Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has significantly increased its copper and cobalt production, with copper production ranking among the top ten globally [6][8] - The company achieved a revenue of 213.03 billion yuan in 2024, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% year-on-year [5][6] - The report highlights effective cost control measures leading to a decrease in production costs for copper and cobalt [7][8] Summary by Sections Production and Sales Performance - In 2024, the company produced 650,200 tons of copper, a year-on-year increase of 54.97%, and sold 689,500 tons, up 66.28% [6] - Cobalt production reached 114,200 tons, a 105.61% increase, with sales soaring by 266.23% to 108,900 tons [6] - Other products showed varied performance, with molybdenum production slightly declining and tungsten production increasing by 3.92% [6] Price and Cost Management - The average international copper price in 2024 was $9,147 per ton, up 7.83% year-on-year, while the cobalt price fell by 25.48% to $11.26 per pound [7] - The company successfully reduced its copper sales cost to 30,200 yuan per ton from 34,500 yuan per ton in 2023, and cobalt sales cost decreased from 72,200 yuan per ton to 52,700 yuan per ton [7] Project Developments - The KFM and TFM projects in the Democratic Republic of Congo have reached full production capacity, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt [8] - The company is preparing for further expansion, with ongoing deep exploration and infrastructure development [8] Financial Forecast - Revenue forecasts for 2025-2027 are 220.77 billion yuan, 230.53 billion yuan, and 238.74 billion yuan, respectively, with net profits projected at 14.85 billion yuan, 15.94 billion yuan, and 16.73 billion yuan [9][11] - The current stock price corresponds to a price-to-earnings ratio (PE) of 11.6, 10.8, and 10.3 for the years 2025, 2026, and 2027, respectively [9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in both revenue and profit, with 2024 revenue expected to exceed 200 billion RMB for the first time, reaching 213.03 billion RMB, a year-on-year increase of 14.37%. The net profit attributable to shareholders is projected to be 13.53 billion RMB, a 64.03% increase year-on-year [6] - The company has successfully increased production across its main mineral products, with copper production reaching 650,200 tons, a 55% increase year-on-year, making it one of the top ten copper producers globally [6] - The financial situation of the company continues to improve, with a net operating cash flow of 32.39 billion RMB, a year-on-year increase of 108.38%, and a reduction in the debt-to-asset ratio to 49.52%, down 8.88 percentage points year-on-year [6] Summary by Sections Market Performance - The closing price of the stock is 7.98 RMB, with a total market capitalization of approximately 171.56 billion RMB [3] Financial Data - The company reported a net profit of 13.53 billion RMB for 2024, with a projected net profit of 15.57 billion RMB for 2025, reflecting a growth rate of 15.07% [7] - The earnings per share (EPS) for 2024 is expected to be 0.63 RMB, increasing to 0.72 RMB in 2025 [7] Production and Cost Efficiency - The company has achieved record production levels in copper, cobalt, niobium, and phosphate fertilizers, with significant reductions in unit operating costs for copper and cobalt [6] - The unit gross profit for copper is 30,500 RMB/ton, a year-on-year increase of 6.74% [6] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 15.57 billion RMB, 18.08 billion RMB, and 19.83 billion RMB, respectively, with corresponding P/E ratios of 11.02, 9.49, and 8.65 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][20]. Core Views - The company is expected to achieve a 64% year-on-year growth in net profit for 2024, with projected revenue of 213 billion yuan, representing a 14.4% increase. The net profit is forecasted to reach 13.53 billion yuan, while the non-recurring net profit is expected to be 13.12 billion yuan, reflecting a significant increase of 110.5% [5][6]. - The company is actively working towards a target of one million tons of copper production, with successful exploration results from TFM and KFM projects. Additionally, the company has made progress in power supply construction with a signed agreement for a 200MW hydropower project in the Democratic Republic of Congo [13][15]. - The company has demonstrated significant cost reductions in copper and cobalt production, with copper costs dropping to 30,194 yuan per ton in 2024 from 34,500 yuan per ton in 2023, and cobalt costs decreasing to 52,740 yuan per ton from 72,158 yuan per ton [6][7]. Financial Projections - For 2024, the company is projected to generate revenue of 213 billion yuan, with a net profit of 13.53 billion yuan. The expected revenue growth rates for 2025, 2026, and 2027 are 20.5%, 3.6%, and 3.7%, respectively [3][18]. - The estimated diluted earnings per share (EPS) for 2025, 2026, and 2027 are 0.71 yuan, 0.80 yuan, and 0.93 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 11.4, 10.1, and 8.7 [18][19]. - The company is expected to maintain a return on equity (ROE) of 19.1% in 2024, increasing to 20.5% by 2027 [3][18].

