Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company reported a revenue of 186.3 billion yuan for 2023, 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 growth in revenue and profit is attributed to the resolution of equity issues and improved logistics in Africa, which significantly boosted copper and cobalt sales [4][5]. - The company successfully completed two major world-class projects, TFM and KFM, which contributed to a substantial increase in copper and cobalt production. The TFM project began production in October 2023, with an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt [4][5]. - The company is now among the top ten copper producers globally and remains the largest cobalt producer in the world, with significant production increases reported from its operations in the Democratic Republic of Congo [5][6]. Financial Performance - In Q4 2023, the company achieved a revenue of 54.59 billion yuan, a quarter-on-quarter increase of 21.43%, and a net profit of 5.81 billion yuan, reflecting a remarkable quarter-on-quarter growth of 233.72% and a year-on-year increase of 663.01% [4]. - The company plans to expand its production capacity in Africa and aims to achieve over 520,000 tons of copper and 60,000 tons of cobalt in 2024 [4][5]. - The company announced a dividend proposal with a payout ratio of approximately 40%, amounting to an estimated total dividend distribution of around 3.3 billion yuan [5]. Production and Sales - The company reported a significant increase in production, with copper output from its Congo operations reaching 394,000 tons, a year-on-year increase of 55%, and cobalt output reaching 55,000 tons, a year-on-year increase of 174% [5]. - The average price for cobalt in 2023 was 273,800 yuan per ton, down 36% year-on-year, while the average price for copper was 68,400 yuan per ton, up 1.3% year-on-year [5]. Earnings Forecast - The company forecasts net profits of 10.71 billion yuan, 11.66 billion yuan, and 12.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29.8%, 8.9%, and 5.0% [5][6].

洛阳钼业（603993.SH）2023年年报深度点评 见龙在田 2024年03月25日 ➢ 2024 年 3 月 22 日，公司发布 2023 年年报。2023 年，公司实现营收 推荐 维持评级 1862.69亿元，同比增长7.7%；归母净利润82.5亿元，同比增长36%；扣非归 当前价格： 7.48元 母净利62.33亿元，同比增长2.7%。单季度看，2023Q4，公司实现营收545.87 亿元，同比增长 34.7%、环比增长 21.4%；归母净利润 58.07 亿元，同比增长 663%、环比增长233.7%；扣非归母净利48.77亿元，同比增长257.8%、环比 增长329.6%。业绩符合业绩快报。 [T able_Author] ➢ 2023年归母净利润同比增长36%。主要增利项为毛利（+20.5亿元），投 资收益（+17.6亿元），公允价值变动（+32.9亿元），减利项主要是费用和税金 （-36.4 亿元）。①分版块毛利拆分：2023 年铜钴板块毛利同比增长 78 亿元至 124 亿元，主要得益于铜钴销量大幅增长，铌磷板块毛利同比减少 12.6 亿元至 15.4亿元，主要由于磷价回落，钼钨板块毛利同比 ...

2024年3月24日 公司研究 铜板块业绩表现亮眼，出售 NPM 获丰厚收益 ——洛阳钼业（603993.SH）2023 年年报点评 要点 增持（维持） 当 前价：7.48元 事件:公司于3月22日晚发布2023年年报，实现营收1863亿元，同比增长8%； 归母净利润82.5亿元，同比增长36%；归母扣非净利润62亿元，同比增长3%。 2023年计划分红33.3亿元，按当前股价对应股息率为2.1%。 作者 分析师：王招华 点评： 执业证书编号：S0930515050001 021-52523811 23年归母净利润提升主要系铜板块销量提升。23年铜钴板块实现毛利111.4亿 wangzhh@ebscn.com 元，同比+65.8亿元，占收入的比例为13%，占毛利的比例为62%，铜产量39.4 分析师：方驭涛 万吨，同比+ 55%，铜销量39.0万吨，同比+125%，铜板块销量增幅大于产量 执业证书编号：S0930521070003 增幅的原因是由于权益金问题，22年生产的部分铜产品至23年才实现销售，钴 021-52523823 fangyutao@ebscn.com 销量3.0万吨，同比+62.0%。其他板 ...

