Market Brief

The articles are produced in Chinese only.

Author

陳逸斯小姐(Yvonne Chen)
交易員

現任職輝立交易員。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得
Phone:
3653 3000

洛陽欒川鉬業集團股份有限公司(3993.HK)

Monday, September 29, 2025 Views454

公司概況:

洛陽鉬業集團有限公司(以下簡稱「洛鉬集團」或「本公司」)成立於1969年,先後於2004年及2014年完成兩次混合所有權改革,目前是民營控股的股份制公司。2007年於香港聯交所(03993.HK)上市,2012年在上海證券交易所(603993.SH)上市。

公司從事有色金屬行業,主要業務包括礦業和加工,涵蓋基礎金屬和稀有金屬的開採、選礦、冶煉和精煉以及礦產貿易。公司的業務遍及亞洲、非洲、南美洲和歐洲四大洲,是全球領先的鎢、鈷、鈮和鉬的生產商,同時也是主要的銅生產商。此外,該公司還是巴西的一家領先磷肥生產商。在貿易業務方面,公司位居全球三大基本金屬貿易商之列。根據《富比士》2021年全球上市公司2000強的排名,公司位列第1,046位,在2021年全球礦業公司(按市值)中排名第15位。

 

公司業績:

-洛陽鉬業 (03993.HK)(603993.SH)公布,截至6月30日止中期盈利86.71億元(人民幣.下同),創同期歷史新高,升60%,每股盈利41分。公司上半年度營業收入947.7億元,跌7.83%,扣除非經常性損益之純利87.2億元,升55%,經常性現金流120億元,升11.4%,於6月底資產負債比率續按年跌9.01個百分點,至50.15%。

-其中,產銅35.36萬噸,增長約12.68%;產鈷6.11萬噸,增長約13.05%。鉬、鎢、鈮及磷肥等產品產量均超過年度目標的50%。至於上半年公司成功完成厄瓜多爾奧丁礦業(凱歌豪斯金礦)收購,並快速推進開發工作,計劃於2029年前投產。

-勘探業務方面,繼續 TFM 和 KFM 深邊部補充勘探。配套電力,建設剛果(金)Heshima 水電站及新能源 電力項目順利推進,為未來產能提供長期穩定的能源保障。

 

建議買入價:13.6元

目標價:16元

止蝕價 12.8元

 

風險提示:

铜钴钼等金属价格下跌

项目进展不及预期

地缘政治风险

 

參考資料來源:

www.hkex.com.hk 

www.etnet.com.hk

https://en.cmoc.com/

 

本人陳逸斯 為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
新闻稿
E-Check
Login
Investor Notes
Free Subscribe
Contact Us