HUAYOU COBALT(603799) 平安证券·2025-04-22 13:09Investment Rating - The report maintains a "Recommended" investment rating for Huayou Cobalt Co., Ltd. [1] Core Views - The company achieved a revenue of 60.946 billion yuan in 2024, a year-over-year decrease of 8.08%, while the net profit attributable to shareholders increased by 23.99% to 4.155 billion yuan [5] - The report highlights the significant growth in nickel product shipments, with a year-over-year increase of 46% to approximately 184,300 tons, which supports the company's performance [8] - The integrated advantages of the company are expected to accelerate, with projected net profits for 2025-2027 revised to 5.034 billion, 6.212 billion, and 7.189 billion yuan respectively, indicating a strong growth outlook [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 60.946 billion yuan, with a net profit of 4.155 billion yuan, reflecting a 23.99% increase year-over-year [5] - The first quarter of 2025 saw a revenue of 17.842 billion yuan, a year-over-year increase of 19.24%, and a net profit of 1.252 billion yuan, up 139.68% [5] - The projected revenue for 2025 is 69.509 billion yuan, with a net profit forecast of 5.034 billion yuan [7] Product and Market Development - The company optimized its product structure, with significant increases in nickel and cobalt product shipments, and a notable growth in lithium battery materials [8] - The company is expanding its global footprint with several projects, including the Pomalaa and Sorowako wet process projects, which are expected to enhance production capacity [8] Valuation Metrics - The report indicates a projected P/E ratio of 11.3 for 2025, decreasing to 7.9 by 2027, suggesting an attractive valuation as earnings grow [9] - The projected ROE is expected to rise from 11.2% in 2024 to 13.9% by 2027, indicating improving profitability [12]