Investment Rating - The report maintains a "Recommended" rating for the company, with an expected EPS of 0.56, 0.60, and 0.68 for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 16X, 15X, and 13X based on the latest stock price [2][23][27]. Core Views - The company reported Q1 2024 revenue of 46.12 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 2.07 billion yuan, reflecting a significant year-on-year growth of 553% [1][7][31]. - Copper and cobalt production exceeded expectations, with Q1 2024 copper and cobalt output increasing by 123% and 392% year-on-year, reaching 147,000 tons and 25,000 tons respectively [1][16][23]. - The company aims to achieve a copper production target of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons by 2028, with significant contributions expected from the TFM and KFM projects [23][26]. Summary by Sections Q1 2024 Performance - The company achieved a revenue of 46.12 billion yuan in Q1 2024, with a net profit of 2.07 billion yuan, marking a 553% increase year-on-year and a 64.3% decrease quarter-on-quarter [1][7][31]. - The significant year-on-year profit growth was attributed to a 41 billion yuan increase in gross profit [1][11]. Production and Sales - Q1 2024 copper and cobalt production reached 147,000 tons and 25,000 tons, respectively, with year-on-year increases of 123% and 392% [1][16][23]. - The actual copper sales volume was 126,000 tons, down from the previous quarter due to inventory adjustments [1][11]. Price Trends - In Q1 2024, copper and cobalt prices were reported at 8,438 USD/ton and 13.5 USD/pound, reflecting a year-on-year decline of 5.5% and 20.5% respectively [1][18][19]. Future Outlook - The company has set a production guidance for 2024 of 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt, with a focus on expanding production capacity in Africa [1][23][26]. - The five-year development goal includes achieving annual copper production of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons [23][26].

Investment Rating - The report assigns a "Buy" rating for both A and H shares of the company [4][2]. Core Views - In Q1 2024, the company's net profit attributable to shareholders decreased by 64% quarter-on-quarter to 2.1 billion RMB, which is in line with expectations. The company achieved a revenue of 46.1 billion RMB, a year-on-year increase of 4% but a quarter-on-quarter decrease of 16%. The net profit attributable to shareholders increased by 553% year-on-year but decreased by 64% quarter-on-quarter [2][3]. - The copper and cobalt production in Q1 2024 exceeded expectations, with a quarter-on-quarter increase anticipated in Q2 due to the full production capacity of TFM. The production volumes for copper, cobalt, tungsten, and molybdenum in Q1 2024 were 147,500 tons, 25,202 tons, 1,921 tons, and 3,474 tons, respectively, with quarter-on-quarter increases of 16% and 38% for copper and cobalt [2][3]. - The report forecasts EPS for 2024-2026 to be 0.58, 0.64, and 0.68 RMB per share, respectively, and assigns a 20x PE valuation for 2024, leading to a target price of 11.56 RMB per share for A shares and 9.51 HKD per share for H shares [2][3]. Financial Summary - The company reported a revenue of 172.99 billion RMB in 2022, with a projected increase to 205.63 billion RMB in 2024, reflecting a growth rate of 10.4% [3]. - The net profit attributable to shareholders is expected to rise from 6.07 billion RMB in 2022 to 12.49 billion RMB in 2024, indicating a growth rate of 51.4% [3]. - The company's EBITDA is projected to increase from 17.14 billion RMB in 2022 to 26.73 billion RMB in 2024 [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][20]. Core Views - The company has demonstrated significant growth in Q1 2024, with revenue reaching 46.121 billion yuan, a year-on-year increase of 4.2%, and net profit attributable to shareholders soaring by 553.3% to 2.072 billion yuan [1]. - The successful ramp-up of the TFM mixed ore project has led to a substantial increase in copper and diamond production, with copper output up 122.9% year-on-year to approximately 147,000 tons [1]. - The company's operational model, combining mining and trading, enhances its resource attributes and positions it favorably in the global mineral resource market [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 2.072 billion yuan, a remarkable increase of 553.3% year-on-year, and a basic earnings per share of 0.10 yuan, up 566.7% [1]. - The company’s revenue for 2024 is projected to be 197.5 billion yuan, with net profit expected to reach 10.013 billion yuan, reflecting a P/E ratio of 19.4 [2][3]. Production Capacity - The TFM and KFM mines have both reached full production capacity, with TFM producing 450,000 tons of copper and 37,000 tons of diamonds annually [1]. - The company anticipates achieving a total copper production of approximately 560,000 tons and diamond production of about 71,000 tons for the year [1]. Market Dynamics - The report highlights a favorable supply-demand dynamic for copper, with supply growth slowing and demand remaining robust due to infrastructure and renewable energy projects in China [2]. - The anticipated upward movement in copper prices is expected to further solidify the company's profitability [2].

