研報掘金丨海通證券:華友鈷業印尼鎳鈷項目順利推進,予“優於大市”評級
海通證券日前研報指出,華友鈷業(603799.SH)24Q1歸母淨利5.2億元,同減49.0%,環增54.4%。公司一季度淨利同減主要受金屬價格下跌影響及融資成本增加。截至24年一季度末,公司華飛項目已基本實現達產,華越項目穩定超產,Pomalaa濕法冶煉項目前期工作有序展開。認為公司鎳冶煉項目穩定且超產運行,體現公司已經掌握了高壓濕法工藝,這將構建公司在鋰電正極成本競爭中的核心競爭力。公司入股四座印尼鎳礦,鎳鈷資源佈局徐徐展開。24年3月,公司成功完成AJB和WKM兩個印尼礦山的少數股權交割,進一步夯實公司鎳礦資源保障。華友鈷業是鋰電正極材料一體化龍頭企業,在上游資源、中游製造、下游回收等環節均有佈局。給予“優於大市”評級,對應合理價值區間40.20-44.22元/股,
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