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Cameco2025Q1自产铀环比减少2%至600万磅，归属于股东的净利润为7000万加元，环比扭亏为盈
HUAXI Securities·2025-05-27 13:30

Investment Rating - The report indicates a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the specified period [17]. Core Insights - The company reported a net profit attributable to shareholders of 70 million CAD in Q1 2025, a significant turnaround from a loss of 700,000 CAD in the same period last year [3]. - Revenue for Q1 2025 was 789 million CAD, representing a year-on-year increase of 24% [14]. - The average realized price for uranium was 62.55 USD per pound, up 9% year-on-year and 7% quarter-on-quarter [12]. Summary by Sections Uranium Business - Q1 2025 uranium production was 6 million pounds (2,724 tons), a 3% increase year-on-year but a 2% decrease quarter-on-quarter [1]. - The sales volume for uranium in Q1 2025 was 6.9 million pounds (3,133 tons), down 5% year-on-year and 46% quarter-on-quarter [1]. - The unit total production cost for uranium was 32.69 CAD per pound, up 12% from 29.31 CAD per pound in the same period last year [1]. - The average realized price for uranium was 89.12 CAD per pound, reflecting a 15% increase year-on-year [12]. Fuel Services Business - Q1 2025 production volume for fuel services was 3,900 tons of uranium, a 5% increase year-on-year [5]. - The sales volume for fuel services was 2,400 tons of uranium, a significant increase of 60% year-on-year [5]. - Revenue from fuel services reached 135 million CAD, an 88% increase compared to the previous year [5]. Financial Performance - Gross profit for Q1 2025 was 270 million CAD, a 44% increase year-on-year [14]. - Adjusted EBITDA for the company was 353 million CAD, a 5% increase from the previous year [14]. - The company had 361 million CAD in cash and cash equivalents and total debt of 1 billion CAD as of March 31, 2025 [3]. Future Guidance - The company plans to produce 18 million pounds of uranium at McArthur River/Key Lake and Cigar Lake each in 2025 [7]. - The expected adjusted EBITDA for Westinghouse for the year is projected to be between 355 million USD and 405 million USD [8].