The 2020 annual results of the Company were generally in line with market consensus and our expectations. Total revenue of the Company surged 64.51% yoy to RMB 112,98 billton, and net profit attributable tc shareholders increased 25.40% yoy to RMB2.33 billion.
　　We expect the global economy to recover moderately in 2021 and the annual average copper price to be around US$7,800/t We expect molybdenum and tungsten price to rebound in 2021 as downstream consumption demand improves. We also expect cobalt price to rise in 2021 due to robust demand from electric vehicles.
　　In 2021 r the Company plans to produce 13,800-16,900 tons of metal equivalent molybdenum concentrate, 6,900-8,400 tons of metal equivalent tungsten concentrate, 24,100-29,400 tons of mined copper from Northparke mine, 187,300-228/900 tons of mined copper and 16,500-20,100 tons of mined cobalt from Tenke mine. The production of the Company is expected to be stable in 2021.
　　Revise up TP to HK$5.06, and upgrade to "Neutral".