華友鈷業-印尼鎳項目梳理-220624（23頁）.pdf

1、華友鈷業：印尼鎳項目梳理華友鈷業：印尼鎳項目梳理Indonesia nickel project carding本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團其他各成員單位的證券研究團隊所組成的全球品牌，海通國際證券集團各成員分別在其許可的司法管轄區內從事證券活動。關于海通國際的分析師證明，重要披露聲明和免責聲明，請參閱附錄。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research金云濤金云濤 Yuntao Jin

2、 吳旖婕吳旖婕 Yijie Wu 2022年年6月月24日日2華友鈷業：印尼鎳項目梳理華友鈷業：印尼鎳項目梳理For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 資料來源：華友鈷業公告，海通國際整理圖：華友鈷業及華友控股在印尼鎳礦及紅土鎳礦冶煉項目hVkZqVbVcV9UoXsUqV8OdN6MmOoOpNnPeRnNoQk

3、PmOnRaQoPqQwMnMpPwMnRmP3印尼是華友鈷業二次創業的重要戰場，是公司鎳鈷原材料優勢的主要來源。公司在印尼共參股了SCM和緯達灣鎳業兩個大型鎳礦項目，控股有6大紅土鎳礦冶煉項目。在集團公司層面，還參與了與盛屯礦業以及LG分別合作的兩個紅土鎳礦冶煉項目。目前，公司參股的緯達灣鎳業、控股的華越鎳鈷、華科鎳業等項目已經投產。華飛鎳鈷、華山鎳鈷、華友-青山-大眾項目、華友-淡水河谷項目均在穩步建設當中。我們認為公司在手項目完全投產后，公司控股的紅土鎳礦冶煉項目權益產能可達35.4萬噸鎳金屬量，3.8萬噸鈷金屬量。For full disclosure of risks, valuat

4、ion methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 資料來源：華友鈷業公告，海通國際整理華友鈷業：印尼鎳項目梳理華友鈷業：印尼鎳項目梳理項目名稱項目名稱股東情況股東情況股權股權產能目標（萬噸）產能目標（萬噸）伴生鈷（噸）伴生鈷（噸）華越項目（濕法）華友鈷業華友鈷業57%6.0 7800 沃源控股30%青創國際10%華龍公司2%LONG SINCERE1%華科鎳業（火法）華友鈷業華友鈷業70%4.

5、5 0.0 青山集團30%華飛鎳業（濕法）Glaucous（青山）30%12.015000華友鈷業華友鈷業51%億緯亞洲17%LINDO（青山）2%華友-青山-大眾項目華友鈷業華友鈷業待定（暫按待定（暫按51%計算）計算）12.015000青山集團待定大眾汽車中國待定華友-淡水河谷項目華友鈷業華友鈷業70%-100%（暫按（暫按70%計算）計算）12.015000淡水河谷0-30%華山項目華友鈷業華友鈷業68%12.012000青山集團32%華友鈷業（權益量）35.4 38406圖：華友鈷業在印尼控股的紅土鎳礦冶煉項目4風險提示：公司項目建設進展低于預期。For full disclosure

6、 of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 華友鈷業：印尼鎳項目梳理華友鈷業：印尼鎳項目梳理APPENDIX 1SummaryIndonesia is an important battlefield for Huayou Cobalts second venture, and it is the main source of the companys

7、advantages in nickel and cobalt raw materials.The company has a total of two large-scale nickel ore projects in Indonesia, and holds 6 major laterite nickel ore smelting projects. At the same time, it alsoparticipated in two laterite nickel smelting projects at the group level.At present, Xinyue Tec

8、hnology in which the company has a stake, Huayue Nickel Cobalt and Huake Nickel in which it is a shareholder have been put into production.Huafei Nickel-Cobalt, Huashan Nickel-Cobalt, Huayou-Qingshan-Volkswagen Project, and Huayou-Vale Project are all under steady construction. We believe thatafter

9、the companys project in hand is fully put into operation, the equity production capacity of the laterite nickel smelting project controlled by the company canreach 354,000 tons of nickel metal and 38,000 tons of cobalt metal.Risks: The construction of greenfield projects falls short of expectation.5

10、APPENDIX 2重要信息披露重要信息披露本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區內從事證券活動。IMPORTANT DISCLOSURESThis research report is distributed by Haitong Internation

