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].

股票代码：603993 股票简称：洛阳钼业 编号：2024—047 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 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： 一、担保审批及授权情况 2024年6月7日，公司2023年年度股东大会审议通过《关于本公司 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28.6亿元的担保。 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38.33%。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 ...

Investment Rating - The report maintains a "Buy" rating for the company, projecting net profits of 11.67 billion, 13.15 billion, and 14.77 billion for the years 2024, 2025, and 2026 respectively [5]. Core Insights - The company achieved significant growth in copper and cobalt production, with copper output reaching 314,000 tons (up 100.7% year-on-year) and cobalt output at 54,000 tons (up 178.2 year-on-year) in the first half of 2024, exceeding 50% of the annual targets [4][20]. - Production costs for copper and cobalt have steadily decreased, contributing to improved profit margins [4][45]. - The company's total revenue for the first half of 2024 was 102.82 billion, a year-on-year increase of 18.6%, while net profit reached 5.42 billion, up 670.4% year-on-year [10]. Summary by Sections Production Performance - The company exceeded production targets for copper, cobalt, and other metals in the first half of 2024, with copper and cobalt production significantly surpassing annual guidance [20][22]. - The TFM and KFM mines in the Democratic Republic of Congo achieved record monthly production levels [22]. Cost and Expense Management - The production costs for copper and cobalt have decreased compared to 2023, with TFM and KFM implementing effective cost control measures [4][45]. - The total expense ratio for sales, management, and finance was 2.89%, a decrease of 0.16 percentage points year-on-year [4]. Financial Health - The company's debt-to-asset ratio decreased to 59.2%, down 5.7 percentage points year-on-year, indicating improved financial stability [4]. - Operating cash flow for Q2 2024 was 5.3 billion, a 29% increase year-on-year [4]. Revenue and Profit Forecast - The company forecasts revenues of 209.87 billion, 212.76 billion, and 221.44 billion for 2024, 2025, and 2026 respectively, with net profit growth rates of 41.54%, 12.64%, and 12.29% [6]. Market and Industry Analysis - The report highlights the increasing value of metal resources amid global economic challenges, with copper prices showing a year-on-year increase of 4.45% in the first half of 2024 [29][30]. - Cobalt prices, however, have decreased by 20.44% year-on-year, reflecting market volatility [31].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2024年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類 ...

Group 1: Exploration and Mining Progress - The company has made significant progress in exploration activities, including 6,200 meters of diamond drilling at the TFM copper-cobalt mine and successful geological exploration at Big Pumpi, TENK, and FGME88 mines [1] - KFM copper-cobalt mine has completed 19 drilling holes with a total depth of 6,017 meters, showing good results in deep sulfide exploration and peripheral geological prospecting [2] Group 2: Financial Performance - The company achieved a net operating cash flow of 10.8 billion RMB in the first half of the year, an increase of 2.02 billion RMB year-on-year [2] - Free cash flow reached 6.81 billion RMB, up by 4.63 billion RMB, representing a growth of 213% [2] - The company commits to a cash dividend of over 40% of the net profit attributable to shareholders for the years 2024-2026 [4] Group 3: Production Goals - The company aims to produce 800,000 to 1,000,000 tons of copper metal annually by 2028, with TFM and KFM mines having production capacities of 450,000 tons and 150,000 tons, respectively [3] - In the first half of the year, the company produced 313,800 tons of copper, with ongoing efforts to enhance production at TFM and KFM [3] Group 4: Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.5425 RMB per 10 shares for the 2023 fiscal year, with an estimated total payout of approximately 3.3 billion RMB [3] - The company emphasizes the importance of shareholder returns and plans to maintain a dividend payout ratio exceeding 40% of net profit for the next three years [4] Group 5: Future Development Plans - The company has designated 2024 as a "Lean Year," focusing on quality improvement, cost reduction, and efficiency enhancement across various sectors [4] - Future capital expenditures will primarily target the expansion of TFM and KFM projects [2]

