从行业市盈率排名来看，公司所处的小金属行业市盈率平均70.62倍，行业中值52.32倍，洛阳钼业排名 第5位。 5月21日，洛阳钼业今日收盘7.48元，上涨3.03%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到10.44倍，创32天以来新低，总市值1608.14亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)5洛阳钼业10.4411.882.181608.14亿行业平均 70.6253.753.57182.47亿行业中值52.3254.213.43107.81亿1宜安科技-1318.227875.917.2979.19亿2永杉锂 业-61.33182.262.6746.33亿3华阳新材-45.26-14.9517.3927.83亿4翔鹭钨业-42.53-28.732.7525.72亿6金钼股 份10.8411.001.85328.15亿7锡业股份14.6416.401.25236.83亿8贵研铂业18.0118.291.45105.99亿9华锡有色 18.2918.752.97123.35亿10厦门钨业18.5918.201.93314.50亿11中钨高新26.6126.812 ...

•前次评级结果：洛阳栾川钼业集团股份有限公司（以下简称"公司"） 主体信用等级为 AAA，评级展望为稳定； "20 栾川钼业 MTN001"的债 项信用等级为 AAA。 股票代码：603993 股票简称：洛阳钼业 编号：2025—030 洛阳栾川钼业集团股份有限公司 关于公司主体及相关公司债券跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 上述信用评级报告全文详见上海证券交易所网站。 特此公告。 洛阳栾川钼业集团股份有限公司董事会 二零二五年五月二十一日 •本次评级结果：公司主体信用等级为 AAA，评级展望为稳定；维持 "20 栾川钼业 MTN001"的债项信用等级为 AAA。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》 和《上海证券交易所公司债券上市规则》等有关规定，公司委托信用 评级机构中诚信国际信用评级有限责任公司（以下简称"中诚信国 际"），对本公司于 2020 年发行的中期票据"20 栾川钼业 MTN001"进 行跟踪信用评级。 公司前次评级结果：公司主体信用等级为 ...

洛阳栾川钼业集团股份有限公司 跟踪评级报告(2025) 编号：信评委函字[2025]跟踪 0205 号 洛阳栾川钼业集团股份有限公司 跟踪评级报告(2025) 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 21 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 ...

Summary of Luoyang Molybdenum Co., Ltd. Conference Call Industry and Company Overview - The conference call pertains to Luoyang Molybdenum Co., Ltd., a significant player in the copper and cobalt mining industry, with a focus on its production capabilities and financial performance for 2024 and 2025 [2][3][5]. Key Points and Arguments Production and Resource Allocation - Luoyang Molybdenum's copper production is projected to reach 650,000 tons in 2024 and 680,000 tons in 2025, exceeding the annual guidance of 600,000 to 660,000 tons [2][3]. - The company ranks approximately 11th to 12th globally in copper resources, with its production placing it among the top ten for the first time, making it the second Chinese company to achieve this [2][3]. - The company has significant copper resources totaling nearly 35 million tons, primarily from the TFM and KFM mines in the Democratic Republic of Congo [3]. Business Segment Profitability - The gross profit margin distribution for 2024 is as follows: copper mining accounts for nearly 70%, IXM trading company 14%, domestic molybdenum and tungsten approximately 10%, and Brazilian phosphate 6% [2][4]. - The main growth drivers are the copper and cobalt segments, along with the IXM trading company [2][4]. Strategic Advantages - Luoyang Molybdenum benefits from high-quality copper resources, with TFM being the fifth-largest copper mine and the second-largest cobalt mine globally, and KFM being the largest single copper-cobalt mine [7]. - The company has adopted a mining plus trading model through the acquisition of IXM, enhancing its pricing power in the industrial metals sector [7]. - As a large-cap private enterprise in the A-share non-ferrous metal sector, it is well-positioned for overseas expansion amid increasing geopolitical tensions [7]. Financial Performance - In 2024, the company achieved revenue exceeding 200 billion yuan, a 14% year-on-year increase, with a net profit of 13.532 billion yuan, up 64.03% [5][9]. - The first quarter of 2025 saw a profit of 3.946 billion yuan, a 90.47% increase year-on-year, with copper production reaching 170,000 tons [5][9]. - The forecast for 2025 net profit is 15.913 billion yuan, representing a 17% growth, with a current P/E ratio of less than 10, indicating high investment value [5][12]. Market Impact and Future Outlook - The suspension of strategic mineral exports by the Democratic Republic of Congo is expected to reduce available inventory and potentially increase product prices, positively impacting Luoyang Molybdenum in the short term [8]. - If a cobalt quota system is implemented, the company may experience a reduction in volume but an increase in price, significantly enhancing profitability [8]. Management and Growth Strategy - The company aims for copper production to exceed 600,000 tons in 2025, with a long-term goal of reaching 800,000 to 1,000,000 tons by 2028, supported by the TFM West and KFM Phase II projects [6][13]. - Recent acquisitions, such as Lumina Mining, are expected to contribute an average annual production of 10.5 tons of gold and 19,000 tons of copper, enhancing the company's valuation [6][13]. Additional Important Information - The company suggests analyzing sales confirmation over a six-month period due to potential timing discrepancies in sales recognition, which can provide a clearer view of production and sales balance [10]. - Financial expenses and tax rates have improved, with the financial expense ratio dropping to 1.16% and the tax rate decreasing to 30%, contributing to enhanced profit margins [11].

