Financial Performance - The company's operating revenue reached a historical high of RMB 186.3 billion, representing an 8% year-on-year increase[11]. - Net profit attributable to shareholders hit a record high of RMB 8.25 billion, up 36% year-on-year[11]. - The company achieved a significant revenue increase of 187.24% in the Democratic Republic of Congo, totaling RMB 28 billion, with a gross profit of RMB 12.402 billion[19]. - The Chinese segment reported an operating revenue of RMB 8.611 billion, a 23.63% increase year-on-year, achieving the best historical performance[17]. - The company's operating revenue for 2023 reached RMB 186.27 billion, an increase of 7.68% compared to RMB 172.99 billion in 2022[28]. - Net profit attributable to shareholders was RMB 8.25 billion, representing a significant growth of 35.98% from RMB 6.07 billion in the previous year[28]. - The basic earnings per share increased to RMB 0.38, up 35.71% from RMB 0.28 in 2022[29]. - The company achieved a cash flow from operating activities of RMB 15.54 billion, a slight increase of 0.57% compared to RMB 15.45 billion in 2022[28]. - Total assets as of December 31, 2023, amounted to RMB 172.97 billion, reflecting a growth of 4.82% from RMB 165.02 billion in 2022[31]. - The company's total direct economic contribution for 2023 was approximately RMB 182.9 billion[27]. Production and Operations - The company maintained leading global resource volumes for copper (3,463.82 thousand tons), cobalt (524.64 thousand tons), molybdenum (136.25 thousand tons), tungsten (10.97 thousand tons), niobium (203.6 thousand tons), and phosphorus (8,222.63 thousand tons) as of 2023[9]. - In 2023, the company achieved copper production of over 520,000 tons and cobalt production of over 60,000 tons, positioning itself among the top ten copper producers globally and maintaining its status as the largest cobalt producer[39]. - The company aims to produce 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, 25,000 to 30,000 tons of molybdenum, and over 10,000 tons of niobium annually by 2024[38]. - The company reported a total operating income of CNY 168.08 billion for mineral trading, with a year-on-year increase of 5.67%[82]. - The mining and processing segment generated an operating income of CNY 44.52 billion, reflecting a significant year-on-year increase of 75.44%[82]. - The company produced 419,537 tons of copper, a 51% increase from 276,992 tons in 2022[66]. - Cobalt production reached 55,526 tons, marking a significant 174% increase from 20,286 tons in the previous year[66]. - Molybdenum output was 15,635 tons, a slight increase of 3% compared to 15,114 tons in 2022[66]. - The KFM project produced 113,700 tons of copper and 33,900 tons of cobalt in 2023, while the TFM project achieved an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt across five production lines[69]. Strategic Initiatives - The company is positioned as the world's largest cobalt producer and aims to enter the top ten copper producers globally by 2024[13][19]. - The company plans to leverage its Brazilian operations in niobium and phosphorus to support strategic metal development in 2024[21]. - In January 2024, the company signed an agreement to establish a pilot plant for lithium extraction in Bolivia, marking a strategic move into lithium production[10]. - The company plans to deepen cooperation with CATL to accelerate projects in the African battery value chain and the lithium lake industry chain in Bolivia[79]. - The company is focusing on resource acquisition in response to market fluctuations, particularly in new energy metals like nickel, lithium, and cobalt[43]. - The company aims to enhance global governance capabilities and improve operational efficiency through a refined international operational system and digitalization efforts[76]. Environmental, Social, and Governance (ESG) - The company's carbon intensity is 95% lower than the industry average, with renewable energy accounting for 41% of total energy consumption[27]. - The company invested RMB 296 million in global community projects, focusing on education, healthcare, and infrastructure development[27]. - The company’s EcoVadis rating improved to gold level, placing it among the top 3 global metal and mineral traders[26]. - The company released its first TCFD report in 2023, enhancing its ESG management system to solidify its leading position in ESG practices domestically and globally[44]. - The company aims to integrate Chinese wisdom and technology with global resources to contribute to global energy transition efforts[44]. - The company is committed to improving its ESG governance model to maintain its leading position in the global industry[81]. - The company has