证券研究报告 洛阳钼业 (3993 HK/603993 CH) 港股通 收购优质棕地金矿，进军黄金领域 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 09 日│中国内地/中国香港 | 有色金属 | 公司以铜钴为主业，两大铜矿筹备新一轮扩产，有望受益于铜价上涨，且钴 产品或具备较大业绩弹性。目前收购厄瓜多尔优质棕地金矿，进军黄金板块； 我们看好黄金上涨趋势，若公司顺利完成收购，投产后有望成为公司又一利 润增长点。因此我们对公司维持"买入"评级。 铜钴量利齐升，25Q1 公司归母净利同比提升 90.47% 公司 25Q1 实现营收 460.06 亿元，同比-0.25%、环比-21.05%；归母净利 39.46 亿元，同比+90.47%、环比-24.97%。价格上，25Q1LME 铜/钴价分 别为 9340/25968 美元/吨，同比分别+10.7/-9.8%、环比分别+1.6/+6.9%； 叠加钴单位成本显著下降，因此铜/钴板块毛利率分别为 55.21/61.42%，同 比+7.14/+24.81pct、环比+10.7/+34.3pc ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.2 CNY per share [5]. Core Views - The company aims to become a world-class mining enterprise by acquiring gold mines and promoting organizational upgrades [10]. - The company reported a revenue of 213 billion CNY in 2024, a year-on-year increase of 14%, and a net profit of 13.5 billion CNY, up 64% year-on-year [1]. - The company plans to enhance its copper and cobalt production capacity significantly over the next five years, targeting annual production of 800,000 to 1 million tons of copper and 90,000 to 100,000 tons of cobalt [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year and a 21% decrease quarter-on-quarter. The net profit for the same period was 3.95 billion CNY, up 90% year-on-year but down 25% quarter-on-quarter [1]. - The company expects revenues of 213.57 billion CNY, 218.09 billion CNY, and 223.87 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 15.02 billion CNY, 16.04 billion CNY, and 16.70 billion CNY [11][12]. Production and Sales - The company achieved significant increases in copper and cobalt production in 2024, with copper production reaching 650,200 tons (up 55% year-on-year) and cobalt production at 114,200 tons (up 106% year-on-year) [2]. - The company has set a production guidance for 2025 of 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Price and Profitability - The average copper price in 2024 was 9,147 USD per ton, an increase of 8% year-on-year, while cobalt prices were 11.26 USD per pound, down 25% year-on-year [3]. - The gross profit for the copper segment in 2024 was 21.04 billion CNY, with a gross margin of 30.5% [3]. Strategic Initiatives - The company announced plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - The company is also focusing on organizational upgrades by introducing a new management team to enhance operational efficiency and international competitiveness [10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.2 CNY per share [5]. Core Views - The company aims to become a world-class mining enterprise by acquiring gold mines and promoting organizational upgrades [10]. - The company has shown strong revenue growth, with a 14% year-on-year increase in 2024 revenue to 213 billion CNY and a 64% increase in net profit to 13.5 billion CNY [1]. - The company is focusing on cost reduction and efficiency improvement, with significant increases in copper and cobalt production planned for 2024 and beyond [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year, but net profit increased by 90% to 3.95 billion CNY [1]. - The company expects revenues of 213.57 billion CNY, 218.09 billion CNY, and 223.87 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 15.02 billion CNY, 16.04 billion CNY, and 16.70 billion CNY [11][12]. Production and Sales - The company achieved significant production targets in 2024, with copper and cobalt production increasing by 55% and 106% year-on-year, respectively [2]. - The production guidance for 2025 is set at 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Pricing and Profitability - The average copper price in 2024 was 9,147 USD/ton, an 8% increase year-on-year, while cobalt prices saw a significant rebound in Q1 2025 [3]. - The gross profit for the copper segment in 2024 was 21.04 billion CNY, with a gross margin of 30.5% [3]. Strategic Initiatives - The company plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - A new management team has been introduced to enhance organizational efficiency and drive the company's strategic goals [10].

