财联社财经通讯社打开APP10:53:16【港股核电股全线上涨 中广核矿业涨超13%】财联社10月22日电， 截至发稿，中广核矿业(01164.HK)涨13.40%、中广核新能源(01811.HK)涨3.54%、中广核电力 (01816.HK)涨1.01%。 消息面上，为发展数据中心，满足日益增长的人工智能与云计算需求，美国科技巨头们已纷纷盯上了清 洁能源核能来发电。 港股动态财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-22 10:53:1686541 阅读商务合作发送 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - CGN Mining is positioned as a leading player in the uranium sector, benefiting from the recovery of nuclear power and the tightening supply-demand dynamics in the uranium market [2][3]. - The company is expected to leverage its strong backing from CGN Group, which holds a significant share of the Chinese nuclear power market, to secure stable and growing demand for natural uranium [5][6]. Summary by Sections Company Overview - CGN Mining is the only overseas uranium resource development platform under CGN Group, the largest nuclear power group in China [16]. - The company has a clear focus on uranium resource development and trade, having established a dual-driven business model of "trade + resources" [17][19]. Nuclear Power Recovery and Uranium Demand - The global nuclear power capacity is projected to grow from approximately 396 GW to 524 GW by 2030, leading to an increase in uranium demand by 22,506 tons per year [3][37]. - The report highlights a stable growth in demand for natural uranium driven by the recovery of the nuclear power sector, which has been revitalized since 2019 [28][29]. Supply Dynamics - The report notes a significant supply gap in the uranium market due to a decade of low exploration and production following the Fukushima disaster, leading to a reliance on secondary supply sources [4][40]. - The primary supply of uranium is expected to remain constrained, with the report indicating that the market is entering a long-term bullish phase for uranium prices [4][28]. Competitive Advantages - CGN Mining benefits from its strong relationship with CGN Group, which accounts for 53% of the Chinese nuclear power market, ensuring a reliable demand for uranium [5][57]. - The company holds approximately 39,000 tons of uranium resources, with a cost structure that positions it favorably in the global market, maintaining production costs between $20-$30 per pound U3O8 [6][65]. Financial Projections and Valuation - The report forecasts CGN Mining's revenue to reach HKD 105.35 billion, HKD 130.37 billion, and HKD 142.41 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of HKD 5.10 billion, HKD 7.29 billion, and HKD 10.30 billion [7][76]. - A target price of HKD 1.92 per share is set based on a 20x PE valuation for 2025, indicating a potential upside of approximately 29% from the current price [11][76].

Financial Performance - The Group's revenue for the six months ended June 30, 2024, was approximately HK$4,073 million, representing an increase of approximately 39% compared to the corresponding period of 2023[10]. - Profit attributable to the owners of the Company for the Reporting Period was approximately HK$113 million, representing a decrease of approximately 37% compared to the corresponding period of 2023[10]. - Basic earnings per share for the Reporting Period amounted to approximately HK1.49 cents, representing a decrease of approximately 37% compared to the corresponding period of 2023[10]. - The Group achieved a profit of HK$113 million and revenue of HK$4,073 million, representing a decrease of 37% in profit and an increase of 39% in revenue compared to the same period in 2023[28]. - The cost of sales amounted to HK$4,129 million, reflecting a 50% increase from HK$2,747 million in the corresponding period of 2023[55]. - The gross profit margin decreased to -1.39% for the first half of 2024, down from 6.36% in the same period of 2023[49]. - EBITDA for the period was HK$379.27 million, compared to HK$295.66 million in the previous year, indicating a positive trend[49]. - The net profit margin for the first half of 2024 was 2.78%, down from 6.12% in the same period of 2023[49]. - Other operating income increased by 60% to HK$31 million, primarily due to higher interest income and exchange gains[57]. - The company's share of results from associates, specifically Fission, was HK$4.53 million, down from HK$9.31 million in the corresponding period of 2023, reflecting a loss of HK$3.23 million and a gain on deemed disposal of HK$7.76 million[61]. - The company's profit decreased by approximately 37% to HK$113 million compared to the corresponding period of 2023, primarily due to rising income tax expenses[68]. Dividend and Shareholder Returns - The Board has approved the distribution of an interim dividend of HK0.3 cents per ordinary share for the six months ended June 30, 2024, compared to nil for the same period in 2023[10]. - The interim dividend approved for the six months ended June 30, 2024, is HK$0.3 per ordinary share, compared to no dividend in the same period of 2023[164]. Market and Industry Trends - The global nuclear power industry is accelerating, influenced by geopolitical fluctuations and energy security concerns[11]. - The macroeconomic environment in the first half of 2024 has become more volatile, impacting energy supply and demand dynamics[12]. - There is a