股票代码：603993 股票简称：洛阳钼业 编号：2024—046 洛阳栾川钼业集团股份有限公司 关于对外担保的公告 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： 本次担保的被担保人系洛阳栾川钼业集团股份有限公司（以 下简称"公司"）之合营公司洛阳富川矿业有限公司（以下简称"富 川矿业"），同时系公司前任监事许文辉先生担任董事的企业，构成公 司于《上海证券交易所股票上市规则》项下的关联法人。 本次担保金额及已实际为其提供的担保余额：本次担保金额 为人民币1亿元。截至本公告披露之日，公司为富川矿业提供的担保 余额为人民币7.52亿元（含本次担保金额1亿元）。 反担保：富川矿业持有的上房沟钼矿采矿权 (证号： C1000002011073120115610)抵押，该等反担保责任不超过人民币10 亿元。 截止本公告发布之日，公司不存在对外担保逾期的情形。 一、担保审批及授权情况 1 2024 年 6 月 7 日，公司 2023 年年度股东大会审议通过《关于本 公司 2024 年度对外担保额度预计的议案》，同意授权 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9][36] Core Views - The company is actively pursuing acquisitions to establish itself as China's "Glencore," transitioning from a domestic molybdenum and tungsten leader to a global mining giant through strategic overseas acquisitions [4][15][20] - The report is optimistic about metal prices in a declining interest rate environment, predicting a sustained increase in copper prices due to supply constraints and potential strikes in South America [5][24][27][28] - The company's profitability is expected to significantly improve with the production ramp-up of its TFM and KFM projects, forecasting net profits of 111 billion, 132 billion, and 146 billion yuan for 2024-2026, respectively [6][9][33] Summary by Sections 1. Continuous Acquisitions to Build China's "Glencore" - The company has transformed from a domestic leader in molybdenum and tungsten to a global mining powerhouse through acquisitions, including Northparkes copper mine and Tenke copper-cobalt mine [4][15][16] - It currently holds three world-class assets: TFM and KFM copper-cobalt mines in the Democratic Republic of Congo, with copper reserves of 9.208 million tons and cobalt reserves of 1.441 million tons; a niobium-phosphate asset in Brazil; and molybdenum-tungsten assets in China [4][16] 2. Bullish on Metal Prices in a Rate Cut Cycle - The report highlights an increasing probability of interest rate cuts in 2024, which is expected to support metal prices, particularly copper [5][24][27] - The copper supply is nearing its peak, with minimal new supply expected post-mid-2024, leading to a potential price increase as demand outstrips supply [28][29] 3. Profit Forecast and Valuation - The company is projected to achieve net profits of 111 billion, 132 billion, and 146 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13, 11, and 10 times [6][9][33] - The report compares the company to its peers in the A-share copper-cobalt sector, indicating a potential valuation premium due to its global mining stature and production growth [9][36]

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： 一、活动类型 洛阳栾川钼业集团股份有限公司（以下简称"公司"）2024 年半 年度报告已于 2024 年 8 月 24 日披露，为加强与广大投资者的沟通联 1 股票代码：603993 股票简称：洛阳钼业 编号：2024—045 洛阳栾川钼业集团股份有限公司 关于参加2024年半年度沪市有色金属专场 集体业绩说明会的公告 四、投资者参加方式 （一）投资者可于 2024 年 9 月 13 日下午 14:00-17:00，通过互 联网登录上证路演中心（https://roadshow.sseinfo.com），在线参 与本次业绩说明会，公司将及时回答投资者的提问。 （二）投资者可于 2024 年 9 月 12 日 16:00 前登录上证路演中心 网站首页，点击"提问预征集"栏目 （http://roadshow.sseinfo.com/questionCollection.do），根据活 动时间，选中本次活动或通过公司邮箱 603993@cmoc.com 向公司提问， ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—044 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 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： 一、担保审批及授权情况 2024年6月7日，公司2023年年度股东大会审议通过《关于本公司 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13.87亿美元的担保。 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43.40%。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 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][20]. Core Views - The company achieved its best operating performance in history for the same period, with a significant increase in revenue and net profit driven by strong demand in the copper and cobalt sectors [4][5]. - The company has a robust resource endowment and a comprehensive product portfolio, covering exploration, mining, beneficiation, and smelting, with a strategic focus on new energy metals such as copper and cobalt, as well as strategic metals like molybdenum and tungsten [5][6]. - The company is well-positioned for future growth, with new projects underway, including a partnership for the Nzilo II hydropower station, which will enhance its power supply for production [6][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 102.82 billion yuan, a year-on-year increase of 18.56%, and a net profit attributable to shareholders of 5.42 billion yuan, up 670.43% year-on-year [4][5]. - The company’s cash flow from operations was 10.78 billion yuan, reflecting a 23.02% increase compared to the previous year [4]. Production and Sales - The company exceeded its annual production guidance for all products in the first half of 2024, producing 313,800 tons of copper and 54,000 tons of cobalt, representing year-on-year growth of 100.74% and 178.22%, respectively [6][7]. - Revenue from the copper segment reached 20.03 billion yuan, with a significant year-on-year growth of 444.78% due to rising copper prices [5]. Future Outlook - The company plans to focus on optimizing processes and improving technical indicators in its copper and cobalt segments, while also advancing projects in molybdenum and tungsten [7]. - The projected net profit for 2024, 2025, and 2026 is adjusted to 11.18 billion yuan, 12.23 billion yuan, and 13.50 billion yuan, respectively, with expected EPS of 0.52 yuan, 0.57 yuan, and 0.62 yuan [7][9].