金吾财讯 | 招银国际研报指，预测中广核矿业(01164)在1H25将录得约 6,800 万元人民币净亏损，原因包括 (1) 国际铀贸易业务的一次性负毛利率，以及 (2) 1H25铀现货价格下跌影响合资公司（采矿业务）的利润。因此，该机构将 2025 年盈利预测大幅下调 47% 至 2.6 亿元人民币，以反映 1H25的潜在疲弱业绩。尽管如此，该机构认为该影响是一次性的，并预计贸易业务的利润率将在 2H25转正。此外，随着铀现货价格自 5 月以来回升，该机构预计合资公司的利润将在 2H25反弹。
展望未来，鉴于中广核矿业已经与母公司签订承销协议, 新定价机制中合同价格将从2026年开始大幅上涨, 将推动盈利强劲增长。因此该机构维持买入评级，并把1H25业绩公布后（8月份）的潜在回调视为入场机会。该机构将基于净现值(NPV)的目标价从 2.61 港元下调至 2.42 港元。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.