Investment Rating - The investment rating for Luoyang Molybdenum Co., Ltd. is "Buy" (maintained) [1][13] Core Views - The company achieved a revenue of 213 billion yuan in 2024, representing a year-on-year growth of 14%, and a net profit attributable to shareholders of 13.5 billion yuan, up 64% year-on-year [3][6] - The copper production for 2024 was 650,200 tons, exceeding initial guidance of 520,000 to 570,000 tons, with a significant increase in both production and sales of cobalt [6][7] - The company is entering a capacity release phase, with projected net profits for 2025-2027 expected to be 14.68 billion, 16.38 billion, and 17.42 billion yuan respectively [7][11] Summary by Sections Financial Performance - Revenue for 2023 was 186.27 billion yuan, with projections of 211.86 billion yuan for 2025 and 220.73 billion yuan for 2027 [1] - Net profit attributable to shareholders was 8.25 billion yuan in 2023, expected to rise to 14.68 billion yuan in 2025 and 17.42 billion yuan in 2027 [1] - Earnings per share (EPS) is projected to increase from 0.38 yuan in 2023 to 0.68 yuan in 2025 and 0.81 yuan in 2027 [1] Production and Sales - Copper production in 2024 reached 650,200 tons, a 65.02% increase year-on-year, while cobalt production was 114,200 tons, up 105.61% [6][7] - The average price of copper on the LME was $9,268 per ton in 2024, reflecting an 8.72% increase year-on-year [6] Profitability - The copper segment achieved a gross profit of 21.037 billion yuan in 2024, with a gross margin increase from 45.3% to 50.26% [6] - The tungsten segment saw a gross profit of 1.187 billion yuan, up 34.71% year-on-year, with a gross margin increase from 59.54% to 65.15% [6] Future Outlook - The company aims to produce 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt in the Democratic Republic of Congo by 2025 [7] - The projected net profits for 2025-2027 are 14.68 billion, 16.38 billion, and 17.42 billion yuan, with corresponding P/E ratios of 11.1, 10.0, and 9.4 [7][11]

Core Viewpoint - The company reported its 2024 performance, meeting expectations with significant growth in revenue and net profit driven by increased production and favorable pricing of key products [1][2]. Financial Performance - In 2024, the company achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 13.53 billion yuan, up 64.0% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 58.27 billion yuan, a year-on-year increase of 6.8% and a quarter-on-quarter increase of 12.2%, with a net profit of 5.26 billion yuan, down 9.43% year-on-year but up 84.2% quarter-on-quarter [1]. Production and Sales - In 2024, the company exceeded production guidance, ranking among the top ten copper producers globally, with significant increases in production across various metals: copper production reached 650,000 tons (up 55% year-on-year), cobalt production 114,000 tons (up 106% year-on-year) [2]. - The sales figures for 2024 included copper sales of 690,000 tons (up 77% year-on-year) and cobalt sales of 109,000 tons (up 266% year-on-year) [2]. Cost Management - The unit sales cost for copper in 2024 was 30,000 yuan per ton, a decrease of 12.5% year-on-year, while the unit sales cost for cobalt was 53,000 yuan per ton, down 26.9% year-on-year [2]. Future Outlook - For 2025, the company set production guidance for copper at 600,000 to 660,000 tons and for cobalt at 100,000 to 120,000 tons, with plans for further expansion and new projects [3]. - The company aims to achieve an annual copper production of 800,000 to 1,000,000 tons within the next five years as part of its strategic development goals [3]. Investment Rating - The company maintains a "buy" rating, with revised profit forecasts for 2025-2027 due to rising copper and cobalt prices, projecting net profits of 14.77 billion yuan, 16.77 billion yuan, and 18.06 billion yuan respectively for those years [4].

Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum Co., Ltd. [1] Core Insights - The company achieved a record performance in 2024, entering the top ten global copper producers, with significant increases in copper and cobalt production and sales [6][7] - The revenue for 2024 reached 213.03 billion yuan, a year-on-year increase of 14.4%, while the net profit attributable to shareholders was 13.53 billion yuan, up 64% year-on-year [6][7] - The company has set ambitious production targets for the next five years, aiming for annual copper production of 800,000 to 1,000,000 tons [6] Financial Performance Summary - Total revenue projections for 2025 are estimated at 214.3 billion yuan, with a slight growth of 0.6% year-on-year [5] - The net profit for 2025 is projected to be 14.77 billion yuan, reflecting a 9.1% increase compared to 2024 [5] - The gross profit margin is expected to improve to 18.0% in 2025, up from 16.5% in 2024 [5] Production and Cost Insights - In 2024, the company produced 650,000 tons of copper, a 55% increase year-on-year, and 114,000 tons of cobalt, a 106% increase year-on-year [6] - The unit sales cost for copper in 2024 was 30,000 yuan per ton, down 12.5% year-on-year, while cobalt's unit sales cost was 53,000 yuan per ton, down 26.9% year-on-year [6] Future Outlook - The company plans to expand its production capacity, with existing projects reaching full capacity and new expansion projects in preparation [6] - The updated profit forecasts for 2025-2027 are 14.77 billion yuan, 16.77 billion yuan, and 18.06 billion yuan, respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [8][18]. Core Insights - The company achieved a record high production output in 2024, leading to better-than-expected financial performance, with a revenue of 213.03 billion yuan, up 14.37% year-on-year, and a net profit of 13.53 billion yuan, up 64.03% year-on-year [3][4]. - The cobalt segment is expected to see positive profit growth in 2025, despite a projected decline in sales volume due to policy changes in the Democratic Republic of Congo [5][6]. Financial Performance - In 2024, the company reported a revenue of 213,029 million yuan and a net profit of 13,532 million yuan, with a significant increase in net profit margin [3][7]. - The company’s copper production reached 650,000 tons, a 55% increase year-on-year, positioning it among the top ten global producers [4]. - The average copper price in 2024 reached a historical high of 9,268.9 USD/ton, reflecting an 8.7% increase year-on-year [5]. Production and Inventory - The company successfully ramped up production at major projects, achieving a total copper production capacity of 600,000 tons in the Democratic Republic of Congo [4]. - As of the end of 2024, the company held significant inventories, including 100,000 tons of copper and 42,000 tons of cobalt [4]. Profit Forecast - The profit forecast for 2025-2027 anticipates net profits of 14,875 million yuan, 17,150 million yuan, and 19,942 million yuan respectively, with corresponding EPS of 0.69, 0.80, and 0.93 yuan per share [6][12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 ...

据了解，中证内地主题系列指数包括中证内地消费主题指数、中证内地资源主题指数、中证内地运输主 题指数、中证内地银行主题指数、中证内地地产主题指数等指数，以反映沪深市场各重要主题类上市公 司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 跟踪内地资源的公募基金包括：民生加银中证内地资源C、民生加银中证内地资源A。 从指数持仓来看，中证内地资源主题指数十大权重分别为：紫金矿业（16.63%）、中国神华 （7.05%）、中国石油（5.19%）、中国石化（4.66%）、陕西煤业（4.28%）、中国铝业（3.3%）、北 方稀土（3.2%）、中国海油（3.03%）、洛阳钼业（2.99%）、山东黄金（2.71%）。 金融界3月31日消息，上证指数下跌0.46%，中证内地资源主题指数 (内地资源，000944)下跌0.42%，报 3390.97点，成交额331.77亿元。 从中证内地资源主题指数持仓样本的行业来看，原材料占比64.98%、能源占比35.02%。 数据统计显示，中证内地资源主题指数近一个月上涨7.17%，近三个月上涨1.59%，年至今上涨2.24%。 资料显示，指数样本每半年调整一 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 135.32 billion yuan, up 64.03% year-on-year [4][13] - The Congo copper and cobalt production continues to contribute significantly, with the mining and trading sectors driving growth [5][25] - The company plans to maintain a high dividend payout, with a proposed cash dividend of 2.55 yuan per 10 shares, translating to a cash dividend ratio of approximately 40.32% [6][20] Financial Performance - In Q4 2024, the company achieved a revenue of 582.74 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 52.59 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [4][13] - The mining and processing sector generated revenue of 652.60 billion yuan in 2024, up 46.59% year-on-year, while the mineral trading sector achieved revenue of 1883.56 billion yuan, up 12.06% year-on-year [5][22] - The company’s copper and cobalt production reached 65.02 and 11.42 million tons respectively in 2024, with year-on-year increases of 54.97% and 105.61% [5][29] Industry Outlook - The copper market is expected to remain tight due to aging mines and policy changes, with domestic copper prices averaging around 75,000 yuan per ton in 2024, a 9.69% increase from 2023 [7][31] - The cobalt market is also anticipated to tighten following the Congo's export ban, with domestic cobalt prices around 200,000 yuan per ton in 2024, down 26.23% year-on-year, but showing signs of recovery [7][40] - The company expects net profits for 2025-2027 to be 154.4, 167.3, and 173.5 billion yuan respectively, with corresponding P/E ratios of 10.85, 10.01, and 9.65 [8][44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 135.32 billion yuan, up 64.03% year-on-year [4][13] - The Congo copper and cobalt production continues to contribute significantly, with the mining and trading sectors driving growth [5][25] - The company plans to maintain a high dividend payout, with a proposed cash dividend of 2.55 yuan per 10 shares, translating to a cash dividend ratio of approximately 40.32% [6][20] Financial Performance - In Q4 2024, the company achieved a revenue of 