券 研 究 2024 年 08 月 28 日 | --- | --- | --- | |----------------------------------------------------------------|------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 铜钴产品销量大增，降本增效有成果 | | | | —洛阳钼业（603993.SH）公司事件点评报告 | | 买入(维持) | | 事件 | | 分析师：傅鸿浩 | S1050521120004 | 洛阳钼业发布 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a record high net profit attributable to shareholders of 54 billion yuan in the first half of 2024, representing a year-on-year increase of 670.4% [1] - The copper segment is the primary source of gross profit, contributing 119 billion yuan, which accounts for 63% of total gross profit [2] - The company expects copper production to exceed the annual report guidance, with a projected annual output of 62.8 million tons based on the first half results [2] Summary by Relevant Sections Financial Performance - The company reported revenue of 102.8 billion yuan in the first half of 2024, up 18.6% year-on-year, and 567 billion yuan in Q2, reflecting a 33.6% year-on-year increase [1] - The gross profit for the first half was 188.9 billion yuan, with a significant contribution from the copper segment [2] Production Capacity - The TFM project in the Democratic Republic of Congo has reached a production capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth-largest copper mine globally [2] - The company’s copper production in the first half of 2024 was 314,000 tons, a year-on-year increase of approximately 101% [2] Future Outlook - The company has a five-year plan to double copper production to 800,000 to 1,000,000 tons by 2028 [2] - The projected net profits for 2024-2026 are 119 billion, 156.3 billion, and 166.7 billion yuan, respectively, with corresponding PE ratios of 13, 10, and 10 times [2][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][28]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 102.82 billion yuan, up 18.6% year-on-year, and net profit attributable to shareholders soaring by 670.4% to 5.42 billion yuan [6][10]. - The Congo copper and cobalt segment showed strong performance, with copper production increasing by 100.74% to 313,800 tons and cobalt production rising by 178% to 54,000 tons in the first half of 2024 [6][10]. - The company is entering a capacity release year, with plans to achieve annual copper production of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons in the next five years [28][29]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 172.99 billion yuan, Net profit of 6.07 billion yuan - 2023A: Revenue of 186.27 billion yuan, Net profit of 8.25 billion yuan - 2024E: Revenue of 203.09 billion yuan, Net profit of 11.31 billion yuan - 2025E: Revenue of 204.33 billion yuan, Net profit of 13.96 billion yuan - 2026E: Revenue of 213.71 billion yuan, Net profit of 16.70 billion yuan [5][6]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 0.38 yuan in 2024 to 0.77 yuan in 2026 [5][29]. - **Price-to-Earnings (P/E) Ratio**: - The P/E ratios are expected to decrease from 14.6 in 2024 to 9.9 in 2026, indicating a favorable valuation trend [5][29]. Segment Performance - **Congo Copper and Cobalt Segment**: - Revenue from this segment reached 12.32 billion yuan with a gross margin of 51% in the first half of 2024 [6][10]. - **Brazil Niobium and Phosphate Segment**: - The segment reported stable operations with niobium production increasing by 8.23% and phosphate production by 6.47% in the first half of 2024 [15][21]. - **IXM Trading Segment**: - The trading segment achieved revenue of 92.97 billion yuan, with a net profit of 664 million yuan, reflecting a 117% year-on-year increase [24][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) for both TFM and KFM with target prices of HKD 6.60 and RMB 8.70 respectively [1][4]. Core Insights - The company achieved a net profit attributable to shareholders of RMB 5.42 billion in H1 2024, representing a year-over-year increase of 670.4%. Revenue for the same period was RMB 102.82 billion, up 18.6% year-over-year [1]. - The copper production reached 310,000 tons and cobalt production was 54,000 tons in H1 2024, fulfilling 58% and 83% of the annual targets respectively. The company aims to achieve copper production of 800,000 to 1,000,000 tons by 2026-2028 [2]. - The copper and cobalt segment contributed significantly