目前所有参会者均处于静音状态。本次会议仅服务于邀请参会的广大投资者,会议PVT音频以及文字记录的内容仅供投资者内部使用,不得公开发布。苏尔木耶和民生证券未授权任何媒体转发此次会议相关的内容,未经授权和允许的转载转发均属侵权。苏尔木耶和民生证券将保留追究其法律责任的权利。 让灭革民生证券不承担因转债转发而产生的任何损失和责任。市场有风险,投资需谨慎,提醒广大投资者谨慎做出投资决策。在会议开始前,我们提醒各位投资者,在主讲嘉宾发言结束后,将留有提问的时间,证明播报完毕。 非常欢迎各位投资者参加乱灭2024年一季度业绩线上交流会。今天出席本次业绩说明会的乱灭领导有如下几位。首先是首席财务官李国进先生,然后是总书会秘书许辉先生,以及IR刘欣怡女士。 那么下面的话首先有请许辉总就公司一季度的业绩情况做一个介绍然后我们会把时间留给各位投资人做一些问答那么有请许辉总各位投资者大家晚上好下面由我为各位对一季度的业绩运营情况做一个简短的汇报首先是财务方面公司 同比均有较大幅度的改善一季度实现营业收入461.2亿元同比增长4%以贝达58.5亿元同比增长包括和KFM17项目陆续投产并打产 依据公司的资本性支出实现同比减少2%徐总 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 46,121,379,515.86, representing a year-on-year increase of 4.15%[3] - Net profit attributable to shareholders for the same period was CNY 2,071,690,611.96, showing a significant increase of 553.28% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached CNY 2,091,340,863.16, with a remarkable increase of 3,082.87% year-on-year[3] - Basic and diluted earnings per share were both CNY 0.100, marking an increase of 566.67% year-on-year[3] - The company reported a net profit of CNY 3.53 billion for Q1 2024, significantly up from CNY 436.47 million in Q1 2023[16] - Net profit for Q1 2024 was approximately CNY 2.33 billion, compared to a net profit of CNY 273 million in Q1 2023, indicating a year-over-year increase of over 754%[17] - The company reported a total comprehensive income of approximately CNY 2.67 billion for Q1 2024, a significant recovery from a loss of CNY 1.14 billion in Q1 2023[17] - The company achieved a substantial increase in other comprehensive income, with a net amount of approximately CNY 340 million in Q1 2024, compared to a loss of CNY 1.41 billion in Q1 2023[17] Cash Flow and Assets - The net cash flow from operating activities was CNY 5,477,822,704.96, reflecting a growth of 17.98% compared to the same period last year[3] - Cash flow from operating activities for Q1 2024 was approximately CNY 5.48 billion, an increase from CNY 4.64 billion in Q1 2023, showing a growth of about 18%[18] - Cash inflow from investment activities in Q1 2024 totaled approximately CNY 2.33 billion, compared to CNY 896 million in Q1 2023, marking a significant increase[19] - Net cash outflow from investment activities for Q1 2024 was approximately CNY 2.95 billion, an improvement from a net outflow of CNY 5.17 billion in Q1 2023[19] - Cash flow from financing activities in Q1 2024 was approximately CNY 30.17 billion, down from CNY 32.56 billion in Q1 2023, indicating a decrease of about 7.35%[19] - The ending cash and cash equivalents balance for Q1 2024 was approximately CNY 26.52 billion, slightly down from CNY 26.65 billion in Q1 2023[19] - The company's total current assets increased to 87,970,212,943.47 RMB as of March 31, 2024, up from 83,647,583,348.66 RMB at the end of 2023[13] - Total monetary assets increased to 31,142,073,302.06 RMB, compared to 30,716,077,208.96 RMB at the end of the previous year[13] Production and Sales - Copper production reached 147,494 tons, with a year-on-year increase of 122.86%, while sales increased by 4,361.34% to 125,546 tons[9] - Cobalt production was 25,202 tons, showing a significant year-on-year