set long-term goals for climate change and biodiversity, including a carbon neutrality roadmap to contribute to global sustainability efforts[196]. Risk Management - The company faces significant risks from price fluctuations of its main products, including copper, cobalt, molybdenum, tungsten, niobium, and phosphorus, which are critical to its profitability[120]. - The company operates in regions with varying political and economic conditions, including China, the Democratic Republic of Congo, and Brazil, which may impact operations due to geopolitical and policy risks[121]. - Interest rate risk arises from fluctuations in bank loan rates, with the company utilizing interest rate swap tools to mitigate risks associated with rising rates in the U.S.[122]. - The company is exposed to foreign exchange risks related to its non-local currency assets and liabilities, primarily involving USD, HKD, EUR, CAD, RMB, BRL, GBP, and CDF[123]. - IXM, the trading segment, employs a comprehensive risk management framework to address price volatility, foreign exchange, credit, and liquidity risks[125]. - Market risk is managed through diversification, position control, stress testing, and monitoring risk limits, with a Value at Risk (VaR) model set at a 95% confidence level[126]. Corporate Governance - The board held a total of ten meetings during the year ending December 31, 2023, to review and approve financial and operational matters[131]. - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Hong Kong Listing Rules[130]. - The company has established various committees under the board to delegate responsibilities, including those related to corporate governance functions[132]. - The company has established a formal and transparent procedure for determining the remuneration policy for directors, supervisors, and senior management[146]. - The Audit and Risk Committee held seven meetings during the year, reviewing the financial performance for the fiscal year ending December 31, 2022, and the quarterly results for 2023[151]. - The company has established a risk management and internal control system, with the Audit and Risk Committee overseeing its effectiveness and reporting significant issues to the board[151]. Market Conditions - The international price of cobalt decreased by 50.12% to USD 15.11 per pound in 2023, down from USD 30.29 in 2022[46]. - The average LME copper spot price in 2023 was USD 8,483 per ton, a decrease of 4% compared to the previous year[49]. - The average price of ammonium phosphate fell by 38.77% to USD 556 per ton in 2023, down from USD 908 in 2022[46]. - The cobalt price decline was attributed to lower-than-expected performance in the new energy vehicle supply chain and increased cobalt supply from Congo and Indonesia[51]. - The molybdenum industry is expected to see stable and healthy development due to strong demand from the steel and military sectors[52]. Shareholder Returns - The company emphasizes a cash dividend policy that prioritizes reasonable returns to investors while ensuring sustainable development, with a minimum cash distribution of 30% of distributable profits each year[198]. - The company distributed a cash dividend of RMB 0.8508 per 10 shares, totaling RMB 1,820,227,909.77 during the reporting period[200].

%‘ 稀有金属 分析师：李泽森 经营业绩创新高，新能源金属布局更加完 登记编码：S0730523080001 善 l izs1@ccnew.com 021-50586702 ——洛阳钼业(603993)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2024-04-18) 发布日期：2024年04月19日 收盘价(元) 9.47 事件：公司发布2023年年报，公司2023年实现营业收入1862.69 一年内最高/最低(元) 9.47/4.66 亿元，同比增长7.68%；实现归母净利润约人民币82.50亿元，同比 沪深300指数 3,569.80 增长35.98%；实现扣非归母净利润62.33亿元，同比增长2.73%；经 市净率(倍) 3.49 营性现金流为155亿元，同比增长1%；每10股派息1.5425元。 流通市值(亿元) 2,045.45 投资要点： 基础数据(2023-12-31) ⚫ 公司2023年经营业绩创历史新高。公司“矿山+贸易”双轮驱动 每股净资产(元) 2.71 发展，覆盖“勘-采-选-冶炼-贸”5个环节，主要业务分布于亚洲、 每股经营现金流(元) 0.72 非洲、南美洲 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993) 董事會召開日期 洛陽欒川鉬業集團股份有限公司 袁宏林 董事長 中華人民共和國河南省洛陽市 二零二四年四月十七日 於本公告日期，本公司之執行董事為孫瑞文先生及李朝春先生；本公司之非執行 董事為袁宏林先生、林久新先生及蔣理先生；及本公司之獨立非執行董事為王友 貴先生、嚴冶女士及李樹華先生。 * 僅供識別 洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹訂於二 零二四年四月二十九日（星期一）舉行董事會會議，藉以（其中包括但不限於）考慮 及批准刊發本公司及其附屬公司截至二零二四年三月三十一日止三個月的季度業 績，以及處理任何其他事項。 