Pacific: Maintaining a "buy" rating on Luoyang Molybdenum Industry, Copper and Gold Dual Pole Start a New Journey.

The Pacific Securities research report pointed out that Luoyang Molybdenum's performance is steadily improving, and the company's journey in both copper and gold is beginning a new chapter. In 2025, the company is expected to achieve a revenue of 206.68 billion yuan, a decrease of 3.0% year-on-year; a net profit attributable to the parent company of 20.34 billion yuan, an increase of 50.3% year-on-year. The increase in both quantity and price is driving high growth in the copper business, and future production is expected to continue to increase. In December 2025, the company acquired 100% equity of four producing gold mines in Brazil for 1.02 billion US dollars, completing the transaction in just 40 days. The annualized gold production of the Brazil gold mines is expected to be 6-8 tons in 2026. By 2029, the company is expected to have a gold production capacity of 20 tons, and the gold sector will gradually become a new growth point for the company. The "buy" rating is maintained.