[Table_Page] 年报点评|有色金属 证券研究报告 [洛Table_阳Title] 钼业(603993.SH/03993.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 7.48元/6.14港元 业绩超预期，五年规划振奋人心 合理价值 9.84元/8.08港元 前次评级 买入/买入 [（Ta注ble：_Su下m文ma如ry]无 特殊说明，货币单位均为人民币） 报告日期 2024-03-24 核心观点： [相Tab对le_P市icQ场uote表] 现  受益于铜库存出售和出售 NPM，业绩大增超预期。据公司财报，23 年营收1863亿元，同比+8%；归母净利82亿元，同比+36%。Q4营 40% 28% 收546亿元，环比+21%；归母净利58亿元，环比+234%；经营净现 15% 金流54亿元，环比+307%；资产负债率58%，较Q3末降5.3PCT。 3% 公司业绩超预期，主要受益于：1.23 年底出售澳洲 NPM 铜金矿实现 -10%03/23 05/23 07/23 09/23 11/23 01/24 03/24 投资收益；2.KFM、TFM 混合矿投产，铜销售量 ...

Operational Performance - In 2023, CMOC achieved record high operating performance, with copper production exceeding 520,000 tons and cobalt production over 60,000 tons, solidifying its position as the world's largest cobalt producer[7]. - The company plans 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[7]. - TFM and KFM projects commenced production, with TFM expected to reach full capacity in Q1 and KFM maintaining stable high production levels[8]. - The company achieved a record high operating revenue of 186.3 billion RMB, representing a year-on-year growth of 36%[20]. - The net profit attributable to shareholders reached 8.25 billion RMB, an increase of 36% year-on-year[20]. - The company’s EBITDA was 20.225 billion RMB, with a year-on-year growth of 11.45%[21]. - The company’s copper production capacity in the Democratic Republic of the Congo (DRC) is projected to reach 450,000 tons annually, contributing significantly to its global ranking among copper producers[27]. - The company’s operating income for 2023 was approximately ¥186.27 billion, an increase of 7.68% compared to ¥172.99 billion in 2022[43]. - The net profit attributable to shareholders for 2023 was approximately ¥8.25 billion, representing a 35.98% increase from ¥6.07 billion in 2022[43]. - The company reported a global direct economic contribution of approximately ¥182.9 billion in 2023[35]. Financial Performance - The total assets increased by 4.8% year-on-year, reaching 1729.75 billion RMB[21]. - The company’s debt-to-asset ratio decreased by 4 percentage points to 58.40%[22]. - IXM, the trading arm, generated a revenue of 141.463 billion RMB, with a gross profit of 2.055 billion RMB[30]. - The company is focusing on cost reduction and efficiency improvement, with 30%-40% of assessments aimed at these goals[11]. - The company has a strong cash reserve and is looking to expand its resource layout amid favorable market conditions[11]. - The company’s total assets at the end of 2023 were approximately ¥172.97 billion, up 4.82% from ¥165.02 billion at the end of 2022[43]. - The basic earnings per share for 2023 were ¥0.38, a 35.71% increase from ¥0.28 in 2022[44]. - The company achieved a weighted average return on equity of 15.00% in 2023, an increase of 1.59 percentage points from 13.41% in 2022[44]. - The company maintained a stable operating cash flow of 15.5 billion RMB, remaining consistent with the previous year[49]. - The total non-recurring gains and losses amounted to approximately 2.02 billion RMB in 2023, a significant increase from the previous year[46]. ESG and Governance - CMOC is committed to improving its international governance system and aligning with global ESG standards to enhance its competitive edge[9]. - The company is implementing a "5233" governance framework to strengthen its international operations and management capabilities[9]. - The company has established a complete ESG management team across its operations, enhancing its position as an ESG leader[35]. - The company plans to continue its focus on sustainable development and has launched a carbon neutrality roadmap[35]. - The company’s MSCI ESG rating improved to AA, placing it in the top 20% of the global non-ferrous metals mining industry[34]. - The company has established a comprehensive ESG management framework, achieving a leading position in the MSCI ESG rankings globally[73]. - The company aims to solidify its ESG leadership by enhancing its sustainable development governance model and fulfilling carbon neutrality