11、al, a global brand name for the equity research teams of Haitong International Research Limited (“HTIRL”),Haitong Securities India Private Limited (“HSIPL”), Haitong International Japan K.K. (“HTIJKK”), Haitong International Securities Company Limited (“HTISCL”), and anyother members within the Hait

12、ong International Securities Group of Companies (“HTISG”), each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析師認證分析師認證Analyst Certification:我，金云濤，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們

13、的家屬）在其中均不持有任何財務利益。I, Yuntao Jin, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to

14、 the specific recommendationsor views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subjectcompanies discussed.我，吳旖婕，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或

15、觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I, Yijie Wu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and (ii) no part of my compensation was, is or will be d

16、irectly or indirectly related to the specific recommendationsor views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subjectcompanies discussed.6APPENDIX 2利益沖突披露利益沖突披露Conflict of Interest Disclosures海通

17、國際及其某些關聯公司可從事投資銀行業務和/或對本研究中的特定股票或公司進行做市或持有自營頭寸。就本研究報告而言，以下是有關該等關系的披露事項（以下披露不能保證及時無遺漏，如需了解及時全面信息，請發郵件至ERD-D）HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks orcompanies in this research report. As

18、far as this research report is concerned, the following are the disclosure matters related to such relationship (As the followingdisclosure does not ensure timeliness and completeness, please send an email to ERD-D if timely and comprehensive information is needed).海通證券股份有限公司和/或其子公司（統稱“海通”）在過去12個月內參

19、與了603799.CH的投資銀行項目。投資銀行項目包括：1、海通擔任上市前輔導機構、保薦人或主承銷商的首次公開發行項目；2、海通作為保薦人、主承銷商或財務顧問的股權或債務再融資項目；3、海通作為主經紀商的新三板上市、目標配售和并購項目。Haitong Securities Co., Ltd. and/or its subsidiaries (collectively, the Haitong) have a role in investment banking projects of 603799.CH within the past 12 months.The investment bank

20、ing projects include 1. IPO projects in which Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancingprojects of 603799.CH for which Haitong acted as sponsor, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target plac

21、ement,M&A projects in which Haitong acted as lead-brokerage firm.603799.CH目前或過去12個月內是海通的投資銀行業務客戶。603799.CH is/was an investment bank clients of Haitong currently or within the past 12 months.海通預計將（或者有意向）在未來三個月內從603799.CH獲得投資銀行服務報酬。Haitong expects to receive, or intends to seek, compensation for inve

22、stment banking services in the next three months from 603799.CH.7APPENDIX 2評級定義評級定義（從從2020年年7月月1日開始執行日開始執行）：海通國際（以下簡稱“HTI”）采用相對評級系統來為投資者推薦我們覆蓋的公司：優于大市、中性或弱于大市。投資者應仔細閱讀HTI的評級定義。并且HTI發布分析師觀點的完整信息，投資者應仔細閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應基于各自情況（比如投資者的現有持倉）以及其他因素。分析師股票評級分析師股票評級優于大市優于大市，未來1

23、2-18個月內預期相對基準指數漲幅在10%以上，基準定義如下中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。弱于大市弱于大市，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本各地股票基準指數：日本 TOPIX, 韓國韓國 KOSPI, 臺灣臺灣 TAIEX, 印度印度 Nifty100, 美國美國 SP500; 其他所有中國概念股其他所有中國概念股 MSCI China.Ratings Definitions (from 1 Jul 2020):Haitong

24、 International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors shouldcarefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains

25、more completeinformation concerning the analysts views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the ratingalone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investors decision t

26、o buy or sell a stock should depend on individualcircumstances (such as the investors existing holdings) and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated b

27、elow.Neutral: The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. Forpurposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.Underperform:The stoc

28、ks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.Benchmarks for each stocks listed region are as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100, US SP500; for all other China-conceptstocks MSCI C

29、hina.8APPENDIX 2評級分布評級分布Rating Distribution9APPENDIX 2截至截至2022年年3月月31日日海通國際股票研究評級分布海通國際股票研究評級分布優于大市優于大市中性中性弱于大市弱于大市(持有持有)海通國際股票研究覆蓋率88.9%9.5%1.6%投資銀行客戶*6.8%5.8%0.0%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應我們當前優于大市，中性和落后大市評級。只有根據FINRA/NYSE的評級分布規則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統定義此前的評級系統定義（直至