Core Viewpoint - Luoyang Molybdenum achieved record revenue and net profit in 2024, marking significant growth in its copper and cobalt business, and positioning itself among the top ten copper producers globally [2][5][6]. Financial Performance - In 2024, Luoyang Molybdenum reported revenue of 2130.29 billion RMB, a year-on-year increase of 14.37% [2][5]. - The net profit attributable to shareholders reached 135.32 billion RMB, up 64.03% year-on-year, marking the first time it surpassed 100 billion RMB [2][5]. - The company's cash flow from investment activities improved significantly, with a net cash flow of -11.60 billion RMB, an increase of 89.12% compared to the previous year [2][9]. Business Operations - The company operates two world-class mines in the Democratic Republic of Congo (DRC), TFM and KFM, which contributed significantly to its revenue [6][11]. - In 2024, copper production reached 650,200 tons, a 55% increase year-on-year, making it one of the top ten copper producers globally [6][7]. - Cobalt production also saw substantial growth, with an output of 114,200 tons, a 106% increase year-on-year [7]. Market Position and Strategy - Luoyang Molybdenum's copper and cobalt businesses are expected to continue growing, with a focus on enhancing operational efficiency and management effectiveness [10]. - The company plans to distribute dividends of 54.56 billion RMB, representing 40.32% of its net profit [8]. - The management emphasized a cautious investment approach, adapting to market conditions and strategic development [3][9]. Industry Outlook - The copper market is anticipated to experience tight supply in 2025, driven by strong demand and potential disruptions in supply [10]. - The cobalt market is expected to gradually alleviate the oversupply situation, with the DRC's recent export suspension potentially supporting price recovery [11].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a significant increase in revenue and profit due to the release of production capacity from its overseas core mines, particularly in copper and cobalt, with a projected revenue of 2130.29 billion and a net profit of 135.32 billion for 2024, representing year-on-year growth of 14.37% and 64.03% respectively [1] - The company’s copper production is forecasted to reach 650,200 tons in 2024, a year-on-year increase of 54.97%, while cobalt production is expected to grow by 105.61% to 114,200 tons [1] - The suspension of cobalt exports from the Democratic Republic of the Congo is anticipated to alleviate the oversupply in the cobalt market, potentially leading to increased prices and profit contributions from the cobalt segment in 2025 [1][2] Financial Summary - For 2024, the company reported a revenue of 213,029 million, a year-on-year growth of 14.4%, and a net profit of 13,532 million, reflecting a 64.0% increase [3] - The projected net profits for 2025, 2026, and 2027 are 14,641 million, 16,915 million, and 18,718 million respectively, with corresponding P/E ratios of 11.2, 9.7, and 8.8 [2][3] - The company’s gross margin for the copper segment is 50.26%, while the cobalt segment has a gross margin of 34.31% [1] Production and Sales Performance - In Q4 2024, the company achieved a copper production of 174,000 tons, a quarter-on-quarter increase of 7.3%, and a sales volume of 219,000 tons, reflecting a quarter-on-quarter growth of 38% [1] - The average sales cost for copper was 30,200 yuan per ton, with an average gross profit of 30,500 yuan per ton [1] Market Outlook - The report suggests that the tightening supply of upstream resources and improved demand expectations are likely to support copper prices in 2025, benefiting the company [1] - The suspension of cobalt exports from the Democratic Republic of the Congo is expected to reduce global cobalt supply by 73,300 tons, which could support higher cobalt prices [1][2]

