研報掘金丨民生證券:洛陽鉬業業績彈性相當可觀,維持“推薦”評級
民生證券研報指出,市場對洛陽鉬業(603993.SH)當前的投資價值存在兩大預期差。剛果(金)禁令出來之後,市場普遍認爲公司剛果(金)的主力礦山銷售會受到不利影響,儘管剛果(金)外鈷價上漲,但是公司無法銷售,也就無法享受到鈷價上漲的收益。這個理解有兩個誤解,第一,短期來看,公司有一定的鈷在途庫存,銷售之後可以享受到鈷價上漲的彈性;第二,中長期來看,市場低估了鈷價中樞擡升的空間,認爲鈷價上漲僅僅是短期行爲,實際上剛果(金)作爲全球最大的鈷生產國,有強烈意願做多鈷價,禁止出口只是權宜之計,後續配額制或爲更加合理的政策,而配額制下鈷價中樞或將獲得中樞性擡升,鈷價中樞擡升下,公司的業績彈性相當可觀。維持“推薦”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.