8月26日，中广核矿业将披露2025财年中报。 本文源自：金融界 作者：行情君 8月25日，中广核矿业(01164)盘中上涨7.98%，截至09:30，报2.57元/股，成交2259.51万元。 中广核矿业有限公司的主营业务是开发和贸易核能企业使用的天然铀资源，是香港主板上市产量最大的 铀业集团，亦是东亚唯一的纯铀业上市公司。其核心经营理念是抓住全球核电复苏和天然铀需求持续增 长的机遇，获取具有强成本竞争力的铀资源项目，致力于成为国际一流的天然铀供应商。 截至2024年年报，中广核矿业营业总收入79.86亿元、净利润3.17亿元。 ...

Investment Rating - The report recommends the industry [5] Core Insights - In Q2 2025, Centrus reported total revenue of $154.5 million, a year-on-year decrease of 18% but a quarter-on-quarter increase of 111% [1] - The gross profit for Q2 2025 was $53.9 million, reflecting a year-on-year increase of 48% and a quarter-on-quarter increase of 64% [1] - The net profit for Q2 2025 was $28.9 million, a year-on-year decrease of 6% but a quarter-on-quarter increase of 6% [1] Financial Performance Summary Overall Financial Performance - Total revenue for Q2 2025 was $154.5 million, down 18% year-on-year but up 111% quarter-on-quarter [1] - Gross profit was $53.9 million, up 48% year-on-year and up 64% quarter-on-quarter [1] - Net profit was $28.9 million, down 6% year-on-year but up 6% quarter-on-quarter [1] Business Segment Performance 1. Low-Enriched Uranium Segment - Revenue for Q2 2025 was $125.7 million, down 26% year-on-year but up 145% quarter-on-quarter [2] - Gross profit for this segment was $50.7 million, up 54% year-on-year and up 63% quarter-on-quarter [2] - Sales costs decreased by 45% year-on-year to $75 million [2] 2. Technical Solutions Segment - Revenue for Q2 2025 was $28.8 million, up 48% year-on-year and up 32% quarter-on-quarter [3] - Gross profit for this segment was $3.2 million, down 9% year-on-year but up 2% quarter-on-quarter [6] Order Backlog - As of June 30, 2025, the company had an order backlog of $3.6 billion, extending to 2040 [8] - The low-enriched uranium segment accounted for approximately $2.7 billion of this backlog [8] - The technical solutions segment had an order backlog of about $900 million [8]

Group 1 - Company is a subsidiary of China General Nuclear Power Group, the largest nuclear power group in China and the third largest globally, focusing on uranium resource development and financing [1] - Company aims to become a leading international supplier of natural uranium by capitalizing on the global nuclear power recovery and increasing demand for natural uranium [1] - In 2024, the company expects to have an equity resource of 34,000 tons of uranium (tU) and an equity production of 1,324 tU, with projected revenue of HKD 8.62 billion and net profit of HKD 340 million [1] Group 2 - Company signed a sales framework agreement with CGN Uranium for the years 2026 to 2028, committing to an annual purchase of no less than 1,200 tons of natural uranium [2] - The pricing mechanism for the agreement includes a fixed price component set at USD 94.22 per pound, with annual sales caps of HKD 3.94 billion, HKD 4.40 billion, and HKD 4.56 billion for the respective years [2] Group 3 - China's nuclear power investment is expected to remain robust, with plans to approve the construction of at least 10 new reactors annually starting from 2022, leading to increased uranium demand [3] - As of the end of 2024, China is projected to have 102 operational and approved reactors, surpassing the United States and becoming the world's largest nuclear power market [3] - The company forecasts revenue growth from HKD 9.08 billion in 2025 to HKD 10.94 billion in 2027, with net profit expected to rise significantly during the same period [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a rare overseas uranium resource platform, benefiting from rising uranium prices and the global nuclear power recovery [1][2]. - The company has signed a sales framework agreement with CGN Uranium for the years 2026 to 2028, ensuring a minimum annual purchase of 1,200 tons of natural uranium, with a pricing mechanism that favors the company [2]. - The demand for uranium is expected to grow due to China's ongoing nuclear power investments, with a forecast of 10 or more new units approved annually since 2022 [3]. Financial Summary - The company is projected to achieve revenues of HKD 86.2 billion and a net profit of HKD 3.4 billion in 2024, with a significant increase in net profit expected in the following years [1][4]. - Revenue forecasts for 2025, 2026, and 2027 are HKD 90.8 billion, HKD 100.2 billion, and HKD 109.4 billion respectively, reflecting year-on-year growth rates of 5%, 10%, and 9% [3]. - The projected net profit for the same years is HKD 6.1 billion, HKD 9.3 billion, and HKD 10.2 billion, with substantial growth rates of 79%, 51%, and 10% respectively [3][4]. Market Data - As of July 9, 2025, the closing price of the stock is HKD 2.27, with a 12-month price range of HKD 1.24 to HKD 2.58 [5]. - The company has a total market capitalization of HKD 18.17 billion and a total share count of 7.601 million [5].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the uranium production from China General Nuclear Power Corporation (CGN) is projected to have a compound annual growth rate (CAGR) of 6.88% from 2024 to 2027, indicating a robust growth outlook for the company [5] - The pricing mechanism for CGN's sales contracts has been updated, with the base price portion decreasing from 40% to 30% for the 2026-2028 period, while the base price remains significantly higher than previous levels, which is expected to enhance the company's performance [5] Summary by Sections Uranium Resource and Production - CGN's uranium equity resource amounts to 24,289 tons, with projected production for 2024 to 2027 as follows: 1,324 tons in 2024, 1,338 tons in 2025, 1,438 tons in 2026, and 1,617 tons in 2027 [4] - The average realized selling price for uranium is expected to rise from $75.04 per pound in 2024 to $85.42 per pound in 2027 [4] Pricing Mechanism - The base price for CGN's sales contracts is set at $94.22 per pound for the 2026-2028 period, which is significantly higher than the previous pricing levels [5] - The average spot price for uranium is projected to remain stable at around $80 per pound from 2024 to 2026 [4]