to profitability, with a gross margin of 52% in H1 2024, up from 42% in the previous year, driven by a 4% increase in copper prices year-over-year and a 16% increase quarter-over-quarter in Q2 2024 [3]. Financial Performance - For H1 2024, the company reported revenue of RMB 102.82 billion and a net profit of RMB 5.42 billion, with Q2 revenue at RMB 56.70 billion, showing a year-over-year increase of 33.6% and a quarter-over-quarter increase of 22.9% [1][2]. - The projected net profits for 2024, 2025, and 2026 are RMB 10.93 billion, RMB 12.76 billion, and RMB 17.63 billion respectively, indicating a strong growth trajectory [5]. - The company’s PE ratio for 2024 is estimated at 17.1X, compared to the average PE of comparable companies at 13.2X [1][6]. Production Capacity and Expansion - TFM's mixed ore project has successfully reached production capacity, with five production lines established, yielding an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth largest copper mine and second largest cobalt mine globally [2]. - KFM has established an annual production capacity of 150,000 tons of copper and 50,000 tons of cobalt, maintaining its position as the world's largest cobalt mine [2]. - The company is actively pursuing expansion projects, including the Nzilo II hydropower station cooperation agreement and ongoing exploration work for KFM Phase II [2].

公司事件点评 [Table_MainInfo] 业务完成度超指引均值，整体降本增效成果显著 [Table_Analysis] 有色金属——小金属 022-23839062 zhangke@bhzq.com 证券分析师 张珂 [Table_Picture] 最近半年股价相对走势 [Table_Report] 相关研究报告 《公司借资源禀赋发力，铜 钴双引擎带动增长——洛 阳钼业（603993）深度报告》 2024.3.29 ――洛阳钼业（603993）2024 年半年报点评 分析师： 张珂 SAC NO： S1150523120001 2024 年 8 月 26 日 [Table_Summary] 事件： 公司发布 2024 年半年报，实现营业收入 1,028.18 亿元，同比增长 18.56%； 归母净利润 54.17 亿元，同比增长 670.43%；扣非后归母净利 56.25 亿元，同 比增长 2,457.25%。 点评： 上半年产品产销两旺，业务完成度超指引均值 2024 年 H1，公司位于刚果的 TFM 矿和 KFM 矿保持快节奏生产，同时铜和钴 的回收率大幅提升；国内三道庄难选矿石钨和上房沟钼的回收率 ...

证券研究报告 | 2024年08月27日 证券分析师：刘孟峦 证券分析师：焦方冉 010-88005312 021-60933177 liumengluan@guosen.com.cn jiaofangran@guosen.com.cn S0980520040001 S0980522080003 收盘价 7.64 元 总市值/流通市值 165018/164254 百万元 52 周最高价/最低价 9.87/4.61 元 近 3 个月日均成交额 1186.92 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |---------------------|---------|---------|---------|---------|---------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 17 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved record performance in H1 2024, with revenue of 102.8 billion yuan, a year-on-year increase of 18.6%, and a net profit of 5.42 billion yuan, up 670.4% year-on-year [2][8]. - The significant profit growth is attributed to the increase in both volume and price of copper and cobalt products, with gross profit rising by 15.17 billion yuan [2][14]. - The company has exceeded production expectations for copper and cobalt, achieving 31.38 and 5.40 million tons respectively in H1 2024, which is 57.58% and 83.08% of the annual target [23][42]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 102.8 billion yuan, with mining contributing 31.44 billion yuan and trading 71.38 billion yuan, marking a 34% increase in revenue for Q2 compared to the previous quarter [2][8]. - The net profit for H1 2024 was 5.42 billion yuan, with Q2 net profit reaching 3.35 billion yuan, reflecting a 767% year-on-year increase [2][8]. Production and Sales - The copper and cobalt production in H1 2024 was significantly higher than expected, with copper production at 31.38 million tons (up 100.74% year-on-year) and cobalt at 5.40 million tons (up 178.22% year-on-year) [23][42]. - The company’s trading segment also performed well, with net profit increasing by 116.67% to 6.63 billion yuan [22][27]. Price Trends - The average price for copper in H1 2024 was 9,090 USD/ton, a 4.45% increase year-on-year, while cobalt prices fell by 20.44% to 12.22 USD/pound [19][20]. - The company’s gross margin improved significantly, particularly in the copper segment, which saw a gross margin of 52.4% [19][28]. Future Outlook - The company aims to increase copper production to 80-100 million tons and cobalt to 9-10 million tons by 2028, with a projected CAGR of 16.5% for copper and 11.3% for cobalt from 2023 to 2028 [42]. - The ongoing development of the TFM and KFM mines is expected to contribute significantly to future production increases [42].

