CMOC(603993) Tebon Securities·2024-10-30 00:23Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum (603993.SH) [1] Core Views - The company has shown significant growth in revenue and net profit, driven by increased production and sales of copper and cobalt products, as well as improved lean management practices [3][4] - The company reported a revenue of 154.75 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.52%, and a net profit attributable to shareholders of 8.27 billion yuan, up 238.62% year-on-year [3][4] - The report highlights the successful completion of two world-class projects in the Democratic Republic of Congo, contributing to a substantial increase in production [4] Financial Performance - For the first three quarters of 2024, the company achieved a copper production of 476,000 tons, a year-on-year increase of 78.20%, and cobalt production of 85,000 tons, up 127.39% [4] - The average copper price in Q3 2024 was reported at 75,200 yuan per ton, down 5.7% from the previous quarter, while cobalt prices fell significantly by 18.9% [4] - The company's operating cash flow for the first three quarters of 2024 was 17.28 billion yuan, a year-on-year increase of 71.1% [3] Production and Sales - The report indicates that the company’s tungsten and niobium phosphate products have seen continuous production breakthroughs, while molybdenum production has slightly decreased [5] - The company’s tungsten production for the first three quarters of 2024 was 6,129 tons, a year-on-year increase of 3.79%, while molybdenum production was 11,334 tons, down 6.34% [5] Future Outlook - The report forecasts that the company’s net profit attributable to shareholders will reach 11.4 billion yuan in 2024, with a year-on-year growth rate of 38.2% [6] - The company is planning to expand its production capacity in Africa, with potential projects for TFM Phase III and KFM Phase II [6]