increase of 392.23%, with sales rising by 2,386.88% to 24,277 tons[9] - The sales volume of refined metal products was 649,105 tons, with a year-on-year decrease of 18.69%[11] - The company reported a decrease in the sales volume of phosphate fertilizer by 18.05% to 229,109 tons[9] Shareholder Information - Total assets attributable to shareholders at the end of the reporting period were CNY 177,594,836,148.41, up 2.67% from the end of the previous year[3] - Shareholders' equity attributable to shareholders was CNY 61,976,352,450.81, representing a 4.09% increase from the previous year[3] - The total number of ordinary shareholders at the end of the reporting period was 209,582[6] - The top ten shareholders held a combined total of 1,153,000,000 shares, accounting for approximately 53.19% of the total shares[7] - The top ten unrestricted shareholders hold a total of 5,333,220,000 shares, representing 24.69% of the company's total shares[8] Operational Efficiency - The weighted average return on net assets increased by 2.84 percentage points to 3.46%[3] - The gross profit margin for copper mining and processing was 48.07%, while cobalt's gross profit margin was 36.61%[11] - Operating expenses decreased to CNY 42.70 billion in Q1 2024 from CNY 43.92 billion in Q1 2023, a reduction of 2.8%[16] - The company has implemented lean management practices, resulting in a decrease in overall costs compared to the previous year[12] Long-term Assets and Liabilities - Total assets increased to CNY 177.59 billion as of March 31, 2024, up from CNY 172.97 billion as of December 31, 2023, representing a growth of 2.9%[15] - Non-current assets totaled CNY 89.62 billion, slightly up from CNY 89.33 billion, indicating a 0.3% increase[15] - Current liabilities rose to CNY 53.56 billion, compared to CNY 48.98 billion, reflecting an increase of 9.5%[15] - Long-term borrowings decreased to CNY 18.02 billion from CNY 18.77 billion, a decline of 4.0%[15] - The retained earnings rose to CNY 26.05 billion, up from CNY 23.98 billion, indicating an increase of 8.7%[15] - Deferred tax assets increased to CNY 2.06 billion, up from CNY 1.67 billion, marking a growth of 23.6%[15] - The company’s goodwill increased slightly to CNY 430.89 million from CNY 430.14 million, a growth of 0.2%[15]

研究报告Research Report 29 Apr 2024 洛阳钼业 China Molybdenum (603993 CH) 厚积薄发，铜钴产量放量突破，业绩迎来高增长 Thick accumulation, copper and cobalt production volume breakthrough, and performance ushered in high growth [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM  2023年营业收入保持增长，铜、钴矿产量大增。公司于2023 现价 Rmb9.28 年实现营业收入1862.69亿元，同比增长7.68%；实现归母净 目标价 Rmb12.22 利润 82.50 亿元，同比增长 35.98%；实现扣非归母净利润 HTI ESG 5.0-5.0-5.0 62.33亿元，同比增长2.73%。