证券研究报告 2025 年 5 月 7 日 星期三 【A 股市场大势研判】 市场全天高开高走，沪指重新站上 3300 点 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3316.11 | 1.13% | 37.08 | | | 深证成指 | 10082.34 | 1.84% | 182.51 | | | 沪深 300 | 3808.54 | 1.01% | 37.97 | | | 创业板 | 1986.41 | 1.97% | 38.38 | | | 科创 50 | 1026.52 | 1.39% | 14.10 | | | 北证 50 | 1373.90 | 3.21% | 42.77 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | 申万一级跌幅前五/ | | 热点板块 n | 涨幅前五 | 热点板块涨幅靠后 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨幅靠后 | ...

Core Viewpoint - Energy Fuels Inc. is expected to report a significant decline in revenues and incur a loss in its first-quarter 2025 results, with a consensus revenue estimate of $15.20 million, reflecting a 40% decrease from the previous year's $25.43 million [1][2]. Financial Performance - The consensus estimate for earnings is a loss of 5 cents per share, unchanged over the past 60 days, compared to earnings of 2 cents per share in the same quarter last year [2][3]. - Energy Fuels has a trailing four-quarter negative earnings surprise of 2.22%, having beaten estimates once, missed twice, and matched once [4]. Production and Sales - The company is currently producing from three uranium mines and expects to produce between 730,000 to 1,170,000 pounds of contained uranium in 2025, with contract sales anticipated at 200,000 to 300,000 pounds [8]. - In the first quarter of 2024, Energy Fuels sold 300,000 pounds of uranium, generating $25.31 million in revenues at an average realized price of $84.38 per pound [10]. - Uranium prices have declined, averaging $66.18 per pound in the January-March 2025 period, down 30% year over year [11]. Market Context - The company has resumed ore transport from its Pinyon mine following a landmark agreement with the Navajo Nation, which is expected to positively impact production rates [9]. - The acquisition of Base Resources is expected to contribute to revenues, although recurring operating expenses and increased headcount costs may weigh on earnings [12][13]. Peer Comparison - Cameco Corporation reported a 24% year-over-year revenue increase to $550 million for the first quarter of 2025, while Centrus Energy is expected to incur a loss of 10 cents per share [14][16]. - Energy Fuels' stock has declined 23.2% over the past year, compared to a 29% decline in the industry and a 10% decline in the Zacks Basic Materials sector [18]. Valuation - Energy Fuels is trading at a forward sales multiple of 8.89, significantly higher than the industry average of 2.57, but lower than Uranium Energy's 25.6 [24][25]. - The company maintains a debt-free balance sheet and is ramping up uranium production while advancing its rare earth element capabilities [28]. Investment Outlook - Despite expected lower uranium sales and prices in the upcoming quarter, there are indications of a potential recovery in uranium prices, supported by solid demand fundamentals [31]. - Current investors may consider holding due to long-term prospects, while prospective investors might wait for a more favorable entry point given the premium valuation and anticipated losses [32].

5月6日，A股开盘，三大指数集体高开。上证指数高开0.49%，深证成指高开0.75%，创业板指高开 0.97%。 来源：每日经济新闻 | 代码 | 名称 | 坝价 | 涨跌 | Ж跌幅 | | --- | --- | --- | --- | --- | | 000688 | 科创20 | 1016.44 с | 4.02 | 0.40% | | 000001 | 上证指数 | 3295.25 c | 16.22 | 0.49% | | 399324 | 深证红利 | 8510.95 c | 42.67 | 0.50% | | 000010 | 上证180 | 8441.09 с | 50.12 | 0.60% | | 000009 | ┣证380 | 5339.53 с | 33.26 | 0.63% | | 000300 | 沪深300 | 3794.38 c | 23.81 | 0.63% | 关注" 新华网财经 "视频号 更多财经资讯等你来看 市场上，4495只个股上涨，仅506只个股下跌。 往期推荐 | 4989.82 +33.74 +0.68% | | | | --- | --- | --- | | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report forecasts a soft GDP growth of 0.5% for 2025 Q4/Q4, primarily due to the negative impacts of tariffs, which are likened to a tax hike, tightening financial conditions, and increasing business uncertainty [3][6] - It identifies three main risks: higher production costs due to tariffs, high foreign retaliatory tariffs, and loss of access to rare earth elements, all of which could disrupt production and employment [3][34] Summary by Sections Economic Impact of Tariffs - The report estimates that tariff-driven cost increases could raise US production costs by 5-15% in some industries, significantly affecting their competitiveness [11][17] - It highlights that tariffed US exports to China account for approximately 0.5% of US GDP and support over 750,000 jobs across various sectors [28][30] Risks from Retaliatory Tariffs - China's 125% tariff on US exports is expected to block most exports, posing a significant risk to industries reliant on the Chinese market [26][28] - The report notes that while other countries have been restrained in retaliating against US exports, the high tariff rates could lead to further economic disruptions if not addressed [30][43] Rare Earth Element Restrictions - The report discusses the potential impact of China's restrictions on rare earth exports, which could disrupt production in industries that rely heavily on these materials [34][35] - It estimates that disruptions could affect between 200,000 to 500,000 jobs depending on the severity of the restrictions [35] Sector Analyst Insights - A survey of sector analysts indicates that about half expect trade-war related production disruptions and layoffs, with concerns primarily centered around retaliatory tariffs [39][41] - The report emphasizes the uncertainty surrounding how companies will adapt to these risks, with potential responses including halting production or seeking alternative markets [39][41] Monitoring Trade War Risks - The report introduces trade war trackers to monitor industrial production and payrolls in the most affected industries, providing a framework to assess ongoing impacts [44][47] - It suggests that the current high tariff rates could lead to unintended consequences, further risking GDP forecasts if not mitigated [43][44]

Core Viewpoint - Energy Fuels has developed the technical capability to produce several rare earth oxides at scale, coinciding with President Trump's initiation of a Section 232 investigation into imports of processed critical minerals, which may enhance domestic production and supply chains [1][4]. Company Developments - Energy Fuels has successfully developed technology to produce six of the seven rare earth oxides affected by new Chinese export controls, leveraging its White Mesa Mill in Utah, which can process monazite ore concentrates into separated neodymium-praseodymium oxide [2][6]. - The company has commercial capacity to process up to 10,000 tonnes of monazite concentrate annually, producing up to 1,000 tonnes of NdPr oxide, with plans to increase capacity to 60,000 tonnes in the future [9][10]. - Energy Fuels has established a supply chain for monazite by acquiring three large-scale heavy mineral sands mines, ensuring a long-term supply of monazite concentrates for processing [8][11]. Industry Context - The U.S. government, under President Trump's Executive Order, is investigating the national security implications of importing processed critical minerals, which may lead to increased domestic production and support for companies like Energy Fuels [4][5]. - The company is positioned to address gaps identified in the Executive Order, having a history of producing uranium and vanadium oxides, and recently launching commercial rare earth processing capabilities [5][12]. - Energy Fuels focuses on monazite, which has a high-grade REE content and is produced as a low-cost byproduct of heavy mineral sands mining, providing a competitive advantage in the rare earth market [8][9].

LEXINGTON, Ky., April 10, 2025 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) Chairman and CEO Randall Atkins is scheduled to appear for an interview Thursday, April 10, with Stuart Varney on Fox Business Channel. The interview is currently scheduled to appear at roughly 11:25am ET on the Varney & Co. program. During his appearance, Atkins expects to discuss President Donald Trump's recent executive orders regarding coal and the outstanding support the president has shown to the U.S. coal industry, a ...