Core Viewpoint - The company reported strong Q1 2025 results with a significant increase in net profit, driven by growth in the copper and cobalt segments despite a decline in revenue and sales volume [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 46.006 billion yuan, a year-on-year decrease of 0.25% and a quarter-on-quarter decrease of 21.05% [1]. - The net profit attributable to shareholders was 3.946 billion yuan, a year-on-year increase of 90.47% but a quarter-on-quarter decrease of 24.97% [1]. - The non-recurring net profit was 3.928 billion yuan, reflecting a year-on-year growth of 87.82% and a quarter-on-quarter decrease of 13.99% [1]. Segment Performance - The increase in net profit by 1.874 billion yuan year-on-year was primarily due to a gross profit increase of 4.376 billion yuan, attributed to the copper and cobalt segments [2]. - In Q1 2025, the prices for cathode copper and metallic cobalt were 9,352 USD/ton and 11.9 USD/pound, showing year-on-year changes of +10.8% and -11.9%, respectively [2]. - The production of copper and cobalt in Q1 2025 was 170,600 tons and 30,400 tons, representing year-on-year increases of 15.6% and 20.7% [2]. - Despite significant year-on-year production growth, the sales volume of copper and cobalt decreased quarter-on-quarter by 43.4% and 16.7% to 124,000 tons and 24,000 tons, respectively [2]. Strategic Developments - The company plans to acquire 100% of Lumina Gold for 581 million CAD, which includes the Cangrejos gold project in Ecuador with substantial resources [3]. - The Cangrejos project has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [3]. - The project is expected to have a lifespan of 26 years and will be developed in three phases, with an initial capacity of 30,000 tons per day [3]. - The company aims to achieve annual production targets of 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, and over 10,000 tons of niobium by 2028 [3]. Investment Outlook - The company forecasts net profits of 14.975 billion, 17.521 billion, and 20.035 billion yuan for 2025-2027, with corresponding EPS of 0.70, 0.81, and 0.93 yuan [4]. - The projected PE ratios based on the latest stock price are 10X, 9X, and 8X for the respective years [4].

编者按 近年来，作为推动传统产业整合、传统企业提质、战略性新兴产业快速壮大的重要手段，"并购重组"正获得越来越多政府部门和市场主体的认可与支持。 2024年，新"国九条""科创板八条""并购六条"相继发布，并购重组活力率先在资本市场被激活，并向全国各省、各产业快速蔓延，重点产业并购案例不断 涌现。 为更好释放并购重组价值，大河财立方开设"并购汇"栏目，报道追踪并购重组市场动态，纵深研究新政策，拆解新模式，剖析新案例，直面新问题，打造 全国影响力。 【大河财立方 记者 吴春波】2025年4月22日，全球矿业市场迎来一则重磅交易——中国矿业巨头洛阳栾川钼业集团股份有限公司（以下简称洛阳钼业）公 开宣布，将以5.81亿加元（约合人民币30亿元）全现金方式收购加拿大多伦多交易所上市公司Lumina黄金（TSXV:LUM）100%股权。 此消息一经发布，洛阳钼业A股股价当日涨4.05%、H股涨9.58%。在全球黄金价格持续强势的背景下，此次收购"精准卡位"特征明显，将进一步完善洛阳 钼业的全球资产布局和产品布局。 收购标的情况： 金平均品位0.55g/t，内蕴黄金金属359吨 Cangrejos金矿属于典型的斑岩型金矿 ...

Core Viewpoint - Luoyang Molybdenum's recent quarterly report indicates strong financial performance driven by rising copper and cobalt prices, with net profit increasing by 90.47% year-on-year to 3.946 billion yuan, and total revenue surpassing 200 billion yuan for the first time [1][2]. Financial Performance - The company reported stable revenue in the first quarter, with net profit reaching 39.46 billion yuan, a 90.47% increase compared to the same period last year [1]. - As of the end of the first quarter, Luoyang Molybdenum had cash reserves of 32.05 billion yuan, with total current assets reaching 92.3 billion yuan [2][13]. - The company's operating cash flow for 2024 is projected to be approximately 32.4 billion yuan, reflecting a year-on-year growth of 108.4% [12]. Production Capacity and Market Dynamics - Luoyang Molybdenum's copper production capacity is now among the top ten globally, and it remains the largest cobalt producer worldwide [1]. - The company achieved a copper production of 170,500 tons in the first quarter, slightly below the previous quarter but exceeding annual guidance [4]. - Cobalt production increased by 20.68% during the same period, despite a temporary suspension of cobalt exports from the Democratic Republic of Congo [4][5]. Strategic Acquisitions and Management Changes - The company announced a 30 billion yuan acquisition of Canadian Lumina Gold, aiming to enhance its asset portfolio amid rising gold prices [8]. - Recent management changes, including the resignation of the chairman and vice-chairman, suggest a strategic shift towards external acquisitions and international expansion [2][14]. - New executives with extensive experience in mining investment and operations have been appointed, aligning with the company's growth strategy [16][17]. Future Outlook - The company aims to achieve a copper production target of 800,000 to 1 million tons by 2028, although this may lead to a lack of immediate performance growth in the next three years [1][3]. - The management's "three-step" strategy focuses on cost reduction, capacity expansion, and achieving world-class operational standards, indicating a clear roadmap for future growth [19].