30、直至2020年年6月月30日日）：買入買入，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。賣出賣出，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本各地股票基準指數：日本 TOPIX, 韓國韓國 KOSPI, 臺灣臺灣 TAIEX, 印度印度 Nifty100; 其他所有中國概念股其他所有中國概念股 MSCI China.Haitong International Equity Researc

31、h Ratings Distribution, as of Mar 31, 2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage88.9%9.5%1.6%IB clients*6.8%5.8%0.0%*Percentage of investment banking clients in each rating category.BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperf

32、orm, Neutral, and Underperform.For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are notincluded in the table above.Previous rating system definitions (until 30 Jun 2020):BUY: The stocks to

33、tal return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below.NEUTRAL: The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below.For purpo

34、ses only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.SELL: The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.Benchmarks for each stocks listed region are

35、as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100; for all other China-concept stocks MSCIChina.10APPENDIX 2海通國際非評級研究：海通國際非評級研究：海通國際發布計量、篩選或短篇報告，并在報告中根據估值和其他指標對股票進行排名，或者基于可能的估值倍數提出建議價格。這種排名或建議價格并非為了進行股票評級、提出目標價格或進行基本面估值，而僅供參考使用。Haitong International Non-Rated Research: Haitong Inter

36、national publishes quantitative, screening or short reports which may rank stocks according to valuation andother metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do not purport to be stock ratings or target prices orfundamental values and are fo

37、r information only.海通國際海通國際A股覆蓋股覆蓋：海通國際可能會就滬港通及深港通的中國A股進行覆蓋及評級。海通證券（600837.CH），海通國際于上海的母公司，也會于中國發布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統，所以海通國際與海通證券的中國A股評級可能有所不同。Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect sch

38、eme withShanghai and Shenzhen. Haitong Securities (HS; 600837 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these sameA-Shares for distribution in mainland China. However, the rating system employed by HS differs from that used by HTI and as a result t

39、here may be a difference in theHTI and HS ratings for the same A-share stocks.海通國際海通國際優質優質100 A股股（Q100）指數指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券A股團隊自下而上的研究。海通國際每季對Q100指數成分作出復審。Haitong International Quality 100 A-share (Q100) Index: HTIs Q100 Index is a quant product that

40、consists of 100 of the highest-quality A-shares under coverage atHS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-upresearch. The Q100 constituent companies are reviewed quarterly.11APPENDIX 2MSC

41、I ESG評級免責聲明條款：評級免責聲明條款：盡管海通國際的信息供貨商（包括但不限于MSCI ESG Research LLC及其聯屬公司（ESG方）從其認為可靠的來源獲取信息（信息）, ESG方均不擔?；虮ＷC此處任何數據的原創性，準確性和/或完整性，并明確表示不作出任何明示或默示的擔保，包括可商售性和針對特定目的的適用性。該信息只能供閣下內部使用，不得以任何形式復制或重新傳播，并不得用作任何金融工具、產品或指數的基礎或組成部分。此外，信息本質上不能用于判斷購買或出售何種證券, 或何時購買或出售該證券。即使已被告知可能造成的損害, ESG方均不承擔與此處任何資料有關的任何錯誤或遺漏所引起的任何

42、責任，也不對任何直接、間接、特殊、懲罰性、附帶性或任何其他損害賠償（包括利潤損失）承擔任何責任。MSCI ESG Disclaimer: Although Haitong Internationals information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESGParties”), obtain information (the “Information”) from sources they consider reliable, none of t

43、he ESG Parties warrants or guarantees the originality, accuracy and/orcompleteness, of any data herein and expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose. TheInformation may only be used for your internal use, may not be

44、reproduced or redisseminated in any form and may not be used as a basis for, or a component of, anyfinancial instruments or products or indices. Further, none of the Information can in and of itself be used to determine which securities to buy or sell or when to buyor sell them. None of the ESG Part

