收购黄金公司推动业务多元化发展，调整核心管理层彰显战略雄心

12June2025增持（維持）現價6.76HKD(現價截至06月09日)目標價7.31HKD(+8.1%)普通股股東(百萬股) :市值(港幣億元) :52周最高價/最低價(港幣) :Cathy Fortune Corporation LimitedContemporary Amperex Technology Co.,股價&恆生指數Source: Phillip Securities (HK) ResearchSource: Company reports, Phillip Securities Est.輝立證券研究員李曉然(+852 2277 6535)margaretli@phillip.com.hk .公司資料主要股東%Limited24.91%財務資料 1453.35億8.49/4.5824.93% Page |2| PHILLIPCAPITALHONGKONGRESEARCHr黃金金屬359噸。礦山壽命預計26年。該礦為典型的斑岩型礦，體量大，埋藏淺，全露天開採且剝采比低，加上周邊電力、水資源、道路和港口等基礎設施完備，因此開採成本將具競爭力。該礦目前仍在礦權範圍內及礦體深部進行勘探。此次收購預示著洛陽鉬業開始進軍黃金領域，推動業務多元化發展，疊加黃金價格處於高位，未來有望為公司收入帶來增長。調整核心管理層彰顯戰略雄心公司于2025Q1業績發佈期間公佈核心管理層調整情況，董事長袁宏林和副董事長、首席投資官李朝春辭任，闕朝陽任常務副總裁兼首席運營官、劉建鋒任首席投資官、Kenny Ives任副總裁兼首席商務官、譚嘯任副總裁。今年3月公司董事會曾在年報中提及“公司在資源儲備、盈利能力、管理水準、人才建設上還有明顯的差距，目前公司的組織能力不足以支撐未來全球礦業的競爭格局。新一輪組織變革與進化，是我們走向新目標的必經之路”。”公司意在強化國際化發展，進一步提升國際競爭力。查看新晉核心管理人員的履歷不難發現他們的工作經驗與公司的改革理念不謀而合。圖一：新晉核心管理人員履歷來源：Wind，PSHK估值及投資建議：公司對25年主要產品全年產量做出指引，其中銅金屬預計為60-66萬噸；鈷金屬為10-12萬噸；鉬金屬為1.2-1.5萬噸；鎢金屬為6500-7500噸；鈮金屬為9500-10500噸；磷肥為105-125萬噸，實物貿易量為400-450萬噸，整體指引產量高於去年，結合我們預測銅價將處於較高位置、鈷價將上漲，公司量價共振，有望實現營業收入的持續增長。我們同樣期待完成黃金公司收購後公司新業務的發展及管理層調整為公司帶來的變化。我們上調對公司收入的預測，預計公司在2025-2027年收入分別為2194億元，2259.3億元和2338.2億元，EPS為0.72/0.85/0.99元，BVPS為3.47/3.72/3.91,對應市淨率(P/B)為1.79x/1.67x/1.59x，給予公司2025年1.93倍P/B（與過去一年平均市淨率 Page |3| PHILLIPCAPITALHONGKONGRESEARCHr相若），並給予7.31港幣的目標價，維持”增持”評級。（現價截至06月09日）風險因素：主要產品價格波動、地緣政治及政策風險、利率風險、匯率風險、安全環保及自然災害風險。 Page |4| PHILLIPCAPITALHONGKONGRESEARCH財務資料: Page |5| PHILLIPCAPITALHONGKONGRESEARCH現價截至2025年6月09日來源：PSHK Est. Page |6| PHILLIPCAPITALHONGKONGRESEARCHPHILLIP RESEARCH STOCK SELECTION SYSTEMSWe do not base our recommendations entirely on the above quantitative return bands.We consider qualitative factors like (but not limited to) astock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculativeundertones surrounding the stock, before making our final recommendationThis publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms andThis publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct orconsequential loss arising from any use of material contained in this publication.The information contained in this publication has been obtained from public sources which Phillip Securities has no reason tobelieve are unreliable and any analysis,forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of beliefonly. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate,complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall nothave any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event willPhillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research madeavailable, even if it has been advised of the possibility of such damages.Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any timeThis material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of anyparticular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from afinancial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person,before making a commitment to invest in any of such products.This publication should not be relied upon as authoritative without further being subject to the recipient’s own independentverification and exercise of judgment. Thefact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any productdescribed in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the productswhich may be described in this publicationinvolve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless allsuch risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained hereinwith re