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].

公司积累了丰富的智能控制及检测仪器仪表产品的研发与生产经验，拥有专业化的冷链物联网产业基地，公司 在中国深圳、南京、上海、徐州，以及美国、英国、巴西、泰国均设有分子公司，业务遍及全球多个国家和地 区。 2022年度—2024年度，公司实现营业收入分别为3.96亿元、4.35亿元、4.99亿元，归属于母公司所有者的净利 润为0.49亿元、0.55 亿 元、0.59亿元。 公司本次募集资金将投资于核心产线智能化升级改造项目和智能仪表研发中心及冷云平台建设项目。 根据发行安排，本周（11月17日—11月21日），A股市场将有两只新股申购，为北交所的精创电气和 深市主板的中国铀业，两股分别将于本周二和周五开启申购。 资料显示，精创电气是冷链物流行业内少数覆盖冷链全流程的控制、监控、节能、联网和维护一体化全方位服 务能力的冷链物联网解决方案提供商；中国铀业深耕核工业领域，在国内天然铀开发产业中占主导地位，公司 是我国天然铀保障供应的国家队、主力军。公司成功上市后，将成为A股市场"铀业第一股"。 具体来看，精创电气的发行价为12.1元/股，公司单一账户申购上限为65.07万股。 招股书显示，精创电气主营业务为冷链设备智能 ...

策 略 研 究 新股分析 2025 年 11 月 16 日 中国铀业：天然铀矿核心企业，背靠 中核拓疆海外 ——注册制新股纵览 20251116 本期投资提示： 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除流动性溢价因素后，中国铀业 2.12 分，位于总分的 28.7%分位。中国铀 业于 2025 年 11 月 13 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算 中国铀业 AHP 得分分别为 2.12 分、1.60 分，分别位于非科创体系 AHP 模型总分的 28.7%、 32.8%分位，分别处于中游偏上、下游偏上水平。假设以 ...

Investment Rating - The report maintains a positive investment rating for the uranium industry, highlighting the company's strong position and growth potential in the nuclear energy sector [7]. Core Insights - The company is a leading player in the global nuclear energy market, focusing on the mining, sales, and trade of natural uranium and associated radioactive minerals, ensuring energy security [1][10]. - Revenue and net profit are on an upward trend, with a compound annual growth rate (CAGR) of 17.9% for revenue and 7.8% for net profit from 2022 to 2024 [1][20]. - The company has a robust resource base, with significant uranium production capacity and a strategic focus on enhancing operational efficiency through various investment projects [3][58]. Summary by Sections 1. Company Overview - The company has established itself as a key player in China's nuclear energy sector, with a comprehensive business model encompassing uranium mining and the utilization of associated radioactive resources [10][11]. - It has a clear ownership structure, with the controlling stake held by China National Nuclear Corporation, ensuring strategic alignment and operational efficiency [15][18]. 2. Core Competitiveness - The company possesses rich uranium resources and significant exploration rights, with a strong presence in key mining regions [35][36]. - Production technology is mature and stable, allowing for efficient extraction and processing of uranium and associated minerals [38][39]. 3. Fundraising Projects - The company plans to utilize raised funds for projects aimed at increasing uranium production capacity and enhancing the comprehensive utilization of associated resources [58][60]. - Key projects include the development of in-situ leaching uranium mining and improvements in processing technologies for associated minerals [59][60]. 4. Industry Dynamics - The uranium industry is characterized by high supply concentration and increasing demand driven by nuclear energy development, with China being the second-largest consumer globally [4]. - The report emphasizes the industry's high entry barriers due to resource ownership, regulatory requirements, and technological expertise [4][5].