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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
HUAXI Securities·2025-05-30 06:04

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 27.2millioninQ12025,asignificantturnaroundfromalossof27.2 million in Q1 2025, a significant turnaround from a loss of 6.1 million in Q1 2024, marking an increase of 33.3millionyear−on−year[1].−TotalrevenueforCentrusinQ12025was33.3 million year-on-year [1]. - Total revenue for Centrus in Q1 2025 was 73.1 million, up by 29.4million(or6729.4 million (or 67%) compared to 43.7 million in Q1 2024 [1]. - The gross profit for the company in Q1 2025 was 32.9million,reflectingayear−on−yearincreaseof32.9 million, reflecting a year-on-year increase of 28.6 million (or 665%) from 4.3millioninQ12024[1].FinancialPerformancebySegmentLow−EnrichedUranium(LEU)Segment−Revenuefromthelow−enricheduraniumsegmentinQ12025was4.3 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 27.7million(or11727.7 million (or 117%) from 23.6 million in Q1 2024 [2]. - The gross profit for this segment rose to 31.2millioninQ12025,asubstantialincreaseof31.2 million in Q1 2025, a substantial increase of 30.7 million (or 6,140%) compared to 0.5millioninQ12024[2].TechnicalSolutionsSegment−Thetechnicalsolutionssegmentgeneratedrevenueof0.5 million in Q1 2024 [2]. Technical Solutions Segment - The technical solutions segment generated revenue of 21.8 million in Q1 2025, up by 1.7million(or81.7 million (or 8%) from 20.1 million in Q1 2024 [3]. - However, the gross profit for this segment decreased to 1.7millioninQ12025,downby1.7 million in Q1 2025, down by 2.1 million (or 55%) from 3.8millioninQ12024,primarilyduetoincreasedcostsassociatedwithHALEUoperationalcontracts[5].DomesticEnrichmentDevelopments−CentruscontinuestoproduceHALEUatitsfacilityinPiketon,Ohio,underacontractwiththeU.S.DepartmentofEnergy(DOE),havingdeliveredapproximately670kgofHALEUUF6asofMarch31,2025[6].−ThecontractvalueforthesecondphaseofHALEUoperationshasbeenincreasedto3.8 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 3.8billioninunfulfilledorders,withapproximately3.8 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 1.7billionbeingfinalagreementsand1.7 billion being final agreements and 400 million pending finalization [11].