新任命4位管理层人员 洛阳钼业公告显示，因个人原因，袁宏林向公司董事会申请辞去董事长、非执行董事及董事会相关专门 委员会委员职务，该辞呈于公司股东大会增补相关董事的决议作出之时生效；辞呈生效之前，袁宏林将 继续履行前述相关职务。因个人原因，李朝春向公司董事会申请辞去副董事长、执行董事、战略及可持 续发展委员会委员及首席投资官职务，辞呈生效日期为送达董事会当日。 4月25日，洛阳钼业召开相关会议，同意增补阙朝阳、刘建锋为公司第七届董事会执行董事候选人。另 外，公司同意聘任阙朝阳为常务副总裁兼首席运营官、刘建锋为首席投资官、Kenny Ives为副总裁兼首 席商务官、谭啸为副总裁。 公告显示，阙朝阳1970年9月出生，曾任紫金矿业集团海内外多个大型项目、区域公司、事业部总经 理，集团公司副总裁兼总工程师。阙朝阳具有丰富的矿业投资并购、勘查、项目建设及运营经验。 刘建锋1977年1月出生，历任中国海油集团商务总监、复星国际洛克石油执行董事兼首席财务官、洲际 油气执行总裁兼首席财务官、新奥能源执行董事兼总裁及湖州燃气股份有限公司副董事长兼非执行董 事，主导多宗大型跨国并购与资源整合项目。 每经记者 王佳飞 每经编辑 ...

Core Viewpoint - The news highlights the significant acquisition by Luoyang Molybdenum Co., Ltd. (洛阳钼业) of Lumina Gold Corp. amid rising gold prices, indicating a strategic move to re-enter the gold mining sector after previously divesting its gold assets [2][6]. Company Summary - Luoyang Molybdenum announced a cash acquisition of Lumina Gold for approximately CAD 581 million (around RMB 307 million), representing a premium of over 40% compared to Lumina's closing price on April 17 [2][3]. - The acquisition includes the Cangrejos gold project in Ecuador, which has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [5]. - Following the acquisition, Luoyang Molybdenum will regain gold mining resources, having sold its previous gold asset, Northparkes Mines, in December 2023 [6]. Industry Summary - The gold market has seen a significant increase, with spot gold prices rising over 26% this year, reaching a peak of USD 3,500 per ounce [2][12]. - Luoyang Molybdenum's 2024 report indicates a revenue of RMB 213.029 billion, a year-on-year increase of 14.37%, and a net profit of RMB 13.532 billion, up 64.03% [9]. - The company aims to focus on new energy metals and other advantageous metals, aligning with its strategy to reserve quality projects and implement counter-cyclical acquisitions [12].

近期以来，黄金价格也因创新高屡屡刷屏——4月22日，金价又一次因涨价刷屏热搜，伦敦金(现货黄 金)价格一度触及3500.12美元/盎司的历史高点，COMEX黄金价格则再次刷新历史纪录至3509.9美元/盎 司，两者均是首次突破3500美元大关。当天，国内部分品牌金店的克重黄金价格也一度因上涨到1082元 左右冲上热搜。 在此之际，洛阳钼业这一笔"买金"行为也可谓带来实质性利好。 从盘面上来看，近两日洛阳钼业AH股价录得不俗涨势——4月22日，洛阳钼业H股强势拉升，盘中一度 涨超12%，截止收盘大涨9.58%报于6.06港元;洛阳钼业A股当日股价也一度涨超6%，而后收涨4.05%至 7.2元。 然而，虽然"买金"行为强势凸显公司的现金实力，但从估值水平来看，洛阳钼业A股市盈率TTM为11.35 倍，洛阳钼业H股市盈率TTM为8.65倍，均处于历史地位且低于行业平均水平。 故此，令人好奇的是，洛阳钼业这一次"买金"行为能否增加公司价值砝码，带动公司估值向上呢? 年营收突破2000亿元，财务状况显著改善 国际、国内金价再创历史新高之际，铜钴龙头洛阳钼业(03993，603993.SH)豪掷近"万金"买金矿。 4月2 ...

Group 1 - Luoyang Molybdenum plans to acquire all issued and unissued common shares of Canadian company Lumina Gold for approximately 5.81 billion CAD (about 3.04 billion RMB), indicating a long-term optimistic outlook on the gold market as a safe-haven asset [1] - The acquisition is expected to diversify Luoyang Molybdenum's asset portfolio and enhance its competitiveness in the global mining market [1] Group 2 - The controlling shareholder of Pylon Technologies, ZTE New, increased its stake by 2.68 million RMB, acquiring 750,000 shares, which represents 0.31% of the company's total equity [2] - ZTE New plans to continue increasing its stake within the next 12 months, with a total investment of no less than 50 million RMB and no more than 100 million RMB [2] Group 3 - Tinci Materials reported a significant increase in Q1 2025, with operating revenue of 3.489 billion RMB, a year-on-year growth of 41.64%, and a net profit attributable to shareholders of 149 million RMB, up 30.80% year-on-year [3] - The revenue growth is primarily attributed to the increased sales of lithium-ion battery materials, benefiting from the rising demand in the new energy vehicle and energy storage markets [3]