Huatai Securities: The price of cobalt may experience a cyclical uptrend opportunity between 2025 and 2027.

Huatai Securities research report believes that the long-term supply-demand situation of cobalt is optimized, and the price of cobalt may have a cyclical upward opportunity in 2025-2027. From the balance sheet perspective, the cobalt supply-demand relationship in 2026 and 2027 will likely continue to be in a shortage situation. Referring to the degree of cobalt shortage and price rebound in the previous cycle, the industry may have already experienced a major cyclical price reversal in cobalt, and the price of cobalt is expected to continue to rise in the next two years, with the central price possibly reaching above 35,000 yuan per ton.