Industries
Nuclear Fuel & Power
All research in Nuclear Fuel & Power — 2 reports.
36/100
CGN Power: A Real Nuclear Moat, but No Margin of Safety Yet
CGN Power is China's listed nuclear-generation platform under China General Nuclear Power Group, operating 28 reactors with 31.838 GW of capacity at year-end 2025 and one of the industry's largest build-out pipelines, 18 units still under construction as of mid-2026. The core tension: 2025 revenue fell 4.1% to RMB 75.70 billion and Q1 2026 revenue dropped a further 13.25% as refuelling outages hit availability even as market-based tariffs fell about 8.8%, though half-year 2026 data show the decline sharply narrowing as Q2 generation recovered year on year. Rating Hold: a genuine state-backed nuclear moat with a real multi-year build-out runway, but at CNY 4.11 (about 22.5x trailing earnings) the A-shares already price in much of that story with no large margin of safety.
47/100
Cameco (CCJ.US / CCO.TO) Zen Horizon Research Report
Cameco is the largest uranium producer in the Western world, with roughly 18% global share, and owns a strategic 49% stake in Westinghouse, the leading U.S. nuclear equipment company. The core thesis is a full nuclear-fuel-cycle position spanning upstream uranium mining, midstream conversion, and downstream reactor OEM exposure, supported by FY2024 revenue of CAD 3.14 billion, adjusted EBITDA of CAD 1.395 billion, and Q1 2026 net income growth of 87%. Report rating Watch: a high-quality nuclear-cycle asset, but the current price already embeds optimistic assumptions for uranium, Westinghouse, and SMR optionality.