銅鈷板塊毛利增加拉動歸母淨利潤上升
2025Q1 公司營業收入為 460.1 億元(人民幣,下同),同比減少 0.25%;毛利率為
22.3%;歸母淨利潤為 39.5 億元,同比大幅增長 90.47%,主要系公司銅鈷產品銷售
實現價格較上年同期上漲,同時持續提升精益管理,整體成本同比下降;基本每股收
益為 0.18 元,同比增長 80%。
銅鈷產品產增銷滯
2025Q1 公司銅產量為 17.1 萬噸,同比增長 15.65%,創歷史新高,銷量為 12.4 萬
噸,同比減少 1.36%;鈷產量為 3.0 萬噸,同比增長 20.68%,銷量為 2.4 萬噸,同比
減少 0.24%。產量為公司礦山自產數據,銷售量為最終對外銷售實現量,顯示出公司
銷售量有所滯後。公司年報資料顯示,2024 年全球精煉銅供應約為 2,660 萬噸,同比
增加 3.1%,需求約為 2,640 萬噸,同比增長 3.0%,供應略高於需求。我們認為未來
銅需求仍將持續穩定增長,銅在新能源車領域、可再生能源領域應用廣泛,此外,受
益於中國以舊換新政策,家電行業銅需求也進一步增長,2025 年公司銅銷量有望實現
增長。銅的主要生產國是秘魯和智利,其供應易受到罷工、衝突影響。長期來看,銅
價雖有回落可能,但仍將處於較高位置。國際鈷業協會報告顯示 2024 年全球鈷消費
量達到 22.2 萬噸,在電動汽車市場發展推動下,全球鈷需求量(不包括政府庫存量)
將以年均 7%的速度增長,2030 年代初之前將達到 40 萬噸,未來幾年全球鈷供應將
以年均 5%的速度增長,鈷市場可能面臨供不應求的局面,鈷價有望上漲,公司鈷業
務或將實現量價齊升。
剛果(金)暫停鈷出口,料短期不會對經營業績產生影響
今年 2 月全球最大鈷生產國剛果(金)宣佈將暫停鈷出口四個月,該措施將於三個月
後再行評估,必要時可修改或終止,剛果(金)此舉旨在遏制鈷供應過剩引發的價格
持續下跌。公司積極與剛果(金)政府及相關機構保持溝通。公司 TFM 及 KFM 礦區
生產運營活動有序進行,公司將使用已完成出口的鈷產品繼續、並盡可能久地滿足下
游客戶需求,預計該措施短期內不會對經營業績產生影響。4 月洛鉬 TFM 公司高級顧
問納索爾先生當選剛果(金)礦業商會會長,礦業商會是剛果(金)最具影響力的行
業組織之一,此次當選意義深遠,有望進一步推動公司及其他中資礦企在當地礦業領
域的發展。
收購黃金公司推動業務多元化發
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本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.