HUAYOU COBALT(603799) 长江商报·2025-04-21 00:09Core Viewpoint - The integrated advantages of Huayou Cobalt Co., Ltd. continue to enhance efficiency, leading to significant performance growth despite a decline in revenue in 2024 [1][2]. Financial Performance - In 2024, Huayou Cobalt achieved operating revenue of 60.946 billion yuan, a year-on-year decrease of 8.08%, while net profit reached 4.155 billion yuan, an increase of 23.99% [1][2]. - For Q1 2025, the company reported operating revenue of 17.842 billion yuan, a year-on-year increase of 19.24%, and net profit of 1.252 billion yuan, a remarkable growth of 139.68% [1][2]. Business Model and Strategy - Huayou Cobalt operates a fully integrated industrial chain from nickel-cobalt-lithium resource development to lithium battery material manufacturing, which enhances resource security and reduces costs through synergy [2][3]. - The company adheres to an "innovation-driven" development strategy, investing heavily in R&D, with total R&D expenses amounting to 5.637 billion yuan from 2020 to 2024 [1][3]. Production and Market Expansion - In 2024, Huayou Cobalt's shipments included over 120,000 tons of lithium battery precursors and over 90,000 tons of cathode materials, solidifying its industry leadership [3]. - The company is actively expanding lithium battery production capacity and exploring overseas markets, including significant projects in Indonesia and partnerships with global firms like LG Chem and Ford [4][5]. Future Outlook - Huayou Cobalt plans to leverage its integrated advantages to continue advancing in the new energy lithium battery materials sector, contributing to the global new energy industry's development [5].