2022 interim result of the Company was 19.0% and 31.9% higher than market consensus and our estimation, respectively. Total revenue of CMOC (the "Company") increased 8.2% yoy to RMB 91,767 million, and net profit attributable to shareholders surged 72.2% yoy to RMB 4,148 million.
Total mining output of the Company in 1H2022 was generally in line with our estimation. CMOC produced 7,774 tons of molybdenum and 4,187 tons of tungsten in 1H2022, which represented 51.5% and 58.2%, respectively, of its annual plan. The output of mined copper from NPM was 11,263 tons, which represented 43.0% of its annual plan. Tenke Copper-cobalt Mine produced 125,387 tons of mined copper and 10,465 tons of mined cobalt, which represented 47.0% and 51.0%, respectively, of its annual plan. The production of the Company was stable in 1H2022 and generally in line with its annual plan. We expect the Company to fulfill its production plan in 2022 and maintain mining output assumptions of the Company unchanged.
Cobalt price in 1H2022 was 14.5% higher than our estimation. The average cobalt price in 1H2022 was US$ 36.73/lb, which was 14.5% higher than our estimation. The fast sales growth of electric vehicles (EV) globally drove increased consumption demand of cobalt. We will revise up our cobalt price estimation. The average price of copper, molybdenum and tungsten in 1H2022 were generally in line with our estimations; we will maintain our copper, molybdenum and tungsten price assumptions unchanged.
Maintain "Accumulate" investment rating for the Company, with TP of HK$5.30. We expect net profit of the Company to maintain fast growth in 2022 due to high metal prices and more mining output. The expansion projects of the Tenke Copper-cobalt Mine and the construction of KFM Copper-cobalt Mine was smooth in 1H2022. The two projects are expected to bring a new production capacity of 0.39 million tons of mined copper and 47,000 tons of mined cobalt. We believe that the fast growth prospect of the Company has not been fully reflected; maintain "Accumulate" rating.