行业报告 | 行业研究周报 金属与材料 证券研究报告 宏观情绪回暖，看好基本金属向上修复 基本金属：关税政策缓和，宏观情绪回暖，铜铝价格向上修复。1）铜：本周铜价震荡，沪铜收于 77670 元/吨。宏观层面，中美贸易摩擦缓和，叠加美国通胀降温，4月 CPI 同比上涨2.3%，加大美联储降息概率， 整个宏观面上交易情绪回暖，提振铜价上行。基本面上，铜精矿现货 TC 继续回落，再度创历史新低，但下 跌速度放缓，本周随着铜价上行，国内再生铜供应紧张局面缓和，成交量有明显改善，但再生铜进口端仍 呈现下滑趋势。整体来看，5月部分铜材加工率环比4 月有所下滑，但好于去年同期，当前库存水平较低， 但需求已有走弱迹象，进人 5 月中下旬需求转为淡季，库存将由去库转为累库，对铜价的支撑作用减弱， 当前宏微观共振支撑短期铜价保持高位震荡运行。2）铝：本周铝价回升，沪铝收于 20190 元/吨，重新站 上 2 万大关。国内外宏观情绪大幅好转叠加中国铝锭社会库存持续降库，以及氧化铝价格上涨，现货铝价 上行。供应方面：本周山东地区电解铝企业继续向云南地区转移产能，广西地区电解铝企业有所复产。综 合来说，本周电解铝行业理论开工产能较上周 ...

Summary of Conference Call on Cobalt Industry Industry Overview - The Democratic Republic of Congo (DRC) is the largest cobalt supplier globally, contributing 76% of the world's cobalt supply in 2024 and expected to provide approximately 300,000 tons in 2025, with over 70% from DRC [3][4] - DRC's export restrictions are causing significant disruptions in global supply, potentially shifting the cobalt market from surplus to a balanced state in 2025 [1][4] Key Points and Arguments - DRC's export restrictions could impact about one-third of the annual supply if they last for four months, likely leading to an increase in cobalt prices [1][3] - The introduction of steel policies has led to a revaluation of cobalt-related stocks, with a focus on DRC's export policy changes and potential supply-demand mismatches that could trigger a second price surge [1][5] - The DRC government may extend export restrictions or implement quota controls to elevate prices and increase tax revenue, which will have lasting effects on the market [1][6] - Domestic companies show significant inventory disparities, with many lacking strong stocking intentions during low-price periods, leading to rapid inventory depletion and increased market tension, which is expected to drive prices higher [1][7] - Indonesia's cobalt production is limited and cannot significantly fill the domestic supply gap, exacerbating the situation as DRC's exports remain constrained [1][8] Price Projections - Current cobalt prices are around 240,000 CNY, with expectations to rise to 300,000-350,000 CNY due to tight supply conditions [1][8] Notable Companies and Investment Opportunities - Huayou Cobalt and Lican Resources are highlighted as companies benefiting from cobalt price fluctuations, with relatively low valuations [3][9] - Luoyang Molybdenum Co. is expected to see significant profit increases from rising cobalt prices, with projections indicating a potential profit increase of 2 billion CNY for every 50,000 CNY rise in cobalt prices [3][12] - The company anticipates achieving copper and cobalt production close to the upper limits of its guidance for 2025, with significant cost control measures in place [10][11] Market Dynamics - The market is expected to experience tightening conditions, which will likely push prices further upward [7][8] - The recent steel policy changes and supply-demand mismatches are critical factors to monitor for future price movements [5][6] Conclusion - The cobalt market is undergoing significant changes due to DRC's export policies and domestic inventory levels, with potential for price increases and investment opportunities in key companies like Huayou Cobalt, Lican Resources, and Luoyang Molybdenum Co. [1][3][9]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.2 CNY per share [5]. Core Views - The company aims to become a world-class mining enterprise by acquiring gold mines and promoting organizational upgrades [10]. - The company has shown strong revenue growth, with a 14% year-on-year increase in 2024 revenue to 213 billion CNY and a 64% increase in net profit to 13.5 billion CNY [1]. - The company is focusing on cost reduction and efficiency improvement, with significant increases in copper and cobalt production planned for 2024 and beyond [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year, but net profit increased by 90% to 3.95 billion CNY [1]. - The company expects revenues of 213.57 billion CNY, 218.09 billion CNY, and 223.87 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 15.02 billion CNY, 16.04 billion CNY, and 16.70 billion CNY [11][12]. Production and Sales - The company achieved significant production targets in 2024, with copper and cobalt production increasing by 55% and 106% year-on-year, respectively [2]. - The production guidance for 2025 is set at 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Pricing and Profitability - The average copper price in 2024 was 9,147 USD/ton, an 8% increase year-on-year, while cobalt prices saw a significant rebound in Q1 2025 [3]. - The gross profit for the copper segment in 2024 was 21.04 billion CNY, with a gross margin of 30.5% [3]. Strategic Initiatives - The company plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - A new management team has been introduced to enhance organizational efficiency and drive the company's strategic goals [10].

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4月30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5月6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 ...