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 plans, 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 profit margins for copper and cobalt increased by 4.96 percentage points and decreased by 2.70 percentage points, respectively, reaching 50.26% and 34.31% [2] - The company’s revenue is projected to continue growing, with estimates of 219.58 billion yuan in 2025 and 224.57 billion yuan in 2026 [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] Price and Cost Analysis - 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 sales costs for copper and cobalt decreased by 12.47% and 26.25%, respectively, to 30,200 yuan per ton and 52,700 yuan per ton [2] Future Outlook - The company has provided production guidance for 2025, expecting copper production of 600,000 to 660,000 tons and cobalt production of 100,000 to 120,000 tons, indicating sustained high levels of output [4] - The company’s net profit forecasts for 2025, 2026, and 2027 are 148.8 billion yuan, 160.3 billion yuan, and 180.6 billion yuan, respectively, with corresponding PE ratios of 11.3, 10.5, and 9.3 [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has significantly increased its copper and cobalt production, with copper production ranking among the top ten globally [6][8] - The company achieved a revenue of 213.03 billion yuan in 2024, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% year-on-year [5][6] - The report slightly raises profit forecasts due to the upward trend in copper prices and effective cost control in copper and cobalt products [9] Summary by Sections Production and Sales Performance - In 2024, the company produced 650,200 tons of copper, a year-on-year increase of 54.97%, and sold 689,500 tons, up 66.28% [6] - Cobalt production reached 114,200 tons, a 105.61% increase, with sales soaring by 266.23% to 108,900 tons [6] - Other products include molybdenum production of 15,400 tons (down 1.53%) and tungsten production of 8,288 tons (up 3.92%) [6] Cost Control and Pricing - The average international copper price in 2024 was $9,147 per ton, up 7.83% year-on-year, while the international cobalt price fell by 25.48% to $11.26 per pound [7] - The company successfully reduced copper sales costs to 30,200 yuan per ton from 34,500 yuan per ton in 2023, and cobalt sales costs dropped from 72,200 yuan per ton to 52,700 yuan per ton [7] Project Developments - The KFM and TFM projects in the Democratic Republic of Congo have reached full production capacity, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt [8] - The company is preparing for further expansion, with successful deep exploration results and a signed agreement for a 200 MW hydropower project [8] Profit Forecasts - Projected revenues for 2025-2027 are 220.77 billion yuan, 230.53 billion yuan, and 238.74 billion yuan, respectively, with net profits of 14.85 billion yuan, 15.94 billion yuan, and 16.73 billion yuan [11][12] - The current stock price corresponds to a PE ratio of 11.6, 10.8, and 10.3 for the years 2025, 2026, and 2027, respectively [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has significantly increased its copper and cobalt production, with copper production ranking among the top ten globally [6][8] - The company achieved a revenue of 213.03 billion yuan in 2024, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% year-on-year [5][6] - The report highlights effective cost control measures leading to a decrease in production costs for copper and cobalt [7][8] Summary by Sections Production and Sales Performance - In 2024, the company produced 650,200 tons of copper, a year-on-year increase of 54.97%, and sold 689,500 tons, up 66.28% [6] - Cobalt production reached 114,200 tons, a 105.61% increase, with sales soaring by 266.23% to 108,900 tons [6] - Other products showed varied performance, with molybdenum production slightly declining and tungsten production increasing by 3.92% [6] Price and Cost Management - The average international copper price in 2024 was $9,147 per ton, up 7.83% year-on-year, while the cobalt price fell by 25.48% to $11.26 per pound [7] - The company successfully reduced its copper sales cost to 30,200 yuan per ton from 34,500 yuan per ton in 2023, and cobalt sales cost decreased from 72,200 yuan per ton to 52,700 yuan per ton [7] Project Developments - The KFM and TFM projects in the Democratic Republic of Congo have reached full production capacity, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt [8] - The company is preparing for further expansion, with ongoing deep exploration and infrastructure development [8] Financial Forecast - Revenue forecasts for 2025-2027 are 220.77 billion yuan, 230.53 billion yuan, and 238.74 billion yuan, respectively, with net profits projected at 14.85 billion yuan, 15.94 billion yuan, and 16.73 billion yuan [9][11] - The current stock price corresponds to a price-to-earnings ratio (PE) of 11.6, 10.8, and 10.3 for the years 2025, 2026, and 2027, respectively [9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in both revenue and profit, with 2024 revenue