Core Viewpoint - China Gold International (02099) has seen its stock price rise over 7%, reaching a historical high of 96 HKD, driven by strong mid-year performance and positive production outlook [1] Financial Performance - The company reported a sales revenue of 580 million USD, an increase of 178.36% year-on-year [1] - Mining operating profit reached 277 million USD, reflecting a significant increase of 1443.71% year-on-year [1] - Shareholder profit amounted to 200 million USD, a turnaround from a loss of 31.67 million USD in the same period last year [1] Production Metrics - Total gold production for the first half of the year was 2.74 tons, up 69% year-on-year [1] - Total copper production reached 35,000 tons, marking a 231% increase year-on-year [1] - Both gold and copper production exceeded 50% of the annual guidance [1] Future Expansion Potential - The company’s Jiama mine has significant expansion potential, with the Yulong tailings project expected to be operational by mid-2027, increasing daily processing capacity from 34,000 tons to 44,000 tons [1] - There is a possibility of further increasing processing capacity to 50,000 tons per day, pending safety permit approvals [1] - Exploration activities in the Bayi Ranch and Zhegu Langbei areas have shown substantial resource potential, supporting future expansion plans [1]

Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum Co., Ltd. [1] Core Insights - The company achieved a record performance in 2024, entering the top ten global copper producers, with significant increases in copper and cobalt production and sales [6][7] - The revenue for 2024 reached 213.03 billion yuan, a year-on-year increase of 14.4%, while the net profit attributable to shareholders was 13.53 billion yuan, up 64% year-on-year [6][7] - The company has set ambitious production targets for the next five years, aiming for annual copper production of 800,000 to 1,000,000 tons [6] Financial Performance Summary - Total revenue projections for 2025 are estimated at 214.3 billion yuan, with a slight growth of 0.6% year-on-year [5] - The net profit for 2025 is projected to be 14.77 billion yuan, reflecting a 9.1% increase compared to 2024 [5] - The gross profit margin is expected to improve to 18.0% in 2025, up from 16.5% in 2024 [5] Production and Cost Insights - In 2024, the company produced 650,000 tons of copper, a 55% increase year-on-year, and 114,000 tons of cobalt, a 106% increase year-on-year [6] - The unit sales cost for copper in 2024 was 30,000 yuan per ton, down 12.5% year-on-year, while cobalt's unit sales cost was 53,000 yuan per ton, down 26.9% year-on-year [6] Future Outlook - The company plans to expand its production capacity, with existing projects reaching full capacity and new expansion projects in preparation [6] - The updated profit forecasts for 2025-2027 are 14.77 billion yuan, 16.77 billion yuan, and 18.06 billion yuan, respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 [6]