有色金属/小金属 公 司 研 究 洛阳钼业（603993.SH） 2024 年 08 月 26 日 铜钴产量同比高增，业绩创历史新高 ——公司信息更新报告 投资评级：买入（维持） 李怡然（分析师） liyiran@kysec.cn 证书编号：S0790523050002 | --- | --- | |--------------------|-----------| | 日期 | 2024/8/23 | | 当前股价(元) | 7.42 | | 一年最高最低(元) | 9.87/4.61 | | 总市值(亿元) | 1,602.66 | | 流通市值(亿元) | 1,310.80 | | 总股本(亿股) | 215.99 | | 流通股本(亿股) | 176.66 | | 近 3 个月换手率(%) | 53.11 | 2024H1 归母净利同比增长达 670.43%，创历史新高 公司发布2024年半年度报告，2024H1实现营业收入1028亿元，同比增长18.56%， 实现归母净利润约 54.17 亿元，同比增加 670.43%，实现扣非归母净利润约 56.25 亿元，同比增长 2457.25%，均创历史新高 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—038 洛阳栾川钼业集团股份有限公司 第七届董事会第二次会议决议公告 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。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"或"公司"） 第七届董事会第二次会议通知于 2024 年 8 月 9 日以电子邮件方式发 出，会议于 2024 年 8 月 23 日以现场结合通讯方式召开。会议应参加 董事 8 名，实际参加董事 8 名。公司全体监事、首席财务官、董事会 秘书和董事会办公室相关工作人员列席了本次会议。本次会议的召 集、召开符合相关法律法规和本公司《公司章程》及有关规定，会议 决议合法、有效。会议由公司董事长袁宏林先生主持，经与会董事充 分讨论，审议通过如下议案： 该议案的表决结果为：8 票赞成, 0 票反对, 0 票弃权。 二、审议通过关于本公司增加2024年度日常关联交易预计金额的 议案。 该议案已经第七届董事会审计及风险委员会第二次会议及第七 届董事会第一次独立董事专门会议审议通过。 董事会认为该日常关联交易不存在损 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—042 洛阳栾川钼业集团股份有限公司 关于高级管理人员职务变动的公告 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。 2 公司董事会对周俊先生在任职期间所做出的贡献表示诚挚谢 意。 1 特此公告。 洛阳栾川钼业集团股份有限公司董事会 二零二四年八月二十三日 洛阳栾川钼业集团股份有限公司（以下简称"公司"）董事会近 日收到公司副总裁周俊先生的辞职报告。因个人原因，周俊先生申 请辞去公司副总裁职务。 根据《公司法》《公司章程》等有关规定，公司董事会接受其辞 呈，自 2024 年 8 月 23 日起生效。周俊先生确认与公司董事会并无 意见分歧，亦无任何与其辞任有关的，须提请公司股东或债权人注 意的事项。截至本公告披露日，周俊先生直接持有本公司股份 225 万股，占公司总股本的 0.01%。周俊先生将继续严格遵守《上市公 司股东减持股份管理暂行办法》、《上海证券交易所股票上市规则》 等法律法规的相关规定及相关承诺。此外，周俊先生不存在应当履 行而未履行的承诺事项。 ...