2025 年 08 月 27 日 证券分析师 曾朵红 证券研究报告·公司点评报告·电池 当升科技（300073） 2025 半年报点评：Q2 三元盈利大幅提升，铁 锂亏损持续收窄 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,127 | 7,593 | 11,540 | 13,630 | 16,096 | | 同比（%） | (28.86) | (49.80) | 51.98 | 18.11 | 18.10 | | 归母净利润（百万元） | 1,924.26 | 471.83 | 700.05 | 842.27 | 1,142.75 | | 同比（%） | (14.80) | (75.48) | 48.37 | 20.32 | 35.67 | | EPS-最新摊薄（元/股） | 3.54 | 0.87 | 1.29 | 1.55 | 2.10 | | P/E（现价&最新摊薄） | 12.47 | 50.8 ...

公开信息显示，格林美成立于2001年，公司主营业务归属废弃资源综合利用行业与新能源行业，形成 了"城市矿山开采+新能源材料制造"的双轨驱动业务模式。具体而言，在城市矿山开采领域，公司回收 利用镍钴锂钨关键矿产资源、退役动力电池、电子废弃物、报废汽车、废塑料等典型废弃物，主要再制 造镍、钴、锂、铜、锰、钨、金、银、铂、锗、镓、钪等20余种关键矿产资源；在新能源领域，公 司"把红土镍矿投进去，把电池材料炼出来"，制造动力电池用三元前驱体、三元正极材料与3C数码电 池用四氧化三钴材料。 格林美是中国开采"城市矿山"资源第一支股票、再生资源行业和电子废弃物回收利用行业的第一支股 票，2010年1月22日在深交所挂牌上市，又于2022年7月28日在瑞士交易所发行全球存托凭证。 排队赴港上市的A股公司将再添一员。8月25日，电池回收龙头格林美发布《关于筹划发行H股股票并在 香港联合交易所有限公司上市的提示性公告》，披露公司赴港上市计划。 公告显示，格林美于8月21日召开第七届董事会第六次会议、第七届监事会第五次会议，审议通过了 《关于公司发行 H 股股票并在香港联交所主板上市的议案》《关于公司发行 H 股股票并在香港联交 ...

来自深圳的A股上市公司格林美(002340.SH)发布公告称，为满足公司全球化发展的需要，深入推进全球化战略，提升国际品牌形象和综 合竞争力，更好地借助国际资本市场、多元化融资渠道，助力公司可持续发展及管理，经充分研究论证，董事会同意公司发行H股股票 并在香港联合交易所有限公司主板挂牌上市。 格林美同时宣布，董事会决定聘请 致同香港为本次发行上市的审计机构。 格林美，成立于2001年，作为一家领先的废物循环产业集团、世界新能源行业的核心供应商与中国循环经济领军企业，公司主营业务归 属废弃资源综合利用行业与新能源行业，形成了"城市矿山开采+新能源材料制造"的双轨驱动业务模式。在城市矿山开采领域，公司回收 利用废旧动力电池、电子废弃物、报废汽车、废塑料与镍钴锂钨战略资源，主要再制造镍钴锂钨、金银铂钯稀缺资源、超细钴镍钨粉末 材料与改性塑料；在新能源领域，公司制造动力电池用三元前驱体、三元正极材料与3C数码电池用四氧化三钴材料，是世界新能源供应 链的头部企业。 市净率:1.75 总市值: 354.60亿 流通值: 351.84亿 货币单位:CNY 分时 五日 日K 周K 月K 季K 年K 120分 60分 30分 ...

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.

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 ...

Macro and Strategy Research - The economic data for July 2025 shows that the industrial added value increased by 5.7% year-on-year, lower than the expected 6.0% and previous value of 6.8% [3] - Retail sales of consumer goods grew by 3.7% year-on-year, below the expected 4.6% and previous value of 4.8% [4] - Fixed asset investment cumulative year-on-year growth is at 1.6%, also below expectations [4] Company Research: Huayou Cobalt Co., Ltd. (603799) - In the first half of 2025, the company achieved operating revenue of 37.197 billion yuan, a year-on-year increase of 23.78%, and a net profit attributable to shareholders of 2.711 billion yuan, up 62.26% [15] - Nickel product shipments increased significantly, with nickel product output reaching 139,400 tons, a year-on-year growth of 83.91% [16] - The company has made significant progress in cost reduction and efficiency improvement, with a sales net profit margin of 9.33%, an increase of 1.44 percentage points year-on-year [16] Industry Research: Metal Industry - Frequent bidding by major magnetic material manufacturers is expected to boost the price of praseodymium and neodymium oxide [10] - The steel industry is facing supply constraints due to tightened production policies, but demand may be impacted by construction site shutdowns [11] - Copper prices are expected to fluctuate due to insufficient fundamental support, with potential demand driven by seasonal inventory accumulation [11] - The rare earth market is seeing improved inquiry conditions, with light rare earth prices expected to be supported in the short term [12]

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].

