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: 2025年3月31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: 2025年4月1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 | 股份類別 ...

据了解，中证内地主题系列指数包括中证内地消费主题指数、中证内地资源主题指数、中证内地运输主 题指数、中证内地银行主题指数、中证内地地产主题指数等指数，以反映沪深市场各重要主题类上市公 司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 跟踪内地资源的公募基金包括：民生加银中证内地资源C、民生加银中证内地资源A。 从指数持仓来看，中证内地资源主题指数十大权重分别为：紫金矿业（16.63%）、中国神华 （7.05%）、中国石油（5.19%）、中国石化（4.66%）、陕西煤业（4.28%）、中国铝业（3.3%）、北 方稀土（3.2%）、中国海油（3.03%）、洛阳钼业（2.99%）、山东黄金（2.71%）。 金融界3月31日消息，上证指数下跌0.46%，中证内地资源主题指数 (内地资源，000944)下跌0.42%，报 3390.97点，成交额331.77亿元。 从中证内地资源主题指数持仓样本的行业来看，原材料占比64.98%、能源占比35.02%。 数据统计显示，中证内地资源主题指数近一个月上涨7.17%，近三个月上涨1.59%，年至今上涨2.24%。 资料显示，指数样本每半年调整一 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 135.32 billion yuan, up 64.03% year-on-year [4][13] - The Congo copper and cobalt production continues to contribute significantly, with the mining and trading sectors driving growth [5][25] - The company plans to maintain a high dividend payout, with a proposed cash dividend of 2.55 yuan per 10 shares, translating to a cash dividend ratio of approximately 40.32% [6][20] Financial Performance - In Q4 2024, the company achieved a revenue of 582.74 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 52.59 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [4][13] - The mining and processing sector generated revenue of 652.60 billion yuan in 2024, up 46.59% year-on-year, while the mineral trading sector achieved revenue of 1883.56 billion yuan, up 12.06% year-on-year [5][22] - The company’s copper and cobalt production reached 65.02 and 11.42 million tons respectively in 2024, with year-on-year increases of 54.97% and 105.61% [5][29] Industry Outlook - The copper market is expected to remain tight due to aging mines and policy changes, with domestic copper prices averaging around 75,000 yuan per ton in 2024, a 9.69% increase from 2023 [7][31] - The cobalt market is also anticipated to tighten following the Congo's export ban, with domestic cobalt prices around 200,000 yuan per ton in 2024, down 26.23% year-on-year, but showing signs of recovery [7][40] - The company expects net profits for 2025-2027 to be 154.4, 167.3, and 173.5 billion yuan respectively, with corresponding P/E ratios of 10.85, 10.01, and 9.65 [8][44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 135.32 billion yuan, up 64.03% year-on-year [4][13] - The Congo copper and cobalt production continues to contribute significantly, with the mining and trading sectors driving growth [5][25] - The company plans to maintain a high dividend payout, with a proposed cash dividend of 2.55 yuan per 10 shares, translating to a cash dividend ratio of approximately 40.32% [6][20] Financial Performance - In Q4 2024, the company achieved a revenue of 582.74 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 52.59 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [4][13] - The mining and processing sector generated revenue of 652.60 billion yuan, up 46.59% year-on-year, while the mineral trading sector achieved revenue of 1883.56 billion yuan, up 12.06% year-on-year [5][22] - The company’s copper product revenue reached 418.57 billion yuan, a 70.18% increase year-on-year, and cobalt product revenue was 87.43 billion yuan, up 156.71% year-on-year [5][25] Production and Capacity - The company’s copper and cobalt production for 2024 was 65.02 million tons and 11.42 million tons, respectively, representing increases of 54.97% and 105.61% year-on-year, exceeding previous guidance [5][29] - The TFM project in Congo has successfully ramped up production, contributing to the company’s increased capacity [29] Market Outlook - The report indicates that copper prices are expected to rise due to supply constraints and supportive policies, with the average domestic copper price in 2024 estimated at approximately 75,000 yuan per ton, a 9.69% increase from 2023 [7][31] - Cobalt prices are anticipated to recover following an export ban imposed by the Congo government, which is expected to tighten supply [40][43] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 154.4 billion yuan, 167.3 billion yuan, and 173.5 billion yuan, respectively, with corresponding P/E ratios of 10.85, 10.01, and 9.65 [8][44] - The report maintains a "Buy" rating based on the company’s strong performance and favorable market conditions [8][44]

