研報掘金丨中金:洛陽鉬業業績超預期,維持AH股“跑贏行業”評級
中金公司研報指出,洛陽鉬業(603993.SH)24年歸母淨利潤135億元,同比+64%。4Q24歸母淨利潤53 億元,同比-9.4%,環比+84%。公司業績超出我們預期,主要系4Q24公司部分在途庫存提前確認銷售及有效税率改善。公司預計對外出售資產或對2025 年產生財務淨收益約15億元,同時考慮到鈷價上升,上調2025年淨利潤23%至153億元(剔除一次性出售收益影響2025年經營性利潤上調10%),引入2026年淨利潤預測170億元。A、H股均維持“跑贏行業”評級,由於盈利上修及鈷業務估值抬升,上調A股目標價7%至11.1元,上調H股目標價9%至9.4港元。
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