民生证券研报指出，洛阳钼业2025H1实现归母净利润86.71亿元，同比增长60.07%，单季度看，2025Q2实现归母净利润47.25亿元，同比增长41.24%，环比增长19.75%，业绩符合此前业绩预告。核心看点：①未来五年持续增长。公司到2028年计划实现年产铜金属80-100万吨、钴金属9-10万吨、钼金属2.5-3万吨、铌金属超1万吨，持续成长。②铜钴价格共振，业绩有望持续增长。③收购海外大型绿地金矿，开辟第二成长曲线。项目采用低剥采比露天开采，达产后预计平均年产黄金11.5吨，铜1.9万吨。根据中报预期，项目正加速证照办理和建设准备工作，计划2029年前投产。④管理人员调整，迈向新篇章。新一届董事长和高管团队调整完毕，后续新的员工持股或也值得期待。考虑到金属价格上行以及产量超预期，该行上调公司2025-2027年盈利预测，维持“推荐”评级。
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