Summary of Luoyang Molybdenum Co., Ltd. Conference Call Company Overview - **Company**: Luoyang Molybdenum Co., Ltd. (洛阳钼业) - **Year**: 2024 Key Financial Performance - **Revenue**: 213.03 billion RMB, up 14% year-on-year [3] - **Net Profit**: 13.53 billion RMB, up 64% year-on-year [3] - **Operating Cash Flow**: 32.39 billion RMB, up 108% year-on-year [3] - **Debt Ratio**: 49.52%, down nearly 9 percentage points year-on-year [3] - **Return on Equity**: 20.96%, up 6 percentage points year-on-year [4] Dividend and Shareholder Returns - **Dividend**: 2.55 RMB per 10 shares, with A-share yield at approximately 3.42% and H-share yield at approximately 4.51% [3][4] - **Dividend Payout Ratio**: Exceeds 40% [3] Production and Capacity - **Copper Production**: 650,000 tons in 2024, ranking among the top ten copper producers globally [3][5] - **Future Production Targets**: - Copper: 600,000 to 660,000 tons - Cobalt: 100,000 to 120,000 tons - Tungsten: 12,000 to 15,000 tons - Nickel: 6,500 to 7,500 tons - Silver: 9,500 to 10,500 tons [16] Regional Performance - **Africa**: Revenue of 50.6 billion RMB, up 80.71% year-on-year; total production of 650,000 tons, up 65% [7] - **China**: Molybdenum production of 15,400 tons; tungsten production of 8,288 tons [7] - **Brazil**: Revenue of 6.54 billion RMB, up 3.42% year-on-year [7] ESG Achievements - **Economic Contribution**: 190 billion RMB globally [6] - **Carbon Emission Density**: Lower than 70% of global mining companies [6] - **Renewable Energy Usage**: 36% of total energy [6] - **Water Recycling Rate**: 81% [6] - **Inclusion in FTSE Russell Social Responsibility Index**: First-time inclusion [6] Financial Health - **Cash Reserves**: 30.4 billion RMB [8] - **Total Assets**: 170.2 billion RMB; total liabilities: 84.3 billion RMB, down 17% year-on-year [10] - **Free Cash Flow**: 27.49 billion RMB, up 248% year-on-year [15] Cost Management and Efficiency - **Cost Reduction Measures**: - Continuous technological upgrades and process optimization [20] - Unified procurement management to reduce unit costs by over 10% [20] - Asset management improvements to enhance cash returns [20] Geopolitical and Regulatory Risks - **Congo's Cobalt Export Ban**: Company maintains sufficient inventory and technical reserves to ensure stable production [21][22] - **Government Relations**: Close communication with the Congolese government to ensure supply chain stability [21] Future Outlook - **Expansion Plans**: Aiming for 800,000 to 1,000,000 tons of copper capacity by 2028 [12] - **Strategic Focus**: Emphasis on responsible production and sustainable practices in the cobalt market [26] - **Long-term Vision**: Aspiration to become a respected modern world-class resource company [28] Conclusion Luoyang Molybdenum Co., Ltd. has demonstrated strong financial performance, significant production capacity, and a commitment to ESG principles. The company is well-positioned to navigate geopolitical challenges while pursuing ambitious growth targets in the coming years.

产铜量首次挺进全球前十！洛阳钼业去年净利135亿 元，同比增超六成 洛阳钼业在报告中也公布了2025年产量指引：铜60万-66万吨、钴10万-12万吨、钼 1.2万-1.5万吨、 钨 0.65万-0.75万吨、铌 0.95万-1.05万吨、磷肥105万-125万吨、实物贸易量400万-450万吨。 截至3月24日收盘，洛阳钼业股价为8.01元/股，上涨4.84%，公司总市值1722.09亿元。 （文章来源：澎湃新闻） 2024年，洛阳钼业多项产品产量创历史新高。其中产铜65.02万吨，同比增长55%。值得一提的 是，这是洛阳钼业首次跻身全球前十大铜生产商，也成为了去年全球产铜增量最大的公司。 此外，公司产钴11.42万吨，同比增长106%；产铌首破万吨，达到10024吨，同比增长5%；磷肥产 量118万吨，同比增长1%。同时，公司全年产钨8288吨，同比增长4%，产钼15396吨，完成度103%。 2024年上半年，洛阳钼业在刚果（金）的TFM混合矿项目3条生产线实现达产达标，形成了5条生 产线、45万吨的年产铜能力，加上KFM拥有15万吨铜的年生产能力，公司在刚果（金）拥有6条生产 线、60万吨以上的年产铜 ...

