CGN MINING(01164) 智通财经·2025-03-24 07:06Group 1 - Core viewpoint: China General Nuclear Power Corporation (CGN) Mining's stock dropped over 4% due to one-time factors affecting last year's net profit attributable to shareholders, while short-term momentum for uranium prices is lacking [1] - CGN Mining reported a revenue of approximately HKD 8.624 billion for 2024, representing a year-on-year increase of 17.18% [1] - The profit attributable to shareholders for the year was approximately HKD 342 million, a decrease of 31.2% year-on-year, primarily due to the accrual of dividend withholding tax and losses from the termination of Fission's operations [1] Group 2 - Citing a 15% future dividend withholding tax and recent declines in uranium prices, Zheshang International has lowered its price assumptions for 2025E/26E by 18%/16% to USD 75/83 per pound, with profit forecasts reduced by 28%/35% [2] - Despite the adjustments, the significant contract/spot price differential (USD 80/65 per pound in February) is expected to limit further declines in spot prices [2] - The company anticipates a decrease in relevant tax rates under Kazakhstan's new mineral resource tax mechanism set to take effect in 2026 [2]