Guoyuan Securities Research Report points out that volume and price resonance drives growth, and the profitability of the Luoyang molybdenum industry continues to increase. In the third quarter of 2026, operating income was 207.290 billion yuan and net profit to mother was 24.020 billion yuan, up 42.48% and 68.21% year-on-year respectively. Profit reached a record high for the same period. In the short term, the increase in copper production and sales, the improvement in profits of molybdenum and tungsten, and the contribution of Brazilian gold mines supported the performance, focusing on the recovery of cobalt sales; in the medium term, KFM's second phase expansion and gold project development opened up incremental space, and gold production capacity is expected to reach more than 20 tons in 2029; in the long term, high-quality resources and “mine+trade” collaborated to support continuous growth. The company's net profit attributable to mother in 2026-2028 was 31,055 billion yuan, 32,553 billion yuan and 37.368 billion yuan respectively. The current stock price corresponds to PE of 9.16, 8.73, and 7.61 times, respectively, giving it an “increase in holdings” rating.

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