华友钴业- 亚太地区研究策略思路

We believe the share price will rise in absolute terms over the next 30 days. DRC announced an extension to the cobalt export ban to October 15, to be followed by export quotas. The 2026-27 quota will be 40% of normal production. We expect cobalt supply to be materially impacted as DRC accounts for 70% of global supply. Nickel smelters in Indonesia using laterite nickel ore and the HPAL method can normally get ~10% cobalt as a byproduct, and we expect them to benefit from a potential hike in the cobalt pric ...