CMOC(603993) 申万宏源·2025-01-24 13:41Investment Rating - The investment rating for Luoyang Molybdenum Co., Ltd. is "Buy" (maintained) [1]. Core Views - The company reported a significant increase in copper production and exceeded expectations for Q4 2024 earnings, with a projected net profit of 12.8 to 14.2 billion yuan for 2024, representing a year-on-year growth of 55% to 72% [6]. - The company aims to achieve an annual copper production of 800,000 to 1,000,000 tons over the next five years, positioning itself among the top global mining companies [6]. - The earnings forecast for 2024-2026 has been revised upwards due to higher-than-expected copper production, with projected net profits of 13.47 billion, 13.77 billion, and 14.37 billion yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2023 is expected to be 186.27 billion yuan, with a year-on-year growth rate of 7.7%. For 2024, revenue is projected at 217.50 billion yuan, reflecting a growth rate of 16.8% [5]. - The net profit attributable to the parent company for 2023 is estimated at 8.25 billion yuan, with a significant increase of 238.6% in Q1-3 2024, leading to a forecast of 13.47 billion yuan for 2024 [5][7]. - The company’s gross margin is projected to be 15.7% in 2024, with a return on equity (ROE) of 18.7% [5].