CICC: Maintaining the Luoyang Molybdenum Industry (03993) “Outperform the Industry” rating, and the target price was raised to HK$8.64

The Zhitong Finance App learned that CICC released a research report stating that it maintained the Luoyang Molybdenum Industry (03993) “outperforming the industry” rating and raised the target price of H shares by 8% to HK$8.64 due to rising profits.

According to the report, the company's revenue for the first half of the year was RMB 102.8 billion, up 19% year on year, and net profit was RMB 5.4 billion, up 670% year on year. Revenue for the second quarter was RMB 56.7 billion, up 34% year on year; net profit was RMB 3.3 billion, up 767% year on year. The company's performance is in line with this forecast.

The company expects to generate net financial revenue of about 1.5 billion yuan this year from the sale of assets, and based on the latest plan, the bank will increase copper and cobalt production and sales volume in 2024 and 2025, and increase net profit by 25% and 10% to 12.3 billion yuan and 12.5 billion yuan in 2024 and 2025.