Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 80 CNY [5][11][15]. Core Insights - China Uranium Industry (001280) derives over 90% of its revenue from natural uranium business and is the exclusive supplier of natural uranium products for its controlling shareholder, China National Nuclear Corporation (CNNC) [2][11]. - The company is expected to benefit from the growing demand for nuclear energy and the ongoing global uranium supply-demand gap, which is projected to persist in the long term [11][39]. Financial Summary - The total revenue is projected to grow from 14,801 million CNY in 2023 to 31,422 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [4][16]. - Net profit attributable to the parent company is expected to increase from 1,262 million CNY in 2023 to 4,428 million CNY in 2027, with a significant growth rate of 87.8% in 2026 [4][11]. - Earnings per share (EPS) is forecasted to rise from 0.61 CNY in 2023 to 2.14 CNY in 2027 [4][11]. Revenue Breakdown - The revenue from natural uranium sales is expected to grow from 13,234.90 million CNY in 2023 to 28,500 million CNY by 2027, with a growth rate of 43.94% in 2024 [16]. - The radioactive co-mineral resource business is projected to see revenue growth from 1,164.08 million CNY in 2023 to 2,672.00 million CNY by 2027, with a notable increase of 39.51% in 2025 [16]. Industry Position - China Uranium Industry is a leading player in the uranium sector, with a strong historical presence and a comprehensive resource layout both domestically and internationally [19][24]. - The company controls significant uranium resources, ranking among the top ten global uranium producers, and has a robust operational footprint in key strategic areas [33][39]. Supply-Demand Dynamics - The global uranium market is characterized by a high concentration of resources, with the top five countries holding 68% of the total uranium reserves [39][40]. - The report highlights a persistent supply-demand gap in the uranium market, driven by increasing nuclear energy requirements and a recovery in global uranium production expected to reach 60,213 tons in 2024 [40][41].

中国铀业（001280.SZ）12月19日在投资者互动平台表示，公司生产的产品五氧化二钽和五氧化二铌作 为钽铌深加工产品的重要中间产品，主要应用于钢铁、电子、航空航天、医疗、超导等多个领域。上述 产品目前收入占比较小，2025年1-6月，公司氧化钽铌及其副产品销售收入占公司主营业务收入比例为 1.04%。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：五氧化二钽、五氧化二铌能否运用在商业航天领域？ ...

Core Viewpoint - China Uranium Industry (001280.SZ) emphasizes its role in the natural uranium business, which includes mining, sales, and trading, highlighting the importance of natural uranium in nuclear energy and defense sectors [1] Group 1: Natural Uranium Business - The company's natural uranium products include uranyl sulfate and uranium trioxide [1] - Natural uranium is a critical material for the development of nuclear energy, utilized in nuclear power and national defense [1] Group 2: Radioactive Co-Product Resource Utilization - The company engages in the comprehensive utilization of radioactive co-products, including monazite, uranium-molybdenum, tantalum, and niobium [1] - Key products from this business include rare earth chloride, ammonium molybdate, tantalum pentoxide, and niobium pentoxide [1] - Rare earth chloride serves as a primary raw material for rare earth oxides, while ammonium molybdate is an important intermediate product in deep processing of molybdenum, mainly used in steel, metallurgy, and chemical industries [1] - Tantalum pentoxide and niobium pentoxide are significant intermediate products in the deep processing of tantalum and niobium, applied across various sectors including steel, electronics, aerospace, medical, and superconductors [1]

