华友钴业（603799.SH）2025 年半年报点评 业绩持续快速增长，周期成长属性凸显 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年报，业绩继续快速增长。2025H1，公司实现 营收约 372 亿元，同比增长 23.78%，归母净利润 27.11 亿元，同比增加 62.26%；扣非归母净利润 25.87 亿元，同比增加 47.68%。2025Q2，公司实现 营收约 194 亿元，同比增长 28.28%，环比增长 8.48%，实现归母净利润 14.59 亿元，同比增长 27.04%，环比增长 16.51%；扣非归母净利 13.60 亿元，同比 增长 14.89%，环比增长 10.89%。 ➢ 量：镍项目持续稳产超产。1）镍：华飞和华越项目持续超产（超产幅度约 30%），25H1 预计 MHP 产量达 12 万吨，同比增长超 40%，25H1 镍产品出 货量 13.94 万吨，同比增长 83.91%；2）铜：25H1 铜产品同比小幅下降，主 要系自产铜量逐步下滑；3）钴：25H1 钴产品出货量 2.08 万吨，同比下降 9.89%，主要系公司看好钴价后续涨势调整销售策略；4）锂：25H ...

Summary of the Conference Call on Huayou Cobalt Co., Ltd. Industry Overview - The cobalt price surge is primarily driven by the export ban and quota policy implemented by the Democratic Republic of the Congo (DRC) since February 22, 2025, with potential quotas expected after September 22, 2025. If quotas are set below 50% of production, supply tightness will intensify, further driving up cobalt prices [2][5][8]. - Market expectations indicate that cobalt prices could rise to 400,000 CNY per ton in 2025, as the DRC aims to recover from previous losses where prices fell to 150,000-160,000 CNY per ton [2][4]. Company Insights - Huayou Cobalt is positioned as the largest beneficiary of increased cobalt production from nickel by-products in Indonesia, with an estimated cobalt equity of 12,000 tons from nickel production [2][11]. - The company is enhancing profitability through cost reduction and efficiency improvements, with lithium sulfate cost reductions expected to contribute 500 million CNY to profits [2][13][14]. - Huayou Cobalt's nickel segment is set to double its production capacity, with the COMALA project expected to commence production by the end of next year and the Sorowako project anticipated to start in 2027-2028 [2][17]. Financial Performance - In the first half of the year, Huayou Cobalt achieved a profit of 2.7 billion CNY, with expectations for improved performance in the second half, leading to an overall profit of over 5 billion CNY for the year [10][12]. - The company's current market capitalization is over 70 billion CNY, with a price-to-earnings ratio of 13, indicating a reasonable valuation with significant upside potential as cobalt and nickel prices are at historical lows [4][12][15]. Market Dynamics - Recent customs data revealed a decrease in imported cobalt intermediate products, with July imports at approximately 14,000 tons, down from over 19,000 tons in June and nearly 50,000 tons in May, contributing to the overall increase in cobalt prices [3]. - The DRC's export ban has led to a tightening supply, with cobalt prices currently ranging between 250,000 and 260,000 CNY per ton, with expectations for a rapid price increase by late August to early September [5][6]. Future Outlook - The cobalt industry outlook remains positive, with expectations for a price surge towards the end of the year, potentially reaching 400,000 CNY per ton [6][10]. - Demand for power batteries and consumer electronics (3C) is expected to improve in the fourth quarter, although the extent of improvement may be limited [9]. - Huayou Cobalt's strategic focus on cost control and efficiency, alongside its growth in nickel production capacity, positions the company favorably for future profitability and stock price appreciation [14][15][17]. Additional Considerations - The DRC is likely to introduce supportive policies post-September 22, which could impact market dynamics significantly. If quotas are set too leniently, it may lead to a price drop, while stricter quotas could sustain or increase prices [8]. - The company is optimistic about the performance of its ternary materials, particularly in the cylindrical battery market, which is expected to see significant growth [14]. This comprehensive analysis highlights Huayou Cobalt's strategic positioning within the cobalt industry, its financial performance, and the broader market dynamics influencing future growth.

