CMOC(603993) 申万宏源证券·2025-04-02 15:39Investment 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]