2023年度公司矿产品产量大幅 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 46,121,379,515.86, representing a year-on-year increase of 4.15%[15] - Net profit attributable to shareholders was CNY 2,071,690,611.96, showing a significant increase of 553.28% compared to the same period last year[15] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,091,340,863.16, reflecting a year-on-year increase of 3,082.87%[15] - The net cash flow from operating activities was CNY 5,477,822,704.96, up by 17.98% year-on-year[15] - Basic and diluted earnings per share were both CNY 0.100, an increase of 566.67% compared to the previous year[15] - Operating profit for Q1 2024 was CNY 3.53 billion, significantly up from CNY 436.47 million in Q1 2023[28] - The company reported a total comprehensive income of CNY 2.67 billion for Q1 2024, compared to a loss of CNY 1.14 billion in Q1 2023[29] Production and Sales - In Q1 2024, copper production reached 147,494 tons, a year-on-year increase of 122.86%, while sales increased by 4,361.34 tons[21] - Cobalt production surged to 25,202 tons, reflecting a 392.23% year-on-year increase, with sales up by 2,386.88 tons[21] - Molybdenum production decreased by 15.66% to 3,474 tons, but sales increased by 19.52%[21] - The company's revenue from copper was approximately CNY 8.63 billion, with a gross margin of 48.07%[22] - Cobalt revenue amounted to about CNY 2.05 billion, with a gross margin of 36.61%[22] - Molybdenum revenue was CNY 1.28 billion, showing a year-on-year increase of 29.03%[22] Assets and Equity - Total assets at the end of the reporting period were CNY 177,594,836,148.41, a 2.67% increase from the end of the previous year[15] - Equity attributable to shareholders was CNY 61,976,352,450.81, representing a year-on-year increase of 4.09%[15] - Total assets as of March 31, 2024, were CNY 177.59 billion, compared to CNY 172.97 billion at the end of 2023[26] - The total equity attributable to shareholders of the parent company increased to CNY 61.98 billion in Q1 2024, up from CNY 59.54 billion in Q1 2023[28] Cash Flow and Investments - The company's cash and cash equivalents increased to CNY 31.14 billion from CNY 30.72 billion year-on-year[26] - Total cash inflow from investment activities was CNY 2,325,876,508.79, significantly up from CNY 896,602,356.24 in the same period last year[31] - The net cash flow from investment activities was CNY -2,953,578,573.40, an improvement from CNY -5,168,503,033.00 in Q1 2023[31] - Cash inflow from financing activities totaled CNY 30,170,629,113.79, down from CNY 33,746,324,482.07 in Q1 2023[31] - The total cash and cash equivalents at the end of Q1 2024 were CNY 26,523,250,015.30, slightly down from CNY 26,654,930,129.13 at the end of Q1 2023[31] Cost Management and R&D - The overall cost of production decreased compared to the same period last year, contributing to a rise in profits[25] - Research and development expenses in Q1 2024 amounted to CNY 51.80 million, up from CNY 36.14 million in Q1 2023, reflecting a focus on innovation[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 209,582[18]

股票代码：603993 股票简称：洛阳钼业 编号：2024—019 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： 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5.6亿元人民币的担 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。 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43.99%。敬请投资者注意相关风险。 一、担保授权情况 上述担保事项是基于目前业务情况的预计，根据可能的变化，在本次担保计划总额度的范围内，全资子公司成 员间的担保额度可以相互调剂，但在调剂发生时，对于资产负债率超过70%的担保对象，仅能从资产负债率超过70% 的担保对象处获得担保额度。本次担保均系为全资子公司提供担保，不涉及其他股东提供等比例担保的情形。 四、被担保方的基本情况 2023年6月9日公司2022年年 ...