pronounced imbalance between the supply and demand of natural uranium, which is critical for energy security and independence[12]. - The trend towards carbon neutrality is driving nations to ensure the security and independence of their energy supply[12]. - The UK plans to increase its nuclear capacity to 24 GWe by 2050, which is four times the 2023 level, as part of its roadmap published in January 2024[16]. - India aims to build 18 new nuclear reactors by 2032, which will add 13.8 GWe of new installed capacity[16]. - The US Department of Energy announced a goal to triple nuclear power capacity by 2050, increasing it by 200 GWe[16]. Uranium Market Dynamics - The average spot price of natural uranium in June 2024 was USD 84.38/lb U3O8, a decrease of 7.3% from the beginning of 2024, while the highest spot price in the first half of the year reached USD 106/lb U3O8[20]. - The average long-term price indicator for natural uranium was USD 79.50/lb U3O8 in June 2024, reflecting a 16.9% increase from the beginning of the year[20]. - Global natural uranium production in 2023 was approximately 54,390 tU, representing a 6.3% increase compared to 2022[21]. - The reopening of uranium mines has been below expectations, with Kazatomprom projecting a capacity utilization rate of 83% for 2024, down from a previously announced 90%[24]. Financial Position and Assets - Total assets increased by 14% to HK$7,679 million as of June 30, 2024, compared to HK$6,750 million as of December 31, 2023[69]. - Net current assets rose by 39% to HK$1,148 million as of June 30, 2024, compared to HK$823 million as of December 31, 2023[70]. - The Group's bank balances and cash totaled approximately HK$1,140 million as of June 30, 2024, up from HK$1,017 million as of December 31, 2023, with 97% denominated in USD[75]. - Current liabilities increased by approximately 59% to HK$2,210 million as of June 30, 2024, from HK$1,391 million as of December 31, 2023, primarily due to bank borrowings for business expansion[78]. - Total non-current liabilities amounted to HK$1,524 million as of June 30, 2024, which was basically unchanged from HK$1,479 million as of December 31, 2023[81]. - Total equity of the Group increased by 2% to HK$3,946 million as of June 30, 2024, compared to HK$3,880 million as of December 31, 2023[81]. Operational Highlights - The Group holds a 49% equity interest in Semizbay-U, which produced 477tU in the first half of the year, exceeding the planned target of 471tU with a completion rate of 101%[29]. - The Group holds a 49% equity interest in Ortalyk, which produced 858tU against a planned target of 905tU, achieving a completion rate of 95%[30]. - The Group received HK$201 million in dividends from Semizbay-U, with its share of results amounting to HK$208 million, representing a 195% increase compared to the same period in 2023[29]. - The Group received HK$247 million in dividends from Ortalyk, with its share of results amounting to HK$234 million, reflecting a 481% increase compared to the same period in 2023[30]. Strategic Initiatives - The Company plans to continue enhancing technical support for the PLS project and strengthen communication regarding the environmental impact statement and mining license application[44]. - In the second half of 2024, the Company will focus on expanding its market presence and participating in various marketing activities to enhance brand awareness[44]. - The Company aims to maintain its edge in international natural uranium trading while expanding trade scale and improving profitability[42]. - The company is focusing on market expansion and new product development as part of its strategic initiatives[115]. - Future outlook remains positive with ongoing investments in technology and potential acquisitions to enhance market position[115]. Taxation and Regulatory Environment - Income tax expenses surged by 278% to HK$211 million compared to the corresponding period of 2023, due to a challenging tax environment in Kazakhstan and increased tax policy standards[67]. - The Group did not select the two-tiered profits tax rates regime for Hong Kong entities, continuing to be taxed at a flat rate of 16.5%[158]. - The PRC subsidiary did not have any assessable income for both the six months ended June 30, 2024, and 2023, with a corporate income tax rate of 25% applicable[160]. - Kazakhstan withholding tax on dividends from Semizbay-U is set at 10% for the six months ended June 30, 2024, due to the joint venture's compliance with local tax regulations[161]. - Dividends received from Ortalyk are subject to a 15% Kazakhstan withholding tax, an increase from the previously estimated rate of 5%[161]. Corporate Governance and Compliance - The Audit Committee held one meeting during the Reporting Period to review the financial reporting procedures and internal controls[94]. - The unaudited financial statements for the six months ended June 30, 2024, were reviewed and adopted by the Audit Committee, ensuring compliance with applicable accounting standards and legal requirements[94]. - The Company confirmed that all Directors complied with the Model Code for securities transactions during the Reporting Period[94].

