CGN MINING(01164.HK):RISE IN URANIUM PRICE IS ACCELERATING REITERATE "BUY"
CGN MINING(01164.HK):RISE IN URANIUM PRICE IS ACCELERATING REITERATE "BUY"
We maintain "Buy" investment rating for CGN Mining (the "Company"), and raise target price to HK$1.85, representing 21.0x, 13.7x and 12.6x 2023-2025 PER.
我们维持中广核矿业（“公司”）的 “买入” 投资评级，并将目标价提高至1.85港元，分别为2023-2025年市盈率的21.0倍、13.7倍和12.6倍。
We expect uranium price to grow steadily due to strong fundamentals and to lift the profitability of the Company. Supply-demand fundamentals of uranium are expected to remain strong in the long term. Global uranium demand is expected to grow steadily, while growth of global uranium supply is expected to be limited. We believe such situation to last through 2024-2025, which will strongly support uranium price. We expect uranium price to be lifted to the level of about US$50/lb-US$80/lb in 2024, which will significantly improve profitability of uranium mining companies.
我们预计，由于基本面强劲，铀价格将稳步增长，并提高公司的盈利能力。从长远来看，铀的供需基本面预计将保持强劲。预计全球铀需求将稳步增长，而全球铀供应的增长预计将受到限制。我们认为，这种情况将持续到2024-2025年，这将有力地支撑铀价格。我们预计，到2024年，铀价格将升至每磅约50美元至80美元的水平，这将显著提高铀矿开采公司的盈利能力。
Mined uranium output of CGN Mining may record faster growth rate if uranium price surges. There is a possibility that Kazatomprom may lift the utilization rate of Semizbay-U and Ortalyk if uranium price surges; we believe that this has been neglected by most investors.
如果铀价格飙升，中广核矿业开采的铀产量可能会录得更快的增长率。如果铀价格飙升，Kazatomprom有可能提高Semizbay-U和Ortalyk的利用率；我们认为这被大多数投资者所忽视。
Catalysts: Rise in uranium price; nuclear-derived electricity development plans.
催化剂：铀价格上涨；核衍生电力开发计划。
Risks: Nuclear power plant safety issues; fall in uranium price; change in mining investment policies in Kazakhstan.
风险：核电厂安全问题；铀价格下跌；哈萨克斯坦矿业投资政策的变化。
译文内容由第三方软件翻译。