Financial Performance - The company's operating revenue reached a historical high of RMB 186.3 billion, representing an 8% year-on-year increase[11]. - Net profit attributable to shareholders hit a record high of RMB 8.25 billion, up 36% year-on-year[11]. - The company achieved a significant revenue increase of 187.24% in the Democratic Republic of Congo, totaling RMB 28 billion, with a gross profit of RMB 12.402 billion[19]. - The Chinese segment reported an operating revenue of RMB 8.611 billion, a 23.63% increase year-on-year, achieving the best historical performance[17]. - The company's operating revenue for 2023 reached RMB 186.27 billion, an increase of 7.68% compared to RMB 172.99 billion in 2022[28]. - Net profit attributable to shareholders was RMB 8.25 billion, representing a significant growth of 35.98% from RMB 6.07 billion in the previous year[28]. - The basic earnings per share increased to RMB 0.38, up 35.71% from RMB 0.28 in 2022[29]. - The company achieved a cash flow from operating activities of RMB 15.54 billion, a slight increase of 0.57% compared to RMB 15.45 billion in 2022[28]. - Total assets as of December 31, 2023, amounted to RMB 172.97 billion, reflecting a growth of 4.82% from RMB 165.02 billion in 2022[31]. - The company's total direct economic contribution for 2023 was approximately RMB 182.9 billion[27]. Production and Operations - The company maintained leading global resource volumes for copper (3,463.82 thousand tons), cobalt (524.64 thousand tons), molybdenum (136.25 thousand tons), tungsten (10.97 thousand tons), niobium (203.6 thousand tons), and phosphorus (8,222.63 thousand tons) as of 2023[9]. - In 2023, the company achieved copper production of over 520,000 tons and cobalt production of over 60,000 tons, positioning itself among the top ten copper producers globally and maintaining its status as the largest cobalt producer[39]. - The company aims to produce 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, 25,000 to 30,000 tons of molybdenum, and over 10,000 tons of niobium annually by 2024[38]. - The company reported a total operating income of CNY 168.08 billion for mineral trading, with a year-on-year increase of 5.67%[82]. - The mining and processing segment generated an operating income of CNY 44.52 billion, reflecting a significant year-on-year increase of 75.44%[82]. - The company produced 419,537 tons of copper, a 51% increase from 276,992 tons in 2022[66]. - Cobalt production reached 55,526 tons, marking a significant 174% increase from 20,286 tons in the previous year[66]. - Molybdenum output was 15,635 tons, a slight increase of 3% compared to 15,114 tons in 2022[66]. - The KFM project produced 113,700 tons of copper and 33,900 tons of cobalt in 2023, while the TFM project achieved an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt across five production lines[69]. Strategic Initiatives - The company is positioned as the world's largest cobalt producer and aims to enter the top ten copper producers globally by 2024[13][19]. - The company plans to leverage its Brazilian operations in niobium and phosphorus to support strategic metal development in 2024[21]. - In January 2024, the company signed an agreement to establish a pilot plant for lithium extraction in Bolivia, marking a strategic move into lithium production[10]. - The company plans to deepen cooperation with CATL to accelerate projects in the African battery value chain and the lithium lake industry chain in Bolivia[79]. - The company is focusing on resource acquisition in response to market fluctuations, particularly in new energy metals like nickel, lithium, and cobalt[43]. - The company aims to enhance global governance capabilities and improve operational efficiency through a refined international operational system and digitalization efforts[76]. Environmental, Social, and Governance (ESG) - The company's carbon intensity is 95% lower than the industry average, with renewable energy accounting for 41% of total energy consumption[27]. - The company invested RMB 296 million in global community projects, focusing on education, healthcare, and infrastructure development[27]. - The company’s EcoVadis rating improved to gold level, placing it among the top 3 global metal and mineral