<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/be/10103.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="413" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/be/10103.jpg"/></p>
<p><em>图片来源：Bigstock</em></p>
<h3><strong>关键要点</strong></h3>
<ul>
<li>Cameco 将其 2025 年麦克阿瑟河的生产预期下调至 981 万磅，原因是开发延迟。</li>
<li>该公司在麦克阿瑟河的产量下降了 32%，部分被 2025 年更强劲的雪茄湖产量所抵消。</li>
<li>Cameco 预计雪茄湖和麦克林湖的表现将帮助抵消约 100 万磅的供应损失。</li>
</ul>
<p>Cameco Corporation（CCJ - 免费报告）在今年早些时候下调了其 2025 年铀生产展望，原因是麦克阿瑟河矿的开发延迟。该矿位于加拿大萨斯喀彻温省北部，是全球最大的高品位铀矿。Cameco 在该矿中持有 69.805% 的股份。</p>
<p>该地点的基湖冶炼厂是全球最大的铀冶炼厂（Cameco 持有 83.33% 的股份）。该公司还持有雪茄湖 54.547% 的股份，雪茄湖是全球最高品位的铀矿。</p>
<p>Cameco 来自这些运营的可归属铀生产在 2025 年前九个月总计 1500 万磅，同比下降 13%。麦克阿瑟河矿的产量下降了 32%，而雪茄湖的产量上升了 16%。</p>
<p>正如预期，麦克阿瑟河矿的生产受到转入新采矿区延迟的影响。因此，基湖冶炼厂从 9 月 3 日停产至 10 月 17 日，影响了第三季度的生产。</p>
<p>Cameco 现在预计其在麦克阿瑟河矿的铀生产份额在 2025 年为 980 万至 1050 万磅，而之前的预测为 1260 万磅。雪茄湖的预计生产份额在 2025 年仍为 980 万磅。</p>
<p>在雪茄湖矿和麦克林湖冶炼厂的强劲表现支持下，Cameco 对这些运营持乐观态度，认为它们将帮助抵消麦克阿瑟河预计的约 100 万磅（按 100% 计算）的短缺。</p>
<h3><strong>Cameco 的同行表现</strong></h3>
<p>与此同时，Energy Fuels（UUUU - 免费报告）在第三季度从其 Pinyon Plain、La Sal 和 Pandora 矿生产了约 465,000 磅铀，使得年初至今的总量达到约 1,245,000 磅。</p>
<p>Pinyon Plain 矿是 Energy Fuels 的突出表现者，今年的产量显著上升。Energy Fuels 目前预计将在 2025 年从所有矿山开采约 875,000-1,435,000 磅的铀矿石。Energy Fuels 计划今年处理最多 100 万磅铀。</p>
<p>此外，Ur Energy（URG - 免费报告）目前正在运营位于怀俄明州中南部的 Lost Creek 项目，年产能力为 120 万磅。该公司在第三季度干燥和包装了 93,523 磅，并向转化设施运输了 70,190 磅。这使得年初至今的总量达到 288,622 磅。</p>
<p>Ur Energy 最近获得了 Lost Creek 扩展的最终批准。该公司还在 Shirley Basin 推进建设，将其转变为两个矿的运营。Shirley Basin 的许可年采矿能力为 100 万磅。</p>
<h3><strong>Cameco 的价格表现、估值与预期</strong></h3>
<p>截至目前，Cameco 的股价今年上涨了 86.3%，而行业增长为 36%。与此同时，广义的 Zacks 基础材料行业上涨了 29.8%，标准普尔 500 指数上涨了 19.6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/f8/136641.jpg/query-dj03NDI5MDc5NjM?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="333" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/f8/136641.jpg/query-dj03NDI5MDc5NjM"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<p>Cameco 股票最近的前瞻市销率为 16.66，而行业的市销率为 1.44。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/aa/136642.jpg/query-dj0xNDIzMDc0NzU2?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="265" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/aa/136642.jpg/query-dj0xNDIzMDc0NzU2"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<p>Zacks 对 Cameco2025 财年的盈利共识预期显示同比增长 95.9%。2026 年的预期则显示增长 55.6%。过去 60 天内，两年盈利的共识预期均有所下调，如下图所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/da/136643.jpg/query-dj05NTYwNTIwMDc?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="516" height="297" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/da/136643.jpg/query-dj05NTYwNTIwMDc"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<p>该公司目前的 Zacks 评级为#3（持有）。</p>
<hr/>
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<p>Cameco 已将其 2025 年麦克阿瑟河铀矿的生产预测下调至 980 万至 1050 万磅，原因是开发延迟，原预测为 1260 万磅。雪茄湖的产量保持不变，为 980 万磅，帮助弥补麦克阿瑟河的短缺。今年，Cameco 的股价上涨了 86.3%，表现优于行业增长。尽管近期下调了预测，Zacks 共识预测仍然预计 Cameco 在 2025 年和 2026 年将实现显著的盈利增长</p>

<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/be/10103.jpg" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/main/be/10103.jpg"/></p>
<p><em>Image: Bigstock</em></p>
<div class="lb-trans"><p><em>图片来源：Bigstock</em></p>
</div><h3><strong>Key Takeaways</strong></h3>
<div class="lb-trans"><h3><strong>关键要点</strong></h3>
</div><ul>
