1、华友钴业：印尼镍项目梳理华友钴业：印尼镍项目梳理Indonesia nickel project carding本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research金云涛金云涛 Yuntao Jin

2、 吴旖婕吴旖婕 Yijie Wu 2022年年6月月24日日2华友钴业：印尼镍项目梳理华友钴业：印尼镍项目梳理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 资料来源：华友钴业公告，海通国际整理图：华友钴业及华友控股在印尼镍矿及红土镍矿冶炼项目hVkZqVbVcV9UoXsUqV8OdN6MmOoOpNnPeRnNoQk

3、PmOnRaQoPqQwMnMpPwMnRmP3印尼是华友钴业二次创业的重要战场，是公司镍钴原材料优势的主要来源。公司在印尼共参股了SCM和纬达湾镍业两个大型镍矿项目，控股有6大红土镍矿冶炼项目。在集团公司层面，还参与了与盛屯矿业以及LG分别合作的两个红土镍矿冶炼项目。目前，公司参股的纬达湾镍业、控股的华越镍钴、华科镍业等项目已经投产。华飞镍钴、华山镍钴、华友-青山-大众项目、华友-淡水河谷项目均在稳步建设当中。我们认为公司在手项目完全投产后，公司控股的红土镍矿冶炼项目权益产能可达35.4万吨镍金属量，3.8万吨钴金属量。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 资料来源：华友钴业公告，海通国际整理华友钴业：印尼镍项目梳理华友钴业：印尼镍项目梳理项目名称项目名称股东情况股东情况股权股权产能目标（万吨）产能目标（万吨）伴生钴（吨）伴生钴（吨）华越项目（湿法）华友钴业华友钴业57%6.0 7800 沃源控股30%青创国际10%华龙公司2%LONG SINCERE1%华科镍业（火法）华友钴业华友钴业70%4.

5、5 0.0 青山集团30%华飞镍业（湿法）Glaucous（青山）30%12.015000华友钴业华友钴业51%亿纬亚洲17%LINDO（青山）2%华友-青山-大众项目华友钴业华友钴业待定（暂按待定（暂按51%计算）计算）12.015000青山集团待定大众汽车中国待定华友-淡水河谷项目华友钴业华友钴业70%-100%（暂按（暂按70%计算）计算）12.015000淡水河谷0-30%华山项目华友钴业华友钴业68%12.012000青山集团32%华友钴业（权益量）35.4 38406图：华友钴业在印尼控股的红土镍矿冶炼项目4风险提示：公司项目建设进展低于预期。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 华友钴业：印尼镍项目梳理华友钴业：印尼镍项目梳理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报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。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分析师认证分析师认证Analyst Certification:我，金云涛，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们

13、的家属）在其中均不持有任何财务利益。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，吴旖婕，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或

15、观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。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利益冲突披露利益冲突披露Conflict of Interest Disclosures海通

17、国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至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).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参

19、与了603799.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。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目前或过去12个月内是海通的投资银行业务客户。603799.CH is/was an investment bank clients of Haitong currently or within the past 12 months.海通预计将（或者有意向）在未来三个月内从603799.CH获得投资银行服务报酬。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评级定义评级定义（从从2020年年7月月1日开始执行日开始执行）：海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级分析师股票评级优于大市优于大市，未来1

23、2-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOPIX, 韩国韩国 KOSPI, 台湾台湾 TAIEX, 印度印度 Nifty100, 美国美国 SP500; 其他所有中国概念股其他所有中国概念股 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评级分布评级分布Rating Distribution9APPENDIX 2截至截至2022年年3月月31日日海通国际股票研究评级分布海通国际股票研究评级分布优于大市优于大市中性中性弱于大市弱于大市(持有持有)海通国际股票研究覆盖率88.9%9.5%1.6%投资银行客户*6.8%5.8%0.0%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义此前的评级系统定义（直至

30、直至2020年年6月月30日日）：买入买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOPIX, 韩国韩国 KOSPI, 台湾台湾 TAIEX, 印度印度 Nifty100; 其他所有中国概念股其他所有中国概念股 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海通国际非评级研究：海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。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.海通国际海通国际A股覆盖股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。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.海通国际海通国际优质优质100 A股股（Q100）指数指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。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评级免责声明条款：评级免责声明条款：尽管海通国际的信息供货商（包括但不限于MSCI ESG Research LLC及其联属公司（ESG方）从其认为可靠的来源获取信息（信息）, ESG方均不担保或保证此处任何数据的原创性，准确性和/或完整性，并明确表示不作出任何明示或默示的担保，包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用，不得以任何形式复制或重新传播，并不得用作任何金融工具、产品或指数的基础或组成部分。此外，信息本质上不能用于判断购买或出售何种证券, 或何时购买或出售该证券。即使已被告知可能造成的损害, ESG方均不承担与此处任何资料有关的任何错误或遗漏所引起的任何

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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

45、ies shall have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect,special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.12APPENDIX 2盟浪义利盟浪义利（FIN-ESG）数据通免责

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100、仅提供给符合证券及期货法（第289章）第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与HTISSPL联系:Haitong International Securities (Singapore) Pte. Ltd50 Raffles Place, #33-03 Singapore Land Tower, Singapore 048623电话: (65) 6536 192019APPENDIX 2日本投资者的通知事项：日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根

101、据日本金融机构和交易法（“FIEL”）第61（1）条，第17-11（1）条的执行及相关条款）。英国及欧盟投资者的通知事项：英国及欧盟投资者的通知事项：本报告由从事投资顾问的Haitong International Securities Company Limited所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International SecuritiesCompany Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的0.5。特

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104、Exchange of India Limited（“NSE”）（统称为印度交易所）研究报告。本项研究仅供收件人使用，未经海通国际的书面同意不得予以复制和再次分发。版权所有：海通国际证券集团有限公司2019年。保留所有权利。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

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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我们给予公司 2022 年 25 倍 PE，对应目标价为 131.75 元。风险提示：新能源汽车销量不及预期导致钴、镍价格下跌；公司前驱体业务客户开拓进度低于预期导致前驱体业务营收增长不及预期；公司印尼红土镍矿项目工艺为高压酸浸，其工艺难度较大，项目产能爬坡调试时间长于公司预期等。23