证券研究报告 | 2024年08月27日 证券分析师：刘孟峦 证券分析师：焦方冉 010-88005312 021-60933177 liumengluan@guosen.com.cn jiaofangran@guosen.com.cn S0980520040001 S0980522080003 收盘价 7.64 元 总市值/流通市值 165018/164254 百万元 52 周最高价/最低价 9.87/4.61 元 近 3 个月日均成交额 1186.92 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |---------------------|---------|---------|---------|---------|---------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 17 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved record performance in H1 2024, with revenue of 102.8 billion yuan, a year-on-year increase of 18.6%, and a net profit of 5.42 billion yuan, up 670.4% year-on-year [2][8]. - The significant profit growth is attributed to the increase in both volume and price of copper and cobalt products, with gross profit rising by 15.17 billion yuan [2][14]. - The company has exceeded production expectations for copper and cobalt, achieving 31.38 and 5.40 million tons respectively in H1 2024, which is 57.58% and 83.08% of the annual target [23][42]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 102.8 billion yuan, with mining contributing 31.44 billion yuan and trading 71.38 billion yuan, marking a 34% increase in revenue for Q2 compared to the previous quarter [2][8]. - The net profit for H1 2024 was 5.42 billion yuan, with Q2 net profit reaching 3.35 billion yuan, reflecting a 767% year-on-year increase [2][8]. Production and Sales - The copper and cobalt production in H1 2024 was significantly higher than expected, with copper production at 31.38 million tons (up 100.74% year-on-year) and cobalt at 5.40 million tons (up 178.22% year-on-year) [23][42]. - The company’s trading segment also performed well, with net profit increasing by 116.67% to 6.63 billion yuan [22][27]. Price Trends - The average price for copper in H1 2024 was 9,090 USD/ton, a 4.45% increase year-on-year, while cobalt prices fell by 20.44% to 12.22 USD/pound [19][20]. - The company’s gross margin improved significantly, particularly in the copper segment, which saw a gross margin of 52.4% [19][28]. Future Outlook - The company aims to increase copper production to 80-100 million tons and cobalt to 9-10 million tons by 2028, with a projected CAGR of 16.5% for copper and 11.3% for cobalt from 2023 to 2028 [42]. - The ongoing development of the TFM and KFM mines is expected to contribute significantly to future production increases [42].