Group 1 - The company, Dongfang Tantalum Industry, confirmed its production capabilities related to niobium and tantalum compounds, which are essential for lithium niobate modulators used in high-speed optical interconnects [2] - The company is planning to use raised funds to construct a digital factory for tantalum and niobium wet metallurgy, which will include new production lines for potassium fluotantalate, niobium pentoxide, high-purity niobium pentoxide, high-purity tantalum pentoxide, and by-products such as tin concentrate [2]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations around 3900 points, closing down 0.09% at 3894.22 points, while the Shenzhen Component Index and ChiNext Index fell by 0.19% and 0.5% respectively, with the Northbound 50 Index rising by 0.59% [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 10,756 billion [1] Sector Performance - The real estate, semiconductor, and liquor sectors showed weakness, with over 3500 stocks declining [1] - The coal sector saw significant gains, with companies like Dayou Energy, Antai Group, and New Dazhou A hitting the daily limit, while Yunmei Energy rose approximately 6% [3][4] - The non-ferrous metals sector also performed well, with Huayang New Materials and Xinke Materials hitting the daily limit, and Tianshan Aluminum and Yun Aluminum rising over 5% [5] Diamond Industry - The cultivated diamond concept surged, with Sifangda rising nearly 15% and Huifeng Diamond increasing over 10% [7][8] - The diamond industry is focusing on functional applications, such as heat dissipation and optical window materials, which are expected to gain traction due to high demand from AI developments [9] China Uranium Industry - China Uranium (001280) debuted with a remarkable increase of 347%, reaching a peak of 80 yuan per share, and closed up 281.5% at 68.25 yuan per share, giving it a market capitalization exceeding 140 billion [11] - The company specializes in the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, playing a crucial role in China's nuclear industry [11]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations around 3900 points, closing down 0.09% at 3894.22 points, while the Shenzhen Component Index and ChiNext Index fell by 0.19% and 0.5% respectively [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 10,756 billion [1] - Over 3500 stocks declined, with sectors like real estate, semiconductors, and liquor showing weakness, while the coal sector saw gains [1] Coal Sector Performance - The coal sector showed strong performance, with companies like Dayou Energy, Antai Group, and New Dazhou A hitting the daily limit [4][5] - The prices of thermal coal and coking coal remain at historical lows, providing room for a rebound due to supply-side policies and seasonal demand increases [6] Nonferrous Metals Sector - The nonferrous metals sector also strengthened, with companies like Huayang New Materials and Xinke Materials hitting the daily limit, and Tianshan Aluminum and Yun Aluminum rising over 5% [7] - Analysts predict that the nonferrous metals industry is entering a new upward cycle, driven by supply chain disruptions and liquidity easing from the Federal Reserve [7] Cultivated Diamonds Concept - The cultivated diamond concept saw significant gains, with companies like Sifangda and Huifeng Diamond rising nearly 15% and over 10% respectively [9][10] - The diamond industry is focusing on functional applications, with potential growth in chip manufacturing due to high heat dissipation demands [11] China Uranium Industry - China Uranium Industry debuted with a remarkable increase of 347%, reaching a peak of 80 yuan per share, and closing up 281.5% at 68.25 yuan per share, with a market capitalization exceeding 1400 billion [12][13] - The company specializes in the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, playing a crucial role in China's nuclear supply chain [13]

股票简称：中国铀业 股票代码：001280 中国铀业股份有限公司 China National Uranium Co., Ltd. （北京市通州区九棵树 145 号 26 幢 1 层） 首次公开发行股票并在主板上市 之上市公告书 保荐人（主承销商） （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年十二月 特别提示 中国铀业股份有限公司（以下简称"公司"、"本公司"、"发行人"、"中国铀业"） 股票将于 2025 年 12 月 3 日在深圳证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《中国铀业股份有限公司首 次公开发行股票并在主板上市招股说明书》（以下简称"招股说明书"）中的相同。如本 上市公告书中部分合计数与各单项数据之和在尾数上存在差异，这些差异是四舍五入所 致。 1 第一节 重要声明与提示 一、重要声明及提示 本公司及全体董事、高级管理人员保证上市公告书的真实性 ...

Core Viewpoint - The launch of China Uranium Corporation's IPO marks a significant milestone in the context of advancing global "dual carbon" goals and the rapid development of the domestic nuclear power industry, aiming to enhance the supply of natural uranium and solidify its strategic position as a leading technology-driven mining company [1][9]. Company Overview - China Uranium Corporation, a core subsidiary of China National Nuclear Corporation (CNNC), has evolved from its origins in 1989 to become a key player in the natural uranium supply chain, with a complete business structure encompassing mining, sales, and trade [2]. - The company holds 17 mining rights for natural uranium or uranium-molybdenum mines across resource-rich regions in China and has developed advanced extraction technologies to efficiently exploit complex sandstone uranium deposits [2][3]. Financial Performance - The company has shown robust growth, with revenue increasing from 10.535 billion yuan to 17.279 billion yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 28.07%, while net profit rose from 1.520 billion yuan to 1.712 billion yuan during the same period [4]. - The natural uranium business remains the core revenue driver, contributing over 89% of total revenue in recent years, with projected revenue from this segment reaching 15.898 billion yuan in 2024 [4]. Investment and Growth Strategy - The IPO will raise funds primarily for enhancing natural uranium production capacity and the comprehensive utilization of radioactive co-mined resources, with a total investment plan of 4.798 billion yuan [7]. - Key projects include the development of several uranium mining operations in Inner Mongolia and Xinjiang, which are expected to significantly boost domestic uranium supply and reduce reliance on imports [7][10]. Market Demand and Opportunities - The global nuclear power industry is recovering, with a projected increase in uranium demand driven by the "dual carbon" goals, with estimates suggesting a rise to 86,000 tons by 2030 and 150,000 tons by 2040 [9][10]. - Domestically, China's nuclear power capacity is expected to grow significantly, with projections indicating an increase to approximately 12 million kilowatts by 2030, leading to a corresponding rise in uranium demand [10][11]. Policy Support - The Chinese government continues to strengthen support for strategic mineral resources, including uranium, as reflected in various policy documents that encourage the development of uranium mining and resource utilization technologies [11].

