今年以来，铜、钴、钼等金属价格联袂上行。受益于行情走高，洛阳钼业今年上半年的铜、钴、钼毛利 率分别增加了1.27、19.66、4.45个百分点。上半年公司产钴6.11万吨，钴矿山端营收57.28亿元，同比增 长31.94%。 资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 近日，国内矿业巨头洛阳栾川钼业集团股份有限公司（下称"洛阳钼业"）公布2025半年报。报告显示， 洛阳钼业上半年归母净利润达86.71亿元，同比大幅增长60.07%，再创同期历史新高。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.01 CNY, compared to the current price of 17.14 CNY [4]. Core Views - The company has shown steady performance with record high earnings, achieving a revenue of 31.619 billion CNY in the first half of 2025, a year-on-year increase of 26.59%. The net profit attributable to shareholders reached 1.869 billion CNY, up 15.35% year-on-year [2][4]. - The increase in revenue is primarily driven by rising prices of copper, zinc, and molybdenum, with the average domestic copper price rising by 4.2% year-on-year [7][4]. - The company’s core performance is largely attributed to the Yulong Copper Mine, which reported a profit of 3.49 billion CNY, a 37% increase [7][4]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 15.08 billion CNY, a year-on-year increase of 7.7% but a quarter-on-quarter decrease of 8.8%. The net profit for the same period was 1.06 billion CNY, up 20.1% year-on-year and 31.4% quarter-on-quarter [2][4]. - The company’s total assets are valued at 54.94 billion CNY, with a debt-to-asset ratio of 58.97% [4][8]. - The company expects to achieve net profits of 3.75 billion CNY, 4.15 billion CNY, and 4.54 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of 27.8%, 10.8%, and 9.5% [8][4]. Production and Project Development - The Yulong Copper Mine produced 83,000 tons of copper and 2,525 tons of molybdenum in the first half of 2025, with significant improvements in recovery rates [7][4]. - Key projects are progressing, including the upgrade of the Xinyuan Mining 800,000 tons/year processing plant and the technical upgrade of the Su Bei Bolun iron ore processing plant [7][4]. Market Comparison - The company’s stock performance over the past 12 months shows a comparative increase against the CSI 300 index, indicating a positive market sentiment [6][4].

Core Viewpoint - The mining industry is experiencing significant profit growth in the first half of the year, driven by rising prices and production volumes of key commodities such as gold, copper, and cobalt [1][3]. Group 1: Profit Forecasts - Zijin Mining is expected to achieve a profit of 23.2 billion yuan, a year-on-year increase of 54%, marking a historical high for the same period [1]. - Luoyang Molybdenum is projected to report a net profit of 8.2 billion to 9.1 billion yuan, reflecting a year-on-year growth of 51.37% to 67.98% [1][2]. - Other mining companies, including Shandong Gold and Western Gold, anticipate profit increases exceeding 100% [1][2]. Group 2: Production Performance - Zijin Mining's copper production reached 570,000 tons and gold production was 41 tons, with year-on-year increases of 10% and 17%, respectively [2]. - Luoyang Molybdenum's copper output was 353,600 tons, up approximately 13%, achieving 56% of its 2025 production target [2]. - Several companies, including Shandong Gold and Western Gold, expect significant profit growth, with Shandong Gold forecasting a profit of 2.55 billion to 3.05 billion yuan, a year-on-year increase of 84.3% to 120.5% [2]. Group 3: Price Trends - Gold prices have risen over 25% in the first half of the year, while copper prices have increased between 5% and 20% [3]. - Cobalt prices have also surged, with a reported increase of around 50% from January to June [3]. Group 4: Mergers and Acquisitions - Luoyang Molybdenum acquired Lumina Gold for 581 million Canadian dollars, enhancing its gold resource portfolio [4]. - Zijin Mining plans to acquire RG Gold LLP for 1.2 billion USD, aiming to expand its gold mining assets in Kazakhstan [5]. - Zijin Mining is also restructuring its overseas gold mining assets for a potential listing in Hong Kong, with a total resource of 1,799.79 tons of gold [5]. Group 5: Project Development - Zijin Mining is accelerating the production of key projects, including the Akim Gold Mine in Ghana and several South American projects [6]. - Luoyang Molybdenum is focusing on improving efficiency and production rates in its existing mining operations [6]. - The Haiyu Gold Mine, a high-grade gold project, is expected to commence production by 2025, with an annual output of 15 to 20 tons of gold [6]. Group 6: Market Outlook - Analysts suggest that the fundamental factors supporting metal price increases remain intact, with ongoing central bank purchases and geopolitical risks bolstering gold prices [7]. - The demand for base metals like copper is expected to benefit from the rapid development of the renewable energy sector [7].

有色金属 报告日期：2025 年 05 月 13 日 证券研究报告 贵金属主升浪带动业绩大增，工业金属静待需求复苏 ——有色金属行业 2024 年年报及 2025 年一季报综述 华龙证券研究所 最近一年走势 摘要： 执业证书编号：S0230523080001 邮箱： ngdy@h zq.com 有色金属行业周报》2025.05.06 加剧—有色金属行业周报》2025.04.28 报》2025.04.07 请认真阅读文后免责条款 投资评级：推荐（维持） 2024 年，以金、铜为代表的主要金属品类价格显著上涨，带动相 关上市公司整体业绩增长。其中，贵金属价格较 2023 年增长 20% 以上，主要上市公司量价齐升，同时经营水平稳步提升、降本增 效成果显著，贵金属上市公司归母净利润增速超过 40%。铜、铝 价格分别同比上涨 7.89%、7.53%，铅、锌价格跌、涨互现，工业 金属上市公司归母净利润同比增长超 30%，弹性较大。能源金属 方面，电池级碳酸锂和氢氧化锂价格跌超 60%，行业上市公司归 母净利润下滑 97.88%，行业盈利水平仍在筑底中。维持行业"推 荐"评级。 分析师：景丹阳 相关阅读 《美国关税预期缓 ...

在金属价格攀升的驱动下， 有色金属行业 整体业绩实现高增长。 Wind数据显示，紫金矿业、中国铝业、洛阳钼业等多家上市公司在2024年业绩大增的基础上，今年一季度的业绩仍保持快速增长态势。 多家龙头公司业绩持续高增长 中国铝业表示，2024年，公司秉持极致经营理念，把握市场良好机遇，发挥全产业链优势，紧盯运营效率提升及成本精细化管控，实现高产稳产优产，经营 业绩或创成立以来最佳。2025年公司将确保存量产能稳产高产优产、新建产能尽快达产达标达效。同时，公司将以更大力度推进铝土矿等资源获取，一方面 加大现有矿权勘探力度，积极参与新矿权竞拍，另一方面强化拓展海外资源获取渠道，进一步增强资源保障多元化程度。 | 止存间称 | 2024年 营收(亿 | 2024年官 收同比增长 | 2024年归 母净利海 | 2024年 F 母净利润 | | 2025年 李度宫收 | 2025年- | 2025年 度归 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 李度宫收 | | 李度归母 | | | | ル) | 华 (%) | (亿元 ...