CGN MINING(HK:01164) Hua Yuan Zheng Quan·2026-03-31 14:12Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is steadily growing, with the upward trend in uranium prices and the synchronization of long-term contract renewals releasing profit elasticity [5] - The company is expected to benefit from the global recovery in nuclear power, leading to sustained growth in natural uranium demand [7] - The company is backed by CGN Group, providing both market and resource advantages, with future uranium prices expected to remain high [7] Financial Summary - For 2026, the projected revenue is 11,849.71 million HKD, with a year-on-year growth rate of 72.5% [6] - The projected net profit attributable to shareholders for 2026 is 986.85 million HKD, reflecting a year-on-year increase of 118.0% [6] - The earnings per share for 2026 is estimated at 0.13 HKD, with a return on equity (ROE) of 17.8% [6] - The company’s total market capitalization is approximately 29,338.64 million HKD, with a debt-to-asset ratio of 47.64% [3][6] Operational Insights - In 2025, the company achieved a total uranium sales volume of approximately 4,611 tons, with a significant recovery in trading profits due to rising uranium prices in the second half of the year [7] - The average sales price for self-produced uranium was approximately 71.8 USD/pound, while the average sales price for international trade was about 74.7 USD/pound [7] - The company has locked in approximately 245 million HKD in trade profits from pending sales contracts by the end of 2025, providing a degree of performance assurance for the future [7]