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by increased production and favorable market conditions in the copper and cobalt sectors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 13.53 billion yuan, up 64.03% year-on-year [1]. - For Q4 2024, the company recorded operating revenue of 58.27 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 5.26 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [1]. Segment Performance - The mining and processing sector generated revenue of 65.26 billion yuan in 2024, a year-on-year increase of 46.59%, while the mineral trading sector achieved revenue of 188.36 billion yuan, up 12.06% year-on-year [2]. - Revenue from copper products reached 41.86 billion yuan, reflecting a year-on-year increase of 70.18%, and cobalt product revenue was 8.74 billion yuan, up 156.71% year-on-year [2]. - The company’s copper and cobalt production for 2024 was 650,200 tons and 114,200 tons, respectively, representing year-on-year increases of 54.97% and 105.61%, both exceeding guidance [2]. Financial Health and Dividends - The company's debt-to-asset ratio improved to 49.52%, a decrease of 8.88 percentage points year-on-year, indicating enhanced asset quality [2]. - The company plans to distribute a cash dividend of 2.55 yuan per 10 shares (including tax) for 2024, with a cash dividend payout ratio of approximately 40.32% [2]. - The company commits to maintaining a cash dividend payout ratio exceeding 40% of the net profit attributable to shareholders for the years 2024-2026, subject to normal operations and future development needs [2]. Market Outlook - The domestic copper spot price is expected to average around 75,000 yuan per ton in 2024, with supply constraints due to aging mines and policy changes abroad, suggesting upward price momentum for copper [3]. - The domestic cobalt spot price is projected to be around 200,000 yuan per ton in 2024, down 26.23% year-on-year, but may rebound due to export restrictions from the Democratic Republic of Congo [3]. Investment Recommendations - The company’s projected net profits for 2025, 2026, and 2027 are 15.44 billion yuan, 16.73 billion yuan, and 17.35 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.85, 10.01, and 9.65 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a record high in copper production and exceeded revenue expectations, with a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37% [1] - The company’s main products, copper and cobalt, saw significant production increases, with copper production reaching 650,200 tons, a 55% year-on-year growth, and cobalt production at 114,200 tons, a 106% increase [2] - The company is advancing a new round of copper capacity expansion, aiming for a copper production target of 800,000 to 1,000,000 tons by 2028, indicating strong long-term growth potential [4] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 135.32 billion yuan, a year-on-year increase of 64.03% [1] - The gross margin for copper and cobalt improved by 4.96 percentage points and decreased by 2.70 percentage points, respectively, resulting in gross margins of 50.26% for copper and 34.31% for cobalt [2] - The company’s revenue and net profit forecasts for 2025 to 2027 are 219.58 billion yuan, 160.30 billion yuan, and 180.60 billion yuan, respectively, with corresponding PE ratios of 11.3, 10.5, and 9.3 [4][5] Production and Capacity - The company successfully completed its production targets for all major products in 2024, exceeding the upper limits of its production guidance [3] - The production completion rates for copper, cobalt, molybdenum, tungsten, niobium, and phosphate were 119%, 176%, 114%, 118%, 106%, and 103%, respectively [3] - The company is also focusing on cost control, with sales costs for copper and cobalt decreasing by 12.47% and 26.25%, respectively [2] Market Conditions - The average price for LME copper in 2024 was $9,147 per ton, a year-on-year increase of 7.83%, while the average price for MB cobalt metal was $11.26 per pound, a decrease of 25.48% [2] - The company’s EBITDA for 2024 is projected to be 34,626.28 million yuan, reflecting a significant increase from the previous year [5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a record high in copper production and exceeded revenue expectations, with a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37% [1] - The company’s main products, copper and cobalt, saw significant production increases, with copper production reaching 650,200 tons, a 55% year-on-year growth, and cobalt production at 114,200 tons, a 106% increase [2] - The company is advancing a new round of copper capacity expansion plans, aiming for a copper production target of 800,000 to 1,000,000 tons by 2028, indicating strong long-term growth potential [4] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 135.32 billion yuan, a year-on-year increase of 64.03% [1] - The gross profit margins for copper and cobalt increased by 4.96 percentage points and decreased by 2.70 percentage points, respectively, reaching 50.26% and 34.31% [2] - The company’s revenue is projected to continue growing, with estimates of 219.58 billion yuan in 2025 and 224.57 billion yuan in 2026 [5] Production and Capacity - The company successfully completed its production targets for all major products in 2024, exceeding the upper limits of its production guidance [3] - The production completion rates for copper, cobalt, molybdenum, tungsten, niobium, and phosphate were 119%, 176%, 114%, 118%, 106%, and 103%, respectively [3] Price and Cost Analysis - The average price for LME copper in 2024 was $9,147 per ton, a year-on-year increase of 7.83%, while the average price for MB cobalt metal was $11.26 per pound, a decrease of 25.48% [2] - The sales costs for copper and cobalt decreased by 12.47% and 26.25%, respectively, to 30,200 yuan per ton and 52,700 yuan per ton [2] Future Outlook - The company has provided production guidance for 2025, expecting copper production of 600,000 to 660,000 tons and cobalt production of 100,000 to 120,000 tons, indicating sustained high levels of output [4] - The company’s net profit forecasts for 2025, 2026, and 2027 are 148.8 billion yuan, 160.3 billion yuan, and 180.6 billion yuan, respectively, with corresponding PE ratios of 11.3, 10.5, and 9.3 [4]

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 slightly raises profit forecasts due to the upward trend in copper prices and effective cost control in copper and cobalt products [9] 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 include molybdenum production of 15,400 tons (down 1.53%) and tungsten production of 8,288 tons (up 3.92%) [6] Cost Control and Pricing - The average international copper price in 2024 was $9,147 per ton, up 7.83% year-on-year, while the international cobalt price fell by 25.48% to $11.26 per pound [7] - The company successfully reduced copper sales costs to 30,200 yuan per ton from 34,500 yuan per ton in 2023, and cobalt sales costs dropped 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 successful deep exploration results and a signed agreement for a 200 MW hydropower project [8] Profit Forecasts - Projected revenues for 2025-2027 are 220.77 billion yuan, 230.53 billion yuan, and 238.74 billion yuan, respectively, with net profits of 14.85 billion yuan, 15.94 billion yuan, and 16.73 billion yuan [11][12] - The current stock price corresponds to a PE ratio of 11.6, 10.8, and 10.3 for the years 2025, 2026, and 2027, respectively [9][11]

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]