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46、聲明條款：數據通免責聲明條款：在使用盟浪義利（FIN-ESG）數據之前，請務必仔細閱讀本條款并同意本聲明：第一條 義利（FIN-ESG）數據系由盟浪可持續數字科技有限責任公司（以下簡稱“本公司”）基于合法取得的公開信息評估而成，本公司對信息的準確性及完整性不作任何保證。對公司的評估結果僅供參考，并不構成對任何個人或機構投資建議，也不能作為任何個人或機構購買、出售或持有相關金融產品的依據。本公司不對任何個人或機構投資者因使用本數據表述的評估結果造成的任何直接或間接損失負責。第二條 盟浪并不因收到此評估數據而將收件人視為客戶，收件人使用此數據時應根據自身實際情況作出自我獨立判斷。本數據所載內容反映

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97、轄區內出售證券的要約或認購證券的要約邀請。本材料中所述證券在加拿大的任何要約或出售行為均只能在豁免向有關加拿大證券監管機構提交招股說明書的前提下由Haitong International Securities (USA) Inc. （“HTIUSA”）予以實施，該公司是一家根據National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的規定得到國際交易商豁免（“International Dealer Exemption” ）的

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99、ionalInstrument 31-103第1.1節所規定的許可投資者（“Permitted Investor”）。新加坡投資者的通知事項：新加坡投資者的通知事項：本研究報告由Haitong International Securities (Singapore) Pte Ltd（“HTISSPL”）公司注冊編號201311400G 于新加坡提供。HTISSPL是符合財務顧問法（第110章）（“FAA”）定義的豁免財務顧問，可（a）提供關于證券，集體投資計劃的部分，交易所衍生品合約和場外衍生品合約的建議（b）發行或公布有關證券、交易所衍生品合約和場外衍生品合約的研究分析或研究報告。本研究報告

100、僅提供給符合證券及期貨法（第289章）第4A條項下規定的機構投資者。對于因本研究報告而產生的或與之相關的任何問題，本研究報告的收件人應通過以下信息與HTISSPL聯系:Haitong International Securities (Singapore) Pte. Ltd50 Raffles Place, #33-03 Singapore Land Tower, Singapore 048623電話: (65) 6536 192019APPENDIX 2日本投資者的通知事項：日本投資者的通知事項：本研究報告由海通國際證券有限公司所發布，旨在分發給從事投資管理的金融服務提供商或注冊金融機構（根

101、據日本金融機構和交易法（“FIEL”）第61（1）條，第17-11（1）條的執行及相關條款）。英國及歐盟投資者的通知事項：英國及歐盟投資者的通知事項：本報告由從事投資顧問的Haitong International Securities Company Limited所發布，本報告只面向有投資相關經驗的專業客戶發布。任何投資或與本報告相關的投資行為只面對此類專業客戶。沒有投資經驗或相關投資經驗的客戶不得依賴本報告。Haitong International SecuritiesCompany Limited的分支機構的凈長期或短期金融權益可能超過本研究報告中提及的實體已發行股本總額的0.5。特

102、別提醒有些英文報告有可能此前已經通過中文或其它語言完成發布。澳大利亞投資者的通知事項：澳大利亞投資者的通知事項：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited和Haitong InternationalSecurities (UK) Limited分別根據澳大利亞證券和投資委員會（以下簡稱“ASIC”）第03/1102、03/1103或03/1099號規章在澳大利亞分發本項研究，該等規章免除了根據2001年公司法在澳大利亞為批發客戶提供金

103、融服務時海通國際需持有澳大利亞金融服務許可的要求。ASIC的規章副本可在以下網站獲?。簑ww.legislation.gov.au。海通國際提供的金融服務受外國法律法規規定的管制，該等法律與在澳大利亞所適用的法律存在差異。印度投資者的通知事項：印度投資者的通知事項：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of India（“SEBI”）監管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所發布，包括制作及發布涵蓋BSE Limited（“BSE”）和National Stock

104、Exchange of India Limited（“NSE”）（統稱為印度交易所）研究報告。本項研究僅供收件人使用，未經海通國際的書面同意不得予以復制和再次分發。版權所有：海通國際證券集團有限公司2019年。保留所有權利。20APPENDIX 2Peoples Republic of China (PRC): In the PRC, the research report is directed for the sole use of those who receive the research report in accordance with theapplicable PRC laws

105、 and regulations. Further, the information on the research report does not constitute production and business activities in the PRC underrelevant PRC laws. This research report does not constitute a public offer of the security, whether by sale or subscription, in the PRC. Further, no legal or natur