commitments[123]. Production and Sales - Copper production reached 419,537 tons, a 51% increase year-on-year, while cobalt production surged by 174% to 55,526 tons[52]. - The KFM project produced 113,700 tons of copper and 33,900 tons of cobalt in 2023, contributing significantly to production capacity[50]. - The company sold 80% of its stake in the NPM copper mine, generating substantial returns[50]. - The company completed the construction of five copper-cobalt production lines, achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt[50]. - The company reported a significant increase in domestic demand for copper, with imports of scrap copper rising by 12.13% year-on-year to 1,986,567 tons[55]. Market Conditions - The average market price for molybdenum concentrate increased by 37.43% to 3,870 RMB per ton in 2023[53]. - The average price of cobalt fell to $15.11 per pound, down 50.12% year-on-year, reaching a five-year low by the end of 2023[57]. - The global copper supply in 2023 was approximately 26.53 million tons, a year-on-year increase of 3.3%, while demand was about 26.50 million tons, up 1.9%[55]. - Cobalt supply increased by 17% to approximately 224,000 tons, while demand rose by 14.5% to about 212,000 tons in 2023[57]. - The average price of niobium iron in 2023 was $47 per kilogram, reflecting a year-on-year increase of 3%[60]. Risk Management - The company faces risks from price volatility of key products like copper and cobalt, which could impact operational performance[124]. - Geopolitical and policy risks are present due to operations in diverse regions, necessitating compliance and constructive stakeholder relationships[125]. - The company utilizes interest rate swaps to mitigate risks associated with fluctuating bank loan interest rates[126]. - The company monitors foreign exchange risks related to its operations in multiple currencies, employing hedging strategies as necessary[127]. - IXM, the trading arm, implements a comprehensive risk management framework to address market, liquidity, and credit risks[129]. Environmental Initiatives - The company has implemented a zero discharge policy for mining wastewater, ensuring no pollutants are released into the environment[183]. - The company achieved zero excess emissions for wastewater, with a total discharge of 0 tons and ammonia nitrogen levels at 0 mg/L[180]. - The company has established emergency response plans for environmental incidents and conducts regular drills to mitigate potential impacts[192]. - The company has achieved A-level enterprise standards for eight subsidiaries and B-level standards for three subsidiaries in environmental management[197]. - The company has implemented energy substitution measures, transitioning to cleaner and renewable energy sources, and has invested in energy-saving management and emission reduction equipment[199]. Employee and Management - The total number of employees in the parent company is 3,003, while the total number of employees in major subsidiaries is 8,992, resulting in a combined total of 11,995 employees[162]. - The company has established a long-term incentive mechanism linked to performance and strategic goals, with ongoing employee stock ownership plans and equity incentive plans for mid-to-senior management and technical personnel[175]. - The company trained 111,719 employees and contractors at TFM and 10,256 at the Brazil company[167]. - The company emphasizes safety training, conducting various safety courses to enhance employee awareness and skills[167]. - The company encourages cross-departmental rotation and composite talent development through a talent pool management strategy[166]. Shareholder Returns - The board proposed a cash dividend of 1.5425 per 10 shares (tax included) for shareholders, with no stock distribution or capital reserve transfer[3]. - The company distributed a cash dividend of 0.8508 RMB per 10 shares, totaling 1,820,227,909.77 RMB during the reporting period[169]. - The cash dividend payout ratio is set at 40% of the net profit attributable to ordinary shareholders[172].

