Zhi Tong Cai Jing·2026-01-21 08:33Core Viewpoint - Dahua Jiexian's report indicates that Luoyang Molybdenum (603993)(03993) is expected to meet preliminary performance expectations for 2025, primarily driven by copper production exceeding guidance [1] Group 1: Company Performance - Management has guided that copper production will further increase by 2.6% to 10.7% year-on-year in 2026 [1] - The issuance of $1.2 billion in zero-coupon convertible bonds has enhanced the company's financial flexibility with limited dilution risk [1] Group 2: Market Conditions - The cobalt export quota from the Democratic Republic of Congo reflects a structural tightening in global supply, which has significantly impacted prices favorably for large producers like Luoyang Molybdenum [1] Group 3: Investment Rating - The firm maintains a "Buy" rating and has raised the target price to HKD 24 from the previous HKD 20.3 [1]