Core Viewpoint - Huayou Cobalt reported strong financial performance for the first half of 2025, with significant revenue and profit growth, driven by increased nickel production and strategic optimization of product offerings [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 37.197 billion yuan, a year-on-year increase of 23.8%, and a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% [4]. - Q2 2025 revenue reached 19.35 billion yuan, reflecting a year-on-year growth of 28.3% and a quarter-on-quarter increase of 8.5% [4]. Group 2: Metal Production - Nickel product shipments increased by 84% year-on-year, totaling 139,000 tons, primarily due to the release of wet processing capacity from laterite nickel ore [5]. - Cobalt shipments decreased by 9.9% year-on-year to 21,000 tons, impacted by the export ban on cobalt from the Democratic Republic of Congo [5]. Group 3: Lithium Battery Materials - In H1 2025, shipments of ternary cathode materials reached 39,600 tons, a year-on-year increase of 17.7%, with high-nickel 9-series products accounting for over 60% of the total [6]. - The company actively reduced shipments of lower-margin products to optimize its product structure, resulting in a decline in shipments of ternary precursors to 42,100 tons compared to the same period last year [6]. Group 4: Project Developments - The company has added two new equity interests in laterite nickel mines in Indonesia, enhancing its nickel and cobalt resource reserves [8]. - The Pomalaa wet nickel project, with an annual production capacity of 120,000 tons, has commenced construction, while the Sorowako project is progressing well in its preparatory phase [8]. Group 5: Lithium and Lithium Battery Materials - The Arcadia lithium mine in Zimbabwe increased its resource reserves from 1.5 million tons to 2.45 million tons of lithium carbonate equivalent, with an improved grade of 1.34% [9]. - A lithium sulfate project with an annual production capacity of 50,000 tons is in the equipment installation phase, expected to be completed by the end of the year, which will further reduce lithium salt production costs [9]. - The first phase of the 50,000-ton ternary precursor project in Indonesia has achieved bulk supply, laying the foundation for entry into the North American market [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 37.2 billion yuan in H1 2025, representing a year-on-year increase of 23.78%. The net profit attributable to shareholders was 2.711 billion yuan, up 62.26% year-on-year, while the net profit excluding non-recurring items was 2.587 billion yuan, an increase of 47.68% year-on-year [2][4]. - In Q2 2025, the company reported a revenue of 19.355 billion yuan, a quarter-on-quarter increase of 8.48%. The net profit attributable to shareholders was 1.459 billion yuan, up 16.51% quarter-on-quarter, and the net profit excluding non-recurring items was 1.36 billion yuan, an increase of 10.89% quarter-on-quarter [2][4]. - The strong profit growth is primarily driven by the overproduction of the wet nickel project and the rising cobalt prices, indicating sustainable profitability [4]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved a revenue of 37.2 billion yuan, with a year-on-year growth of 23.78%. The net profit attributable to shareholders was 2.711 billion yuan, reflecting a 62.26% increase year-on-year. The net profit excluding non-recurring items was 2.587 billion yuan, up 47.68% year-on-year [2][4]. Nickel Production - The company’s wet nickel MHP output reached approximately 120,000 tons in H1 2025, with an annualized capacity nearing 240,000 tons, exceeding the designed capacity of 180,000 tons by over 30%. The nickel product shipment was 139,400 tons, a year-on-year increase of 83.91% [8]. Cobalt Market Dynamics - Following the implementation of the cobalt export ban in the Democratic Republic of Congo, cobalt prices have risen, contributing to profit growth. The average price of cobalt in Q2 was approximately 240,000 yuan per ton, up from 190,000 yuan per ton in Q1 [8]. Lithium Battery Materials - The company reported a significant increase in the shipment of ternary cathode materials, reaching 39,600 tons in H1 2025, a year-on-year increase of 17.68%. The high-nickel 9 series products accounted for over 60% of the total shipments [8]. Cost Management - The company has effectively reduced costs, with the average financing cost decreasing by 30 basis points year-on-year and financial expenses down by 14.80% [8].

