国泰海通：首予洛阳钼业“增持”评级，目标价28.16元

Core Viewpoint - Luoyang Molybdenum is gradually evolving into a growth-oriented international mining company driven by both copper and gold sectors, with significant profit potential from its core copper assets and emerging gold business [1] Group 1: Copper Assets - The TFM and KFM core copper assets are expected to continue ramping up production, which will significantly elevate the company's profit baseline [1] - The copper segment is entering a new phase of production expansion, contributing to overall growth [1] Group 2: Gold Business - The gold business is anticipated to become a new growth curve for the company, providing long-term growth opportunities [1] - The combination of copper and gold operations is expected to enhance the company's market position and profitability [1] Group 3: Financial Projections - The company forecasts EPS of 0.96, 1.76, and 1.98 yuan for the years 2025, 2026, and 2027 respectively [1] - Based on comparable company valuations, a target price of 28.16 yuan is set for 2026, applying a 16x PE ratio [1] Group 4: Investment Rating - The report initiates coverage with an "Accumulate" rating, reflecting confidence in the company's trajectory towards becoming a global resource leader [1]