香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993) 董事會召開日期 洛陽欒川鉬業集團股份有限公司 袁宏林 董事長 中華人民共和國河南省洛陽市 二零二四年四月十七日 於本公告日期，本公司之執行董事為孫瑞文先生及李朝春先生；本公司之非執行 董事為袁宏林先生、林久新先生及蔣理先生；及本公司之獨立非執行董事為王友 貴先生、嚴冶女士及李樹華先生。 * 僅供識別 洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹訂於二 零二四年四月二十九日（星期一）舉行董事會會議，藉以（其中包括但不限於）考慮 及批准刊發本公司及其附屬公司截至二零二四年三月三十一日止三個月的季度業 績，以及處理任何其他事項。 承董事會命 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.48 CNY [1]. Core Views - The company has established itself as a global leader in the mining industry, with a diversified portfolio that includes copper, cobalt, tungsten, niobium, and phosphate production. The management team has extensive experience in mergers and acquisitions, having successfully integrated major projects like TFM and KFM [4][12]. - The company aims to achieve significant production targets over the next five years, including annual copper production of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons [12][28]. - The copper market is expected to experience a supply bottleneck in the medium to long term, while demand is projected to rise, particularly due to the increasing importance of renewable energy applications [4][7]. - Cobalt prices have reached historical lows, but the company is well-positioned to benefit from a potential recovery in the market as supply dynamics stabilize [4][7]. Summary by Sections Company Overview - The company is a comprehensive mining resource leader with a global footprint, having undergone significant expansion through strategic acquisitions and partnerships [4][12]. - It operates under a "mining + trading" model, making it a top producer of cobalt and a leading producer of copper, niobium, and tungsten [4][12]. Financial Performance - The company reported a revenue of 186,269 million CNY in 2023, with a year-on-year growth of 8%. The net profit attributable to shareholders was 8,250 million CNY, reflecting a 36% increase year-on-year [3][24]. - For the years 2024 to 2026, projected revenues are 195,293 million CNY, 196,843 million CNY, and 201,489 million CNY, respectively, with corresponding net profits of 10,561 million CNY, 11,463 million CNY, and 12,701 million CNY [3][8]. Production Capacity and Growth - The company has a copper resource of 34.64 million tons and a cobalt resource of 5.25 million tons, with production capacities expected to reach 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt in 2024 [4][28]. - The TFM and KFM projects are key contributors to the company's growth, with TFM expected to produce 450,000 tons of copper and 37,000 tons of cobalt annually once fully operational [29][34]. Market Dynamics - The copper market is experiencing a supply-demand mismatch, with limited new supply expected in the coming years due to low capital expenditures in the industry [4][38]. - The cobalt market is currently facing oversupply pressures, but prices are stabilizing near production costs, limiting further downside [4][7]. Investment Recommendations - The company is positioned to benefit from rising copper prices and increasing demand from renewable energy sectors, making it a compelling investment opportunity [4][7][8]. - The projected P/E ratios for 2024, 2025, and 2026 are 30.2, 22.2, and 17.3, respectively, indicating potential for growth [3][8].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company achieved record high revenue and net profit in 2023, with a total revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year. The company also sold 80% of its stake in the NPM copper mine, focusing on core assets [2]. - The company is set to see significant growth in copper and cobalt production with the commissioning of two world-class copper-cobalt mines. In 2023, copper production reached 419,500 tons and cobalt production reached 55,500 tons, representing year-on-year increases of 51% and 174%, respectively. The company aims to produce over 520,000 tons of copper and over 60,000 tons of cobalt in 2024 [2]. - The company has substantial resource potential in its Congo copper-cobalt mines, with a total resource of 34.64 million tons of copper and 5.25 million tons of cobalt as of 2023. The company plans to enhance exploration efforts and initiate resource expansion plans [2]. - Supply growth is limited while demand continues to rise, suggesting that copper prices are likely to steadily increase. The company is expected to benefit significantly from this trend [2]. - The company is projected to achieve revenues of 200.31 billion yuan, 199.20 billion yuan, and 200.29 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 10.79 billion yuan, 11.37 billion yuan, and 11.95 billion yuan for the same years [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 186.27 billion yuan and a net profit of 8.25 billion yuan, with significant growth in Q4, where revenue reached 54.59 billion yuan, up 34.72% year-on-year, and net profit soared to 5.81 billion yuan, up 547.79% year-on-year [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.50 yuan, with a price-to-earnings (PE) ratio of 17.49 [3]. Production Outlook - The company plans to ramp up copper production to over 520,000 tons in 2024, an increase of over 100,000 tons from 2023, and aims for cobalt production to exceed 60,000 tons [2]. - The company’s copper and cobalt mines in Congo have a combined resource of 34.64 million tons of copper and 5.25 million tons of cobalt, with plans for further exploration and resource expansion [2]. Market Conditions - The global supply of copper is expected to face constraints due to various factors, while demand remains robust, indicating a potential upward trend in copper prices [2].