Investment Rating - The investment rating for China General Nuclear Power Corporation (CGN) is "Outperform the Market" [1][3][8] Core Views - The company's revenue increased by 39% year-on-year to HKD 4.073 billion in H1 2024, primarily driven by rising natural uranium prices. However, the net profit attributable to shareholders decreased by 37% to HKD 113 million due to increased tax provisions related to dividend withholding tax [1][4][8] - The production of natural uranium met the production plan with a completion rate of 96.9%, and future production is expected to increase due to ongoing projects in Kazakhstan and Canada [1][7] - The strong momentum in nuclear power development supports long-term demand for uranium, with a total of 416 operational nuclear reactors globally as of June 30, 2024, and 59 reactors under construction [1][7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of HKD 4.073 billion, a 39% increase year-on-year. The pre-tax profit was HKD 324 million, up 38%, while the net profit attributable to shareholders was HKD 113 million, down 37% [1][4] - The average sales price for uranium was USD 78.47 per pound, a 36% increase year-on-year, while the total sales revenue from uranium trading was HKD 8.93 billion [1][4][8] Production and Projects - The company produced a total of 1,334.1 tons of natural uranium in H1 2024, with a production completion rate of 96.9%. The second quarter saw a production of 727.4 tons, exceeding the planned target [1][7] - The company is focusing on resolving supply issues related to sulfuric acid, which has affected production rates in certain mines. The completion of the first phase of the Zha Mine is expected by the end of 2024 [1][7] Market and Industry Outlook - The nuclear power sector is experiencing robust growth, which is expected to drive uranium demand. As of August 19, 2024, the Chinese government approved five nuclear projects, continuing a trend of approving ten or more units for three consecutive years [1][7] - The average spot price for natural uranium was USD 84.38 per pound as of June 2024, reflecting a 7.3% decrease since the beginning of the year, while long-term contract prices have risen by 16.9% [1][7]

Investment Rating - The report does not provide a specific investment rating for the company [2] Core Insights - The company's net profit for 1H24 decreased by 37.0% year-on-year to HKD 113 million, primarily due to a shift from a gross profit of HKD 190 million in 1H23 to a loss of HKD 56 million, attributed to negative price differentials in natural uranium trading and a significant increase in tax expenses [2][10][11] - Despite the overall decline in net profit, the company's uranium mining business saw substantial profit growth, with profits from joint ventures Semizbay-U and Ortalyk increasing by 194.6% and 481.0% year-on-year to HKD 210 million and HKD 230 million, respectively [3][11] - The company has implemented a pricing mechanism that provides a price floor for its uranium sales, which helps mitigate the impact of uranium price fluctuations on profitability [4] Financial Performance Summary - For 1H24, total revenue was HKD 4,073 million, a 38.8% increase compared to the same period last year, with all revenue derived from natural uranium trading [10] - The average sales price of uranium increased by 34.5% year-on-year to USD 78 per pound, while the sales cost was USD 26 per pound [3][11] - The company's total uranium production rose by 5.2% year-on-year to 1,334 tons [3][11] Long-term Development Logic - The long-term development logic of the company remains unchanged, as global nuclear power development is a key option for achieving carbon neutrality, with the global operational nuclear power capacity reaching 375 GWe as of June 2024 [5]

