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 ...

证 券 研 究 报 告 有色金属行业周报（20250818-20250822） 推荐（维持） 美联储降息预期升温，金属价格有望支撑 行业研究 有色金属 2025 年 08 月 24 日 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 125 | 0.02 | | 总市值(亿元) | 36,582.84 | 3.17 | | 流通市值(亿元) | 32,041.21 | 3.46 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.8% | 32.4% | 54.5% | | 相对表现 | 2.5% | 22.4% | 22.4% | -7% 13% 33% 53% 24/08 24/11 25/01 25/03 25/06 25/08 2024-08-2 ...

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 ...

（文章来源：每日经济新闻） 民生证券8月20日发布研报称，给予腾远钴业（301219.SZ，最新价：64.8元）推荐评级。评级理由主要 包括：1）铜：毛利率保持高位，盈利水平明显高于国内同行；2）钴：受益于刚果金钴出口禁令，毛利 率大幅提升；3）铜钴产能同步扩张，钴价中枢上移，业绩有望保持高增长。风险提示：扩产项目进度 不及预期，需求不及预期，海外经营风险。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.99 CNY [5]. Core Views - The company has shown significant growth in revenue and profit, with a 10.3% year-on-year increase in revenue to 3.53 billion CNY and a 9.9% increase in net profit to 470 million CNY for the first half of 2025 [1]. - The copper and cobalt production capacities are expected to expand simultaneously, with cobalt prices anticipated to rise, leading to sustained high growth in performance [3]. Revenue and Profit Analysis - For the first half of 2025, the company achieved a revenue of 3.53 billion CNY, a 10.3% increase year-on-year, and a net profit of 470 million CNY, up 9.9% year-on-year. The second quarter alone saw a revenue of 2.07 billion CNY, representing a 22.8% year-on-year increase and a 41.8% quarter-on-quarter increase [1]. - The company plans to distribute a cash dividend of 10 CNY per 10 shares, totaling 290 million CNY, with a dividend payout ratio of 62.5% [1]. Copper Segment Performance - The copper segment generated a revenue of 1.57 billion CNY in the first half of 2025, a decrease of 10.9% year-on-year, primarily due to power shortages and transportation issues. Recovery is expected in the second half of the year [2]. - The copper product gross margin stood at 30.6%, a decrease of 7.0 percentage points year-on-year, but remains significantly higher than domestic peers [2]. Cobalt Segment Performance - The cobalt segment reported a revenue of 1.68 billion CNY in the first half of 2025, a substantial increase of 45.4% year-on-year, driven by both volume and price increases [2]. - The average price of domestic metal cobalt was 215,000 CNY per ton in the first half of 2025, down 3.3% year-on-year, but prices began to rebound due to export bans from the Democratic Republic of Congo [2]. Future Outlook - The company plans to expand its copper production capacity by an additional 30,000 tons and cobalt intermediate products by 2,000 tons, with a current capacity of 60,000 tons of copper and 31,500 tons of cobalt [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.12 billion CNY, 1.39 billion CNY, and 1.63 billion CNY, respectively, with corresponding PE ratios of 17, 13, and 11 times based on the closing price on August 19, 2025 [3][4].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved record performance in the first half of 2025, with revenue of 37.2 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% year-on-year [1] - Nickel product shipments increased by 84% year-on-year, supported by the addition of two new nickel mines and a strong performance in the wet process projects [2] - The resource volume of the Arcadia lithium mine increased from 1.5 million tons to 2.45 million tons, with production costs continuously declining [3] - Cobalt prices surged due to supply constraints from the Democratic Republic of Congo, although cobalt product shipments saw a slight decline of 9.89% year-on-year [4] - The company’s positive material shipments grew against the trend, with a 17.68% increase in ternary cathode materials [5] - Future profit forecasts indicate a net profit of 5.73 billion yuan in 2025, with significant growth expected in the following years [6] Financial Summary - The company reported a revenue of 60.946 billion yuan for 2024, with projections of 67.584 billion yuan for 2025, reflecting a growth of 10.89% [8] - The net profit attributable to shareholders is expected to reach 5.729 billion yuan in 2025, representing a year-on-year increase of 37.89% [8] - Earnings per share (EPS) is projected to grow from 2.44 yuan in 2024 to 3.37 yuan in 2025 [8]

Core Viewpoint - The company has demonstrated strong operational performance in the first half of 2025, with significant growth in revenue and net profit, driven by improved management efficiency and a recovery in cobalt prices due to supply constraints from the Democratic Republic of Congo [2][3][4]. Group 1: Financial Performance - The company achieved a revenue of 3.532 billion yuan, representing a year-on-year increase of 10.30% [2] - The net profit attributable to shareholders reached 469 million yuan, up 9.94% year-on-year [2] - Operating cash flow net amount was 412 million yuan, showing a substantial increase of 43.54% year-on-year [2] - In Q2, revenue grew by 41.75% quarter-on-quarter, and net profit surged by 281.30% quarter-on-quarter [2] Group 2: Market Dynamics - Cobalt prices are on the rise due to supply tightening caused by extended export restrictions from the Democratic Republic of Congo, which accounts for approximately 76% of global cobalt production [3] - The demand for cobalt is being driven by the electric vehicle industry and emerging sectors such as AI and low-altitude economy [3] - The combination of supply constraints and expanding demand is expected to push cobalt prices higher, benefiting the company's profitability and sales growth [3] Group 3: Resource Acquisition Strategy - The company is actively pursuing a global resource acquisition strategy to mitigate risks associated with regional policy changes, particularly in the Democratic Republic of Congo [4] - Plans are in place to establish a new hydrometallurgical plant in the Democratic Republic of Congo with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt, expected to be operational by 2026 [4] - The company is also developing a closed-loop industrial chain for cobalt and nickel resources, including recycling of battery waste, enhancing its resource acquisition channels [4] Group 4: Technological Advancements - The company is a leader in the development and application of hydrometallurgical processes for cobalt, which are more efficient for processing complex low-grade ores [5][6] - Proprietary technologies for cobalt resource recovery and battery waste recycling have been developed, significantly reducing production costs and improving environmental performance [6] Group 5: Capacity Expansion and Shareholder Returns - Ongoing investment projects are progressing, with some production capacities already being released, including a new capacity of 5,000 tons of cobalt oxide [7] - As of June 30, 2025, the company has a production capacity of 31,500 tons of cobalt, 10,000 tons of nickel, and 6,000 tons of copper, among others [7] - The company plans to implement a cash dividend policy, distributing 10 yuan per 10 shares to shareholders, reflecting its commitment to long-term value [7]