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: 2024年4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 | 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 | A | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has a leading position in resource volume globally, with significant year-on-year production growth across all major metals [2][3] - The KFM and TFM projects are progressing well, with expected increases in copper and cobalt production [4][5] - The company aims to accelerate the conversion of resource advantages into production advantages, with plans for expansion and increased output in the coming years [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit of 8.25 billion yuan, up 35.98% year-on-year [2][6] - The company’s copper production reached 394,000 tons, a 54.94% increase year-on-year, while cobalt production rose to 55,500 tons, up 173.40% [3][6] Production Outlook - For 2024, the company plans to produce between 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt, with ongoing projects expected to reach full capacity [5][6] - The TFM project is expected to produce 280,300 tons of copper and 21,700 tons of cobalt in 2023, with further expansions planned [4][5] Resource Position - As of 2023, the company holds significant resources: 34.64 million tons of copper, 5.25 million tons of cobalt, and 1.36 million tons of molybdenum, maintaining a leading global position [3][6] Future Projections - Revenue projections for 2024-2026 are 202.55 billion, 211.35 billion, and 220.26 billion yuan respectively, with net profits expected to grow to 10.49 billion, 11.54 billion, and 12.34 billion yuan [6][8] - The company aims for a five-year target of annual copper production between 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons [5][6]

Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum (603993.SH) [1][4][19] Core Views - The company achieved a 36% year-on-year growth in net profit for 2023, with total revenue reaching 186.3 billion yuan, an increase of 7.7% [1][5] - Significant projects, including the TFM mixed ore and KFM copper-cobalt mines, have been completed, positioning the company for substantial production increases in the coming years [1][2][5] - The company aims to produce 800,000 to 1,000,000 tons of copper and 90,000 to 100,000 tons of cobalt annually over the next five years, leveraging its existing production capacity [2][5][19] Financial Performance - In 2023, the company reported a net profit of 8.25 billion yuan, with a significant increase in Q4 net profit to 5.81 billion yuan, marking a 663% increase year-on-year [1][5] - The operating cash flow for 2023 was 15.54 billion yuan, reflecting a 0.6% increase [1][5] - The projected net profits for 2024-2026 are 10.08 billion, 11.33 billion, and 11.56 billion yuan, respectively, with expected growth rates of 22.2%, 12.4%, and 2.0% [2][19] Production Outlook - The company is set to achieve copper production of over 520,000 tons and cobalt production of over 60,000 tons in 2024 [1][5] - The completion of major projects is expected to double copper production within two years, enhancing the company's position among the top global copper producers [2][19] Market Position - Luoyang Molybdenum is anticipated to become one of the top ten copper producers globally and the largest cobalt producer, driven by its strategic projects and production capacity [2][19]