有色金属/小金属 公 司 研 究 洛阳钼业（603993.SH） 2024 年 08 月 26 日 铜钴产量同比高增，业绩创历史新高 ——公司信息更新报告 投资评级：买入（维持） 李怡然（分析师） liyiran@kysec.cn 证书编号：S0790523050002 | --- | --- | |--------------------|-----------| | 日期 | 2024/8/23 | | 当前股价(元) | 7.42 | | 一年最高最低(元) | 9.87/4.61 | | 总市值(亿元) | 1,602.66 | | 流通市值(亿元) | 1,310.80 | | 总股本(亿股) | 215.99 | | 流通股本(亿股) | 176.66 | | 近 3 个月换手率(%) | 53.11 | 2024H1 归母净利同比增长达 670.43%，创历史新高 公司发布2024年半年度报告，2024H1实现营业收入1028亿元，同比增长18.56%， 实现归母净利润约 54.17 亿元，同比增加 670.43%，实现扣非归母净利润约 56.25 亿元，同比增长 2457.25%，均创历史新高 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—038 洛阳栾川钼业集团股份有限公司 第七届董事会第二次会议决议公告 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。 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会议通知于 2024 年 8 月 9 日以电子邮件方式发 出，会议于 2024 年 8 月 23 日以现场结合通讯方式召开。会议应参加 董事 8 名，实际参加董事 8 名。公司全体监事、首席财务官、董事会 秘书和董事会办公室相关工作人员列席了本次会议。本次会议的召 集、召开符合相关法律法规和本公司《公司章程》及有关规定，会议 决议合法、有效。会议由公司董事长袁宏林先生主持，经与会董事充 分讨论，审议通过如下议案： 该议案的表决结果为：8 票赞成, 0 票反对, 0 票弃权。 二、审议通过关于本公司增加2024年度日常关联交易预计金额的 议案。 该议案已经第七届董事会审计及风险委员会第二次会议及第七 届董事会第一次独立董事专门会议审议通过。 董事会认为该日常关联交易不存在损 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—042 洛阳栾川钼业集团股份有限公司 关于高级管理人员职务变动的公告 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。 2 公司董事会对周俊先生在任职期间所做出的贡献表示诚挚谢 意。 1 特此公告。 洛阳栾川钼业集团股份有限公司董事会 二零二四年八月二十三日 洛阳栾川钼业集团股份有限公司（以下简称"公司"）董事会近 日收到公司副总裁周俊先生的辞职报告。因个人原因，周俊先生申 请辞去公司副总裁职务。 根据《公司法》《公司章程》等有关规定，公司董事会接受其辞 呈，自 2024 年 8 月 23 日起生效。周俊先生确认与公司董事会并无 意见分歧，亦无任何与其辞任有关的，须提请公司股东或债权人注 意的事项。截至本公告披露日，周俊先生直接持有本公司股份 225 万股，占公司总股本的 0.01%。周俊先生将继续严格遵守《上市公 司股东减持股份管理暂行办法》、《上海证券交易所股票上市规则》 等法律法规的相关规定及相关承诺。此外，周俊先生不存在应当履 行而未履行的承诺事项。 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—040 洛阳栾川钼业集团股份有限公司 关于增加2024年度日常关联交易预计金额的公告 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： 本事项已经公司第七届董事会第二次会议审议通过，无需 提交股东大会批准。 本次增加预计金额所涉及的日常关联交易不存在对公司持 续经营能力、财务状况、经营成果造成不利影响的情形，不存在 损害公司股东特别是中小股东利益的情形，不会使公司对关联方 形成较大依赖，也不会对公司独立性构成影响。 一、现有日常关联交易预计金额及调整情况 1.日常关联交易履行的审议程序 2024年1月19日，公司第六届董事会第十五次临时会议审议通过 《关于本公司2023年度日常关联交易情况和2024年度预计日常关联 交易的议案》，批准向关联方洛阳富川矿业有限公司（以下简称"富 川矿业"）购买产品或销售产品、提供加工服务。2024年8月23日， 公司第七届董事会审计及风险委员会第二次会议、第七届董事会第一 次独立董事专门会议和第七届董事会第二次会议分别审 ...

洛阳栾川钼业集团股份有限公司 第七届监事会第二次会议决议公告 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。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"、"公司"） 第七届监事会第二次会议通知于 2024 年 8 月 9 日以电子邮件方式发 出，会议于 2024 年 8 月 23 日以现场结合通讯方式召开，会议应参加 监事 3 名，实际参加监事 3 名。公司首席财务官、董事会秘书和董办 相关人员列席了本次会议。本次会议的召集、召开符合相关法律法规 和公司章程的有关规定，会议决议合法、有效。会议审议通过了以下 议案： 股票代码：603993 股票简称：洛阳钼业 编号：2024—039 2、公司2024年半年度报告的内容和格式分别符合中国证券监督 管理委员会、上海证券交易所和香港联合交易所有限公司的有关要 求，所包含的信息真实、准确、完整地反映了公司2024年半年度的经 营成果和财务状况，不存在虚假记载、误导性陈述或重大遗漏； 3、监事会在出具本意见前，未发现参与2024年半年度报告编制 和审议的人员有违反保密规定的行为。 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—043 洛阳栾川钼业集团股份有限公司 关于召开2024年半年度业绩说明会的公告 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。 ●投资者可于 2024 年 8 月 23 日(星期五)至 8 月 29 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 603993@cmoc.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 洛阳栾川钼业集团股份有限公司（以下简称"公司"）将于 2024 年 8 月 23 日披露公司 2024 年半年度报告。为便于广大投资者更全面 1 深入地了解公司 2024 年上半年经营成果、财务状况，公司计划于 2024 年 8 月 30 日上午 10:00-11:30 举行 2024 年半年度业绩说明会，就投 资者普遍关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以视频直播和网络互动形式召开，公司将针对 2024年上半年经营成果及财务指标的具体情况与投资者进行互动交 流和沟 ...

