Investment Rating - The investment rating for Luoyang Molybdenum (603993.SH) is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance exceeded expectations due to rising prices of key products and increased production and sales of copper products, leading to a significant profit increase [4][6] - The copper production is expected to exceed 700,000 tons annually, with the KFM Phase II project set to enhance production capacity significantly [6][7] - The forecasted net profit for the company is projected to be 18.6 billion, 24.4 billion, and 25.4 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [6][7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 145.49 billion yuan, a year-on-year decrease of 6.0%, while the net profit attributable to shareholders was 14.28 billion yuan, a year-on-year increase of 72.6% [4] - The third quarter of 2025 alone saw a revenue of 50.71 billion yuan, a decrease of 2.36% year-on-year, but a profit increase of 96.4% year-on-year [4] Production and Pricing - In the first three quarters of 2025, copper production reached 543,400 tons (up 14.14% year-on-year) and sales were 520,300 tons (up 10.56% year-on-year) [6] - The average price of copper on the LME was $9,589 per ton (up 3.66% year-on-year), while the average price on the SHFE was 78,300 yuan per ton (up 4.42% year-on-year) [6] Profitability - The copper segment achieved a gross profit of 20.88 billion yuan, with a gross margin increase from 52.34% to 54.07% [6] - The cobalt segment's gross profit rose to 3.92 billion yuan, with a gross margin increase from 36.49% to 63.46% [6] Future Outlook - The company aims to achieve an annual copper production target of 80,000 to 100,000 tons over the next five years, with significant investments planned for the KFM Phase II project [6][7] - The projected P/E ratios for 2025, 2026, and 2027 are 20, 15, and 15 respectively, indicating a favorable valuation as the company enters a capacity release phase [7]

Group 1 - The core viewpoint of the article highlights significant gains in the non-ferrous metal sector, with several companies experiencing notable stock price increases [1] Group 2 - China Aluminum (02600.HK) saw a rise of 10.34%, reaching HKD 10.14 [1] - Ganfeng Lithium (01772.HK) increased by 9.53%, trading at HKD 51.7 [1] - Jiangxi Copper (00358.HK) rose by 5.97%, with a price of HKD 34.78 [1] - Zijin Mining (02899.HK) experienced a 5.08% increase, priced at HKD 32.66 [1] - Luoyang Molybdenum (03993.HK) gained 4.38%, reaching HKD 17.38 [1]

Core Viewpoint - The article highlights a significant rise in the prices of non-ferrous metal stocks, driven by favorable macroeconomic factors and market sentiment following a meeting between the leaders of China and the U.S. [1] Group 1: Stock Performance - China Aluminum (02600) increased by 10.34%, reaching HKD 10.14 [1] - Ganfeng Lithium (01772) rose by 9.53%, reaching HKD 51.7 [1] - Jiangxi Copper (00358) saw a 5.97% increase, reaching HKD 34.78 [1] - Zijin Mining (02899) increased by 5.08%, reaching HKD 32.66 [1] - Luoyang Molybdenum (03993) rose by 4.38%, reaching HKD 17.38 [1] Group 2: Market Factors - The LME copper price showed strong fluctuations, reaching a historical high [1] - International gold prices rebounded after a decline to a three-week low [1] - Everbright Futures noted that the meeting between the U.S. and Chinese leaders boosted market sentiment, despite a hawkish stance from the Federal Reserve [1] Group 3: Future Outlook - CITIC Securities anticipates supply tightness will drive prices of copper and cobalt higher, while lithium prices may benefit from unexpected demand in energy storage [1] - Despite recent volatility in precious metal prices, the overall bullish outlook remains unchanged [1] - The article suggests that with continued liquidity and increased efforts by countries to secure key resources, the investment interest in commodities is likely to persist [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price growth and strong financial performance, indicating potential investment opportunities in the company [1][2]. Financial Performance - As of September 30, 2025, Luoyang Molybdenum achieved a revenue of 145.49 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.28 billion yuan [2]. - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan distributed in the last three years [2]. Stock Market Activity - On October 30, 2023, Luoyang Molybdenum's stock price rose by 2.28% to 17.95 yuan per share, with a trading volume of 2.44 billion yuan and a turnover rate of 0.79% [1]. - The stock has increased by 180.60% year-to-date, with a 12.89% rise in the last five trading days, 42.23% in the last 20 days, and 92.18% in the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 28.08% to 304,200, with an average of 0 shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 695 million shares, an increase of 47.47 million shares from the previous period [3].

Core Viewpoint - Copper stocks have shown a recovery in early trading, with significant gains for several companies in the sector [1] Company Summaries - Jiangxi Copper Co., Ltd. (00358.HK) increased by 6.4%, reaching HKD 34.92 [1] - China Nonferrous Mining Co., Ltd. (01258.HK) rose by 4.99%, trading at HKD 14.72 [1] - Luoyang Molybdenum Co., Ltd. (03993.HK) saw a gain of 3.54%, priced at HKD 17.22 [1] - Minmetals Resources Ltd. (01208.HK) experienced a 3.06% increase, with shares at HKD 7.07 [1]

