有色金属海外季报：Cameco2025Q2自产铀环比减少23%至460万磅，归属于股东的净利润环比增加359%至3.21亿加元

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The uranium production for Q2 2025 decreased by 23% quarter-on-quarter to 4.6 million pounds, and net profit attributable to shareholders increased by 359% to 321 million CAD [1][10]. - The average realized price for uranium in Q2 2025 was 57.35 USD per pound, reflecting a 2% year-on-year increase but an 8% quarter-on-quarter decrease [8][22]. - The company expects an average realized price of approximately 87.00 CAD per pound for uranium in 2025, up from a previous estimate of 84.00 CAD [16]. Summary by Sections Uranium Business - Production Volume: In Q2 2025, the self-produced uranium was 4.6 million pounds (2088 tons), a 35% year-on-year decrease and a 23% quarter-on-quarter decrease [1][22]. - Sales Volume: The uranium sales volume reached 8.7 million pounds (3950 tons), marking a 40% year-on-year increase and a 26% quarter-on-quarter increase [3][22]. - Unit Production Costs: The cash production cost for self-produced uranium was 26.19 CAD per pound, up 54% year-on-year and 17% quarter-on-quarter [4][22]. - Unit Procurement Costs: The cash cost for externally procured uranium was 97 CAD per pound, down 11% year-on-year and 9% quarter-on-quarter [6][22]. - Total Production and Procurement Costs: The total cost for uranium production and procurement was 45.66 CAD per pound, up 8% year-on-year and 2% quarter-on-quarter [7][22]. Fuel Services Business - Production Volume: The fuel services business produced 3200 tons of uranium in Q2 2025, a 10% year-on-year increase but an 18% quarter-on-quarter decrease [9][22]. - Sales Volume: The sales volume for fuel services was 4400 tons of uranium, a 52% year-on-year increase and an 83% quarter-on-quarter increase [9][22]. - Average Realized Price: The average realized price for fuel services was 36.79 CAD/kg of uranium, down 8% year-on-year and 35% quarter-on-quarter [9][22]. Financial Performance - Revenue: The total revenue for Q2 2025 was 877 million CAD, a 47% year-on-year increase and an 11% quarter-on-quarter increase [10][25]. - Gross Profit: Gross profit for Q2 2025 was 257 million CAD, a 47% year-on-year increase but a 5% quarter-on-quarter decrease [10][25]. - Net Earnings: Net earnings attributable to equity holders were 321 million CAD, a significant increase of over 100% year-on-year and a 359% increase quarter-on-quarter [10][25]. - Adjusted EBITDA: The adjusted EBITDA for Q2 2025 was 673 million CAD, a 96% year-on-year increase [25]. Future Guidance - Uranium Production Outlook: The company anticipates uranium production from McArthur River/Key Lake and Cigar Lake to be 18 million pounds in 2025, with potential risks related to land freezing and skilled labor availability [16][20]. - Fuel Services Production Target: The annual production target for fuel services remains between 13,000 to 14,000 tons of uranium [17]. - Westinghouse Investment: The expected adjusted EBITDA share from Westinghouse is projected to be between 525 million to 580 million USD, influenced by ongoing projects in the Czech Republic [18].