expected to exceed 200 billion RMB for the first time, reaching 213.03 billion RMB, a year-on-year increase of 14.37%. The net profit attributable to shareholders is projected to be 13.53 billion RMB, a 64.03% increase year-on-year [6] - The company has successfully increased production across its main mineral products, with copper production reaching 650,200 tons, a 55% increase year-on-year, making it one of the top ten copper producers globally [6] - The financial situation of the company continues to improve, with a net operating cash flow of 32.39 billion RMB, a year-on-year increase of 108.38%, and a reduction in the debt-to-asset ratio to 49.52%, down 8.88 percentage points year-on-year [6] Summary by Sections Market Performance - The closing price of the stock is 7.98 RMB, with a total market capitalization of approximately 171.56 billion RMB [3] Financial Data - The company reported a net profit of 13.53 billion RMB for 2024, with a projected net profit of 15.57 billion RMB for 2025, reflecting a growth rate of 15.07% [7] - The earnings per share (EPS) for 2024 is expected to be 0.63 RMB, increasing to 0.72 RMB in 2025 [7] Production and Cost Efficiency - The company has achieved record production levels in copper, cobalt, niobium, and phosphate fertilizers, with significant reductions in unit operating costs for copper and cobalt [6] - The unit gross profit for copper is 30,500 RMB/ton, a year-on-year increase of 6.74% [6] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 15.57 billion RMB, 18.08 billion RMB, and 19.83 billion RMB, respectively, with corresponding P/E ratios of 11.02, 9.49, and 8.65 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][20]. Core Views - The company is expected to achieve a 64% year-on-year growth in net profit for 2024, with projected revenue of 213 billion yuan, representing a 14.4% increase. The net profit is forecasted to reach 13.53 billion yuan, while the non-recurring net profit is expected to be 13.12 billion yuan, reflecting a significant increase of 110.5% [5][6]. - The company is actively working towards a target of one million tons of copper production, with successful exploration results from TFM and KFM projects. Additionally, the company has made progress in power supply construction with a signed agreement for a 200MW hydropower project in the Democratic Republic of Congo [13][15]. - The company has demonstrated significant cost reductions in copper and cobalt production, with copper costs dropping to 30,194 yuan per ton in 2024 from 34,500 yuan per ton in 2023, and cobalt costs decreasing to 52,740 yuan per ton from 72,158 yuan per ton [6][7]. Financial Projections - For 2024, the company is projected to generate revenue of 213 billion yuan, with a net profit of 13.53 billion yuan. The expected revenue growth rates for 2025, 2026, and 2027 are 20.5%, 3.6%, and 3.7%, respectively [3][18]. - The estimated diluted earnings per share (EPS) for 2025, 2026, and 2027 are 0.71 yuan, 0.80 yuan, and 0.93 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 11.4, 10.1, and 8.7 [18][19]. - The company is expected to maintain a return on equity (ROE) of 19.1% in 2024, increasing to 20.5% by 2027 [3][18].

Core Viewpoint - Luoyang Molybdenum achieved record revenue and net profit in 2024, marking significant growth in its copper and cobalt business, and positioning itself among the top ten copper producers globally [2][5][6]. Financial Performance - In 2024, Luoyang Molybdenum reported revenue of 2130.29 billion RMB, a year-on-year increase of 14.37% [2][5]. - The net profit attributable to shareholders reached 135.32 billion RMB, up 64.03% year-on-year, marking the first time it surpassed 100 billion RMB [2][5]. - The company's cash flow from investment activities improved significantly, with a net cash flow of -11.60 billion RMB, an increase of 89.12% compared to the previous year [2][9]. Business Operations - The company operates two world-class mines in the Democratic Republic of Congo (DRC), TFM and KFM, which contributed significantly to its revenue [6][11]. - In 2024, copper production reached 650,200 tons, a 55% increase year-on-year, making it one of the top ten copper producers globally [6][7]. - Cobalt production also saw substantial growth, with an output of 114,200 tons, a 106% increase year-on-year [7]. Market Position and Strategy - Luoyang Molybdenum's copper and cobalt businesses are expected to continue growing, with a focus on enhancing operational efficiency and management effectiveness [10]. - The company plans to distribute dividends of 54.56 billion RMB, representing 40.32% of its net profit [8]. - The management emphasized a cautious investment approach, adapting to market conditions and strategic development [3][9]. Industry Outlook - The copper market is anticipated to experience tight supply in 2025, driven by strong demand and potential disruptions in supply [10]. - The cobalt market is expected to gradually alleviate the oversupply situation, with the DRC's recent export suspension potentially supporting price recovery [11].