股票代码：603993 股票简称：洛阳钼业 编号：2024—018 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45亿元人民币的担保。 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。 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43.02%。敬请投资者注意相关风险。 一、担保授权情况 2023年6月9日，公司2022年年度股东大会审议通过《关于本公司 2023年度对外担保安排的议案》，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、控股子公司合计提供最高余额 不超过人民币90 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3]. Core Insights - The company has achieved record high performance in 2023, with revenue and net profit reaching 186.27 billion yuan and 8.25 billion yuan, respectively, representing year-on-year growth of 7.68% and 35.98% [4]. - The company is positioned as a leading global producer of tungsten, cobalt, niobium, molybdenum, and copper, leveraging its resource advantages to drive production growth [4][6]. - The copper supply-demand outlook is tightening, with expectations for sustained high copper prices due to slow supply growth and increasing demand from the renewable energy sector [5][30]. - Cobalt supply is currently in surplus but is projected to shift towards a shortage post-2025, driven by rising demand from electric vehicles [5][37]. Summary by Sections 1. Company Overview - The company has expanded its mining resources and production capacity since its listing, becoming a global leader in several metal production categories [14]. 2. Copper Market Analysis - The global copper supply is concentrated in a few countries, with capital expenditures insufficient to support supply growth, leading to a forecast of tight supply conditions [22][30]. - China's demand for copper is significant, accounting for over 57% of global consumption, with expectations for stable demand from traditional power and grid sectors [23][26]. 3. Cobalt Market Analysis - Cobalt supply is primarily concentrated in the Democratic Republic of Congo and Indonesia, with significant production increases expected in the coming years [33][35]. - The demand for cobalt is expected to grow significantly due to its applications in electric vehicles and portable electronics, with a projected demand increase of 14.5% in 2023 [37]. 4. Financial Projections - The company is expected to achieve net profits of 10.02 billion yuan, 11.24 billion yuan, and 12.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.46 yuan, 0.52 yuan, and 0.57 yuan [7].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 27 日 洛 阳钼业(603993.SH) 253365999 证券研究报告 产品产量全线同比增长，五年计划剑指 其他稀有金属 投资评级 买入-A 全球一流铜生产商 维持评级 6个月目标价 10.2元 公司发布 2023 年年报：2023 年公司营业收入 1862.69 亿元， 股价 (2024-03-26) 7.78元 同比增长 7.68%；归母净利润82.5 亿元，同比增长35.98%；扣非 归母净利润 62.33亿元，同比增长 2.73%。其中 2023Q4 营业收入 交易数据 545.87 亿元，同比增长 34.71%，环比增长 21.42%；归母净利润 总市值(百万元) 168,042.09 58.07 亿元，同比增长663.07%，环比增长233.74%；扣非归母净 流通市值(百万元) 137,439.71 利润 48.77 亿元，同比增长141.26%，环比增长329.59%。 总股本(百万股) 21,599.24 流通股本(百万股) 17,665.77 矿业板块产量全线提升，处置澳洲铜金业务增加投资收益： ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 186.27 billion yuan in 2023, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year [1] - The significant increase in profitability is attributed to the concentrated release of overseas copper and cobalt mining capacity, alongside a cyclical rise in copper prices [1][2] - The company has successfully resolved issues related to the TFM mining rights, allowing for accelerated capacity release [1] - The divestment of the Australian NPM copper mine is expected to enhance capital allocation efficiency and reduce the group's debt ratio [1] Financial Summary - In 2023, the company produced approximately 419,500 tons of copper, a 51% increase year-on-year, and 55,500 tons of cobalt, a 174% increase year-on-year [1] - The projected revenues for 2024-2026 are 197.50 billion yuan, 207.29 billion yuan, and 216.94 billion yuan, respectively, with net profits expected to be 10.01 billion yuan, 11.00 billion yuan, and 12.19 billion yuan [2] - The company's earnings per share (EPS) for 2023 was 0.38 yuan, reflecting a significant year-on-year growth of 35.71% [1][2] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 16.9, 15.4, and 13.9, respectively [2][7]