富瑞：料2030年黄金业务将占洛阳钼业毛利10%以上 予“买入”评级

Core Viewpoint - The report from Jefferies highlights that Luoyang Molybdenum (603993) has completed the acquisition of Equinox Gold's gold assets in Brazil for a maximum consideration of approximately $1 billion, with a positive outlook on gold as a new business pillar alongside copper [1] Group 1: Acquisition Details - The acquisition price for the gold assets is up to $1 billion, and the transaction has been completed [1] - The implied gold price from the asset net value analysis is approximately $3,320 per ounce, compared to the current spot gold price exceeding $5,000 [1] Group 2: Financial Projections - Jefferies sets a target price of HKD 25.9 for Luoyang Molybdenum's H-shares and CNY 26.7 for its A-shares, both with a "Buy" rating [1] - The company expects to achieve reasonable returns from the acquisition, with management expressing a constructive view on gold [1] Group 3: Operational Efficiency and Cost Reduction - Management aims to reduce operational costs of the acquired assets through synergies and efficiency improvements, leveraging competitive procurement and supply chain management [1] Group 4: Long-term Gold Production Goals - Jefferies estimates that gold production from the Brazil and Ecuador projects will reach 20 tons annually once fully operational [1] - Gold is projected to contribute 5% to 6% of Luoyang Molybdenum's gross profit by 2026, increasing to over 10% by 2030, with a goal to double gold production primarily through acquisitions [1]