Investment Rating - The report assigns a rating of "Neutral" to China Uranium Industry, with an AHP score of 2.12, placing it in the 28.7% percentile of the non-innovative system AHP model [10][11]. Core Insights - China Uranium Industry is a core enterprise in domestic natural uranium mining, with ongoing overseas capacity expansion. The company has exclusive uranium mining and refining qualifications and has been actively expanding its global footprint, particularly in Namibia and Central Asia [4][12]. - The company is leveraging green technologies to enhance its main business through comprehensive utilization of radioactive co-associated mineral resources, which aligns with the dual carbon policy and the growing demand for upstream raw materials [17][18]. - Global uranium resources are scarce and have high barriers to entry, with China's nuclear power penetration still relatively low, indicating significant growth potential in the nuclear energy sector [21][22]. - The company benefits from long-term supply agreements with its largest customer, China National Nuclear Corporation (CNNC), and is positioned to gain from rising uranium prices due to increasing demand for nuclear energy [23][24]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for China Uranium Industry is 2.12, with expected allocation ratios for offline investors being 0.0307% for Class A and 0.0266% for Class B under a neutral scenario [10][11]. Fundamental Highlights and Features - China Uranium Industry is the core enterprise for natural uranium mining in China, with a focus on expanding overseas production capacity. The company has significant mining rights and has been a major supplier of natural uranium globally [12][14]. - The company has initiated projects for the comprehensive utilization of radioactive co-associated mineral resources, achieving significant recovery of strategic metals [17][18]. Comparable Company Financial Metrics - The company has shown strong revenue growth, with a CAGR of 28.07% from 2022 to 2024, and a net profit CAGR of 4.57% during the same period. The revenue for 2025 is projected to be between 195.00 billion to 200.00 billion yuan [23][24]. Fundraising Projects and Development Vision - The company plans to raise approximately 4.11 billion yuan through the issuance of new shares, which will be allocated to various uranium production projects and comprehensive utilization projects [37][38].
中国铀业（001280）：天然铀矿核心企业，背靠中核拓疆海外
Shenwan Hongyuan Securities·2025-11-16 11:47