Gelonghui, September 14 | Orient Securities Research Report pointed out that Luoyang Molybdenum Industry (603993.SH) is mainly engaged in the mining, smelting and deep processing of copper, cobalt, molybdenum, tungsten, niobium and phosphorus minerals. It has a relatively complete integrated industrial chain, has formed a “mine+trade” model, and has built a world-class resource company through “three steps”. In '22, the company's copper-cobalt/niob/phosphorus/molybdenum, tungsten, and copper-gold accounted for 5.6%/4.3%/4.0%/0.7% of the main revenue, and accounted for 28%/18%/18%/2% of the main business gross profit. Copper and cobalt contributed mainly to gross profit, and was very flexible. Luoyang Molybdenum is a global mining giant. The two world-class copper-cobalt mines are about to be released, with outstanding procyclical growth advantages. It is predicted that the company's earnings per share in 23-25 will be 0.45, 0.49, and 0.53 yuan respectively. Since the 2023 performance was greatly affected by the “equity” issue, the valuation of the comparable company 15X PE in 2024 was selected. The corresponding target price was 7.35 yuan, covering the “buy” rating for the first time.