CMOC(603993) 华夏时报·2025-03-26 04:41Core Viewpoint - Luoyang Molybdenum achieved record revenue and net profit in 2024, marking significant growth in its copper and cobalt business, and positioning itself among the top ten copper producers globally [2][5][6]. Financial Performance - In 2024, Luoyang Molybdenum reported revenue of 2130.29 billion RMB, a year-on-year increase of 14.37% [2][5]. - The net profit attributable to shareholders reached 135.32 billion RMB, up 64.03% year-on-year, marking the first time it surpassed 100 billion RMB [2][5]. - The company's cash flow from investment activities improved significantly, with a net cash flow of -11.60 billion RMB, an increase of 89.12% compared to the previous year [2][9]. Business Operations - The company operates two world-class mines in the Democratic Republic of Congo (DRC), TFM and KFM, which contributed significantly to its revenue [6][11]. - In 2024, copper production reached 650,200 tons, a 55% increase year-on-year, making it one of the top ten copper producers globally [6][7]. - Cobalt production also saw substantial growth, with an output of 114,200 tons, a 106% increase year-on-year [7]. Market Position and Strategy - Luoyang Molybdenum's copper and cobalt businesses are expected to continue growing, with a focus on enhancing operational efficiency and management effectiveness [10]. - The company plans to distribute dividends of 54.56 billion RMB, representing 40.32% of its net profit [8]. - The management emphasized a cautious investment approach, adapting to market conditions and strategic development [3][9]. Industry Outlook - The copper market is anticipated to experience tight supply in 2025, driven by strong demand and potential disruptions in supply [10]. - The cobalt market is expected to gradually alleviate the oversupply situation, with the DRC's recent export suspension potentially supporting price recovery [11].