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<Research> Jefferies: CMOC (03993.HK) 1Q26 Results In Line; Continues Cost Control to Tackle Sulphur Price Surge
Jefferies issued a research report stating that CMOC (03993.HK) recorded net profit after tax of RMB7.8 billion in 1Q26, up 97% YoY and 28% QoQ, delivering solid performance in lin...
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<Research> Jefferies: CMOC (03993.HK) 1Q26 Results In Line; Continues Cost Control to Tackle Sulphur Price Surge
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Jefferies issued a research report stating that CMOC (03993.HK)  +1.090 (+6.282%)    Short selling $270.48M; Ratio 25.154%   recorded net profit after tax of RMB7.8 billion in 1Q26, up 97% YoY and 28% QoQ, delivering solid performance in line with expectations. Copper output during the period reached 188,000 tonnes, up 10% YoY. The group reiterated its full-year production guidance of 760,000 to 820,000 tonnes. Cobalt production remained at a normal quarterly level of about 30,000 tonnes, but affected by unclear details in export procedures, 1Q sales were only 2,000 tonnes.

The broker noted that the market is concerned about the impact of tightening sulphur supply and rising prices, amid the Middle East situation, on copper production. Management confirmed that the TFM mine is self-sufficient in sulphuric acid, while the KFM mine partially relies on external supply. The companys current sulphur inventory, including in-transit shipments, is sufficient to support production through 3Q26, with no short-term impact on operations. Unit cash costs of copper production in 1Q declined both YoY and QoQ, mainly benefiting from lower electricity costs.

Jefferies maintained its Buy rating on CMOCs H shares, with a TP of HKD25. The broker set a TP of RMB26 for CMOC (603993.SH)  +0.890 (+5.045%)   A shares, also with a Buy rating. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.)

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