Financial Performance - The company's revenue reached a historical high of 102.818 billion CNY, representing a year-on-year increase of 18.56%[16]. - The net profit attributable to shareholders also hit a record high of 5.417 billion CNY, with a remarkable year-on-year growth of 670.43%[16]. - Operating cash flow was robust at 10.779 billion CNY, reflecting a year-on-year increase of 23.02%[16]. - The company's revenue for the first half of 2024 was approximately CNY 102.82 billion, an increase of 18.56% from CNY 86.73 billion in the same period last year[49]. - Net profit attributable to shareholders surged by 670.43% to approximately CNY 5.42 billion in the first half of 2024, compared to CNY 703.14 million in the same period of 2023[49]. - The basic earnings per share increased to CNY 0.25, reflecting a 733.33% increase compared to CNY 0.03 in the previous year[50]. - The weighted average return on equity rose to 8.82%, an increase of 7.50 percentage points from the previous year[50]. - IXM's total assets grew by 7.46% to approximately CNY 185.88 billion, up from CNY 172.97 billion at the end of the previous year[49]. - The company reported a net cash flow from operating activities of approximately CNY 10.78 billion, representing a 23.02% increase from CNY 8.76 billion in the same period last year[49]. Production and Operations - The Congo (DRC) segment generated revenue of 24.368 billion CNY, marking a significant year-on-year growth of 444.78%[23]. - The TFM mine achieved an annual production capacity of 450,000 tons of copper and 37,000 tons of cobalt, with KFM reaching 150,000 tons of copper and over 50,000 tons of cobalt[23]. - Copper production reached 313,800 tons, a year-on-year increase of approximately 101%, while cobalt production surged to 54,000 tons, up about 178%[62]. - The company’s niobium production surpassed 5,000 tons for the first time, reflecting a year-on-year growth of approximately 8%[62]. - The TFM project achieved an annual production capacity of 450,000 tons of copper and 37,000 tons of cobalt, positioning it as the fifth-largest copper mine and the second-largest cobalt mine globally[63]. - TFM achieved a production target of 313,788 tons of copper in the first half of 2024, with a full-year guidance of 520,000-570,000 tons[67]. - KFM's cobalt production reached 54,024 tons in the first half of 2024, with a guidance of 60,000-70,000 tons for the full year[67]. Market and Trading - IXM's physical trading volume for copper increased by 29% year-on-year, reaching 1,628,000 tons in the first half of 2024, compared to 1,262,000 tons in the same period of 2023[39]. - IXM's nickel trading volume saw a significant increase of 163%, reaching 279,000 tons in the first half of 2024, compared to 106,000 tons in the same period of 2023[39]. - The company achieved a revenue of RMB 102.8 billion in the first half of the year, representing a year-on-year growth of 19%[61]. - The mineral trading segment's revenue was ¥92.97 billion, reflecting a year-on-year increase of 20.09%, with a gross margin of 4.96%[94]. - Copper revenue reached approximately $20.03 billion, with a year-over-year increase of 368.88% and a gross margin of 52.36%, up by 23.29 percentage points[95]. - Cobalt revenue was about $4.34 billion, showing a significant year-over-year increase of 1,541.59% and a gross margin of 42.17%, up by 155.42 percentage points[95]. Risk Management - The company actively manages risks related to price fluctuations, foreign exchange, and liquidity to ensure sustainable long-term value creation[38]. - IXM's strategy includes a combination of spot and futures trading to mitigate risks associated with market cycles, enhancing profitability stability[37]. - The company is exposed to market risks due to fluctuations in commodity prices, which could significantly impact operational performance[120]. - The company plans to mitigate price volatility risks through cost reduction, efficiency improvements, and prudent use of financial derivatives[120]. - The