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日日更多投研资料 公众号：mtachn2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更多投研资料 公众号：mtachn3印尼是华
3、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, valuation methodologies and target
4、 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 0.0 青山集团30%华飞镍业（湿法）Glaucou
5、s（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更多投研资料 公众号：mtachn4风险提示：公司项目建设进展低于预期。For full disclosure of risks,
6、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：印尼镍项目梳理更多投研资料 公众号：mtachnAPPENDIX 1SummaryIndonesia is an important battlefield for Huayou Cobalts second venture, and it is the main source of the com
7、panys 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, Xiny
8、ue Technology 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 that
9、after 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 expecta
10、tion.5更多投研资料 公众号：mtachnAPPENDIX 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
11、 by Haitong International, 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
12、members within the Haitong 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
13、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, 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 o
14、r 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.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
15、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 compensati
16、on was, is or will be directly 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.6更多投研资料 公众号：mtachnAPPENDIX 2利益冲突披露
17、利益冲突披露Conflict of Interest Disclosures海通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
18、orcompanies in this research report. As 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 ne
19、eded).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 withi
20、n the past 12 months.The investment banking 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 introduc
21、tion in the new three board, target placement,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, o
22、r intends to seek, compensation for investment banking services in the next three months from 603799.CH.7更多投研资料 公众号：mtachnAPPENDIX 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
23、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。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
24、 MSCI China.Ratings Definitions (from 1 Jul 2020):Haitong 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
25、 addition, since Haitong International Research contains 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
26、relied upon as investment advice. An investors decision to 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 retu
27、rn 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. Forpurposes only of FINRA/NYSE ratings distribution rules, our Neutral ratin
28、g falls into a hold rating category.Underperform: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 as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nif
29、ty100, US SP500; for all other China-conceptstocks MSCI China.8更多投研资料 公众号：mtachnAPPENDIX 2评级分布评级分布Rating Distribution9更多投研资料 公众号：mtachnAPPENDIX 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
30、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
31、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 Research 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.BU
32、Y, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, 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 i
33、n the table above.Previous rating system definitions (until 30 Jun 2020):BUY: The stocks total 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 i
34、n line with the return of its relevant broad market benchmark, as indicated below.For purposes 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 releva
35、nt broad market benchmark, as indicated below.Benchmarks for each stocks listed region are as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100; for all other China-concept stocks MSCIChina.10更多投研资料 公众号：mtachnAPPENDIX 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
36、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 International 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 rank
37、ings or suggested prices do not purport to be stock ratings or target prices orfundamental values and are for 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-S
38、hares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme 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
39、in mainland China. However, the rating system employed by HS differs from that used by HTI and as a result there 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Q
40、100指数成分作出复审。Haitong International Quality 100 A-share (Q100) Index: HTIs Q100 Index is a quant product that 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 t
41、he HS A-share teams bottom-upresearch. The Q100 constituent companies are reviewed quarterly.11更多投研资料 公众号：mtachnAPPENDIX 2MSCI 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
42、，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责任，也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿（包括利润损失）承担任何责任。MSCI ESG Disclaimer: Although Haitong Internationals information providers, including without limitation, MSCI ESG Research LLC
43、 and its affiliates (the “ESGParties”), obtain information (the “Information”) from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/orcompleteness, of any data herein and expressly disclaim all express or implied warranties, including thos
44、e of merchantability and fitness for a particular purpose. TheInformation may only be used for your internal use, may not be 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 Informati
45、on 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 Parties 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
46、other damages (including lost profits) even if notified of the possibility of such damages.12更多投研资料 公众号：mtachnAPPENDIX 2盟浪义利盟浪义利（FIN-ESG）数据通免责声明条款：数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：第一条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或
47、机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或
48、机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条 如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如盟浪网站用户注册协议盟浪网用户服务（含认证）协议盟浪网隐私政策等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWave FIN-ESG Data Service Disclaimer: P
49、lease read these terms and conditions below carefully and confirm your agreement and acceptance with these termsbefore using SusallWave FIN-ESG Data Service.1. FIN-ESG Data is produced by SusallWave Digital Technology Co., Ltd. (In short, SusallWave)s assessment based on legal publicly accessible in
50、formation. SusallWaveshall not be responsible for any accuracy and completeness of the information. The assessment result is for reference only. It is not for any investment advice for anyindividual or institution and not for basis of purchasing, selling or holding any relative financial products. W
