Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 238.62% for the first three quarters of 2024 [3] - The revenue for the first three quarters of 2024 reached 154.755 billion yuan, representing a year-on-year increase of 17.52% [3] - The company benefits from increased sales in its copper and cobalt business in the Democratic Republic of Congo, alongside effective cost management [3] - The projected net profits for 2024-2026 are 11.813 billion yuan, 13.496 billion yuan, and 16.618 billion yuan respectively, with corresponding EPS of 0.55, 0.62, and 0.77 yuan [3] Financial Performance Summary - The company achieved a net profit of 8.273 billion yuan in the first three quarters of 2024, a 238.62% increase year-on-year [3] - The operating cash flow net amount increased by 71.10% to 17.281 billion yuan [5] - The copper production from the Congo projects reached 476,000 tons, a year-on-year increase of 78.20%, while cobalt production increased by 127.39% to 84,700 tons [4] - The company’s free cash flow surged by 874% to 12.41 billion yuan [5] Revenue and Profit Forecast - The company’s revenue is projected to grow from 198.594 billion yuan in 2024 to 210.207 billion yuan in 2026, with a year-on-year growth rate of 5.4% in 2026 [6] - The gross profit margin is expected to improve from 14.7% in 2024 to 17.6% in 2026 [6] - The net profit margin is projected to increase from 5.9% in 2024 to 7.9% in 2026 [6] Market Position and Strategy - The company’s mining segment has shown stable performance, with the TFM and KFM projects in the Democratic Republic of Congo reaching full production capacity [4] - The trading segment has improved operational quality, achieving a year-on-year growth of 61.40% to 920 million yuan [4] - The company is focusing on optimizing its business lines by concentrating on high-margin products and reducing the volume of lower-margin products [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company achieved a revenue of 154.8 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 17.5%, and a net profit attributable to shareholders of 8.27 billion yuan, up 239% year-on-year [1][10]. - The significant growth in performance is attributed to a substantial increase in copper and cobalt sales, alongside rising commodity prices, despite some losses from expenses and taxes [1][10]. - The company has exceeded production targets for copper and cobalt, with cobalt production reaching 130.31% of its annual target by the third quarter [1][12]. Summary by Sections 1. Event - The company released its Q3 2024 report on October 28, 2024, showing strong performance in revenue and net profit [1][5]. 2. Performance Analysis - Revenue for Q3 2024 was 51.94 billion yuan, a 15.5% increase year-on-year but an 8.4% decrease quarter-on-quarter [1][9]. - The net profit for Q3 2024 was 2.856 billion yuan, reflecting a 64.12% increase year-on-year but a 14.64% decrease quarter-on-quarter [1][9]. 3. Production and Sales - The company’s copper and cobalt production in the first three quarters of 2024 was 476,000 tons and 84,700 tons, respectively, marking increases of 78.18% and 127.33% year-on-year [1][12]. - The production of molybdenum and tungsten remained stable, with slight declines in molybdenum output [1][13]. 4. Future Outlook - The company aims to achieve copper production of 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons by 2028, with a projected CAGR of 16.5% for copper and 11.3% for cobalt from 2023 to 2028 [1][10]. - Expected net profits for 2024-2026 are projected at 11.134 billion, 13.519 billion, and 14.212 billion yuan, with corresponding EPS of 0.52, 0.63, and 0.66 yuan [1][2]. 5. Investment Recommendation - The report suggests that with the ongoing ramp-up of projects in the Democratic Republic of Congo, the company is well-positioned for growth, maintaining a "Buy" rating [1][10].