<li>Cameco cut its 2025 McArthur River production view to 9.810 million lbs due to development delays.</li>
<li>The company saw a 32% drop at McArthur River, partly offset by stronger Cigar Lake output in 2025.</li>
<li>Cameco expects Cigar Lake and McClean Lake performance to help offset about 1 million lbs of lost supply.</li>
</ul>
<div class="lb-trans"><ul>
<li>Cameco 将其 2025 年麦克阿瑟河的生产预期下调至 981 万磅，原因是开发延迟。</li>
<li>该公司在麦克阿瑟河的产量下降了 32%，部分被 2025 年更强劲的雪茄湖产量所抵消。</li>
<li>Cameco 预计雪茄湖和麦克林湖的表现将帮助抵消约 100 万磅的供应损失。</li>
</ul>
</div><p>Cameco Corporation (CCJ - Free Report) had lowered its 2025 uranium production outlook earlier this year, citing development delays at the McArthur River mine. The mine located in northern Saskatchewan, Canada, is known as the largest high-grade uranium mine globally. Cameco holds a 69.805% stake in the mine</p>
<div class="lb-trans"><p>Cameco Corporation（CCJ - 免费报告）在今年早些时候下调了其 2025 年铀生产展望，原因是麦克阿瑟河矿的开发延迟。该矿位于加拿大萨斯喀彻温省北部，是全球最大的高品位铀矿。Cameco 在该矿中持有 69.805% 的股份。</p>
</div><p>The Key Lake mill at the site is the world’s largest uranium mill (in which Cameco holds an 83.33% stake). The company also holds a 54.547% stake in Cigar Lake, the world’s highest-grade uranium mine.</p>
<div class="lb-trans"><p>该地点的基湖冶炼厂是全球最大的铀冶炼厂（Cameco 持有 83.33% 的股份）。该公司还持有雪茄湖 54.547% 的股份，雪茄湖是全球最高品位的铀矿。</p>
</div><p>Cameco’s attributable uranium production from these operations totaled 15 million pounds in the first nine months of 2025, down 13% year-over-year. Output at the McArthur River mine was down 32%, offset by a 16% rise at Cigar Lake.</p>
<div class="lb-trans"><p>Cameco 来自这些运营的可归属铀生产在 2025 年前九个月总计 1500 万磅，同比下降 13%。麦克阿瑟河矿的产量下降了 32%，而雪茄湖的产量上升了 16%。</p>
</div><p>As expected, production at the McArthur River mine had been impacted by the delays in transitioning into new mining areas. As a result of these delays, the Key Lake mill was shut down from Sept. 3 through Oct. 17, impacting production in the third quarter.</p>
<div class="lb-trans"><p>正如预期，麦克阿瑟河矿的生产受到转入新采矿区延迟的影响。因此，基湖冶炼厂从 9 月 3 日停产至 10 月 17 日，影响了第三季度的生产。</p>
</div><p>Cameco now expects its share of uranium production from the McArthur River mine at 9.8-10.5 million pounds in 2025 compared with the earlier forecast of 12.6 million pounds. The expected share of production from Cigar Lake remains at 9.8 million pounds for 2025. Its expected 2025 share from Cigar Lake remains unchanged at 9.8 million pounds.</p>
<div class="lb-trans"><p>Cameco 现在预计其在麦克阿瑟河矿的铀生产份额在 2025 年为 980 万至 1050 万磅，而之前的预测为 1260 万磅。雪茄湖的预计生产份额在 2025 年仍为 980 万磅。</p>
</div><p>Supported by strong performance at the Cigar Lake mine and the McClean Lake mill so far, Cameco remains optimistic that these operations will help offset roughly 1 million pounds (on a 100% basis) of the anticipated shortfall from McArthur River.</p>
<div class="lb-trans"><p>在雪茄湖矿和麦克林湖冶炼厂的强劲表现支持下，Cameco 对这些运营持乐观态度，认为它们将帮助抵消麦克阿瑟河预计的约 100 万磅（按 100% 计算）的短缺。</p>
</div><h3><strong>Cameco’s Peer Performances</strong></h3>
<div class="lb-trans"><h3><strong>Cameco 的同行表现</strong></h3>
</div><p>Meanwhile, Energy Fuels (UUUU - Free Report) produced approximately 465,000 pounds of uranium from its Pinyon Plain, La Sal, and Pandora mines in the third quarter, bringing the year-to-date total to approximately 1,245,000 pounds.</p>
<div class="lb-trans"><p>与此同时，Energy Fuels（UUUU - 免费报告）在第三季度从其 Pinyon Plain、La Sal 和 Pandora 矿生产了约 465,000 磅铀，使得年初至今的总量达到约 1,245,000 磅。</p>