承董事會命 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.48 CNY [1]. Core Views - The company has established itself as a global leader in the mining industry, with a diversified portfolio that includes copper, cobalt, tungsten, niobium, and phosphate production. The management team has extensive experience in mergers and acquisitions, having successfully integrated major projects like TFM and KFM [4][12]. - The company aims to achieve significant production targets over the next five years, including annual copper production of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons [12][28]. - The copper market is expected to experience a supply bottleneck in the medium to long term, while demand is projected to rise, particularly due to the increasing importance of renewable energy applications [4][7]. - Cobalt prices have reached historical lows, but the company is well-positioned to benefit from a potential recovery in the market as supply dynamics stabilize [4][7]. Summary by Sections Company Overview - The company is a comprehensive mining resource leader with a global footprint, having undergone significant expansion through strategic acquisitions and partnerships [4][12]. - It operates under a "mining + trading" model, making it a top producer of cobalt and a leading producer of copper, niobium, and tungsten [4][12]. Financial Performance - The company reported a revenue of 186,269 million CNY in 2023, with a year-on-year growth of 8%. The net profit attributable to shareholders was 8,250 million CNY, reflecting a 36% increase year-on-year [3][24]. - For the years 2024 to 2026, projected revenues are 195,293 million CNY, 196,843 million CNY, and 201,489 million CNY, respectively, with corresponding net profits of 10,561 million CNY, 11,463 million CNY, and 12,701 million CNY [3][8]. Production Capacity and Growth - The company has a copper resource of 34.64 million tons and a cobalt resource of 5.25 million tons, with production capacities expected to reach 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt in 2024 [4][28]. - The TFM and KFM projects are key contributors to the company's growth, with TFM expected to produce 450,000 tons of copper and 37,000 tons of cobalt annually once fully operational [29][34]. Market Dynamics - The copper market is experiencing a supply-demand mismatch, with limited new supply expected in the coming years due to low capital expenditures in the industry [4][38]. - The cobalt market is currently facing oversupply pressures, but prices are stabilizing near production costs, limiting further downside [4][7]. Investment Recommendations - The company is positioned to benefit from rising copper prices and increasing demand from renewable energy sectors, making it a compelling investment opportunity [4][7][8]. - The projected P/E ratios for 2024, 2025, and 2026 are 30.2, 22.2, and 17.3, respectively, indicating potential for growth [3][8].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company achieved record high revenue and net profit in 2023, with a total revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year. The company also sold 80% of its stake in the NPM copper mine, focusing on core assets [2]. - The company is set to see significant growth in copper and cobalt production with the commissioning of two world-class copper-cobalt mines. In 2023, copper production reached 419,500 tons and cobalt production reached 55,500 tons, representing year-on-year increases of 51% and 174%, respectively. The company aims to produce over 520,000 tons of copper and over 60,000 tons of cobalt in 2024 [2]. - The company has substantial resource potential in its Congo copper-cobalt mines, with a total resource of 34.64 million tons of copper and 5.25 million tons of cobalt as of 2023. The company plans to enhance exploration efforts and initiate resource expansion plans [2]. - Supply growth is limited while demand continues to rise, suggesting that copper prices are likely to steadily increase. The company is expected to benefit significantly from this trend [2]. - The company is projected to achieve revenues of 200.31 billion yuan, 199.20 billion yuan, and 200.29 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 10.79 billion yuan, 11.37 billion yuan, and 11.95 billion yuan for the same years [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 186.27 billion yuan and a net profit of 8.25 billion yuan, with significant growth in Q4, where revenue reached 54.59 billion yuan, up 34.72% year-on-year, and net profit soared to 5.81 billion yuan, up 547.79% year-on-year [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.50 yuan, with a price-to-earnings (PE) ratio of 17.49 [3]. Production Outlook - The company plans to ramp up copper production to over 520,000 tons in 2024, an increase of over 100,000 tons from 2023, and aims for cobalt production to exceed 60,000 tons [2]. - The company’s copper and cobalt mines in Congo have a combined resource of 34.64 million tons of copper and 5.25 million tons of cobalt, with plans for further exploration and resource expansion [2]. Market Conditions - The global supply of copper is expected to face constraints due to various factors, while demand remains robust, indicating a potential upward trend in copper prices [2].