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in the first three quarters of 2024 has significantly improved due to the ramp-up of overseas core mines, with a year-on-year revenue increase of 17.52% to CNY 154.755 billion and a net profit increase of 238.62% to CNY 8.273 billion [1] - The copper production for the first three quarters reached 476,000 tons, a year-on-year increase of 78.20%, indicating strong operational performance [1] - The report highlights the expectation of future production increases from ongoing projects, with potential annual copper production reaching 1 million tons by 2028 [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of CNY 51.936 billion, a quarter-on-quarter increase of 15.53%, and a net profit of CNY 2.856 billion, a quarter-on-quarter increase of 64.12% [1] - The average international copper price increased by 6.4% year-on-year in the first three quarters of 2024, contributing to revenue growth despite a slight decline in Q3 [1] - The projected revenues for 2024, 2025, and 2026 are CNY 197.5 billion, CNY 207.3 billion, and CNY 216.9 billion respectively, with corresponding net profits of CNY 11.064 billion, CNY 12.459 billion, and CNY 14.307 billion [2][10] Market Outlook - The report expresses optimism regarding the macroeconomic outlook in the U.S., which is expected to positively influence industrial metal prices, including copper [1] - The anticipated increase in credit scale for "white list" projects in China is expected to support demand for copper, further enhancing the company's profitability [1] - The company is expected to benefit from high business concentration in the copper and cobalt sectors, which will solidify its profit margins as production increases [1]

Investment Rating - The report maintains an "Outperform" rating for Luoyang Molybdenum Co Ltd (603993 SH) [2][4] Core Views - Luoyang Molybdenum Co Ltd achieved significant profit growth in 2024 Q1-Q3 with a 239% YoY increase in net profit attributable to shareholders [1][5] - The company's copper production increased by 57% in 2024 Q1-Q3 driven by both volume and price growth [1][5] - TFM and KFM two major copper mines achieved full production and overproduction in 2024 Q3 [1][5] - The company is expected to double its copper production by 2024 compared to 2022 and increase cobalt production by 200% [2] - Luoyang Molybdenum Co Ltd is projected to become one of the top 10 global copper producers and the world's largest cobalt producer [2] Financial Performance - 2024 Q1-Q3 revenue reached 154 8 billion yuan (+17 5% YoY) with net profit attributable to shareholders of 8 27 billion yuan (+238 6% YoY) [1][5] - 2024 Q3 net profit attributable to shareholders was 2 86 billion yuan (+64 1% YoY -14 6% QoQ) [1][5] - Operating cash flow for 2024 Q1-Q3 was 17 28 billion yuan [1][5] - Copper production cost in 2024 Q1-Q3 was 31 123 yuan/ton slightly higher than H1 2024 but significantly lower than 2023 [2][6] - Cobalt production cost in 2024 Q1-Q3 was 53 358 yuan/ton slightly higher than H1 2024 [2][6] Project Development - TFM West and KFM Phase II projects have commenced preliminary exploration with good results [2][7] - The Nzilo II hydropower station agreement in Congo (DRC) with 200 MW capacity will provide long-term stable power supply for the company's million-ton copper production capacity [2][7] Financial Forecast - 2024-2026 net profit attributable to shareholders is projected to be 11 504/12 393/14 650 billion yuan with YoY growth rates of 39 4%/7 7%/18 2% [2] - 2024-2026 diluted EPS is expected to be 0 53/0 57/0 68 yuan with corresponding PE ratios of 14 3/13 3/11 3X [2] - 2024-2026 revenue is forecasted to be 249 638/253 300/261 709 billion yuan with YoY growth rates of 34 0%/1 5%/3 3% [3] Industry Position - Luoyang Molybdenum Co Ltd is one of the few large global copper mining companies maintaining high growth in copper production [2] - The company's copper production is expected to double within two years due to the construction and operation of two world-class projects [2]

Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum (603993.SH) [1] Core Views - The company has shown significant growth in revenue and net profit, driven by increased production and sales of copper and cobalt products, as well as improved lean management practices [3][4] - The company reported a revenue of 154.75 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.52%, and a net profit attributable to shareholders of 8.27 billion yuan, up 238.62% year-on-year [3][4] - The report highlights the successful completion of two world-class projects in the Democratic Republic of Congo, contributing to a substantial increase in production [4] Financial Performance - For the first three quarters of 2024, the company achieved a copper production of 476,000 tons, a year-on-year increase of 78.20%, and cobalt production of 85,000 tons, up 127.39% [4] - The average copper price in Q3 2024 was reported at 75,200 yuan per ton, down 5.7% from the previous quarter, while cobalt prices fell significantly by 18.9% [4] - The company's operating cash flow for the first three quarters of 2024 was 17.28 billion yuan, a year-on-year increase of 71.1% [3] Production and Sales - The report indicates that the company’s tungsten and niobium phosphate products have seen continuous production breakthroughs, while molybdenum production has slightly decreased [5] - The company’s tungsten production for the first three quarters of 2024 was 6,129 tons, a year-on-year increase of 3.79%, while molybdenum production was 11,334 tons, down 6.34% [5] Future Outlook - The report forecasts that the company’s net profit attributable to shareholders will reach 11.4 billion yuan in 2024, with a year-on-year growth rate of 38.2% [6] - The company is planning to expand its production capacity in Africa, with potential projects for TFM Phase III and KFM Phase II [6]

用几分钟的时间为大家汇报一下公司前三季度的整体经营业绩的情况2024年前三季度公司整体业绩再创新高这个主要还是得益于以铜为主的增量带来的贡献尽管三季度的时候我们也看到市场上有些商品的市场价格环比有些回调 但整体公司层面的经营还是稳扎稳打的各个业务板块和运营单位均在产量和经营管理方面不断实现新的突破共同贡献公司在前三制度实现了营业收入1547.55亿元同比增长18%其中矿业板块营业收入483.32亿元同比增长85% 贸易板块 营业收入1064.23亿元 同比增长1%EBITDA240.16亿元 同比增长101%矿业板块EBITDA213.89亿元 同比增长137%贸易板块EBITDA26.27亿元 同比增长31% 规模经历方面,集团整体层面实现规模经历82.73亿元,红利增长239%,矿业板块规模经历贡献73.43亿元,红利增长297%, 贸易板块规模净利贡献9.29亿元 同比增长57%扣费后规模为85.52亿元 同比增长531%从整体的这个盈利能力上来看无论是矿业板块还是贸易板块均实现了强劲的同比增长那矿神板块主要还是来自于产交的提升和产交进入均衡的一个状态 贸易板块主要的体现还是来自于经营质量的一个提升和优 ...

证券研究报告 非金融公司|公司点评|洛阳钼业（603993） 世界级铜矿保持高产，积极筹划新一轮 发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 2024Q1-Q3 公司实现营业收入 1547.55 亿元，同比增长 17.52%；归母净利润 82.73 亿元，同 比增长 238.62%；扣非归母净利润 85.52 亿元，同比增长 530.97%。2024Q1-Q3 公司铜/钴金属 实现产量 47.60/8.47 万吨，同比增长 78.2%/127.4%。我们预计公司 2024-2026 年实现归母净 利润分别为 116.94/133.76/157.32 亿元，分别同比增长 41.75%/14.39%/17.61%；EPS 分别为 0.54/0.62/0.73 元，当前股价对应 PE 分别为 14.6/12.8/10.9 倍。公司未来矿铜产量增长显 著，业绩有望彰显高弹性，维持"买入"评级。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 5 非金 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—052 洛阳栾川钼业集团股份有限公司 关于注销部分回购股份、减少注册资本 暨修订《公司章程》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： 为增加股东回报，增强投资者信心，根据《中华人民共和 国公司法》《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第7号——回购股份》等法律法规规定以及《公司 章程》等规定，洛阳栾川钼业集团股份有限公司（以下简称"公 司"）拟将公司回购专用证券账户中部分使用期限将满三年的回 购股份99,999,964股予以注销，并相应减少公司注册资本，办理 相关注销手续。本次回购股份注销完成后，公司总股本将由 21,599,240,583股变更为21,499,240,619股。 公司于2024年10月28日召开第七届董事会第三次会议、第 七届监事会第三次会议审议通过了《关于注销部分回购股份并减 少注册资本的议案》《关于变更公司注册资本、企业类型及修订< 公司章程>的议案》。截至本公告日,公司回购专用证券账户库存 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—050 洛阳栾川钼业集团股份有限公司 第七届监事会第三次会议决议公告 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"） 第七届监事会第三次会议通知于 2024 年 10 月 14 日以电子邮件方式 发出，会议于 2024 年 10 月 28 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： 一、 审议通过关于本公司《2024年第三季度报告》的议案； 3、在出具本意见前，未发现参与《2024年第三季度报告》编制 和审议的人员有违反保密规定的行为。 该议案的表决结果为： 3 票赞成, 0 票反对, 0 票弃权。 二、审议通过关于公司与鸿商产业控股集团有限公司签订《房屋 租赁框架协议》暨日常关联交易的议案。 监事会认为：该 ...