研報掘金丨國投證券:維持洛陽鉬業“買入-A”評級,目標價10.2元
國投證券研報指出,洛陽鉬業(603993.SH)24年歸母淨利135億元,同比+64%;25Q1歸母淨利39.5億元,同比+90%、環比-25%。銅鈷產量超計劃完成,降本增效持續推進。2025年全年產量指引銅60-66萬噸,鈷10-12萬噸。2025Q1,銅鈷產量分別爲17.06、3.04萬噸,按指引中值計算,完成度分別爲27%、27.7%。公司擬收購Lumina厄瓜多爾金礦,佈局新利潤增長點;引入新管理團隊,推動組織升級。公司遠期銅礦產能具備成長性,組織升級降本增效成果可期,佈局金礦新利潤增長點。維持“買入-A”評級,6個月目標價10.2元/股,對應25年PE 約14.6倍。
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