研报掘金丨国泰海通：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 core copper assets, including TFM and KFM, are expected to continue ramping up production, which will significantly elevate the company's profit baseline [1] - The copper segment is entering a new cycle of production expansion, contributing to the overall growth trajectory of the company [1] Group 2: Gold Business - The gold business is anticipated to become a new growth curve for the company, providing additional revenue streams [1] - The combination of copper and gold operations is expected to enhance the company's long-term growth prospects [1] Group 3: Financial Projections - The company forecasts earnings per share (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 price-to-earnings (PE) ratio of 16 times is assigned for 2026, leading to a target price of 28.16 yuan [1] Group 4: Investment Rating - The report initiates coverage with an "Accumulate" rating, reflecting confidence in the company's potential to evolve into a global resource leader [1]