金吾财讯 | 国证国际发研指，2024第三季度中广核矿业(01164)天然铀产量共692.6吨铀，计划完成率97.2%，其中谢公司的谢矿生产95吨铀，计划完成率99.4%，伊矿生产133.9吨铀，计划完成率101.6%；奥公司的中矿生产431.6吨铀，计划完成率94.9%，伊矿生产32.2吨铀，计划完成率105.3%。公司的海外铀矿生产稳健，预计全年产量可按生产计划完成。该行指出，在第三季度，随着采购端价格快速下降，而销售端价格保持基本稳定，采购与销售价差扩大，公司贸易业务毛利空间上升。同时，与去年同期相比，由于铀矿价格上升，对于新增订单签约压力有所增大，但毛利空间变大，抵消了量下降的影响。该行表示，预计全球重新重视核电的背景下，中美两国分别在核电站以及小型核反应堆上发力，会促进上游天然铀矿需求，利好公司业绩。预估2024-2026公司归母净利润分别为4.2亿/8.5亿/10亿港元，EPS为0.055/0.112/0.137港元，对应PE分别为32.51/16.11/13.09，对应PB为32.4/2.79/2.39。维持目标价2.25港元，维持“买入”评级。
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