力的原料保障；下游锂电材料端，聚焦战略核心客户，紧跟主流技术路径，坚持高端 化、全球化、差异化路线。华友钴业积极推进新应用场景下的深度合作，大圆柱电池材料实现规模化量 产。 华友钴业主要从事新能源锂电材料和钴新材料产品的研发、制造和销售业务，已形成了资源、新材料、 新能源三大业务一体化协同发展的产业格局。 半年报显示，2025年上半年，华友钴业三元正极材料出货量为3.96万吨，同比增长17.68%，其中超高镍 9系产品占比提升至六成以上，三元正极材料出口量占中国三元正极总出口量的57%；三元前驱体出货 量为4.21万吨，因主动减少部分低盈利产品出货，优化产品结构，较去年同期有所下滑；钴产品出货量 为2.08万吨，同比下降9.89%；镍 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has demonstrated strong profitability resilience despite a decline in metal prices, with cobalt, nickel, and lithium margins reaching historical lows. The current price levels provide a foundation for potential increases, which could significantly boost the company's performance [7][9]. - The company has established a comprehensive business structure with five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling [13][16]. - The report highlights the cyclical nature of metal prices, indicating that cobalt prices are at a long-term historical low, with potential for substantial increases due to demand growth and supply constraints [33][51]. Summary by Sections Market Performance - As of April 28, 2025, the closing price of the company's stock is 33.36 yuan, with a market capitalization of approximately 56.76 billion yuan [4]. Financial Forecast and Valuation - The projected revenue for 2023 is 66.30 billion yuan, with a forecasted decline to 60.95 billion yuan in 2024, followed by a recovery to 70.44 billion yuan in 2025. The net profit attributable to the parent company is expected to rise from 3.35 billion yuan in 2023 to 5.07 billion yuan in 2025 [6][8]. - The report anticipates a price-to-earnings (P/E) ratio of 11.19 for 2025, which is below the industry average, indicating potential undervaluation [8]. Investment Logic - The company has maintained stable revenue and profitability despite fluctuations in metal prices, with nickel and lithium segments showing growth while cobalt has declined. The overall business structure is resilient, with significant upside potential if metal prices recover [20][29]. - The report emphasizes that the current low prices of cobalt, nickel, and lithium create a favorable environment for future price increases, which could enhance the company's earnings significantly [7][9]. Cobalt Market Insights - Cobalt prices are currently at a long-term low, with expectations for a significant rebound driven by demand growth and supply constraints, particularly from the Democratic Republic of Congo [33][51]. - The report notes that the recent export ban from the Democratic Republic of Congo could further tighten supply, enhancing the potential for price increases [36]. Nickel Market Insights - Nickel supply is dominated by Indonesia, which is expected to account for 60% of global production in 2024. The report indicates that while supply is increasing, rising costs and the closure of high-cost mines may stabilize prices [53][60]. Lithium Market Insights - The lithium market is experiencing a supply-demand mismatch, with prices at historical lows. The report forecasts that the price of lithium carbonate will stabilize around 80,000 yuan per ton in 2025, with potential for increases as demand recovers [67][72].