《大行報告》中金:洛鉬(03993.HK)藉剛果KFM項目 未來或越嘉能可 成全球第一鈷礦供應商
中金發表報告,指洛陽鉬業(03993.HK)正在加快剛果兩個世界級礦山TFM及KFM建設,劍指全球龍頭鈷礦供應商。
中金預計,TFM擴產完成後公司整體銅、鈷產量將分別增加24萬噸、1.7萬噸,至分別47.3萬噸、3.6萬噸,較去年產量增幅各為103%和95%,再考慮KFM一期擴產,公司整體銅、鈷產量將在TFM完全達產基礎上分增加9萬噸、3萬噸,至分別56萬噸、6.6 萬噸,較去年產量增幅各達142%和254%,較TFM完全達產後增幅分別為19%、85%。屆時公司鈷產量或有望超越嘉能可,成為全球第一鈷礦供應商。
該行指,考慮到公司銷售節奏改善及上半年鈷價高於年初預測,上調今年淨利預測10.5%至68.61億元,上調明年淨利預測12.8%至100.19億元人民幣。上半年行業可比公司估值整體回落,維持目標價6.87港元,評級「跑贏行業」。
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