金吾财讯 | 华鑫证券发研报指，中广核矿业(01164)发布2025年半年报：2025年H1实现营业收入17.09亿港元，同比-58%；归母净利润-0.68亿港元，去年同期1.13亿港元。公司天然铀每磅价格机制发生改变。当前天然铀每磅价格将按一般商业条款参考 TradeTech及UxC刊发的国际价格指针后按以下公式厘定：价格=30%ⅹ2026年至2028年天然铀预测价格(即每磅天然铀94.22美元)ⅹ每年递增系数+70%ⅹ于交付日期最新的现货价格指标。变化之处为调低天然铀预测价格的比例，由40%变为30%，提高最新现货价格指针的比例，由60%变为70%，让销售价格更贴近现货价格，从而使公司可受益于现货市场的上升趋势该机构预测公司2025-2026年收入分别为42.82、88.07、89.25亿港元，归母净利润分别为3.98、8.05、8.88亿港元，当前股价对应PE分别为55.5、27.4、24.8倍。考虑到当前天然铀价格处于反弹周期，同时公司签订了更优的销售定价合约，首次覆盖，给予“买入”投资评级。
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