下午14点20反弹之前，市场一度跌出了股X的味道，微盘股跌近6%，中证2000跌超4%，全市场90%以上的个股下跌，此前的高位股，大面积跌停。 有人找了一张图出来，上周四，微盘股破历史新高，紧接着，北京X报发了一篇报道， 小市值股票也有春天 ，然后周五中证2000就跌超2%，再接着就是 今天的一度崩盘，堪称精准的反指。 但大家可能有所不知的是，这篇报道的记者，上个月的2月18日，还写了一篇报道，叫 大型银行股持续走强是大势所趋 ，不得不服啊，四大行恰 恰好就在当日，股价见顶，随后整整跌了1个月。 说回正经的，聊聊今天市场实际的情况，一是小微盘开盘大跌的原因，二是下午反弹的驱动力。 从开盘崩的原因来看 ，有很多，最值得观察的一个指标，其实是两融数据——上周五融资净卖出-141亿，是春节以来的第二高，也是春节后， 唯二净卖出超过100亿的。 而春节以后净卖出最多的一天，是2月28日，当天中证2000同样大跌超4%，微盘股指数跌近3%，而原因，我们当时在《 今天大跌的原因 》讲到 过，主要是外围环境的变化——当时美国宣布要对我们加第二次税，而我们目前面临的局面，是4月2日，下周，新的对等关税即将生效。 而从下午反弹 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. achieved record performance in 2024, with net profit attributable to shareholders reaching 13.532 billion yuan, marking a significant milestone in the company's history [1] Financial Performance - The company's operating revenue surpassed 200 billion yuan for the first time, reaching 213.029 billion yuan, a year-on-year increase of 14.37% [1] - Operating cash flow for 2024 was 32.387 billion yuan, up 108.38% year-on-year [1] - The asset-liability ratio decreased for the third consecutive year, down 8.88 percentage points to 49.52% [1] Production Capacity - Copper production reached 650,200 tons, placing the company among the top ten globally [1] - Other production figures for 2024 include cobalt at 114,200 tons, niobium at 10,024 tons, phosphate fertilizer at 1.18 million tons, tungsten at 8,288 tons, and molybdenum at 15,396 tons, maintaining a leading position in the industry [1] Global Operations - The company is advancing its global mining layout, particularly in the Democratic Republic of Congo, enhancing production capabilities [1] - The trading segment IXM achieved a net profit of 1.353 billion yuan, a 48% increase year-on-year, marking a historical high [1] Efficiency Improvements - The company has improved production efficiency through technological upgrades and management enhancements [1] - Specific projects, such as KFM, have seen significant increases in recovery rates and production volumes while reducing costs [1] ESG Commitment - Luoyang Molybdenum maintained an AA rating in MSCI ESG, ranking in the top 13 of the global non-ferrous metals industry [1] - The company reported that its copper product carbon emission density is lower than 70% of global mining companies, and it disclosed Scope 3 carbon emissions data for the first time [1] - The global economic contribution reached 191 billion yuan, with community investments totaling 29.2 million yuan [1] Strategic Outlook - The company is entering a new development phase, emphasizing organizational change and management upgrades [1] - The board highlighted that the achievements of 2024 are not only a milestone but also a starting point for further transformation and innovation [1] - Future strategies will focus on maintaining strategic determination and enhancing global resource integration capabilities [1]

Core Viewpoint - Northern Copper Industry has seen a significant increase in stock price, with the non-ferrous metal ETF fund (516650) experiencing over 10 million inflows in the past 10 days [1][3]. Group 1: Market Performance - As of March 24, 2025, the CSI Non-ferrous Metal Industry Theme Index (000811) rose by 1.55%, with Northern Copper Industry hitting the daily limit, Jiangxi Copper up by 5.72%, and Baotai Co. up by 5.13% [3]. - The non-ferrous metal ETF fund (516650) increased by 1.50% [3]. - Over the past two weeks, the non-ferrous metal ETF fund has accumulated a rise of 1.53% and a net subscription of 10.6644 million yuan [3]. Group 2: Fund Characteristics - The management fee for the non-ferrous metal ETF fund is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [3]. - The tracking error for the non-ferrous metal ETF fund over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3]. Group 3: Index Composition - As of February 28, 2025, the top ten weighted stocks in the CSI Non-ferrous Metal Industry Theme Index account for 49.57% of the index, including Zijin Mining, China Aluminum, Northern Rare Earth, and others [4].