《大行報告》大摩首予中廣核礦業(01164.HK)「增持」評級 目標價1.22元
摩根士丹利發表報告,首予中廣核礦業(01164.HK)「增持」評級,目標價1.22元。報告指,供需結構性不平衡及核電復甦,料帶動鈾進入上行周期。公司料受惠這趨勢,它是內地最大中廣核集團內快速增長及低成本鈾生產商。
現時被開採的鈾有99%用於核能發電。供需結構性不平衡、主要生產商減產,以及礦場停產及對新礦場投資不足,都將鈾價推進上行周期。在去年俄烏戰爭爆發,多國需要重新擁抱核電,以確保能源安全。
報告補充,中廣核礦業的鈾生產成本是全球最低之列,這確保鈾上行周期中,公司較同業有更大受惠程度。該行料公司在2022至2025年間鈾產量年均複合增長達15%。報告亦料公司與母企有協同效應,受惠已訂立長期供貨合約,減少價格波動;以及受惠新項目收購。
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