company is actively managing interest rate risks by using interest rate swap tools to lock in rates on USD loans[122]. - The company faces foreign exchange risks primarily related to non-local currency assets and liabilities, particularly in USD and other currencies[123]. - The company has established a comprehensive risk management framework to monitor and mitigate various risks, including credit and liquidity risks in its trading operations[124]. Environmental, Social, and Governance (ESG) - The company has established a world-class ESG management system, leading the mining industry in global ESG rankings[59]. - The company is committed to maintaining its leading ESG position globally, implementing carbon neutrality plans and enhancing its ESG management system[132]. - The company has implemented measures to improve air quality and respond to heavy pollution weather, resulting in significant on-site management improvements[164]. - The company has established a community fund in Congo (Kinshasa) to support local economic and social development[168]. - The company invested a total of RMB 2.17 million in poverty alleviation and rural revitalization projects, benefiting 3,000 individuals[166]. - The company’s smelting unit was awarded the title of "2023 Henan Province Green Factory," enhancing its industry reputation[162]. Employee and Governance - The company employed a total of 12,038 staff, including 7,392 production personnel and 1,071 technical personnel[145]. - The company has implemented a leadership development program targeting mid-level and senior management, enhancing strategic consensus and collaboration[147]. - Employee training includes safety awareness and skills improvement, with a focus on ESG and HSE capabilities to support sustainable development[147]. - The company has established a monthly and annual assessment system to incentivize employees based on productivity and performance[146]. - The company has a strong governance structure and strategic partnerships, ensuring long-term stability and growth[55]. Legal and Compliance - The company faced a lawsuit from Chengling Molybdenum Industry, claiming damages of 135.17 million RMB, but the court ruled in favor of the company, requiring only 2 million RMB in compensation[172]. - The company has no plans for further shareholding increases by its major shareholders in the next 36 months, ensuring stability in ownership[66]. - The company has taken effective measures to avoid competition with its major shareholders, as per commitments made during its IPO[66]. - The company reported that its major shareholders have fulfilled their obligations and there are no significant debts due[174]. - The company has a long-term commitment to avoid related party competition, ensuring compliance with legal and regulatory standards[66]. Financial Management - The total amount of guarantees provided by the company, excluding those to subsidiaries, is CNY 2,040,116.51 thousand, which accounts for 45.69% of the company's net assets[176]. - The total guarantees, including those to subsidiaries, amount to CNY 28,324,590.43 thousand[176]. - The company has engaged in various financial management contracts, with a total amount of CNY 4,716,704.17 thousand[177]. - The annualized return rates for structured deposits range from 1.2% to 4.39%[177]. - The company’s total interest-bearing debt includes RMB 2.174 billion in non-financial corporate debt financing instruments, with no company credit bonds maturing in the next six months[195].

特此公告。 股票代码：603993 股票简称：洛阳钼业 编号：2024—041 洛阳栾川钼业集团股份有限公司 关于聘任高级管理人员的公告 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。 2024年8月23日，洛阳栾川钼业集团股份有限公司（以下简称"公 司"）召开第七届董事会提名及管治委员会、第七届董事会第二次会 议，分别审议通过关于本公司聘任高级管理人员的事项，同意聘任张 立群先生为公司副总裁，任期至公司2026年年度股东大会召开之日 止。 截至本公告日，张立群先生分别持有80,000股公司A股股份和 78,000股公司H股股份，不存在《公司法》《上海证券交易所股票上 市规则》等法律法规及《公司章程》规定禁止任职的情形。任职资格 符合《公司法》等法律法规关于高级管理人员任职资格要求。 董事会谨此欢迎张立群先生履新。 洛阳栾川钼业集团股份有限公司董事会 二零二四年八月二十三日 简历： 张立群先生，出生于一九八零年四月。毕业于亚洲城市大学 DBA 专业，博士学位。二零零三年至二零一二年，历任浙江恒逸聚合物有 限公司采购部经理、营 ...