Jefferies: CMOC 1Q26 Results In Line; Continues Cost Control to Tackle Sulphur Price Surge
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Jefferies reported that CMOCachieved a net profit of RMB7.8 billion in 1Q26, a 97% increase YoY and 28% QoQ, aligning with expectations. Copper output rose 10% YoY to 188,000 tonnes, with full-year guidance maintained at 760,000 to 820,000 tonnes. Cobalt sales were impacted by export procedure issues. Management confirmed sufficient sulphur inventory to support production through 3Q26 despite rising prices. Jefferies maintains a Buy rating on CMOC's H shares with a target price of HKD25 and RMB26 for A shares.
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