Core Viewpoint - Copper stocks are experiencing a rebound, driven by a significant increase in LME copper prices due to ongoing supply shortages from mines [1] Group 1: Market Performance - Jiangxi Copper Co. (00358) rose by 6.4% to HKD 34.92 - China Nonferrous Mining (01258) increased by 4.99% to HKD 14.72 - Luoyang Molybdenum (03993) gained 3.54% to HKD 17.22 - Minmetals Resources (01208) climbed 3.06% to HKD 7.07 [1] Group 2: Price Trends - LME copper prices reached a historical high of USD 11,146 per ton on Wednesday due to persistent supply shortages [1] - Citigroup forecasts that copper prices will reach USD 12,000 per ton in the first half of next year, with some institutions suggesting this milestone may be achieved even sooner [1] Group 3: Economic Factors - The market is closely monitoring the upcoming Federal Reserve interest rate decision, with expectations of a 25 basis point cut [1] - This potential rate cut is seen as a catalyst for easing US-China trade tensions [1] - Huafu Securities indicates that the ongoing expectation of Federal Reserve rate cuts will support copper prices in the short term, while long-term prospects remain positive due to increased investment and consumption [1]

Core Viewpoint - Copper stocks are experiencing a rebound, driven by a significant increase in LME copper prices due to ongoing supply shortages from mines [1] Group 1: Market Performance - Jiangxi Copper Co. (00358) rose by 6.4% to HKD 34.92 - China Nonferrous Mining (01258) increased by 4.99% to HKD 14.72 - Luoyang Molybdenum (03993) gained 3.54% to HKD 17.22 - Minmetals Resources (01208) saw a rise of 3.06% to HKD 7.07 [1] Group 2: Price Trends - LME copper price reached a historical high of USD 11,146 per ton, attributed to persistent supply shortages [1] - Citigroup forecasts copper prices to reach USD 12,000 per ton in the first half of next year, with some institutions suggesting this milestone may be achieved sooner [1] Group 3: Economic Factors - The market is closely monitoring the upcoming Federal Reserve interest rate decision, with expectations of a 25 basis point cut [1] - This potential rate cut may provide a catalyst for easing US-China trade tensions [1] - Huafu Securities indicates that the expectation of continued Fed rate cuts supports copper prices in the short term, while long-term prospects remain positive due to potential inflation from fiscal policies [1]

Investment Rating - The investment rating for Luoyang Molybdenum (603993) is maintained as "Buy" [2][6]. Core Insights - The company's Q3 2025 performance exceeded expectations, with total revenue of 145.5 billion yuan (down 6.0% year-on-year) and a net profit of 14.28 billion yuan (up 72.6% year-on-year) primarily due to rising copper prices and increased copper production and sales [6]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, which will add an average of 100,000 tons of copper per year upon completion [6]. - The acquisition of Lumina Gold Company enhances the company's portfolio, adding a gold project with significant resources located in Ecuador [6]. - The profit forecasts for 2025-2027 have been revised upwards due to rising copper prices and production exceeding initial plans, with projected net profits of 19.56 billion, 22.80 billion, and 25.90 billion yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 216.1 billion yuan, with a year-on-year growth rate of 1.4% [5]. - The projected net profit for 2025 is 19.56 billion yuan, reflecting a significant increase of 44.5% year-on-year [5]. - The company's gross margin is expected to be 19.8% in 2025, with a return on equity (ROE) of 22.6% [5].

Group 1 - The core point of the news is that Luoyang Molybdenum Co., Ltd. (603993) experienced a stock price increase of 4.78%, closing at 17.55 yuan on October 29, 2025, with a trading volume of 2.8384 million hands and a total transaction value of 4.911 billion yuan [1] - The stock opened at 16.98 yuan, reached a high of 17.56 yuan, and a low of 16.93 yuan during the trading session [1] - The net inflow of main funds was 466 million yuan, accounting for 9.49% of the total transaction value, while retail investors saw a net outflow of 305 million yuan, representing 6.22% of the total transaction value [1] Group 2 - The technical analysis indicates that Luoyang Molybdenum's stock is in a narrow consolidation pattern, with a clear resistance level at 16.92 yuan and a key support level at 16.53 yuan [3] - The stock price has tested the resistance level multiple times without success, while buying support remains near the support level [3] - Technical indicators are neutral to weak, with short-term moving averages intertwined, not providing a clear trend signal [3]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown a significant increase in stock price and trading volume, indicating strong market interest and potential growth in its operations in the metals sector [1] Company Overview - Luoyang Molybdenum is the second-largest cobalt producer globally, with a comprehensive integrated supply chain in non-ferrous metal mining, including copper, molybdenum, tungsten, cobalt, niobium, and phosphorus [2][7] - The company has been expanding its precious metals business, with increasing revenue and profit contributions from gold and silver products [2] Recent Developments - The company signed a share transfer agreement to acquire 100% of Woyuan Holdings, indirectly increasing its stake in Huayue Nickel Cobalt to 30% [2] - In 2023, the company expects a 56% to 69% year-on-year increase in gold production from its NPM copper-gold mine in Australia, with a production guidance of 25,000 to 27,000 ounces [3] Financial Performance - For the first nine months of 2025, Luoyang Molybdenum reported a revenue of 145.49 billion yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 72.61% to 14.28 billion yuan [8] - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan in the last three years [9] Market Position - The company ranks 47th in market popularity within the A-share market, with a total market capitalization of 375.47 billion yuan [1] - The stock has a current average trading cost of 11.82 yuan, with a recent price approaching a resistance level of 18.00 yuan, indicating potential for upward movement if this level is surpassed [6]