《大行》华泰证券升中广核矿业目标价至 2.43 元 维持「买入」评级

The Huatai Securities research report indicates that CGN Mining (01164.HK) has signed a three-year natural uranium purchase agreement with its parent company China Uranium Development for the years 2026 to 2028, with both the benchmark price and annual increment coefficient exceeding the bank's and market expectations. The bank remains optimistic about the global nuclear energy revival resonance, coupled with the implementation of the sales agreement, driving the company's profitability and valuation, maintaining a "Buy" rating, and raising the net profit attributable to the parent company for 2026 and 2027 by 15% and 10%, respectively, with the target price increased from HKD 1.88 to HKD 2.43.

The report states that the agreement reflects the growth momentum of the company's revenue base, as well as the industry's and the company's positive judgment on the accelerated tightening of global natural uranium supply and demand in the coming years. Additionally, the increasing proportion of spot prices in the pricing formula allows the company to benefit more from the potential upward trend in the spot market