渤海证券研报指出，华友钴业业务多元化发展，2025年Q1归母净利大增。公司历经多年发展，业务由单一钴业务逐渐走向多元化，目前业务已涵盖镍钴锂资源开发、有色金属绿色精炼、锂电材料研发制造、资源回收利用等多个环节。2025年Q1得益于产品量价齐升和成本管控，公司营收和归母净利分别同比增长19.24%和139.68%。原料上，公司钴、铜资源量合计达到约843万吨，矿山年产量达220吨，具备一定原料成本优势，同时公司完善原料采购体系，具备一定原料采购优势。公司国际化布局业务，印尼华能项目已于2025年一季度实现批量供货，韩国龟尾6.6万吨正极材料项目部分达产，匈牙利正极材料一期2.5万吨项目有序推进，同时产品已进入国际高端品牌汽车产业链。选取了寒锐钴业、腾远钴业和洛阳钼业三个可比公司，从可比公司iFinD一致预期看，截至6月20日，可比公司2025年平均PE值为17.64X，高于公司2025年PE值，首次覆盖给予“增持”评级。
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