<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>圖片來源：Bigstock</em></p>
<h3><strong>關鍵要點</strong></h3>
<ul>
<li>Cameco 將其 2025 年麥克阿瑟河的生產預期下調至 981 萬磅，原因是開發延遲。</li>
<li>該公司在麥克阿瑟河的產量下降了 32%，部分被 2025 年更強勁的雪茄湖產量所抵消。</li>
<li>Cameco 預計雪茄湖和麥克林湖的表現將幫助抵消約 100 萬磅的供應損失。</li>
</ul>
<p>Cameco Corporation（CCJ - 免費報告）在今年早些時候下調了其 2025 年鈾生產展望，原因是麥克阿瑟河礦的開發延遲。該礦位於加拿大薩斯喀徹温省北部，是全球最大的高品位鈾礦。Cameco 在該礦中持有 69.805% 的股份。</p>
<p>該地點的基湖冶煉廠是全球最大的鈾冶煉廠（Cameco 持有 83.33% 的股份）。該公司還持有雪茄湖 54.547% 的股份，雪茄湖是全球最高品位的鈾礦。</p>
<p>Cameco 來自這些運營的可歸屬鈾生產在 2025 年前九個月總計 1500 萬磅，同比下降 13%。麥克阿瑟河礦的產量下降了 32%，而雪茄湖的產量上升了 16%。</p>
<p>正如預期，麥克阿瑟河礦的生產受到轉入新採礦區延遲的影響。因此，基湖冶煉廠從 9 月 3 日停產至 10 月 17 日，影響了第三季度的生產。</p>
<p>Cameco 現在預計其在麥克阿瑟河礦的鈾生產份額在 2025 年為 980 萬至 1050 萬磅，而之前的預測為 1260 萬磅。雪茄湖的預計生產份額在 2025 年仍為 980 萬磅。</p>
<p>在雪茄湖礦和麥克林湖冶煉廠的強勁表現支持下，Cameco 對這些運營持樂觀態度，認為它們將幫助抵消麥克阿瑟河預計的約 100 萬磅（按 100% 計算）的短缺。</p>
<h3><strong>Cameco 的同行表現</strong></h3>
<p>與此同時，Energy Fuels（UUUU - 免費報告）在第三季度從其 Pinyon Plain、La Sal 和 Pandora 礦生產了約 465,000 磅鈾，使得年初至今的總量達到約 1,245,000 磅。</p>
<p>Pinyon Plain 礦是 Energy Fuels 的突出表現者，今年的產量顯著上升。Energy Fuels 目前預計將在 2025 年從所有礦山開採約 875,000-1,435,000 磅的鈾礦石。Energy Fuels 計劃今年處理最多 100 萬磅鈾。</p>
<p>此外，Ur Energy（URG - 免費報告）目前正在運營位於懷俄明州中南部的 Lost Creek 項目，年產能力為 120 萬磅。該公司在第三季度乾燥和包裝了 93,523 磅，並向轉化設施運輸了 70,190 磅。這使得年初至今的總量達到 288,622 磅。</p>
<p>Ur Energy 最近獲得了 Lost Creek 擴展的最終批准。該公司還在 Shirley Basin 推進建設，將其轉變為兩個礦的運營。Shirley Basin 的許可年採礦能力為 100 萬磅。</p>
<h3><strong>Cameco 的價格表現、估值與預期</strong></h3>
<p>截至目前，Cameco 的股價今年上漲了 86.3%，而行業增長為 36%。與此同時，廣義的 Zacks 基礎材料行業上漲了 29.8%，標準普爾 500 指數上漲了 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>圖片來源：Zacks 投資研究</em></p>
<p>Cameco 股票最近的前瞻市銷率為 16.66，而行業的市銷率為 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>圖片來源：Zacks 投資研究</em></p>
<p>Zacks 對 Cameco2025 財年的盈利共識預期顯示同比增長 95.9%。2026 年的預期則顯示增長 55.6%。過去 60 天內，兩年盈利的共識預期均有所下調，如下圖所示。</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>圖片來源：Zacks 投資研究</em></p>
<p>該公司目前的 Zacks 評級為#3（持有）。</p>
<hr/>
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<p>Cameco 已將其 2025 年麥克阿瑟河鈾礦的生產預測下調至 980 萬至 1050 萬磅，原因是開發延遲，原預測為 1260 萬磅。雪茄湖的產量保持不變，為 980 萬磅，幫助彌補麥克阿瑟河的短缺。今年，Cameco 的股價上漲了 86.3%，表現優於行業增長。儘管近期下調了預測，Zacks 共識預測仍然預計 Cameco 在 2025 年和 2026 年將實現顯著的盈利增長</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>圖片來源：Bigstock</em></p>
</div><h3><strong>Key Takeaways</strong></h3>
<div class="lb-trans"><h3><strong>關鍵要點</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 將其 2025 年麥克阿瑟河的生產預期下調至 981 萬磅，原因是開發延遲。</li>
<li>該公司在麥克阿瑟河的產量下降了 32%，部分被 2025 年更強勁的雪茄湖產量所抵消。</li>