2024 年 8 月 27 日 中广核矿业（1164.HK） 海外矿山收益大幅增长，分红税政策变动影响净利 事件：中广核矿业公布 2024 年上半年业绩，公司实现营收 40.73 亿港元，税前 利润 3.24 亿港元，同比上升 37.5%；净利润 1.13 亿港元，同比下降 37.1%。因 上半年国际铀价维持高位及海外矿山成本优势，其投资收益增长亮眼，但因受 到哈国税收政策变动，补交过往三年税费导致所得税大幅上升，影响净利润。但 公司作为行业稀有标的，在国内核电大发展背景及天然铀量价共升推动下，看 好公司未来业绩长期发展，维持"买入"评级。 报告摘要 上半年税前利润同比增加 37.5%，受海外税收变动影响净利降幅较大 2024 年上 半年公司实现营收 40.73 亿港元，实现税前利润 3.24 亿港元，同比上升 37.5%； 实现净利润 1.13 亿港元，同比下降 37.1%；实现每股基本盈利 1.49 港仙，同比 下降 37%。公司上半年净利润下降由于所得税费用大幅上升，上半年所得税费用 达 2.1 亿港元，同比增加 278%，其原因为哈国协定税率优惠适用口径收紧后， 公司因审慎考虑补缴 2020-23 年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a decline in net profit year-on-year due to tax provisions in the first half of 2024, leading to a downward revision of profit forecasts for 2024-2026. The expected net profits for 2024-2026 are HKD 5.45 billion, HKD 6.60 billion, and HKD 9.01 billion respectively, with corresponding EPS of HKD 0.07, HKD 0.09, and HKD 0.12. The PE ratios for 2024 are projected at 22.9, 18.9, and 13.8 times [3][4] - The company, as a leader in the uranium industry, is expected to benefit from the growth of nuclear power, maintaining a positive outlook for the second half of the year [3] Financial Performance Summary - In the first half of 2024, the company achieved revenue of HKD 40.73 billion, a year-on-year increase of 39%, while net profit was HKD 1.13 billion, a year-on-year decrease of 37%. The total expenses for sales, management, and finance were HKD 0.85 billion, a decrease of 4% year-on-year [4] - The company’s natural uranium equity production was 654 tons in the first half of 2024, with expectations of a total production of 1,288 tons for the year. Investment income for the period was HKD 4.47 billion, slightly below expectations due to unsold uranium from a subsidiary [5] - The global nuclear power capacity is projected to grow significantly, with an expected increase of 45% by 2035, which is anticipated to drive up uranium prices in the long term [6] Key Financial Metrics - The company’s projected financial metrics for 2024-2026 include: - Revenue: HKD 83.43 billion in 2024, with a year-on-year growth of 13.23% - Net Profit: HKD 5.45 billion in 2024, with a year-on-year growth of 9.57% - EPS: HKD 0.07 in 2024, with a PE ratio of 22.9 [7] - Current stock price is HKD 1.640, with a market capitalization of HKD 124.65 billion [8]

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately HKD 4,072.65 million, representing an increase of about 39% compared to the same period in 2023[2]. - The profit attributable to the company's owners for the same period was approximately HKD 113.12 million, a decrease of about 37% compared to HKD 179.69 million in 2023[3]. - Basic and diluted earnings per share for the period were approximately HKD 1.49, down from HKD 2.36 in the same period last year, reflecting a decline of about 37%[2]. - The total comprehensive income attributable to the company's owners for the period was HKD 62.36 million, down from HKD 201.55 million in the same period last year[4]. - The company reported a gross loss of HKD 56.43 million for the period, contrasting with a gross profit of HKD 186.66 million in the same period last year[3]. - The company reported significant revenue contributions from major customers, with Customer B1 generating HKD 1,590,838 thousand in the first half of 2024, while Customer C1 contributed HKD 892,345 thousand[20]. - The company incurred a total tax expense of HKD 210,756 thousand for the first half of 2024, compared to HKD 55,795 thousand in the same period of 2023, reflecting a significant increase[22]. - The company reported a profit of HKD 113,122,000 for the six months ended June 30, 2024, compared to HKD 179,692,000 for the same period in 2023, representing a decrease of approximately 37%[32]. - The company’s net profit for the period was HKD 113,000,000, a decrease of approximately 37% compared to the previous year, mainly due to higher income tax expenses[74]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to HKD 7,679.10 million, compared to HKD 6,750.36 million as of December 31, 2023[5]. - Total liabilities increased to HKD 3,733,288 thousand as of June 30, 2024, compared to HKD 2,870,172 thousand as of December 31, 2023, reflecting a rise of approximately 30%[16]. - Non-current assets as of June 