Investment Rating - The investment rating for Luoyang Molybdenum (603993.SH) is "Buy" [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 12.8-14.2 billion yuan in 2024, representing a year-on-year increase of 55.2%-72.1% [1] - The company has significantly increased its copper and cobalt production, with a notable rise in profits due to the elasticity of copper prices [1] - The company has set production guidance for 2025, forecasting copper production of 600,000-660,000 tons and cobalt production of 100,000-120,000 tons [1] Summary by Sections Performance Overview - In Q4 2024, the company achieved a net profit of 4.5-5.9 billion yuan, a quarter-on-quarter increase of 58.6%-107.6% [1] - The annual production of copper is expected to reach 650,000 tons, a year-on-year increase of 55%, and cobalt production is projected at 114,000 tons, a year-on-year increase of 106% [1] Project Development - The company has signed a cooperation agreement for the Nzilo II hydropower station, which will support long-term stable electricity supply for new capacity [2] - The company is focusing on internal growth potential, with ongoing development in the TFM West area and positive progress in KFM Phase II exploration [2] Market Outlook - Domestic macroeconomic policies are expected to support copper prices, with a projected increase in fiscal spending and a growing GDP [3] - The supply side shows a tightening of upstream ore supply, which may lead to increased profits concentrated in the upstream mining sector [3] Financial Forecast - The projected net profits for 2024-2026 are 13.23 billion, 13.73 billion, and 14.26 billion yuan, respectively, with corresponding P/E ratios of 11.6, 11.2, and 10.8 times [4] - Revenue is expected to grow from 186.27 billion yuan in 2023 to 208.43 billion yuan in 2024, reflecting a year-on-year growth rate of 11.9% [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 7.11 yuan [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 12.8-14.2 billion yuan in 2024, representing a year-on-year growth of 55.2%-72.1% [1]. - The fourth quarter performance exceeded expectations, primarily due to an increase in copper sales, with a projected net profit of 5.23 billion yuan for 24Q4, up 83% quarter-on-quarter [2]. - The company is optimistic about copper prices rising in 2025, as market concerns over a strong dollar and tariffs are expected to diminish [3]. Summary by Sections Financial Performance - The company anticipates a significant increase in copper and cobalt production in 2024, with copper production expected to rise by 55% year-on-year [2]. - The average copper price for 24Q4 is projected to be 75,500 yuan per ton, a 0.5% increase quarter-on-quarter [2]. - The estimated net profit for 2024-2026 is projected to be 12.9 billion, 12.0 billion, and 13.4 billion yuan respectively, with corresponding P/E ratios of 12, 13, and 11 times [4]. Production Capacity and Expansion - The TFM and KFM projects are set to expand, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, while KFM is expected to produce 150,000 tons of copper and 50,000 tons of cobalt [3]. - The company aims to reach an annual production of 800,000-1,000,000 tons of copper and 90,000-100,000 tons of cobalt by 2028 [3]. Market Outlook - The report suggests that the global copper concentrate production growth will slow in the first half of 2025, while demand from the electrical grid remains stable [3]. - The company is well-positioned to benefit from the anticipated increase in copper prices due to strong demand in the air conditioning sector in early 2025 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [8][13]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 12.8-14.2 billion yuan in 2024, representing a year-on-year growth of 55.15%-72.12%. The non-recurring net profit is expected to be 12.4-13.8 billion yuan, with a growth of 98.94%-121.40% [3]. - The Q4 net profit is anticipated to be between 4.53-5.93 billion yuan, showing a year-on-year change of -22% to +2.1% and a quarter-on-quarter increase of 59% to 108% [3]. - The core reasons for the profit exceeding expectations include the early recognition of sales from in-transit inventory and the normalization of the tax rate [3]. Production and Sales - For 2024, the company expects copper and cobalt production to reach 650,000 and 114,000 tons, respectively, with year-on-year growth of 55% and 106%. Molybdenum and tungsten production is projected at 15,400 and 8,300 tons, with changes of -2% and +4% [4]. - In Q4 2024, copper and cobalt production is expected to be 174,100 and 29,400 tons, with year-on-year growth of 30.6% and 61.2% [4]. - The company has confirmed a 20% sales right with a minority shareholder, which allows for earlier revenue recognition, thus reducing in-transit inventory [4]. Price and Taxation - The Q4 copper price is expected to be 75,500 yuan per ton, remaining stable quarter-on-quarter, while the cobalt price is projected at 16,300 yuan per ton, down 4.1% [4]. - The tax rate is expected to normalize to a range of 35-40% in Q4, contributing to increased profits [4]. Future Outlook - The company has set a conservative production guidance for 2025, with copper production expected to be 600,000-660,000 tons and cobalt at 100,000-120,000 tons [5]. - The company aims to enter the ranks of top global mining companies within five years, targeting annual production of 800,000-1,000,000 tons of copper and 90,000-100,000 tons of cobalt [5]. - Profit forecasts for 2024-2026 are 13.32 billion, 13.80 billion, and 14.48 billion yuan, with corresponding EPS of 0.62, 0.64, and 0.67 yuan [5][7].