Financial Performance - The company achieved a record annual revenue of RMB 186.3 billion, representing an 8% year-on-year growth, and a net profit attributable to shareholders of RMB 8.2 billion, up 36% year-on-year[2]. - The company's operating revenue for 2023 reached ¥186.27 billion, a 7.68% increase from ¥172.99 billion in 2022[12]. - Net profit attributable to shareholders was ¥8.25 billion, representing a 35.98% increase compared to ¥6.07 billion in the previous year[12]. - The company's total assets increased by 4.82% to ¥172.97 billion from ¥165.02 billion in 2022[12]. - The net assets attributable to shareholders rose by 15.17% to ¥59.54 billion, up from ¥51.70 billion in the previous year[12]. - Basic earnings per share increased by 35.71% to ¥0.38, compared to ¥0.28 in 2022[12]. - The company reported a significant recovery in fair value of financial assets, with a gain of ¥355,074,065.85 in 2023 compared to a loss of ¥1,684,640,006.66 in 2022[13]. - The total revenue for 2023 reached ¥186.27 billion, an increase of 7.68% compared to ¥172.99 billion in 2022[17]. - Operating profit for 2023 was ¥13.29 billion, up 34.37% from ¥9.89 billion in 2022[17]. - The company reported a total financial expense of RMB 3,003,843,245.97 for 2023, significantly higher than RMB 1,808,465,367.08 in 2022, reflecting an increase of about 66.1%[37]. Production and Operations - Copper production reached 419,500 tons, a 51% increase, while cobalt production surged 174% to 55,500 tons, solidifying the company's position as the world's largest cobalt producer[2]. - The TFM mixed ore project commenced production in October 2023, with an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt[2]. - TFM and KFM projects are expected to achieve full production in 2024, with targets of over 520,000 tons of copper and 60,000 tons of cobalt[6]. - The KFM project produced 113,700 tons of copper and 33,900 tons of cobalt in 2023, while the TFM project has a production capacity of 450,000 tons of copper and 37,000 tons of cobalt annually[106]. - The total mining volume for the TFM copper-cobalt mine reached 1,803,000 tons, while KFM copper-cobalt mine produced 437,160 tons during the reporting period[84]. Strategic Initiatives - The company sold 80% of its stake in the NPM copper mine, generating substantial returns, and secured lithium salt lake mining rights in Bolivia, completing its layout in new energy metals[2]. - The company aims to produce 800,000 to 1,000,000 tons of copper and 90,000 to 100,000 tons of cobalt annually by 2028, as part of its five-year development plan[5]. - The company is focused on digital transformation and international governance to strengthen its competitive edge in the global market[3]. - The company plans to enhance operational quality and maintain high safety standards while achieving high ESG performance[6]. - The company aims to enhance its global competitiveness by focusing on cost reduction and efficiency improvements, with 30% to 40% of assessments dedicated to these goals[9]. ESG and Sustainability - The company improved its MSCI ESG rating to AA, ranking in the top 20 of the global non-ferrous metals industry[3]. - The company is committed to strengthening its ESG management system to maintain its leading position and ensure sustainable development[11]. - The company is committed to enhancing its ESG governance model to maintain its leading position in the industry[128]. Financial Position and Cash Flow - The net cash flow from operating activities was ¥15.54 billion, showing a slight increase of 0.57% from ¥15.45 billion in 2022[12]. - The company's cash and cash equivalents decreased by 5.92% to ¥30,716,077,208.96 in 2023 from ¥32,647,565,268.28 in 2022[14]. - The total current assets decreased by 2.37% to ¥83,647,583,348.66 as of December 31, 2023, compared to ¥85,681,792,329.61 in 2022[14]. - The company's long-term investments increased by 15.25% to ¥2,228,736,782.08 in 2023, compared to ¥1,933,910,294.77 in 2022[14]. - The total liabilities decreased by 1.91% to ¥101,012,356,495.30 in 2023 from ¥102,981,802,839.63 in 2022[15]. Market Trends and Risks - The company faces risks related to price fluctuations of key products, geopolitical and policy risks, interest rate risks, and foreign exchange risks, which could impact operational performance[60][61][62][63]. - The global copper market is expected to see increased demand driven by electric vehicles and renewable energy sectors, supporting copper prices[115]. - The cobalt market faces uncertainty in demand recovery, influenced by the performance of ternary batteries and 3C electronics[116]. - Molybdenum demand is projected to remain stable due to ongoing investments in wind energy and the upgrade of the steel industry[117]. Future Outlook - The company projects copper production for 2024 to be between 520,000 to 570,000 tons, cobalt production between 60,000 to 70,000 tons, and phosphate production between 1.05 million to 1.25 million tons[121]. - The company aims to achieve operational goals by focusing on full capacity utilization in Africa, cost reduction in Brazil, and the implementation of new strategic projects[122]. - The company plans to enhance global governance capabilities through a management model that integrates Chinese and foreign elements, supported by a digital governance tool[123].