traders[26]. - The company released its first TCFD report in 2023, enhancing its ESG management system to solidify its leading position in ESG practices domestically and globally[44]. - The company aims to integrate Chinese wisdom and technology with global resources to contribute to global energy transition efforts[44]. - The company is committed to improving its ESG governance model to maintain its leading position in the global industry[81]. - The company has set long-term goals for climate change and biodiversity, including a carbon neutrality roadmap to contribute to global sustainability efforts[196]. Risk Management - The company faces significant risks from price fluctuations of its main products, including copper, cobalt, molybdenum, tungsten, niobium, and phosphorus, which are critical to its profitability[120]. - The company operates in regions with varying political and economic conditions, including China, the Democratic Republic of Congo, and Brazil, which may impact operations due to geopolitical and policy risks[121]. - Interest rate risk arises from fluctuations in bank loan rates, with the company utilizing interest rate swap tools to mitigate risks associated with rising rates in the U.S.[122]. - The company is exposed to foreign exchange risks related to its non-local currency assets and liabilities, primarily involving USD, HKD, EUR, CAD, RMB, BRL, GBP, and CDF[123]. - IXM, the trading segment, employs a comprehensive risk management framework to address price volatility, foreign exchange, credit, and liquidity risks[125]. - Market risk is managed through diversification, position control, stress testing, and monitoring risk limits, with a Value at Risk (VaR) model set at a 95% confidence level[126]. Corporate Governance - The board held a total of ten meetings during the year ending December 31, 2023, to review and approve financial and operational matters[131]. - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Hong Kong Listing Rules[130]. - The company has established various committees under the board to delegate responsibilities, including those related to corporate governance functions[132]. - The company has established a formal and transparent procedure for determining the remuneration policy for directors, supervisors, and senior management[146]. - The Audit and Risk Committee held seven meetings during the year, reviewing the financial performance for the fiscal year ending December 31, 2022, and the quarterly results for 2023[151]. - The company has established a risk management and internal control system, with the Audit and Risk Committee overseeing its effectiveness and reporting significant issues to the board[151]. Market Conditions - The international price of cobalt decreased by 50.12% to USD 15.11 per pound in 2023, down from USD 30.29 in 2022[46]. - The average LME copper spot price in 2023 was USD 8,483 per ton, a decrease of 4% compared to the previous year[49]. - The average price of ammonium phosphate fell by 38.77% to USD 556 per ton in 2023, down from USD 908 in 2022[46]. - The cobalt price decline was attributed to lower-than-expected performance in the new energy vehicle supply chain and increased cobalt supply from Congo and Indonesia[51]. - The molybdenum industry is expected to see stable and healthy development due to strong demand from the steel and military sectors[52]. Shareholder Returns - The company emphasizes a cash dividend policy that prioritizes reasonable returns to investors while ensuring sustainable development, with a minimum cash distribution of 30% of distributable profits each year[198]. - The company distributed a cash dividend of RMB 0.8508 per 10 shares, totaling RMB 1,820,227,909.77 during the reporting period[200].

%‘ 稀有金属 分析师：李泽森 经营业绩创新高，新能源金属布局更加完 登记编码：S0730523080001 善 l izs1@ccnew.com 021-50586702 ——洛阳钼业(603993)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2024-04-18) 发布日期：2024年04月19日 收盘价(元) 9.47 事件：公司发布2023年年报，公司2023年实现营业收入1862.69 一年内最高/最低(元) 9.47/4.66 亿元，同比增长7.68%；实现归母净利润约人民币82.50亿元，同比 沪深300指数 3,569.80 增长35.98%；实现扣非归母净利润62.33亿元，同比增长2.73%；经 市净率(倍) 3.49 营性现金流为155亿元，同比增长1%；每10股派息1.5425元。 流通市值(亿元) 2,045.45 投资要点： 基础数据(2023-12-31) ⚫ 公司2023年经营业绩创历史新高。公司“矿山+贸易”双轮驱动 每股净资产(元) 2.71 发展，覆盖“勘-采-选-冶炼-贸”5个环节，主要业务分布于亚洲、 每股经营现金流(元) 0.72 非洲、南美洲 ...