中金公司研报指出，洛阳钼业(603993.SH)24年归母净利润135亿元，同比+64%。4Q24归母净利润53 亿元，同比-9.4%，环比+84%。公司业绩超出我们预期，主要系4Q24公司部分在途库存提前确认销售及有效税率改善。公司预计对外出售资产或对2025 年产生财务净收益约15亿元，同时考虑到钴价上涨，上调2025年净利润23%至153亿元（剔除一次性出售收益影响2025年经营性利润上调10%），引入2026年净利润预测170亿元。A、H股均维持“跑赢行业”评级，由于盈利上修及钴业务估值抬升，上调A股目标价7%至11.1元，上调H股目标价9%至9.4港元。

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