106、alpersons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals orlicenses that are required, whether statutorily or otherwise. Persons who come into possession of this research are required to obser

107、ve these restrictions.Notice to Canadian Investors: Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buysecurities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be ma

108、de only under an exemption from the requirements tofile a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities (USA) Inc., a dealer relying on the “international dealerexemption” under National Instrument 31-103 Registration Requirements, Exemption

109、s and Ongoing Registrant Obligations (“NI 31-103”) in Alberta, British Columbia,Ontario and Quebec. This research report is not, and under no circumstances should be construed as, a prospectus, an offering memorandum, an advertisement or apublic offering of any securities in Canada. No securities co

110、mmission or similar regulatory authority in Canada has reviewed or in any way passed upon this researchreport, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of thisresearch report, each Canadian re

111、cipient will be deemed to have represented that the investor is an “accredited investor” as such term is defined in section 1.1 ofNational Instrument 45-106 Prospectus Exemptions or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), as applicable, and a “permitted client” as suchterm i

112、s defined in section 1.1 of NI 31-103, respectively.Notice to Singapore investors: This research report is provided in Singapore by or through Haitong International Securities (Singapore) Pte Ltd (“HTISSPL”) Co RegNo 201311400G. HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act

113、 (Cap. 110) (“FAA”) to (a) advise on securities, units in a collective investmentscheme, exchange-traded derivatives contracts and over-the-counter derivatives contracts and (b) issue or promulgate research analyses or research reports onsecurities, exchange-traded derivatives contracts and over-the

114、-counter derivatives contracts. This research report is only provided to institutional investors, withinthe meaning of Section 4A of the Securities and Futures Act (Cap. 289). Recipients of this research report are to contact HTISSPL via the details below in respect ofany matters arising from, or in

115、 connection with, the research report:21APPENDIX 2Haitong International Securities (Singapore) Pte. Ltd.10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315Telephone: (65) 6536 1920 Notice to Japanese investors: This research report is distributed by Haitong International Securi

116、ties Company Limited and intended to be distributed to FinancialServices Providers or Registered Financial Institutions engaged in investment management (as defined in the Japan Financial Instruments and Exchange Act (FIEL)Art. 61(1), Order for Enforcement of FIEL Art. 17-11(1), and related articles

117、).Notice to UK and European Union investors: This research report is distributed by Haitong International Securities Company Limited. This research is directed atpersons having professional experience in matters relating to investments. Any investment or investment activity to which this research re

118、lates is available only tosuch persons or will be engaged in only with such persons. Persons who do not have professional experience in matters relating to investments should not rely on thisresearch. Haitong International Securities Company Limiteds affiliates may have a net long or short financial

119、 interest in excess of 0.5% of the total issued sharecapital of the entities mentioned in this research report. Please be aware that any report in English may have been published previously in Chinese or anotherlanguage.Notice to Australian investors: The research report is distributed in Australia

120、by Haitong International Securities (Singapore) Pte Ltd, Haitong International SecuritiesCompany Limited, and Haitong International Securities (UK) Limited in reliance on ASIC Class Order 03/1102, 03/1103 or 03/1099, respectively, which exempts thoseHTISG entities from the requirement to hold an Aus

121、tralian financial services license under the Corporations Act 2001 in respect of the financial services it provides towholesale clients in Australia. A copy of the ASIC Class Orders may be obtained at the following website, www.legislation.gov.au. Financial services provided byHaitong International

122、Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited areregulated under foreign laws and regulatory requirements, which are different from the laws applying in Australia.Notice to Indian investors: The research report is

123、distributed by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and ExchangeBoard of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listedentities on the BSE Limit

124、ed (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”).This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright: Haitong International Securities Group Limited 2019. All rights reserved.http:/ ChartSource: Company data Bloomberg, HTI estimates我們給予公司 2022 年 25 倍 PE，對應目標價為 131.75 元。風險提示：新能源汽車銷量不及預期導致鈷、鎳價格下跌；公司前驅體業務客戶開拓進度低于預期導致前驅體業務營收增長不及預期；公司印尼紅土鎳礦項目工藝為高壓酸浸，其工藝難度較大，項目產能爬坡調試時間長于公司預期等。23