金钼股份：量价齐升，业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 6.593 billion yuan for H1 2024, representing a year-on-year increase of 19.66%, with a net profit attributable to shareholders of 1.507 billion yuan, up 0.95% year-on-year [2] - Q2 2024 revenue reached 3.726 billion yuan, showing a quarter-on-quarter increase of 29.97% and a year-on-year increase of 30.02%, with net profit attributable to shareholders of 874 million yuan, up 37.98% quarter-on-quarter and 32.36% year-on-year [2] - The strong performance in Q2 is attributed to both volume and price increases, particularly in molybdenum concentrate and molybdenum iron prices, which rose by 10% and 8% respectively [2] - The company continues to improve management and maintain a healthy capital structure, with a debt-to-asset ratio of 14.76% in H1 2024 [2] - The molybdenum processing segment has seen rapid growth, with a 55.86% year-on-year increase in production of molybdenum products [2] - The company aims to reach a production capacity of 100,000 tons of molybdenum concentrate within five years, with a target of 51,500 tons for 2024 [2] - The company has distributed a total of 2.582 billion yuan in cash dividends from 2021 to 2023, with an average payout ratio of 52.38% [2] - The report highlights a favorable market environment for molybdenum, with a significant increase in steel procurement volumes and a decrease in inventory levels [2] Summary by Sections Financial Performance - H1 2024 revenue: 6.593 billion yuan, up 19.66% YoY; net profit: 1.507 billion yuan, up 0.95% YoY [2] - Q2 2024 revenue: 3.726 billion yuan, up 29.97% QoQ and 30.02% YoY; net profit: 874 million yuan, up 37.98% QoQ and 32.36% YoY [2] Management and Strategy - Continuous management improvements and a healthy capital structure with a debt-to-asset ratio of 14.76% [2] - Focus on increasing production capacity in the molybdenum segment, targeting 100,000 tons within five years [2] Market Outlook - Positive market conditions for molybdenum with increased steel procurement and reduced inventory levels [2]