CGN MINING(01164) 开源证券·2024-03-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The recovery of uranium prices is gaining momentum, and the company's performance is expected to grow steadily [4] - In 2023, the company achieved a revenue of HKD 7.368 billion, a year-on-year increase of 101.04%, while the net profit attributable to shareholders was HKD 497 million, a decrease of 3.46% due to rising raw material costs [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of HKD 852 million, HKD 929 million, and HKD 1.089 billion respectively [4] - The company is a leader in the uranium industry, with smooth progress in uranium mining projects [4] Financial Performance - In 2023, the company's financial expenses increased significantly to HKD 131 million, a year-on-year increase of 113% due to rising interest rates and increased debt [5] - The total revenue and net profit projections for 2024-2026 are as follows: - Revenue: HKD 8.233 billion (2024E), HKD 9.462 billion (2025E), HKD 10.498 billion (2026E) - Net Profit: HKD 852 million (2024E), HKD 929 million (2025E), HKD 1.089 billion (2026E) [8] Uranium Production and Market Outlook - The company's uranium equity production in 2023 was 1,276 tons, with contributions from various projects [6] - The long-term outlook for uranium prices is positive, driven by stable nuclear energy development and increasing global nuclear power installations [7] - The supply-demand gap for natural uranium is expected to continue to widen in the medium to long term, indicating a robust recovery in uranium prices [7]