<li>Cameco 預計雪茄湖和麥克林湖的表現將幫助抵消約 100 萬磅的供應損失。</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 - 免費報告）在今年早些時候下調了其 2025 年鈾生產展望，原因是麥克阿瑟河礦的開發延遲。該礦位於加拿大薩斯喀徹温省北部，是全球最大的高品位鈾礦。Cameco 在該礦中持有 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>該地點的基湖冶煉廠是全球最大的鈾冶煉廠（Cameco 持有 83.33% 的股份）。該公司還持有雪茄湖 54.547% 的股份，雪茄湖是全球最高品位的鈾礦。</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 來自這些運營的可歸屬鈾生產在 2025 年前九個月總計 1500 萬磅，同比下降 13%。麥克阿瑟河礦的產量下降了 32%，而雪茄湖的產量上升了 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>正如預期，麥克阿瑟河礦的生產受到轉入新採礦區延遲的影響。因此，基湖冶煉廠從 9 月 3 日停產至 10 月 17 日，影響了第三季度的生產。</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 現在預計其在麥克阿瑟河礦的鈾生產份額在 2025 年為 980 萬至 1050 萬磅，而之前的預測為 1260 萬磅。雪茄湖的預計生產份額在 2025 年仍為 980 萬磅。</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>在雪茄湖礦和麥克林湖冶煉廠的強勁表現支持下，Cameco 對這些運營持樂觀態度，認為它們將幫助抵消麥克阿瑟河預計的約 100 萬磅（按 100% 計算）的短缺。</p>
</div><h3><strong>Cameco’s Peer Performances</strong></h3>
<div class="lb-trans"><h3><strong>Cameco 的同行表現</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>與此同時，Energy Fuels（UUUU - 免費報告）在第三季度從其 Pinyon Plain、La Sal 和 Pandora 礦生產了約 465,000 磅鈾，使得年初至今的總量達到約 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 礦是 Energy Fuels 的突出表現者，今年的產量顯著上升。Energy Fuels 目前預計將在 2025 年從所有礦山開採約 875,000-1,435,000 磅的鈾礦石。Energy Fuels 計劃今年處理最多 100 萬磅鈾。</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 - 免費報告）目前正在運營位於懷俄明州中南部的 Lost Creek 項目，年產能力為 120 萬磅。該公司在第三季度乾燥和包裝了 93,523 磅，並向轉化設施運輸了 70,190 磅。這使得年初至今的總量達到 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 最近獲得了 Lost Creek 擴展的最終批准。該公司還在 Shirley Basin 推進建設，將其轉變為兩個礦的運營。Shirley Basin 的許可年採礦能力為 100 萬磅。</p>
</div><h3><strong>Cameco’s Price Performance, Valuation, &amp; Estimates</strong></h3>
<div class="lb-trans"><h3><strong>Cameco 的價格表現、估值與預期</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 的股價今年上漲了 86.3%，而行業增長為 36%。與此同時，廣義的 Zacks 基礎材料行業上漲了 29.8%，標準普爾 500 指數上漲了 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>圖片來源：Zacks 投資研究</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 股票最近的前瞻市銷率為 16.66，而行業的市銷率為 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>圖片來源：Zacks 投資研究</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 對 Cameco2025 財年的盈利共識預期顯示同比增長 95.9%。2026 年的預期則顯示增長 55.6%。過去 60 天內，兩年盈利的共識預期均有所下調，如下圖所示。</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>圖片來源：Zacks 投資研究</em></p>
</div><p>The company currently carries a Zacks Rank #3 (Hold) rating.</p>
<div class="lb-trans"><p>該公司目前的 Zacks 評級為#3（持有）。</p>
</div><hr/>
<div class="lb-trans"><hr/>
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</div>

Cameco 是否已準備好通過雪茄湖的收益來彌補麥克阿瑟河的損失？