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.
我們維持中廣核礦業（“公司”）的 “買入” 投資評級，並將目標價提高至1.85港元，分別爲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.
我們預計，由於基本面強勁，鈾價格將穩步增長，並提高公司的盈利能力。從長遠來看，鈾的供需基本面預計將保持強勁。預計全球鈾需求將穩步增長，而全球鈾供應的增長預計將受到限制。我們認爲，這種情況將持續到2024-2025年，這將有力地支撐鈾價格。我們預計，到2024年，鈾價格將升至每磅約50美元至80美元的水平，這將顯著提高鈾礦開採公司的盈利能力。
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.
如果鈾價格飆升，中廣核礦業開採的鈾產量可能會錄得更快的增長率。如果鈾價格飆升，Kazatomprom有可能提高Semizbay-U和Ortalyk的利用率；我們認爲這被大多數投資者所忽視。
Catalysts: Rise in uranium price; nuclear-derived electricity development plans.
催化劑：鈾價格上漲；核衍生電力開發計劃。
Risks: Nuclear power plant safety issues; fall in uranium price; change in mining investment policies in Kazakhstan.
風險：核電廠安全問題；鈾價格下跌；哈薩克斯坦礦業投資政策的變化。
譯文內容由第三人軟體翻譯。