Core Viewpoint - The significant increase in international copper prices in 2024 has led to a substantial enhancement in the profitability of upstream enterprises in the industry [1] Group 1: Company Performance - Luoyang Molybdenum Co., Ltd. (洛阳钼业) expects a net profit attributable to shareholders of 12.8 billion to 14.2 billion yuan for 2024, representing a year-on-year growth of 55.15% to 72.12% [1] - The company anticipates a non-recurring net profit of 12.4 billion to 13.8 billion yuan for 2024, an increase of 6.167 billion to 7.567 billion yuan compared to the previous year, reflecting a year-on-year growth of 98.94% to 121.4% [1] - The increase in performance is attributed to a significant rise in the production and sales of copper and cobalt, alongside higher copper prices and effective cost reduction measures [1] Group 2: Production Capacity - In 2024, Luoyang Molybdenum's copper production is expected to exceed 650,000 tons, a year-on-year increase of 55%, surpassing previous market expectations [1] - Cobalt production, as a by-product of copper, is projected to reach 114,000 tons, marking a year-on-year growth of 106% [1] - The company operates two world-class mines in the Democratic Republic of Congo (DRC), TFM and KFM, with TFM capable of producing 450,000 tons of copper and 37,000 tons of cobalt annually, while KFM has a capacity of 150,000 tons of copper and over 50,000 tons of cobalt [2] Group 3: Future Outlook - For 2025, the company has set production guidance of 600,000 to 660,000 tons of copper, 100,000 to 120,000 tons of cobalt, and other key products including molybdenum, tungsten, niobium, and phosphate [3] - The company is actively advancing exploration efforts at TFM West and KFM Phase II to support its goal of achieving copper production of 800,000 to 1,000,000 tons by 2028 [3]

该议案的表决结果为： 3 票赞成, 0 票反对, 0 票弃权。 特此公告。 一、审议通过关于本公司 2025 年度开展套期保值型期货和衍生 品交易业务的议案。 监事会同意公司使用自有资金开展以套期保值为目的的期货和 衍生品交易业务，该业务中任一交易日占用的保证金和权利金上限 (保证金指：公司衍生品交易合约签署时所需支付的保证金（或保证 金金融机构相对应的授信金额）及尚在存续期且未平仓的衍生品交易 合约已支付及已经确认需补充支付的保证金（或该保证金金融机构相 对应的授信金额）)合计不超过（即任一时点都不超过）公司最近一 期经审计净利润的 30%；或任一交易日持有的最高合约价值上限不超 过公司最近一期经审计净资产的 30%。 期货和衍生品交易额度有效期及授权期限自第七届董事会第二 次临时审议通过之日起 12 个月内有效，上述额度在有效期内可循环 滚动使用。 股票代码：603993 股票简称：洛阳钼业 编号：2025-005 洛阳栾川钼业集团股份有限公司 第七届监事会第四次会议决议公告 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 ...