Investment Rating - The investment rating for China Uranium Industry is "Buy" based on its strong market position and growth potential in the domestic natural uranium sector [1][5][28]. Core Insights - China Uranium Industry (001280.SZ) is the only company engaged in domestic natural uranium mining and processing, holding a dominant position in the industry. The company is expected to achieve revenue and net profit of 17.279 billion and 1.458 billion RMB respectively in 2024 [1][5]. - The company benefits from a large nuclear power market and has significant growth potential, supported by favorable government policies promoting nuclear energy development [6][20]. - The company has a stable revenue growth rate of 28.07% from 2022 to 2024, driven by consistent demand from downstream nuclear power plants [7][10]. Summary by Sections Company Overview - China Uranium Industry is a key player in ensuring the supply of natural uranium in China, with 17 mining rights in regions rich in uranium resources. The company ranks among the top ten uranium producers globally, with its Rosin uranium mine being the second-largest open-pit uranium mine in the world [5][24][25]. Business Analysis - The company primarily engages in the mining, sales, and trade of natural uranium and related radioactive minerals. Its revenue from natural uranium sales is projected to grow significantly, with a compound annual growth rate of 28.07% from 2022 to 2024 [7][10][12]. - The company has established long-term agreements with major nuclear power clients, ensuring stable demand for its products [6][10]. Industry Development and Competitive Landscape - The global natural uranium market is expected to expand steadily, driven by the transition to clean energy and increased nuclear power construction. The company is well-positioned to benefit from this growth [20][22]. - The competitive landscape is characterized by a high concentration of production among the top ten uranium producers, with China Uranium Industry being one of the three main suppliers in the domestic market [22][24]. IPO and Fundraising - The company plans to issue 24.818 million shares, raising approximately 4.11 billion RMB to expand its uranium production capacity and improve processing technologies [26][27]. - The IPO will enhance the company's ability to secure domestic uranium supply and support its growth strategy [26][27]. Comparable Company Valuation - The average price-to-earnings (PE) ratio for comparable companies in the industry is 26.21 for 2024, with projected ratios of 18.96 and 15.75 for 2025 and 2026 respectively [28][29].

Core Viewpoint - This week, two new stocks are available for subscription in the A-share market: Jingchuang Electric and China Uranium Industry, with subscriptions starting on Tuesday and Friday respectively [1]. Group 1: Jingchuang Electric - Jingchuang Electric is a provider of integrated cold chain IoT solutions, covering the entire cold chain process including control, monitoring, energy saving, networking, and maintenance [1]. - The offering price for Jingchuang Electric is set at 12.1 yuan per share, with a single account subscription limit of 650,700 shares [2]. - The company reported revenues of 396 million yuan, 435 million yuan, and 499 million yuan for the years 2022 to 2024, with net profits of 49 million yuan, 55 million yuan, and 59 million yuan respectively [2]. Group 2: China Uranium Industry - China Uranium Industry focuses on the comprehensive utilization of natural uranium and radioactive associated mineral resources, being a key player in China's nuclear industry [3]. - The company has a subscription limit of 52,000 shares per account, requiring a market value of 520,000 yuan for maximum subscription [3]. - The total number of shares for public offering is 248 million, indicating a potentially high subscription rate due to its large issuance volume [3]. - The company achieved revenues of 10.535 billion yuan, 14.801 billion yuan, and 17.279 billion yuan for the years 2022 to 2024, with net profits of 1.334 billion yuan, 1.262 billion yuan, and 1.458 billion yuan respectively [4]. Group 3: Investment Projects - The funds raised by China Uranium Industry will be invested in various projects, including in-situ leaching uranium extraction projects and comprehensive utilization projects for associated uranium resources [5].