有色金属-海外季报：2025Q1 Centrus实现净利润2,720万美元，同比扭亏为盈

Investment Rating - The report gives a "Recommended" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [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 67% from $43.7 million in Q1 2024, with gross profit increasing by 665% to $32.9 million [1]. - The low-enriched uranium (LEU) segment saw revenues rise by 117% to $51.3 million, driven by a 46% increase in average selling prices and a 49% increase in sales volume [2]. - The technical solutions segment reported an 8% revenue increase to $21.8 million, primarily due to $2 million in revenue from high-assay low-enriched uranium (HALEU) operational contracts [3]. Financial Performance Summary - In Q1 2025, the low-enriched uranium segment's gross profit surged to $31.2 million, a 6,140% increase from $0.5 million in Q1 2024, attributed to increased sales and contract composition [2]. - The technical solutions segment's gross profit decreased by 55% to $1.7 million, mainly due to increased costs associated with HALEU operational contracts [5]. - As of March 31, 2025, Centrus had a backlog of $3.8 billion in unfulfilled orders, with $2.8 billion related to the low-enriched uranium segment [11].