</div><p>The Pinyon Plain mine has been a standout performer for Energy Fuels, with production ramping up significantly this year. Energy Fuels currently expects to mine ore from all of its mines containing approximately 875,000-1,435,000 pounds of contained uranium in 2025. Energy Fuels aims to process up to 1 million pounds of uranium this year.</p>
<div class="lb-trans"><p>Pinyon Plain 矿是 Energy Fuels 的突出表现者，今年的产量显著上升。Energy Fuels 目前预计将在 2025 年从所有矿山开采约 875,000-1,435,000 磅的铀矿石。Energy Fuels 计划今年处理最多 100 万磅铀。</p>
</div><p>Additionally, Ur Energy (URG - Free Report) is currently operating the Lost Creek project in south-central Wyoming, which has an annual capacity of 1.2 million pounds. This company dried and packaged 93,523 pounds and shipped 70,190 pounds to the conversion facility in the third quarter. This brings the year-to-date total to 288,622 pounds.</p>
<div class="lb-trans"><p>此外，Ur Energy（URG - 免费报告）目前正在运营位于怀俄明州中南部的 Lost Creek 项目，年产能力为 120 万磅。该公司在第三季度干燥和包装了 93,523 磅，并向转化设施运输了 70,190 磅。这使得年初至今的总量达到 288,622 磅。</p>
</div><p>Ur Energy recently received final approval for the expansion of Lost Creek. The company is also progressing with construction at Shirley Basin, which will transform it into a two-mine operation. Shirley Basin has a licensed annual mine capacity of 1 million pounds.</p>
<div class="lb-trans"><p>Ur Energy 最近获得了 Lost Creek 扩展的最终批准。该公司还在 Shirley Basin 推进建设，将其转变为两个矿的运营。Shirley Basin 的许可年采矿能力为 100 万磅。</p>
</div><h3><strong>Cameco’s Price Performance, Valuation, &amp; Estimates</strong></h3>
<div class="lb-trans"><h3><strong>Cameco 的价格表现、估值与预期</strong></h3>
</div><p>So far this year, Cameco shares have gained 86.3% compared with the industry’s 36% growth. Meanwhile, the broader Zacks Basic Materials sector has moved up 29.8%, while the S&amp;P 500 has climbed 19.6%.</p>
<div class="lb-trans"><p>截至目前，Cameco 的股价今年上涨了 86.3%，而行业增长为 36%。与此同时，广义的 Zacks 基础材料行业上涨了 29.8%，标准普尔 500 指数上涨了 19.6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/f8/136641.jpg/query-dj03NDI5MDc5NjM" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/f8/136641.jpg?v=742907963"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><p>Cameco stock has recently been trading at a forward price-to-sales ratio of 16.66 compared with the industry’s 1.44.</p>
<div class="lb-trans"><p>Cameco 股票最近的前瞻市销率为 16.66，而行业的市销率为 1.44。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/aa/136642.jpg/query-dj0xNDIzMDc0NzU2" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/aa/136642.jpg?v=1423074756"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><p>The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2025 indicates year-over-year growth of 95.9%. The same for 2026 implies growth of 55.6%. The consensus estimate for both years' earnings has moved down over the past 60 days, as shown in the chart below.</p>
<div class="lb-trans"><p>Zacks 对 Cameco2025 财年的盈利共识预期显示同比增长 95.9%。2026 年的预期则显示增长 55.6%。过去 60 天内，两年盈利的共识预期均有所下调，如下图所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/da/136643.jpg/query-dj05NTYwNTIwMDc" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/da/136643.jpg?v=956052007"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><p>The company currently carries a Zacks Rank #3 (Hold) rating.</p>
<div class="lb-trans"><p>该公司目前的 Zacks 评级为#3（持有）。</p>
</div><hr/>
<div class="lb-trans"><hr/>
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</div>

Cameco 是否已准备好通过雪茄湖的收益来弥补麦克阿瑟河的损失？