审计及风险委员会工作细则 （2024 年 3 月 22 日第六届董事会第十二次会议审议通过） 证券代码：603993.SH 03993.HK 证券简称：洛阳钼业 （中英文版本如有歧义，概以中文版本为准） | | | | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 人员组成 | 4 | | 第三章 | 职责及权限 | 5 | | 第四章 | 会议召开 | 11 | | 第五章 | 议事与表决程序 | 13 | | 第六章 | 会议决议与会议记录 | 16 | | 第七章 | 附 则 | 17 | 第一章 总则 第一条 为完善洛阳栾川钼业集团股份有限公司（以下简称"公 司"）财务和风险管理体系，强化公司董事会专业决策功能，确保董 事会对公司日常管理的有效监督，公司董事会特决定下设董事会审计 及风险委员会（以下简称"审计及风险委员会"），作为董事会对公司 财务、审计和风险管理政策监督的专业审议机构和授权督办机构。 第二条 为规范、高效地开展工作，公司董事会根据《中华人民 共和国公司法》（以下简称"《公司法》"）等有关法律、法规和规范性 文件，香港联合交易所有限公司证券上市规 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—014 洛阳栾川钼业集团股份有限公司关于 修订《公司章程》、制定及修订公司部分治理制度的公告 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。 根据《中华人民共和国公司法》《上市公司章程指引》《上市公 司独立董事管理办法》《上海证券交易所股票上市规则》《香港联合 交易所有限公司证券上市规则》《上海证券交易所上市公司自律监管 指引第1号—规范运作》等法律、法规及规范性文件相关规定，并结 合洛阳栾川钼业集团股份有限公司(以下简称"洛阳钼业"或"公司") 实际情况，公司于2024年3月22日召开第六届董事会第十二次会议，审 议通过了《关于本公司制定、修订、完善<公司章程>等内控制度体系的议 案》。 董事会同意制定《洛阳钼业对外捐赠管理制度》；同意修订《公 司章程》《洛阳钼业独立董事工作制度》《洛阳钼业战略及可持续发 展委员会工作细则》《洛阳钼业审计及风险委员会工作细则》《洛阳 钼业提名及管治委员会工作细则》《洛阳钼业薪酬委员会工作细则》 《洛阳钼业关联交易管理制度》《洛阳钼 ...

2023 目录 | 关于本报告 | | 员工 | | --- | --- | --- | | 全球报告倡议（GRI ） | 0 1 | 安全 | | 风险提示声 明 | 0 1 | 职业健 康 | | | | 雇 佣 | | 关于洛阳钼业 | | 培训和职业发 展 | | 外部倡 议 | 0 3 | | | 董事长致 辞 | 0 4 | 社区 | | 管理方 法 | 0 5 | 利益相关方沟 通 | | | | 社区发 展 | | 环境 | | 土地使用和安 置 | | | | 人 权 | | 尾矿 | 1 0 | | | 生态恢 复 | 1 1 | 产品 | | 生物多样 性 | 1 2 | | | 资源管 理 | 1 3 | 供应链管 理 | | 排放管 理 | 1 5 | 产品管 理 | | 气候变 化 | 1 6 | 商业道德与透明 度 | | 数据总览 | 4 1 | | --- | --- | | 《环境、社会及管治报告指引》内容索引 | 4 5 | | GRI 内容索引 | 4 8 | | 鉴证声明 | 5 3 | | 洛阳钼业2023年气候相关财务信息披露（TCFD）报告 | 5 5 | | ...

战略及可持续发展委员会工作细则 （2024 年 3 月 22 日第六届董事会第十二次会议审议通过） 证券代码：603993.SH 03993.HK 第三条 战略及可持续发展委员会是公司董事会的下设专门机构，主要负责主持对 公司中、长期发展战略规划、重大战略性投资方向和领域进行研究、对可持续发展政策 提出意见和建议，保证公司获取中、长期发展所需要的资源、市场、投资机会及其声誉， 向董事会报告工作并对董事会负责。 第四条 战略及可持续发展委员会所作决议，必须遵守《公司法》、《公司章程》、《上 市规则》、本工作细则及其他有关法律、法规的规定。 | 第一章 | 总 则 | 1 | | --- | --- | --- | | 第二章 | 人员组成 | 1 | | 第三章 | 职责及权限 | 2 | | 第四章 | 会议召开 | 5 | | 第五章 | 议事与表决程序 | 6 | | 第六章 | 会议决议与会议记录 | 8 | | 第七章 | 附 则 | 10 | 第一章 总 则 第一条 为适应洛阳栾川钼业集团股份有限公司（以下简称"公司"）发展需要，提 升公司发展规划和战略决策的科学性，增强公司的可持续发展能力，公司董 ...