30, 2024, were valued at HKD 4,321,487 thousand, slightly down from HKD 4,536,296 thousand as of December 31, 2023[19]. - Current liabilities increased by approximately 59% to HKD 2,210 million from HKD 1,391 million as of December 31, 2023, mainly due to bank borrowings for business expansion[79]. - The company's capital debt ratio (total liabilities/equity) rose to approximately 95% from 74% as of December 31, 2023[81]. Inventory and Cash Management - The company's inventory increased significantly to HKD 1,302.79 million from HKD 697.25 million in the previous year, indicating a rise of approximately 87%[5]. - The company’s cash and bank balances stood at HKD 1,140.32 million, an increase from HKD 1,017.24 million as of December 31, 2023[5]. - Accounts receivable increased to HKD 830,738,000 as of June 30, 2024, from HKD 450,750,000 as of December 31, 2023, reflecting an increase of approximately 84%[34]. - Cash and cash equivalents amounted to HKD 1,140,323,000 as of June 30, 2024, compared to HKD 1,017,239,000 as of December 31, 2023, showing an increase of about 12%[38]. - The group has USD 1,604 million in unutilized credit facilities as of June 30, 2024, providing sufficient cash support for operations[84]. Operational Highlights - The company’s operations are primarily located in China, Kazakhstan, Canada, and the UK, with significant revenue generated from these regions[18]. - The company completed the procurement and sales of 564 tU of uranium products, generating trade revenue of approximately HKD 893 million, with an average sales price of $78.47 per lb U3O8[57]. - The group signed new contracts for the sale of 3,665 tU of natural uranium, with 90% of sales volume coming from European customers[57]. - The group’s share of profits from the Shiyou Company increased by 195% year-on-year to HKD 208 million, attributed to rising uranium prices and increased sales volume[59]. - The group’s share of profits from the Ao Company rose by 481% year-on-year to HKD 234 million, driven by higher uranium prices[60]. Market and Industry Trends - The company anticipates stable growth in natural uranium market demand due to increasing global emphasis on energy security and independence[51]. - In the first half of 2024, the average spot price of natural uranium was $84.38 per lb U3O8, a decrease of 7.3% from the beginning of 2024, while the highest spot price reached $106 per lb U3O8[52]. - The long-term contract price increased by 16.9% to an average of $79.50 per lb U3O8 as of June 2024, driven by supply-side production growth not meeting expectations[52]. - Global uranium production in 2023 was approximately 54,390 tU, an increase of 6.3% compared to 2022[52]. Corporate Governance and Compliance - The unaudited interim financial statements for the six months ending June 30, 2024, have been reviewed by the audit committee and external auditors, confirming compliance with applicable accounting standards and regulations[92]. - The audit committee held one meeting during the reporting period to review financial reporting and internal controls[92]. - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance during the reporting period[93]. - The roles of the chairman and CEO are separated, with Mr. Wang Xianfeng assuming both roles from July 5, 2024, to ensure leadership consistency[94]. - The company has adhered to all applicable corporate governance code provisions during the reporting period[94].

研究报告Research Report 2 Jun 2024 Jun 2024 中广核矿业 CGN Mining Company (1164 HK) 全球铀市场供不应求，中广核矿业盈利能力稳健 Global Uranium Market in Short Supply, CGN Mining has Solid Profitability [观Ta点bl聚e_焦yem Ieniv1e]s tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 中广核矿业是全球第三大的核电集团中广核集团下属上市子 评级 优于大市OUTPERFORM 公司之一，亦是中广核集团旗下海外铀资源开发、投融资的 现价 HK$2.95 唯一平台。中广核矿业将抓住全球核电复苏和天然铀需求持续增 目标价 HK$3.39 长的机遇，获取强成本竞争力的铀资源项目，致力于成为国际一流 HTI ESG 3.0-3.2-3.0 的天然铀供应商。2023 年，该公司实现显著的营业收入增长，达 E-S-G: 0-5, ...

证券研究报告 | 2024年05月13日 中 广 核 矿 业 （ ） 11 6 4 . H K 手 握 铀 矿 资 源 ， 背 靠 核 电 的 天 然 铀 贸 易 公 司 公司研究 · 深度报告 公用环保 ...