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研報掘金丨興業證券:洛陽鉬業指引2023年銅鈷產能及產量大增,建議投資者關注
興業證券研報指出,洛陽鉬業(3993.HK)是全球頭部“礦業+貿易”公司,其鎢、鈷、鈮、鉬產量居前,亦是重要的銅和磷肥生產商,基本金屬貿易全球前三。TFM增儲權益金談判致使公司2022H2 與2023H1 TFM 銅鈷出口及銷售下滑,延緩利潤釋放。公司指引2023年銅鈷產能及產量大增;2023年4月TFM權益金問題現已解決,銅鈷銷量釋放,2023H2公司銅鈷板塊收入及利潤有望大幅增長。此外,公司聯營華越鎳鈷項目,攜手寧德時代佈局玻利維亞鋰鹽產能,利好長期發展。該行給予公司港股目標價6.97港元,對應2023-2025 年PE 各為16.1x、12.0x、11.4 x,PB 各為2.3x、2.1x、1.8x,目標價較現價有35.9%上升空間;維持公司“增持”評級,建議投資者關注。
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