Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has shown continuous growth in performance, significantly benefiting from the rising cobalt prices. In the first three quarters of 2025, the company achieved revenue of approximately 589 billion yuan, a year-on-year increase of 29.57%, and a net profit attributable to shareholders of 42.16 billion yuan, up 39.59% year-on-year [1]. - The company is expanding its production capacity across various metals, including nickel, cobalt, copper, and lithium, with significant increases in output and sales expected in Q3 2025 [2]. - The implementation of Congo's export quota policy is expected to lead to a clear upward trend in cobalt prices, benefiting the company as the supply shortage situation remains unresolved [3]. - The company is making steady progress in project construction, enhancing its resource base and operational efficiency, particularly in nickel and lithium projects [4]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of approximately 217 billion yuan, a year-on-year increase of 40.85%, and a net profit of 15.05 billion yuan, up 11.53% year-on-year [1]. - The projected net profits for 2025-2027 are 59.74 billion yuan, 79.07 billion yuan, and 97.72 billion yuan, respectively, with corresponding PE ratios of 20X, 15X, and 12X [5][6]. Production and Sales - Nickel projects are maintaining stable production, with cobalt product shipments expected to increase due to rising prices and inventory release [2]. - The company anticipates an increase in copper production as electricity supply improves in the Democratic Republic of Congo [2]. Pricing Trends - The prices for the company's main products in Q3 2025 were reported as follows: copper at 79,500 yuan/ton, cobalt at 266,800 yuan/ton, and nickel at 15,226 USD/ton, with cobalt prices showing a significant increase [3]. Project Development - The company is enhancing its resource base by investing in nickel and lithium projects, with ongoing construction of a nickel project in Indonesia and an increase in lithium resource estimates in Zimbabwe [4].

Report Industry Investment Rating - No investment rating information is provided in the report. Core View - On September 3, the main contract of lithium carbonate futures declined, with trading volume at 442,800 lots (-177,641) and open interest at 346,048 lots (-2,061). The spot market had average trading, and the basis premium narrowed. In terms of cost, spodumene concentrate prices and mica prices both decreased. On the supply side, last week's lithium carbonate production slightly declined, and the production of lithium carbonate from different raw materials changed little. Among downstream customers, last week, the production of lithium iron phosphate and ternary materials increased. In September, the production schedule of lithium cobalt oxide and lithium manganate increased, and last week, the production of power batteries increased. In terms of terminal demand, in August, the year - on - year growth rate of new energy vehicle production slowed down; 3C shipments were average; in September, the production schedule of energy - storage batteries increased. In terms of inventory, registered warehouse receipts were 34,118 tons (+2,111), social inventory decreased, smelter inventory decreased, while downstream and other inventories increased. Overall, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, short - term supply and demand both strengthened. The disturbance at the Jiangxi mine end was eliminated, the short - term fundamentals changed little, and the market was still affected by news. It is expected that the lithium carbonate price will fluctuate widely. It is not advisable to be overly bearish. In terms of operation, it is recommended to conduct short - term range trading, and use options to protect positions. Appropriate profit - taking is advised for the previously bought straddle options. (View score: 0) [1] Summary by Relevant Data Futures Market Data - On September 3, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 72,080 yuan/ton, 71,860 yuan/ton, 72,000 yuan/ton, and 72,000 yuan/ton respectively, all showing a decline compared to the previous day. The overall closing price was 71,880 yuan/ton, down 740 yuan. The trading volume was 442,800 lots (-177,641), and the open interest of the active contract was 346,048 lots (-2,061). The inventory was 34,118 tons (+2,111). The spreads between different contracts also changed, such as the near - month - consecutive - one spread narrowing by 400 yuan [1]. Spot Market Data - The prices of various lithium - related products in the spot market showed different trends. For example, the average price of battery - grade lithium carbonate was 75,900 yuan/ton (-1,600), and the average price of industrial - grade lithium carbonate was 73,600 yuan/ton (-1,600). The prices of lithium ore, including spodumene concentrate and lithium mica, decreased. The prices of some lithium compounds like lithium hydroxide and lithium hexafluorophosphate also changed to some extent [1]. Production and Inventory Data - Last week, the production of lithium carbonate slightly declined, and the production of lithium carbonate from different raw materials changed little. The production of lithium iron phosphate and ternary materials increased last week. In September, the production schedule of lithium cobalt oxide and lithium manganate increased, and last week, the production of power batteries increased. The SMM lithium carbonate inventory data showed that the total inventory decreased by 407 tons compared to the previous week, with different trends among smelters, downstream, and other sectors [1]. Industry News - Chile's customs data showed that in August, the country's lithium export volume was 20,114 tons, including 16,902 tons of lithium carbonate, and 1,298 tons were exported to China. Sichuan Energy Power's 30,000 - ton lithium project in Sichuan Energy De'ao Industrial Co., Ltd. successfully produced qualified battery - grade lithium carbonate products, which is expected to have an annual output value of 2.4 billion yuan and drive local employment. After commissioning, it will form a mining - smelting integration linkage with the company's Lijiagou lithium mine project [1]