有色金属：海外季报：2025Q1Centrus实现净利润2,720万美元，同比扭亏为盈

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming months [4]. Core Insights - Centrus achieved a net profit of $27.2 million in Q1 2025, a significant turnaround from a loss of $6.1 million in Q1 2024, marking an increase of $33.3 million year-on-year [1]. - Total revenue for Centrus in Q1 2025 was $73.1 million, up by $29.4 million (or 67%) compared to $43.7 million in Q1 2024 [1]. - The gross profit for the company in Q1 2025 was $32.9 million, reflecting a year-on-year increase of $28.6 million (or 665%) from $4.3 million in Q1 2024 [1]. Financial Performance by Segment Low-Enriched Uranium (LEU) Segment - Revenue from the low-enriched uranium segment in Q1 2025 was $51.3 million, an increase of $27.7 million (or 117%) from $23.6 million in Q1 2024 [2]. - The gross profit for this segment rose to $31.2 million in Q1 2025, a substantial increase of $30.7 million (or 6,140%) compared to $0.5 million in Q1 2024 [2]. Technical Solutions Segment - The technical solutions segment generated revenue of $21.8 million in Q1 2025, up by $1.7 million (or 8%) from $20.1 million in Q1 2024 [3]. - However, the gross profit for this segment decreased to $1.7 million in Q1 2025, down by $2.1 million (or 55%) from $3.8 million in Q1 2024, primarily due to increased costs associated with HALEU operational contracts [5]. Domestic Enrichment Developments - Centrus continues to produce HALEU at its facility in Piketon, Ohio, under a contract with the U.S. Department of Energy (DOE), having delivered approximately 670 kg of HALEU UF6 as of March 31, 2025 [6]. - The contract value for the second phase of HALEU operations has been increased to $152.3 million following a revision on November 5, 2024 [6]. Backlog and Future Orders - As of March 31, 2025, Centrus reported a backlog of $3.8 billion in unfulfilled orders, with approximately $2.8 billion attributed to the low-enriched uranium segment [11]. - The backlog includes long-term contracts and contingent sales commitments, with $1.7 billion being final agreements and $400 million pending finalization [11].