Core Viewpoint - Goldman Sachs reports that Luoyang Molybdenum (3993.HK) achieved a 96% year-on-year increase in net profit for Q3, reaching 5.61 billion RMB, with recurring net profit for the first three quarters at 14.1 billion RMB, exceeding expectations [1] Financial Performance - The recurring net profit for the first three quarters is approximately 75% of Goldman Sachs' full-year forecast and about 82% of market expectations [1] - The company’s Q3 net profit growth is attributed to rising copper prices and a recovery in cobalt prices [1] Earnings Forecast - Goldman Sachs has raised its recurring profit forecast for Luoyang Molybdenum for 2025 to 2027 by 8% to 32% [1] - The copper production forecast for 2028 to 2030 has been increased by 30% to 1 million tons [1] Growth Drivers - The expected average compound annual growth rate (CAGR) for recurring profits from 2025 to 2026 is projected to be 38% due to rising copper prices and cobalt price recovery [1] - The anticipated production of 1 million tons of copper in 2028 and the launch of the Cangrejos gold-copper project are expected to drive profit growth from 2028 to 2029 [1] Investment Rating - Goldman Sachs maintains a "Buy" rating for Luoyang Molybdenum, raising the target price from 10.8 HKD to 19 HKD [1]