强预期回归弱现实，商品波动加剧 [Table_Industry] 有色金属 ——钴锂金属周报 | 偶 | | --- | | 32 | | . | | 1 F | | | [Table_Invest] 评级： 增持 | [table_Authors] 于嘉懿(分析师) | 宁紫微(分析师) | 梁琳(研究助理) | 相关报告 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | | 登记编号 S0880522080001 | S0880523080002 | S0880125042230 | 2025.04.05 | 有色金属《对等关税落地，宏观情绪再施压》 有色金属《海外衰退预期升温，博弈或转向内 需》2025.04.06 有色金属《关税在即，预期转换临近》2025.03.30 本报告导读： 周初中美贸易政策释放积极信号，但钴锂市场需求气氛均偏冷清，价格上弹后均有 所回落。锂快速下跌近均衡成本后有望逐步弱稳，钴在原料偏紧下或仍坚挺偏强。 投资要点： 证 券 研 究 报 告 研 究 请务必阅读正文之后的免责条款 ...

Financial Performance - The net profit attributable to the parent company increased by 45.85% year-on-year in 2024, driven by expanded copper and cobalt production capacity and increased sales volume [3] - The company has a stable cash flow and a relatively low debt-to-asset ratio, indicating strong financial capability to support acquisitions of quality mineral resources [5] Risk Management - The company employs various insurance strategies, including property insurance and political risk insurance, to mitigate risks associated with overseas asset operations in the Democratic Republic of the Congo [1] - To avoid foreign exchange losses, the company locks in exchange rates based on expected foreign currency cash flows and adjusts its asset-liability structure accordingly [2] ESG Commitment - The company integrates sustainable development principles into daily management and operations, actively fulfilling corporate social responsibilities [3] - Future efforts will focus on enhancing ESG governance levels in line with national policies and industry standards [3] Market Outlook - The global demand for cobalt is expected to rise due to the continuous expansion of the electric vehicle market, with projected growth rates exceeding 20% in the coming years [7] - The company anticipates benefiting from increased demand for cobalt in smart wearable devices and robotics [7] Production Capacity - Current production capacities include 5,000 tons of cathode materials and 15,000 tons of electrolytic cobalt, with plans for further expansion [11] - The company is also developing a high-nickel project in Indonesia, aiming for an annual production capacity of 20,000 tons by March 2026 [12] Stock Management - The company completed a share repurchase plan in 2024, having repurchased 129,148 shares to enhance investor confidence [4] - A new market value management system has been established to improve the company's investment value and maximize overall value for shareholders [5] Challenges and Opportunities - The company faces challenges from the uneven distribution of copper, cobalt, and nickel resources globally, particularly the political instability in the Democratic Republic of the Congo affecting cobalt supply [10] - However, the stable demand from traditional industries and the push for sustainable practices present opportunities for growth [9]

腾远钴业（ [Table_StockNameRptType] 301219） 公司点评 业绩提升明显，打造产业一体化 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-04-28 | [Table_BaseData] 收盘价（元） 44.78 近 12 个月最高/最低（元） 64.80/33.90 总股本（百万股） 295 流通股本（百万股） 172 流通股比例（%） 58.34 总市值（亿元） 132 流通市值（亿元） 77 [公司价格与沪深 Table_Chart] 300 走势比较 -35% -15% 6% 27% 47% 4/24 7/24 10/24 1/25 4/25 腾远钴业 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 主要观点： ⚫[Table_Summary] 业绩 公司发布 2024 年及 2025 年一季度财报。2024 年实现营业收入达 65.42 亿元，同比增长 18. ...

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported significant performance improvement, achieving a revenue of 6.542 billion yuan in 2024, representing a year-on-year growth of 18.02%, and a net profit attributable to shareholders of 685 million yuan, which increased by 81.24% year-on-year [4][6] - In Q1 2025, the company generated a revenue of 1.461 billion yuan, a decrease of 3.59% year-on-year, and a net profit of 123 million yuan, down 14.27% year-on-year [4] - The company is accelerating new technology development and continues to promote integrated layout, with significant production capacity achieved in various cobalt-related products [5] Financial Performance Summary - 2024 Revenue: 6.542 billion yuan, 2025E Revenue: 7.461 billion yuan, 2026E Revenue: 8.394 billion yuan, 2027E Revenue: 9.044 billion yuan [8] - 2024 Net Profit: 685 million yuan, 2025E Net Profit: 875 million yuan, 2026E Net Profit: 1.082 billion yuan, 2027E Net Profit: 1.326 billion yuan [8] - Gross Margin: 22.1% in 2024, expected to rise to 24.8% by 2026 [8] - P/E Ratio: 19.40 in 2024, decreasing to 10.05 by 2027 [8] - ROE: 7.8% in 2024, projected to reach 10.9% by 2027 [8]

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2025 年 3 月 5 日，证监会 IPO 辅导公示系统显示， 金川集团镍钴股份有限公司（金川钴镍）向甘肃证 监局提交 IPO 辅导备案，辅导机构为中信证券和中金公司。 公开资料显示，金川钴镍为国内最大的镍钴 金属生产商，公司预计将在主板发行上市。 资料显示，金川镍钴为我国镍钴行业龙头企业。公司主营业务包括非煤矿山矿产资源勘查开采、有色金属 冶炼、金属材料制造及销售、危险化学品生产和经营、公路铁路货物运输、热力生产和供应等。 公司主要 产品包括 电解镍、电解钴、硫酸镍和氯化钴 等， 产品广泛应用于航空航天、核电装备、生物医用、新能 源及电池制造等众多领域。 目前， 金川镍钴已构建年产 19 万吨电镍、 1 万吨羰基镍、 1 万吨钴盐、 5000 吨电积钴及 1.2 万吨四 氧化三钴的产能。 " 金驼 " 牌电解镍荣获首批 " 中国驰名品牌 " 殊荣， " 矿产镍 " 被授予 " 制造业单 项冠军产品 " 称号。天眼查数据显示，公司目前拥有发明专利 173 项，在审发明专利达 301 项。 目前，金川镍钴拥有 ...