華友鈷業一季報出爐，淨利飆增13.9倍至1.32億元
4月15日晚間，華友鈷業（603799.SH）披露了2020年第一季度報告，公司實現營業收入44.24億元，同比增長0.53%；實現歸母淨利潤1.84億元，同比增長1385.1%；實現扣非淨利潤1.32億元，同比增長693.42%；基本每股收益0.17元。
（圖片來源：華友鈷業一季報）
資料顯示，公司主要從事新能源鋰電材料和鈷新材料產品的研發製造，業務分為三大業務板塊，其中新能源板塊主要從事鋰電正極材料三元前驅體產品的研發、生產和銷售；有色板塊主要從事鈷新材料產品的深加工業務，主要產品為四氧化三鈷、硫酸鈷等鈷化學品；資源板塊主要從事鈷、鎳、銅等有色金屬的採、選和初加工業務。
從2019年年報披露的數據來看，按產品劃分，貿易及其他實現的營收在總營收中的佔比為46.75%，鈷產品的營收佔比為30.77%，銅產品的營收佔比為14.26%，前驅體的營收佔比為6.24%。
（圖片來源：同花順）
興業證券研報指出，公司2020年Q1業績改善或主要在鈷銅成本下滑、銅和前驅體量提升和其他/投資收益改善所致。
據悉，今年一季度，該公司主營產品銅、四氧化三鈷、硫酸鈷和金屬鈷銷售均價分別環比下滑4.2%、下滑2.9%、上升2.7%和上升0.3%，鈷價波動較小疊加銅價跌幅較大的背景下，價格端對收入影響或偏負面。
不過，該機構表示，受益於PE527的3萬噸電積銅項目投產，預計Q1自給銅礦產量佔比有所提升，成本相對於外購礦優勢明顯。
另外，鈷原料採購和產品銷售週期較長，若以半年的採購週期來看，預計Q1鈷原料或主要來2019年8月左右，而彼時鈷價仍處於歷史最底部區域，由此帶來原料成本偏低提升鈷產品毛利率。
同時，考慮到自給銅礦增加和自建+合資的前驅體產能已陸續投產，預計銅和前驅體銷量也或有所上升。
另一方面，Q1資產/信用減值損失高達0.5億元，環比減少0.58億元；Q1投資/其他收益和公允價值變動淨收益合計約為0.55億元，環比增加1.24億元。
除此之外，Q1歸母淨利與扣非歸母淨利相差約0.51億元，此或主要來源於公司及子公司年初至今獲得政府補助0.27億元，持有交易性金融資產投資收益也達到0.37億元所致和其他非經常性收益拖累0.13億元所致。
值得一提的是，2月18日，有媒體報道稱，新能源車龍頭特斯拉正在與寧德時代商討在中國工廠使用無鈷電池的事宜。
華友鈷業的股價在2月19日慘吃跌停，此後持續大跌，截至今日較高點58.61元/股已經跌去了近4成。
截至今日發稿時間，該公司股價漲幅為2.63%，股價現為34.28元/股，成交8.07億元，最新市值為383億元。
（圖片來源：Wind）
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