HUAYOU COBALT(603799) 浙商证券·2025-04-24 11:26Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a significant increase in performance for Q1 2025, with revenue reaching 178.4 billion yuan, up 19.2% year-on-year, and a net profit of 12.5 billion yuan, up 139.7% year-on-year, driven by increased product sales and reduced costs [1] - The company has achieved a leading position in the nickel intermediate product market, with a nearly 50% year-on-year increase in shipment volume for 2024 [2] - The cobalt price is expected to rise in the long term, contributing positively to the company's profits, with a 20.5% increase in cobalt product output in 2024 [3] - Lithium product shipments have surged, with a 260.7% increase in production year-on-year, although there has been a significant decline in the shipment of positive materials [4] - The company's projects in Indonesia are progressing, ensuring a synchronized configuration of smelting and upstream resource guarantees [5] - The company is expanding its overseas presence in downstream lithium battery materials, with integrated operations continuing to advance [6] - The company's integrated advantages are becoming more apparent, leading to an upward revision of profit forecasts for 2025-2027 [7] Financial Summary - In 2024, the company achieved a revenue of 609.5 billion yuan, a decrease of 8.1% year-on-year, while net profit reached 41.55 billion yuan, an increase of 24.0% year-on-year [1] - The forecast for net profit for 2025-2027 is 55.5 billion yuan, 65.5 billion yuan, and 83.7 billion yuan, representing year-on-year growth of 33.6%, 18.0%, and 27.8% respectively [7] - The company's earnings per share (EPS) is projected to be 2.44 yuan in 2024, increasing to 4.92 yuan by 2027 [15]