Posted on May 9,$CMOC (03993.HK)$It rose nearly 4%. As of press time, it rose 3.67% to HK$7.90, with a turnover of HK$206 million.

According to the news, Luoyang Molybdenum's revenue for the first quarter was about 46.121 billion yuan, up 4.15% year on year; net profit attributable to shareholders of listed companies was about 2,072 billion yuan, up 553.28% year on year; copper and cobalt production increased 123% and 392% year on year to 14.7 and 25,000 tons, respectively.

Guolian Securities pointed out that global copper supply-side disturbances have intensified, and the copper supply and demand gap widened in 2024, supporting the upward movement of copper prices. The sharp increase in the company's copper production is conducive to enhancing profit flexibility. At the same time, the company continues to reduce costs and increase efficiency, and profitability is expected to increase. In 2024 Q1, the company's gross and net sales margins were 12.79%/5.06%, respectively, up 8.75/4.44 pcts year-on-year.