603799.SH · A-shares
603799.SH Huayou: H1 materials ramp + integration
Huayou H1'26 rev ¥55.568B (+49.39%), NI ¥3.507B (+29.38%); ternary cathode/precursor shipments nearly doubled. A-share ~¥40.2 / mkt ~¥76.1B.
Cite a section with a deep link, e.g. /en/r/huayou-603799-research#thesis
Snapshot
- A-share price (~8/24)
- CNY 40.2
- Mkt cap
- CNY 76.1B
- H1'26 revenue
- CNY 55.6B
- H1'26 parent NI
- CNY 3.5B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Huayou Cobalt (603799.SH) is an integrated battery-materials platform (Ni/Co resources → precursors → cathode → Li salts). 2025 revenue ¥81.019B (+32.94%), parent NI ¥6.110B (+47.07%); H1'26 revenue ¥55.568B (+49.39%), parent NI ¥3.507B (+29.38%), adj. NI ¥3.311B (+27.97%) — a record interim. Q2 revenue ¥29.76B (+53.8%), parent NI ~¥1.01B (−30.8% YoY, QoQ soft). A-share ~¥40.2 (2026-08-24) / mkt ~¥76.1B.
Volume (ternary cathode/precursor nearly doubled) is delivering; earnings beta still hinges on metal spreads and Indonesia utilization. See nonferrous deep-dive and CMOC on the mine side.
Business
Model: integrated battery materials — Ni/Co intermediates → precursors → NCM cathode → Li salts; profits from processing spreads + metal prices.
Flagships: ternary cathode 76.3kt H1 (+93%, >70% ultra-high-Ni 9-series); precursors 80.8kt (+94%); Ni products 132.8kt (flat); Co 15.8kt (−24%); Li carbonate 30.5kt (+17%).
Edge: Indonesia Ni + domestic materials integration; rising high-Ni mix. Strategy: “one core, two poles, fourizations”; recycling; watch Huayou Fei restart after maintenance.
Entity: 603799.SH Zhejiang Huayou Cobalt.
Value chain
Midstream materials with upstream resources. Upstream: Indonesia Ni, Co feedstock, Li. Downstream: cell makers / OEMs / ESS. Customer concentration not named in filings. Supply risks: Indonesia policy/energy/maintenance; feedstock prices and logistics — echoed in risks.
Valuation
~2026-08-24 A-share ¥40.2 / mkt ~¥76.1B. Static P/E ~12.5x on 2025 NI; ~10.9x on H1 annualized. Market prices materials volume vs metal spreads/Indonesia utilization.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| P/E（静态约） | 约 12.5x | 市值约 761 亿 / 2025 归母 61.10 亿 |
| P/E（H1 年化约） | 约 10.9x | 35.07×2 ≈ 70 亿年化 |
| P/B | 约 1.5x | 归母净资产约 508.71 亿（H1 末） |
| 盈利收益率 | 约 8% | 1/静态 PE |
| 现价读法 | A 股约 40.2 元（2026-08-24） | 定价材料量增 vs 金属价与印尼产能 |
Valuation · ~3y
Interactive chart available in the reader.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Neutral/solid — OCF ¥2.148B (+32.76%) improving but below NI; leverage 64.28%. CapEx and working capital still matter.
Financial health
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 中性偏稳健 | 量增兑现、OCF 改善；负债率偏高、扩产 CapEx 仍重 |
| 经营现金流（H1'26） | 21.48 亿元（+32.76%） | 低于归母 35.07 亿，关注营运资金 |
| 资产负债率 | 64.28% | 总资产约 1859.58 亿；归母净资产 508.71 亿（+5.3%） |
| 流动性 / ROE | 加权 ROE 7.05%（H1） | EBITDA 利息保障约 7.9x（披露） |
| 审计意见 | 半年报未经审计 | 以最新年报核数师报告为准 |
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 2026H1 营收 | 555.68 亿 | +49.39% | 历史同期新高 |
| 2026H1 归母 | 35.07 亿 | +29.38% | 扣非 33.11 亿（+27.97%） |
| 2026Q2 归母 | 10.1 亿 | −30.8% | 环比回落；营收 297.6 亿（+53.8%） |
| 三元正极出货 | 7.63 万吨 | +93% | 超高镍 9 系占比 >70% |
| 三元前驱体出货 | 8.08 万吨 | +94% | 材料端主增 |
| 镍产品出货 | 13.28 万吨 | 基本持平 | 华飞部分产线 5 月起停产检修 |
| 钴产品出货 | 1.58 万吨 | −24% | 消费电子需求偏弱 |
| 碳酸锂出货 | 3.05 万吨 | +17% | 锂盐补充 |
Competition
Peers: CMOC, Zijin, JXCC. Strengths: deep materials processing + Indonesia Ni. Weaknesses: lower GM vs pure miners; overbuild risk.
Peer comparison
| Company | Position / share | GM / margin | Strength | Weakness |
|---|---|---|---|---|
| 华友钴业 603799 (self) | 镍钴锂材料一体化 | ~13–15% | 印尼镍+正极材料链条 | 金属价与产能利用率双敏感 |
| 洛阳钼业 603993 | 钴矿端全球龙头之一 | 矿端更高 | 资源自给、成本曲线 | 材料深加工弱于华友 |
| 紫金矿业 601899 | 锂/铜资源侧对照 | 矿端更高 | 资源规模与全球化 | 非锂电材料专业玩家 |
| 江西铜业 600362 | 铜加工/贸易对照 | 冶炼偏低 | 铜冶炼规模 | 新能源材料布局弱 |
Management
Key management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 / Chair | 陈雪华 | 创始以来 | 期间无重大披露变动 |
| 总裁 / President | 方启学 | 公开披露任职 | 期间无重大披露变动 |
| 财务负责人 / CFO | 王军 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
24m changes: no material chair/CEO turnover disclosed. Stability: steady founder-led team.
Outlook
Track cathode/precursor shipments, Huayou Fei restart, quarterly GM/NI, OCF vs NI, and Ni/Co/Li prices.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Metal spreads stable; share gains; Indonesia restart smooth | Multiple re-rating |
| Base | Prices choppy; volume offsets | Range-bound hold |
| Bear | Metal crash + overcapacity/long outage | Earnings + valuation air-pocket |
Risks
Risk table
| Risk | Severity | Note |
|---|---|---|
| 镍钴锂价格回落 | 高 | Q2 利润环比已承压 |
| 印尼政策 / 能耗 / 检修 | 高 | 华飞部分产线停产检修 |
| 扩产过快与利用率 | 中 | 价差与 ROE 双杀风险 |
| 新能源车 / 消费电子需求 | 中 | 钴出货已受消费电子拖累 |
| 汇率与海运成本 | 低 | 海外采购与销售敞口 |
Tracking list
- Ternary cathode/precursor shipment growth
- Indonesia plant restart / utilization
- Whether quarterly GM/NI stops Q2-style QoQ drop
- OCF vs NI gap narrowing
- Ni/Co/Li spot prices and inventory days
References
- Huayou H1'26 report (SSE/cninfo, 2026-08-18/19) — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=603799&orgId=gssh0603799
- Securities Daily — http://www.zqrb.cn/gscy/gongsi/2026-08-19/A1787079076040.html
- Sina Finance — https://finance.sina.com.cn/stock/zqgd/2026-08-18/doc-inintxxm7280668.shtml
- Nonferrous deep-dive · CMOC
Not investment advice; defer to latest filings and market data.
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