Gelonghui, May 7 | CITIC Securities released a report stating that Luoyang Molybdenum's copper and cobalt production and performance in the first quarter of 2024 achieved high year-on-year growth, driven by continuous overproduction of TFM hybrid mining and KFM projects. As the company's production and sales resume the level of normalization after the expansion phase, the bank is optimistic about the company's potential to further exceed expectations and reduce costs in the short term, and the release of the company's sustainable high growth potential in the medium to long term. The combination of high elasticity, high growth, and strong dividends will reinforce the company's preferred allocation value during the copper price boom cycle. The bank maintained its net profit forecast of $11.97 billion, $11.483 billion and $15.924 billion from 2024 to 2026, while earnings forecasts per share were $0.55, 0.67 and 0.74. The target price for H shares was raised from HK$7.5 to HK$9, maintaining a “buy” rating.