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。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"或"公司"） 第七届董事会第二次临时会议通知于 2025 年 1 月 17 日以电子邮件 方式发出，会议于 2025 年 1 月 22 日以传阅方式召开。会议应参会董 事 8 名，实际参会董事 8 名。本次会议的召集、召开符合相关法律法 规和本公司章程的有关规定，会议决议合法、有效，审议通过了如下 议案： 一、审议通过关于本公司 2025 年度经营计划的议案。 2025年度公司矿业、贸易业务板块主要产品产量、实物贸易量指 引为： | 主要产品 | 单位 | 2025 年产量、实物贸易量指引 | | --- | --- | --- | | 铜金属 | 万吨 | 60～66 | | 钴金属 | 万吨 | 10～12 | | 钼金属 | 万吨 | 1.2～1.5 | | 钨金属 | 万吨 | 0.65～0.75 | | 铌金属 | 万吨 | 0.95～1.05 | 股票代码：603993 股票简称：洛阳钼业 编号：2025—004 洛阳 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between RMB 12.8 billion and RMB 14.2 billion, an increase of RMB 4.55 billion to RMB 5.95 billion compared to the previous year, representing a year-on-year increase of 55.15% to 72.12%[3]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is expected to be between RMB 12.4 billion and RMB 13.8 billion, an increase of RMB 6.17 billion to RMB 7.57 billion compared to the previous year, reflecting a year-on-year increase of 98.94% to 121.40%[5]. - The significant year-on-year increase in 2024 performance is primarily due to substantial growth in the sales volume of key products, copper and cobalt, along with rising copper prices and effective cost reduction measures[9]. - The net profit for the previous year (2023) attributable to shareholders was RMB 8.25 billion, and the net profit after deducting non-recurring gains and losses was RMB 6.23 billion[7]. - The company emphasizes that the above forecasts are preliminary calculations and the final audited financial data will be disclosed in the 2024 annual report[11].

Core Viewpoint - Luoyang Molybdenum (603993) expects a significant increase in net profit for the year 2024, projecting a range of 12.8 billion to 14.2 billion yuan, representing a year-on-year growth of 55.15% to 72.12% [1] Group 1 - The substantial year-on-year increase in the company's performance is primarily attributed to a significant rise in the production and sales volume of its main products, copper and cobalt [1] - The increase in copper product prices compared to the previous year also contributed to the profit growth [1] - Cost reduction and efficiency improvement measures have shown notable effectiveness, further enhancing the company's profitability [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Insights - The company has exceeded its production targets for 2024, with copper and cobalt production achieving completion rates of 114.1% and 163.1% respectively [3][4]. - The company aims to increase copper production to 80-100 thousand tons and cobalt production to 9-10 thousand tons by 2028, with a projected CAGR of 11.4% for copper from 2024 to 2028 [3][4]. - The company’s net profit forecasts for 2024-2026 are 11.36 billion, 13.52 billion, and 14.22 billion yuan respectively, with corresponding EPS of 0.53, 0.63, and 0.66 yuan [3][4]. Production and Financial Performance - In 2024, the company expects to produce 65.0 thousand tons of copper and 11.4 thousand tons of cobalt, representing year-on-year growth of 55% and 106% respectively [1][2]. - The company’s production capacity is bolstered by its world-class copper mines in the Democratic Republic of Congo, with annual copper production capacity reaching 450 thousand tons [2][3]. - The company’s revenue for 2024 is projected at 211.21 billion yuan, reflecting a growth rate of 13.4% [4][6]. Financial Metrics - The company’s net profit margin is expected to improve from 4.43% in 2023 to 5.38% in 2024, with a projected net profit growth rate of 37.66% for the same year [7]. - The PE ratio is forecasted to decrease from 18 in 2023 to 10 by 2026, indicating an attractive valuation as earnings grow [7]. - The company’s total assets are projected to increase from 172.975 billion yuan in 2023 to 208.798 billion yuan by 2026 [6][7].

股票代码：603993 股票简称：洛阳钼业 编号：2024—059 洛阳栾川钼业集团股份有限公司 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43.6亿元的担保。 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28.62%。敬请投资者注意相关风险。 2024年度对外担保额度预计的议案》，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750亿（或等值外币）担保额度，其中对资产负债率 超过70%的被担保对象的担保额度为550亿，对资产负债率不超过70% 的被担保对象的担保额度为200亿；前述担保主要包括但不限于：境 内外金融机构申请的贷款、债券发行、银行承兑汇票、 ...