Core Viewpoint - Huayou Cobalt's performance in H1 2025 aligns with expectations, with a revenue of 37.2 billion yuan and a net profit of 2.71 billion yuan, reflecting a year-on-year increase of 23.8% and 62.3% respectively [1] Group 1: Financial Performance - The company's H1 2025 revenue reached 37.2 billion yuan, up 23.8% year-on-year, with a net profit of 2.71 billion yuan, up 62.3% year-on-year, and a gross margin of 15.9%, down 0.7 percentage points [1] - In Q2 2025, revenue was 19.4 billion yuan, representing a quarter-on-quarter increase of 28.3% and a year-on-year increase of 8.5%, with a net profit of 1.46 billion yuan, up 27% quarter-on-quarter and 16.5% year-on-year [1] Group 2: Nickel Production and Profitability - The nickel wet process project continues to exceed production targets, with H1 2025 nickel product shipments of 139,000 tons, a year-on-year increase of 84% [2] - The company expects Q2 2025 nickel shipments to remain stable at 70,000 tons, with a projected profit contribution of 3-3.5 billion yuan from nickel in 2025 [2] Group 3: Cobalt Market Dynamics - Cobalt prices are expected to rise, with Q2 2025 cobalt shipments at 10,000 tons, and a potential profit increase of 2 billion yuan due to rising cobalt prices [3] - The company anticipates a second wave of cobalt price increases in late 2025, with potential profit elasticity of 1.5-2 billion yuan if prices exceed 300,000 yuan per ton [3] Group 4: Other Metals and Materials - Copper shipments are projected at 19,000 tons in Q2 2025, with an annual target of 90,000 tons, contributing 700-800 million yuan in profit [3] - The company expects to maintain a breakeven point for lithium carbonate with a total cost of 80,000 yuan per ton in Q2 2025, while a lithium sulfate project is expected to reduce costs to 60,000 yuan per ton by the end of 2025 [3] Group 5: Production and Sales Forecast - The company forecasts a 90%+ increase in ternary cathode shipments for the full year 2025, with Q2 shipments expected to reach 23,000 tons, a quarter-on-quarter increase of over 40% [4] - H1 2025 ternary precursor shipments were 42,000 tons, with Q2 expected to remain stable at 21,000 tons [4] Group 6: Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025-2027, expecting net profits of 6 billion, 6.75 billion, and 8.24 billion yuan respectively, with a corresponding PE ratio of 12.6x, 11.2x, and 9.1x [5] - A target price of 53 yuan is set for 2025, maintaining a "buy" rating based on the current nickel price situation [5]

智通财经APP讯，华友钴业(603799.SH)发布2025年半年度报告，该公司营业收入为371.97亿元，同比增 长23.78%。归属于上市公司股东的净利润为27.11亿元，同比增长62.26%。归属于上市公司股东的扣除 非经常性损益的净利润为25.87亿元，同比增长47.68%。基本每股收益为1.61元。 今年上半年，公司三元正极材料出货量3.96万吨，同比增长17.68%，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2.08万吨，同比下降9.89%。 镍产品出货量13.94万吨，同比增长83.91%，为公司业绩增长提供有力支撑。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、钴产品提供原料保障。下游锂电材料端，大圆柱电池材料 实现规模化量产，与亿纬锂能、LGES、宁德时代、远景AESC、中创新航等领军企业达成深度合作;固 态电池材料实现产业链上下游联合开发，与国内头部电池企业深度合作，并与孚能科技、卫蓝新能源、 清陶、金羽等重点客户达成战略 ...

Core Insights - The company reported a revenue of 37.197 billion yuan for the first half of 2025, representing a year-on-year increase of 23.78% [1] - The net profit attributable to shareholders reached 2.711 billion yuan, showing a significant year-on-year growth of 62.26% [1] - The basic earnings per share stood at 1.61 yuan [1] Business Performance - The shipment volume of ternary cathode materials was 39,600 tons, an increase of 17.68% year-on-year, with high-nickel 9-series products accounting for over 60% [2] - The export volume of ternary cathode materials constituted 57% of China's total exports in this category [2] - The shipment volume of ternary precursors was 42,100 tons, which saw a decline compared to the previous year due to a strategic reduction in low-profit product shipments [2] - Cobalt product shipments decreased by 9.89% to 20,800 tons [2] - Nickel product shipments surged by 83.91% to 139,400 tons, significantly contributing to the company's performance growth [2] Industry Collaboration and Development - The company has established deep collaborations with leading enterprises such as Yiwei Lithium Energy, LGES, CATL, and Envision AESC in the large cylindrical battery materials sector [2] - In the solid-state battery materials segment, the company is engaged in comprehensive cooperation with top domestic battery firms and has formed strategic alliances with key clients like Funeng Technology, Weilan New Energy, Qingtao, and Jinyu [2] - The company is focusing on joint development in solid-state and semi-solid-state battery materials, enhancing its leading position in these fields [2]