582.74 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 52.59 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [4][13] - The mining and processing sector generated revenue of 652.60 billion yuan, up 46.59% year-on-year, while the mineral trading sector achieved revenue of 1883.56 billion yuan, up 12.06% year-on-year [5][22] - The company’s copper product revenue reached 418.57 billion yuan, a 70.18% increase year-on-year, and cobalt product revenue was 87.43 billion yuan, up 156.71% year-on-year [5][25] Production and Capacity - The company’s copper and cobalt production for 2024 was 65.02 million tons and 11.42 million tons, respectively, representing increases of 54.97% and 105.61% year-on-year, exceeding previous guidance [5][29] - The TFM project in Congo has successfully ramped up production, contributing to the company’s increased capacity [29] Market Outlook - The report indicates that copper prices are expected to rise due to supply constraints and supportive policies, with the average domestic copper price in 2024 estimated at approximately 75,000 yuan per ton, a 9.69% increase from 2023 [7][31] - Cobalt prices are anticipated to recover following an export ban imposed by the Congo government, which is expected to tighten supply [40][43] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 154.4 billion yuan, 167.3 billion yuan, and 173.5 billion yuan, respectively, with corresponding P/E ratios of 10.85, 10.01, and 9.65 [8][44] - The report maintains a "Buy" rating based on the company’s strong performance and favorable market conditions [8][44]

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by increased production and favorable market conditions in the copper and cobalt sectors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 13.53 billion yuan, up 64.03% year-on-year [1]. - For Q4 2024, the company recorded operating revenue of 58.27 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 5.26 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [1]. Segment Performance - The mining and processing sector generated revenue of 65.26 billion yuan in 2024, a year-on-year increase of 46.59%, while the mineral trading sector achieved revenue of 188.36 billion yuan, up 12.06% year-on-year [2]. - Revenue from copper products reached 41.86 billion yuan, reflecting a year-on-year increase of 70.18%, and cobalt product revenue was 8.74 billion yuan, up 156.71% year-on-year [2]. - The company’s copper and cobalt production for 2024 was 650,200 tons and 114,200 tons, respectively, representing year-on-year increases of 54.97% and 105.61%, both exceeding guidance [2]. Financial Health and Dividends - The company's debt-to-asset ratio improved to 49.52%, a decrease of 8.88 percentage points year-on-year, indicating enhanced asset quality [2]. - The company plans to distribute a cash dividend of 2.55 yuan per 10 shares (including tax) for 2024, with a cash dividend payout ratio of approximately 40.32% [2]. - The company commits to maintaining a cash dividend payout ratio exceeding 40% of the net profit attributable to shareholders for the years 2024-2026, subject to normal operations and future development needs [2]. Market Outlook - The domestic copper spot price is expected to average around 75,000 yuan per ton in 2024, with supply constraints due to aging mines and policy changes abroad, suggesting upward price momentum for copper [3]. - The domestic cobalt spot price is projected to be around 200,000 yuan per ton in 2024, down 26.23% year-on-year, but may rebound due to export restrictions from the Democratic Republic of Congo [3]. Investment Recommendations - The company’s projected net profits for 2025, 2026, and 2027 are 15.44 billion yuan, 16.73 billion yuan, and 17.35 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.85, 10.01, and 9.65 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a record high in copper production and exceeded revenue expectations, with a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37% [1] - The company’s main products, copper and cobalt, saw significant production increases, with copper production reaching 650,200 tons, a 55% year-on-year growth, and cobalt production at 114,200 tons, a 106% increase [2] - The company is advancing a new round of copper capacity expansion, aiming for a copper production target of 800,000 to 1,000,000 tons by 2028, indicating strong long-term growth potential [4] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 135.32 billion yuan, a year-on-year increase of 64.03% [1] - The gross margin for copper and cobalt improved by 4.96 percentage points and decreased by 2.70 percentage points, respectively, resulting in gross margins of 50.26% for copper and 34.31% for cobalt [2] - The company’s revenue and net profit forecasts for 2025 to 2027 are 219.58 billion yuan, 160.30 billion yuan, and 180.60 billion yuan, respectively, with corresponding PE ratios of 11.3, 10.5, and 9.3 [4][5] Production and Capacity - The company successfully completed its production targets for all major products in 2024, exceeding the upper limits of its production guidance [3] - The production completion rates for copper, cobalt, molybdenum, tungsten, niobium, and phosphate were 119%, 176%, 114%, 118%, 106%, and 103%, respectively [3] - The company is also focusing on cost control, with sales costs for copper and cobalt decreasing by 12.47% and 26.25%, respectively [2] Market Conditions - The average price for LME copper in 2024 was $9,147 per ton, a year-on-year increase of 7.83%, while the average price for MB cobalt metal was $11.26 per pound, a decrease of 25.48% [2] - The company’s EBITDA for 2024 is projected to be 34,626.28 million yuan, reflecting a significant increase from the previous year [5]