According to a report published by Citigroup, Luoyang Molybdenum's net profit for the first nine months of this year was 24 billion yuan, up 68% year-on-year, equivalent to 70% and 73% of the bank's full-year forecast and market expectations, respectively. Recurring net profit and EBIT for the first nine months were $23.3 billion and $39.8 billion respectively, up 61% and 62% year-on-year respectively. The estimated EBIT for the third quarter was 13.1 billion yuan, up 45% year on year and 8% month on month, slightly lower than the forecast, mainly due to lower gross profit in the cobalt segment, or related to the average sales price rearrangement; net profit for the third quarter was estimated to be 7.9 billion yuan, up 40% year on year and 6% month on month. The bank maintains its “buy” rating and target price of HK$29, indicating that the current price of H shares is equivalent to 6.9 times and 6.4 times the predicted price-earnings ratios for 2026 and 2027, respectively, which is an attractive valuation.

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