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研報掘金丨渤海證券:首予華友鈷業“增持”評級,業務多元化發展
格隆匯 06-24 15:07

渤海證券研報指出,華友鈷業業務多元化發展,2025年Q1歸母淨利大增。公司歷經多年發展,業務由單一鈷業務逐漸走向多元化,目前業務已涵蓋鎳鈷鋰資源開發、有色金屬綠色精煉、鋰電材料研發製造、資源回收利用等多個環節。2025年Q1得益於產品量價齊升和成本管控,公司營收和歸母淨利分別同比增長19.24%和139.68%。原料上,公司鈷、銅資源量合計達到約843萬噸,礦山年產量達220噸,具備一定原料成本優勢,同時公司完善原料採購體系,具備一定原料採購優勢。公司國際化佈局業務,印尼華能項目已於2025年一季度實現批量供貨,韓國龜尾6.6萬噸正極材料項目部分達產,匈牙利正極材料一期2.5萬噸項目有序推進,同時產品已進入國際高端品牌汽車產業鏈。選取了寒鋭鈷業、騰遠鈷業和洛陽鉬業三個可比公司,從可比公司iFinD一致預期看,截至6月20日,可比公司2025年平均PE值為17.64X,高於公司2025年PE值,首次覆蓋給予“增持”評級。

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