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: 2024年3月31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: 2024年4月2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 | 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 | A | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has a leading position in resource volume globally, with significant year-on-year production growth across all major metals [2][3] - The KFM and TFM projects are progressing well, with expected increases in copper and cobalt production [4][5] - The company aims to accelerate the conversion of resource advantages into production advantages, with plans for expansion and increased output in the coming years [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit of 8.25 billion yuan, up 35.98% year-on-year [2][6] - The company’s copper production reached 394,000 tons, a 54.94% increase year-on-year, while cobalt production rose to 55,500 tons, up 173.40% [3][6] Production Outlook - For 2024, the company plans to produce between 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt, with ongoing projects expected to reach full capacity [5][6] - The TFM project is expected to produce 280,300 tons of copper and 21,700 tons of cobalt in 2023, with further expansions planned [4][5] Resource Position - As of 2023, the company holds significant resources: 34.64 million tons of copper, 5.25 million tons of cobalt, and 1.36 million tons of molybdenum, maintaining a leading global position [3][6] Future Projections - Revenue projections for 2024-2026 are 202.55 billion, 211.35 billion, and 220.26 billion yuan respectively, with net profits expected to grow to 10.49 billion, 11.54 billion, and 12.34 billion yuan [6][8] - The company aims for a five-year target of annual copper production between 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons [5][6]

Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum (603993.SH) [1][4][19] Core Views - The company achieved a 36% year-on-year growth in net profit for 2023, with total revenue reaching 186.3 billion yuan, an increase of 7.7% [1][5] - Significant projects, including the TFM mixed ore and KFM copper-cobalt mines, have been completed, positioning the company for substantial production increases in the coming years [1][2][5] - The company aims to produce 800,000 to 1,000,000 tons of copper and 90,000 to 100,000 tons of cobalt annually over the next five years, leveraging its existing production capacity [2][5][19] Financial Performance - In 2023, the company reported a net profit of 8.25 billion yuan, with a significant increase in Q4 net profit to 5.81 billion yuan, marking a 663% increase year-on-year [1][5] - The operating cash flow for 2023 was 15.54 billion yuan, reflecting a 0.6% increase [1][5] - The projected net profits for 2024-2026 are 10.08 billion, 11.33 billion, and 11.56 billion yuan, respectively, with expected growth rates of 22.2%, 12.4%, and 2.0% [2][19] Production Outlook - The company is set to achieve copper production of over 520,000 tons and cobalt production of over 60,000 tons in 2024 [1][5] - The completion of major projects is expected to double copper production within two years, enhancing the company's position among the top global copper producers [2][19] Market Position - Luoyang Molybdenum is anticipated to become one of the top ten copper producers globally and the largest cobalt producer, driven by its strategic projects and production capacity [2][19]

股票代码：603993 股票简称：洛阳钼业 编号：2024—018 关于对外担保计划的公告 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： 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过45亿元人民币的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公司； 截至本公告披露日，公司对外担保总额占公司最近一期经审计净 资产的43.02%。敬请投资者注意相关风险。 一、担保授权情况 2023年6月9日，公司2022年年度股东大会审议通过《关于本公司 2023年度对外担保安排的议案》，同意授权董事会或董事会授权人士 （及该等授权人士的转授权人士）批准公司直接或通过全资子公司 （含直接及间接全资子公司，下同）或控股子公司（含直接及间接控 股子公司，下同）为其他全资子公司、控股子公司合计提供最高余额 不超过人民币90 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3]. Core Insights - The company has achieved record high performance in 2023, with revenue and net profit reaching 186.27 billion yuan and 8.25 billion yuan, respectively, representing year-on-year growth of 7.68% and 35.98% [4]. - The company is positioned as a leading global producer of tungsten, cobalt, niobium, molybdenum, and copper, leveraging its resource advantages to drive production growth [4][6]. - The copper supply-demand outlook is tightening, with expectations for sustained high copper prices due to slow supply growth and increasing demand from the renewable energy sector [5][30]. - Cobalt supply is currently in surplus but is projected to shift towards a shortage post-2025, driven by rising demand from electric vehicles [5][37]. Summary by Sections 1. Company Overview - The company has expanded its mining resources and production capacity since its listing, becoming a global leader in several metal production categories [14]. 2. Copper Market Analysis - The global copper supply is concentrated in a few countries, with capital expenditures insufficient to support supply growth, leading to a forecast of tight supply conditions [22][30]. - China's demand for copper is significant, accounting for over 57% of global consumption, with expectations for stable demand from traditional power and grid sectors [23][26]. 3. Cobalt Market Analysis - Cobalt supply is primarily concentrated in the Democratic Republic of Congo and Indonesia, with significant production increases expected in the coming years [33][35]. - The demand for cobalt is expected to grow significantly due to its applications in electric vehicles and portable electronics, with a projected demand increase of 14.5% in 2023 [37]. 4. Financial Projections - The company is expected to achieve net profits of 10.02 billion yuan, 11.24 billion yuan, and 12.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.46 yuan, 0.52 yuan, and 0.57 yuan [7].