The Zhitong Finance App learned that the Luoyang Molybdenum Industry (03993) fell nearly 6% in the afternoon. As of press release, it decreased by 5.38% to HK$12.31, with a turnover of HK$363 million.

According to the news, Luoyang Molybdenum announced that revenue for the third quarter was 71,971 billion yuan, up 41.92% year on year; net profit was 7.867 billion yuan, up 40.28% year on year, down 6% month on month. The first three quarters achieved operating income of 207.290 billion yuan, an increase of 42.48% year on year; net profit of 24.020 billion yuan, up 68.21% year on year.

According to a research report released by Citigroup, the company's EBIT for the third quarter was estimated to be 13.1 billion yuan, up 45% year on year and down 8% month on month, slightly lower than the forecast, mainly due to lower gross profit in the cobalt division, or related to the average sales price re-ranking adjustment; it is estimated that net profit for the third quarter was 7.9 billion yuan, up 40% year on year and 6% month on month. The bank maintains a “buy” rating and a target price of HK$29.

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