华友钴业 20250819 摘要 华友钴业 2025 年上半年营收同比增长 78%，归母净利润增长 62.26%，总资产达 1,462.73 亿元。三元正极材料出货量 3.96 万吨， 同比增长 17.68%，超高镍 9 系占比超 60%，出口量占中国三元正极出 口量的 57%。 公司持续加大研发投入，上半年新增 115 项专利申请，获 42 项专利授 权，累计专利申请达 1,488 项，授权 604 项。同时，公司主导或参与制 定多项行业标准，提升行业影响力。 华友钴业积极拓展海外布局，在印尼新增参股红土镍矿项目，推进湿法 冶炼项目建设。津巴布韦阿卡迪亚锂矿储量增至 245 万吨碳酸锂当量。 印尼华南 5 万吨三元前驱体一期项目实现批量供货。 公司通过强化标准成本核算、月度成本动态分析等措施，实现生产成本 下降。优化融资结构，平均融资成本同比下降 30 个基点，财务费用同 比下降 14.8%。 公司积极践行 ESG 理念，报告期内实现减碳约 69 万吨，获评国家级绿 色供应链管理企业，并入选标普全球可持续发展年鉴 2025 名单。 Q&A 2025 年上半年华友钴业的经营情况如何？ 2025 年上半年，华友 ...

Key Insights - The report highlights the growth potential of the Chinese casual dining sector, with a market size projected to reach approximately 3.9 trillion yuan by 2025, growing at a CAGR of 8.9% from 2023 to 2028 [9] - The company "小菜园" (Little Garden) is identified as a leading player in the casual dining space, with a focus on cost-effectiveness and a successful expansion strategy across China [8][11] - In 2024, Little Garden achieved revenue of 5.21 billion yuan, representing a year-on-year increase of 14.5%, and a net profit of 580 million yuan, up 9.1% [8] - The company plans to continue its expansion, with projections to increase its store count significantly from 667 in 2024 to 1,809 by 2030 [10] Company Overview - Little Garden operates a direct sales model and emphasizes value for money, with an average dining price of 59.2 yuan in 2024 [8] - The company has a strong presence in the East China region, with over 80% of its stores located there, and aims to penetrate deeper into this market while exploring new regions [10] - The report anticipates that the company's net profit will grow to 770 million yuan, 940 million yuan, and 1.12 billion yuan in 2025, 2026, and 2027 respectively, reflecting growth rates of 32%, 22%, and 19% [11] Industry Analysis - The casual dining market is characterized by a fragmented landscape, with the top five companies holding less than 1% market share, indicating significant opportunities for brands that can capture the lower-tier markets and enhance online presence [9] - The report draws parallels with Japan's dining sector, noting that leading companies can thrive even during economic downturns, suggesting a resilient growth trajectory for Little Garden [9] - The report emphasizes the importance of supply chain efficiency and operational improvements as key drivers for profitability in the casual dining sector [10] Investment Recommendations - The report suggests a target stock price range for Little Garden of 13.4 to 14.3 HKD, indicating a potential upside of 32.3% from the current price [11] - The company is rated "outperform" based on its strong market position, effective expansion strategy, and improving operational efficiency [11]

证券研究报告 | 2025年08月18日 华友钴业（603799.SH）——半年报点评 优于大市 经营业绩创历史同期新高，持续强化海外布局 公司发布半年报：上半年实现营收 371.97 亿元，同比+23.78%；实现归母净 利润 27.11 亿元，同比+62.26%。公司于 25Q2 实现营收 193.55 亿元，同比 +28.28%，环比+8.48%；实现归母净利润 14.59 亿元，同比+27.04%，环比 +16.51%。公司一体化优势持续释放，经营业绩创历史同期新高。 核心产品产销方面：今年上半年，公司充分发挥产业一体化优势，抓机遇、 拓市场、增订单，运营质量稳步提升：①上游资源端，公司钴产品出货量约 2.08 万吨，同比-9.89%，同比下降或是因为钴原料供应紧张，公司钴产品惜 售；公司镍产品出货量约 13.94 万吨，同比+83.91%，Q2 出货量环比大幅增 加，这是 Q2 业绩环比增长的核心驱动。②下游材料端，公司三元前驱体出 货量约 4.21 万吨，同比有所下滑，因公司主动减少部分低盈利产品出货， 优化产品结构；公司三元正极材料出货量 3.96 万吨，同比+17.68%，超高镍 9 系产品占 ...