You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨東吳證券:維持華友鈷業“買入”評級,目標價53元
格隆匯 07-09 16:05

東吳證券研報指出,華友鈷業發佈25H1業績預吿,Q2業績亮眼,環比進一步向上,業績符合市場預期。鎳濕法項目持續超產,單噸利潤維持穩定。預計25Q2鎳中間品出貨7萬噸+,環比持平;濕法項目華越6萬噸和華飛12萬噸持續超產,火法項目華科4.5萬噸和擎天2萬噸穩定運營。我們預計25年鎳中間品出貨28萬噸以上。鈷價上行Q2起釋放業績彈性,下半年可能迎來第二波升勢。25年公司印尼濕法鎳冶煉項目有2萬噸鈷副產品,對應權益1.2萬噸。25Q2鈷均價上升至24萬,預計Q2貢獻2億左右利潤增量。此外,正極材料Q2銷量恢復明顯,全年有望50%增長。由於鈷價上升持續性強,上調2025-2027年盈利預測,考慮鎳仍處於底部,給予25年15xPE,目標價53元,維持“買入”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account