洛阳钼业（603993.SH） 证券研究报告 | 年报点评报告 gszqdatemark 2025 03 25 年 月 日 盈利预测：考虑到刚果金钴矿出口暂停，国际钴供给波动明显，钴价中枢 上行；叠加宏观利好与需求预期催化下铜价中枢向上弹性，业绩有望持续 增长。预计 2025-2027 年归母净利润分别为 146.4/169.1/187.2 亿元，对 应 PE 为 11.2/9.7/8.8 倍，维持"买入"评级。 风险提示：下游需求不及预期风险，项目进展不及预期风险，美联储超预 期紧缩风险等。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 186,269 | 213,029 | 229,768 | 240,764 | 250,141 | | 增长率 yoy（%） | 7.7 | 14.4 | 7.9 | 4.8 | 3.9 | | 归母净利润（百万元） | 8,250 | 13,532 | 14,641 | 16,915 | 18,718 | | 增长率 ...

Q&A 洛阳钼业在 2024 年的整体业绩表现如何？ 2024 年，洛阳钼业的整体业绩再创新高，实现了营业收入 2,130.29 亿元，同 比增长 14%；归母净利润 135.32 亿元，同比增长 64%；经营性现金净流入 323.87 亿元，同比增长 108%。资产负债率为 49.52%，同比下降近九个百分点； • 洛阳钼业 2024 年营收 718.87 亿元，同比增长 108%，归母净利润 135 亿元， 同比增长 52 亿，经营性现金流 323 亿，同比增长 168 亿，净资产收益率达 20.96%。董事会决议分红，每 10 股派 2.55 元，A 股股息率约 3.42%，H 股 股息率约 4.51%，分红比例超 40%。 • 公司核心产品铜产量显著提升，2024 年铜产量达 65 万吨，进入全球前十 大铜生产商行列。TFM 矿山拥有 45 万吨铜产能，KFM 矿山拥有 15 万吨产能， 并计划未来形成 80-100 万吨铜产能。 • 洛阳钼业在 ESG 方面取得显著成效，全球直接经济贡献达 1,900 亿元人民 币。铜产品碳排放密度低于全球 70%的矿业公司，可再生能源占比 36%，循 环用水占比 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. achieved record performance in 2024, with net profit attributable to shareholders reaching 13.532 billion yuan, marking a significant milestone in the company's history [1] Financial Performance - The company's operating revenue surpassed 200 billion yuan for the first time, reaching 213.029 billion yuan, a year-on-year increase of 14.37% [1] - Operating cash flow for 2024 was 32.387 billion yuan, up 108.38% year-on-year [1] - The asset-liability ratio decreased for the third consecutive year, down 8.88 percentage points to 49.52% [1] Production Capacity - Copper production reached 650,200 tons, placing the company among the top ten globally [1] - Other production figures for 2024 include cobalt at 114,200 tons, niobium at 10,024 tons, phosphate fertilizer at 1.18 million tons, tungsten at 8,288 tons, and molybdenum at 15,396 tons, maintaining a leading position in the industry [1] Global Operations - The company is advancing its global mining layout, particularly in the Democratic Republic of Congo, enhancing production capabilities [1] - The trading segment IXM achieved a net profit of 1.353 billion yuan, a 48% increase year-on-year, marking a historical high [1] Efficiency Improvements - The company has improved production efficiency through technological upgrades and management enhancements [1] - Specific projects, such as KFM, have seen significant increases in recovery rates and production volumes while reducing costs [1] ESG Commitment - Luoyang Molybdenum maintained an AA rating in MSCI ESG, ranking in the top 13 of the global non-ferrous metals industry [1] - The company reported that its copper product carbon emission density is lower than 70% of global mining companies, and it disclosed Scope 3 carbon emissions data for the first time [1] - The global economic contribution reached 191 billion yuan, with community investments totaling 29.2 million yuan [1] Strategic Outlook - The company is entering a new development phase, emphasizing organizational change and management upgrades [1] - The board highlighted that the achievements of 2024 are not only a milestone but also a starting point for further transformation and innovation [1] - Future strategies will focus on maintaining strategic determination and enhancing global resource integration capabilities [1]

洛阳栾川钼业集团股份有限公司 内部控制审计报告 一、企业对内部控制的责任 内部控制审计报告 德师报(审)字(25)第 S00152 号 洛阳栾川铝业集团股份有限公司全体股东: 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是洛阳铝业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 Deloit 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了洛 阳栾川铝业集团股份有限公司(以下简称"洛阳钼业")2024年 12月 31 日财务报告内部控制的 有效性。 2025年3月21日 - 1 - WorldC Filler 德勒华永 曲合伙) 中国注册会计师: 中国注册会计师: 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定 ...