证券研究报告 海外 行业定期报告 hyzqdatemark 2026 年 03 月 02 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 姚雨晴 yaoyuqing@huayuanstock.com 板块表现： 美伊冲突升级超预期 看好黄金、VIX、人民币资产 投资评级： 无 ——海外科技周报（26/02/23-26/02/27） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 海外 AI 能源：本周 UUUU 发布 2025 年四季度财报，2025 年公司铀业务实现"复产兑现+成本下行"。公司全 年新采铀超过 170 万磅，White Mesa 加工成品超过 100 万磅 U3O8（采矿与加工存在滞后），期末铀库存超过 200 万磅（其中成品>80 万磅、在制品>10 万磅），为 2026 年交付与现货灵活性提供缓冲。销量端，2025 年销 售 65 万磅，销售均价 74.20 美元/磅。成本端，公司披露 Pinyon P ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to market performance [8]. Core Insights - The company reported a slight increase in raw coal production of 0.19% year-on-year, with expectations for a rise in both volume and price in the fourth quarter due to increasing coal prices [8]. - The company's revenue for the first half of 2025 is projected to be 14.069 billion yuan, a decrease of 20.3% year-on-year, with a net profit of 1.348 billion yuan, down 39.4% year-on-year [2][8]. - The average coal price assumption for 2025 has been revised down from 703 yuan/ton to 544 yuan/ton, leading to adjusted profit forecasts for 2025-2026 [8]. Financial Data and Profit Forecast - Total revenue projections for 2024 to 2027 are as follows: - 2024: 35.85 billion yuan - 2025: 31.194 billion yuan - 2026: 32.246 billion yuan - 2027: 33.191 billion yuan - The net profit for 2025 is estimated at 2.65 billion yuan, with a projected growth of 8.2% in 2026 and 5.5% in 2027 [2][9]. - The earnings per share (EPS) is expected to be 0.89 yuan in 2025, increasing to 1.01 yuan by 2027 [2][9]. Market Data - As of October 16, 2025, the closing price of the company's stock is 15.93 yuan, with a market capitalization of 47.653 billion yuan [3]. - The company has maintained a high dividend payout ratio, with rates of 60.17%, 60%, and 50.07% for the years 2022-2024 [8]. Comparative Analysis - The company is trading at a 22% discount compared to its peers in the coal industry, which have an average price-to-earnings (PE) ratio of 22x [8].