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The reporter noticed that some analyses have pointed out that there is currently a certain surplus in the cobalt industry, resulting in a downward trend in cobalt prices.

A cobalt company official revealed that the current important use of cobalt lies in 3C products, with a small base and small proportion in the field of power lithium batteries. The person pointed out that previously, it was precisely under the potential incremental demand stimulus brought about by the increase in the volume of new energy vehicles that the prices of cobalt products significantly increased. The rise in cobalt prices has also driven a significant increase in profits for related companies, such as Huayou Cobalt (603799, SH)'s net profit growth rate of 2638% in 2017, and Hanrui Cobalt (300618, SZ)'s net profit growth rate of 575%.

Zhang Heng believes that cobalt prices may continue to decline in the future: "The ton price of metallic cobalt should stabilize at around 300000 yuan, because this price is basically the breakeven point for smelters." Zhang Heng also pointed out that the current decline in cobalt prices has an impact on internal subsidiaries, and some companies may reduce or switch production in the future.

A Share Cobalt Company's Performance Growth Rate Decreases

On December 7th, a reporter from Daily Economic News called three A-share cobalt listed companies, Huayou Cobalt, Hanrui Cobalt, and Luoyang Molybdenum (603993, SH), as investors. Insiders from all three companies have stated that the decrease in cobalt prices has had a certain impact on the company, but the magnitude of the impact is not easily determined.

Insiders from Huayou Cobalt Industry said that the impact is definitely there, as can be seen from the company's performance indicators in the third quarter. In the first three quarters of 2018, Huayou Cobalt achieved a revenue of 10.07 billion yuan and a attributable net profit of 1.9 billion yuan. According to the research report of Guangfa Securities, from the first quarter to the third quarter, Huayou Cobalt's revenue increased by 96%, 64%, and 40% year-on-year, respectively; During the same period, operating costs increased by 85%, 46%, and 55% year-on-year. In the third quarter, the growth rate of operating costs was faster than operating revenue, resulting in a decrease in the company's gross profit margin. During the same period, the average cobalt prices in the Yangtze River non-ferrous metal market were 590000 yuan/ton, 600000 yuan/ton, and 500000 yuan/ton (including tax), respectively. It can be seen that the decrease in cobalt prices and the increase in costs were important reasons for the decline in the company's performance growth rate in the third quarter.

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