人民财讯8月17日电，华友钴业（603799）8月17日晚间发布2025年半年度报告，上半年实现营业收入 371.97亿元，同比增长23.78%；归母净利润27.11亿元，同比增长62.26%，营收和归母净利润均创历史 同期新高；基本每股收益1.61元。今年上半年，三元正极材料出货量3.96万吨，同比增长17.68%，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 2.08万吨，同比下降9.89%。镍产品出货量13.94万吨，同比增长83.91%，为公司业绩增长提供有力支 撑。 ...

Group 1 - The core viewpoint of the news is that Tengyuan Cobalt Industry has experienced a significant decline in its stock price since its IPO, currently trading at 51.72 yuan, down 2.12%, and is in a state of breaking its initial offering price [1] - Tengyuan Cobalt Industry was listed on the Shenzhen Stock Exchange's ChiNext board on March 17, 2022, with an initial public offering (IPO) price of 173.98 yuan per share and a total of 31.4869 million shares issued [1] - The company raised a total of 5.478 billion yuan from its IPO, with a net amount of 5.204 billion yuan after deducting issuance costs, which was 3.006 billion yuan more than the originally planned fundraising of 2.198 billion yuan [1] Group 2 - The company announced a cash dividend of 12.00 yuan per 10 shares for the year 2022, totaling 272.05 million yuan, along with a capital reserve distribution of 3 additional shares for every 10 shares held, increasing the total share capital to 294,717,182 shares [2] - The previous year's dividend distribution included a cash payout of 39.9 yuan per 10 shares and a capital reserve increase of 8 shares for every 10 shares held [2]

Core Viewpoint - Huayou Cobalt Co., Ltd. has demonstrated significant growth in net profit for both 2024 and Q1 2025, supported by its integrated advantages and global expansion strategy, leading to a maintained "Buy" rating from analysts [1][2]. Financial Performance - In 2024, the company reported a revenue of 60.946 billion yuan, a decrease of 8.08% year-on-year, while net profit attributable to shareholders reached 4.155 billion yuan, an increase of 23.99%. The adjusted net profit was 3.795 billion yuan, up 22.71% [3]. - For Q1 2025, the company achieved a revenue of 17.842 billion yuan, a year-on-year increase of 19.24%. The net profit attributable to shareholders was 1.252 billion yuan, showing a remarkable growth of 139.68%, with adjusted net profit at 1.227 billion yuan, up 116.05% [3]. Product Shipment Growth - The company reported a significant increase in nickel product shipments, with approximately 184,300 metric tons shipped, reflecting a year-on-year growth of 45.78%. Cobalt product shipments were about 46,800 metric tons, up 13.18% [3]. Global Expansion and Supply Chain Synergy - Huayou Cobalt has enhanced its global footprint, with a total production capacity of approximately 245,000 metric tons of nickel intermediate products. Projects in Indonesia are progressing, which will strengthen the company's resource development advantages. Additionally, the company has established a comprehensive cobalt-copper resource development system in the Democratic Republic of Congo and invested in lithium projects in Zimbabwe [4]. - The company has also made strides in lithium battery materials, with projects in Indonesia and Europe advancing, which are expected to enhance overall competitiveness through efficient industrial synergy [4]. Valuation Adjustments - Based on the company's annual and quarterly reports, the earnings per share forecasts for 2025-2027 have been adjusted to 3.04, 3.61, and 4.06 yuan, respectively, reflecting a price-to-earnings ratio of 11.0, 9.3, and 8.2 times [5].