Centrus Energy 2024Q4 总收入同比增长 46%至 1.52 亿美元，普通股股东应分配净利润同比减少 4.6%至 5370 万美元

Investment Rating - The report gives a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [21]. Core Insights - In Q4 2024, the company reported total revenue of $152 million, a year-on-year increase of 46.3% and a quarter-on-quarter increase of 163% [1]. - The company's net profit attributable to common shareholders was $53.7 million, a decrease of 4.6% year-on-year, compared to a loss of $5 million in the previous quarter [1]. - The company’s total revenue for 2024 reached $442 million, reflecting a year-on-year growth of 38% [3]. Financial Performance Summary - In Q4 2024, the separation business generated revenue of $48.7 million, a year-on-year decrease of 20% but a quarter-on-quarter increase of 40% [1]. - The uranium business achieved revenue of $73.2 million in Q4 2024, a significant year-on-year increase of 244% [1]. - The technical solutions business reported revenue of $29.7 million in Q4 2024, marking a year-on-year growth of 38% and a quarter-on-quarter growth of 30% [1]. - For the full year 2024, the separation business (SWU) generated $247 million in revenue, an 18.5% year-on-year increase, with an average sales price increase of 24% despite a 4% decrease in sales volume [2]. - The uranium business for 2024 reported revenue of $103 million, a year-on-year increase of 69.6%, driven by a 50% increase in average sales price and a 13% increase in sales volume [2]. - The technical solutions business for 2024 generated $92.1 million in revenue, a year-on-year increase of 79.9% [2]. Operational Developments - As of December 31, 2024, the company had a total order backlog of $3.7 billion, with delivery periods extending to 2040 [16]. - The backlog for the low-enriched uranium (LEU) business was approximately $2.8 billion, including future SWU and uranium deliveries based on long-term contracts [16]. - The company signed an agreement with Korea Hydro & Nuclear Power Co. (KHNP) on February 4, 2025, confirming $800 million of the $1.2 billion in contingent commitments [16]. Recent Financing Activities - On November 7, 2024, the company issued $402.5 million in 2.25% convertible senior notes, with net proceeds of approximately $388.7 million intended for general corporate purposes [10]. Regulatory and Market Context - The "Ban on Importing Russian Uranium Act," effective May 2024, prohibits the import of low-enriched uranium (LEU) from Russia, with certain exemptions granted by the Department of Energy (DOE) [11]. - The company has received exemptions from the DOE to import LEU to fulfill its commitments for 2024 and 2025 [11]. - The Russian government has enacted regulations affecting the export of LEU, requiring specific licenses for each transaction [12].