报告公司投资评级 - 重申对Cameco Corp.（CCJ）的买入评级 [1] 报告的核心观点 - 西屋电气因新反应堆建设项目有望受益，为CCJ带来新的收入驱动力，上调对CCJ的预测和目标价 [1] - 预计全球新反应堆建设将为西屋电气的收入和调整后EBITDA带来显著提升，从而使CCJ受益 [10][11] 各部分总结 西屋电气相关协议 - 2025年1月美国与韩国政府签署协议，随后西屋电气与韩国公司达成商业协议，为反应堆部署建立了互利框架，但协议细节大多保密 [2] 韩国水电与核电公司（KHNP）/捷克交易 - 上周捷克与韩国就杜科瓦尼核电站的2座核反应堆项目达成协议，项目估计成本约190亿美元，预计有前期付款和项目期间收入两个收入流 [3] - CCJ表示，除2025年第二季度一次性付款带来的调整后EBITDA增加外，西屋电气预计在杜科瓦尼项目期间将获得显著财务收益 [3] 美国新反应堆建设 - 特朗普政府发布行政命令，目标是到2030年有10座新核反应堆在建，西屋电气已与行业伙伴就部署10座大型反应堆进行谈判 [5] - 西屋电气是美国唯一有规模和专业知识的国内反应堆技术公司，若获得项目，预计其收入和调整后EBITDA将有显著提升，新建设项目的调整后EBITDA利润率预计在10%-20% [5] 西屋电气EBITDA影响 - CCJ持有的西屋电气49%股份预计从杜科瓦尼项目中使EBITDA增加约1.7亿美元，意味着2025年西屋电气的EBITDA约3.4亿美元 [6] - 这使得CCJ在西屋电气的股份今年调整后EBITDA可能达到5.25 - 5.75亿美元（之前为3.55 - 4.05亿美元） [6] 韩国交易的其他影响 - 尽管长期调整后EBITDA复合年增长率6%-10%不变，但杜科瓦尼项目可能为西屋电气带来工程和采购等工作范围收入的额外增长 [7] - KHNP正在全球竞投10个反应堆项目，可能为西屋电气的收入和调整后EBITDA带来上行风险 [7] 其他新反应堆建设项目 - 西屋电气正在与波兰和保加利亚就核项目进行谈判，2024年从这些项目获得的前期工程设计（FEED）收入占新建设收入约3亿美元的大部分 [8] 西屋电气新建设收入对CCJ的影响 - CCJ目前的收入/调整后EBITDA的5年复合年增长率为6%-8%/6%-10%，假设已宣布的项目继续进行，并在5年内获得另外两个项目 [10] - 预计2030 - 2039年约110座反应堆将投入使用，大部分将在未来5年开始建设，西屋电气预计从其中约16座反应堆获得收入 [10] - 预计新反应堆建设将使CCJ到2030年的调整后EBITDA贡献超过10亿加元，将未来5年的调整后EBITDA复合年增长率从约9%提高到约19% [10] 估计变化 - 2025 - 2027年调整后EBITDA估计从16.3亿加元/21.4亿加元/24.0亿加元上调至18.8亿加元/22.5亿加元/25.9亿加元 [11] 估值和目标价 - 12个月目标价上调至78美元/107加元（之前为65美元/89加元），基于分部加总估值法 [12]

10 June 2025 | 2:22PM BRT Brazil Utilities Incorporating the new opex methodology and weaker power demand into our models We update our estimates for Brazilian utilities Copel, Equatorial, Energisa, and Cemig to take into account the long-awaited new power distribution opex methodology, which was approved by the regulator on May 20th. Among the changes introduced, we highlight i) the revised time-frame for reference opex, now to be updated annually; ii) the simplification of the benchmark model including hi ...

10 June 2025 | 3:34PM BRT Pulp & Paper Monthly Tracker — May 2025 This monthly report includes charts and tables with key global data points for the pulp and paper sector. We track information from different data providers for both up- and downstream products across the supply chain, including inventories, production, apparent consumption and prices. Key highlights of the month: Marcio Farid +55(11)3371-4580 | marcio.farid@gs.com Goldman Sachs do Brasil CTVM S.A. Henrique Marques +55(11)3371-0778 | henrique ...

10 June 2025 | 6:42PM BST Europe Business Services: Staffing: May '25: Datapoints continue to improve in Europe The m-o-m volumes were up 1.8% in May'25 vs. April'25. French temp work turnover also improved to c.-1% vs. c-5% in April '25. Dutch turnover data also received today (June 10th) for the 5th 4-week period of 2025 (April 21st to May 18th), improved significantly to c.+5% yoy vs. c.-2% in the 4th 4-week period (March 24th to April 20th). Number of hours worked improved to c.-1% yoy vs. c.-6% in the ...

11 June 2025 | 12:11AM HKT China Consumer Staples: May Check In and Consumer Corp. Day Wrap: A bumpy road with policy swings, channel shift amid deflation We hosted multiple staple companies at our Consumer & Leisure Corporate Day and performed channel checks in the past weeks. We are seeing a bumpy road of demand recovery and still largely slow 2Q-to-date run-rates across staples sub-sectors, esp. for spirits, beer, and dairy. Recent policy tightening in alcohol consumption by government officers and civil ...

报告行业投资评级 未提及相关内容 报告的核心观点 - 截至5月31日NielsenIQ数据显示整体食品销售呈稳健增长态势但包装食品多数品类销售下滑 [1] - 价格因素推动整体食品销售增长但销量有所下降 [1] - 各公司在其主要品类中的市场份额均有流失 [1] 各部分总结 部门与品类详情 - 整体食品销售在最近四周同比增长2.8%主要由多数品类的自有品牌带动 [2] - 整体食品等效单位同比下降0.5%其中品牌产品表现优于自有品牌 [2] - 酸奶和包装咖啡在最近四周的销售增长最高分别为13.5%和13.4% [5] - 自有品牌在零食/什锦包、套餐组合和包装咖啡的销售增长最为强劲 [5] - 酸奶的等效单位增长最高主要由品牌产品带动其次是包装咖啡由自有品牌带动 [5] 公司详情 - CAG最近四周总销售额同比下降1%主要因价格降低销量持平主要品类即即食餐的销售和市场份额均下降促销销售增加与上一个四周相比销售加速 [9] - GIS最近四周总销售额同比下降2%主要因销量降低价格持平前两大品类即即食谷物和面团的销售和市场份额均下降促销销售减少与上一个四周相比销售加速 [10] - HSY最近四周总销售额同比增长5%主要因价格和销量上升主要品类巧克力的市场份额有所流失促销销售略有增加与上一个四周相比销售加速 [11] - K最近四周总销售额同比下降3%主要因销量降低价格持平前三大品类即饼干、薯片和弹出式糕点的销售和市场份额均下降促销销售略有增加与上一个四周相比销售略有加速 [12] - KHC最近四周总销售额同比下降4%主要因销量降低价格持平前五大品类即奶油奶酪、非特色产品、包装午餐肉、通心粉奶酪和午餐套餐的销售和市场份额均下降促销销售增加与上一个四周相比销售略有加速 [13] - MDLZ最近四周总销售额同比下降1%主要因价格降低但部分被销量增加所抵消前两大品类即饼干和饼干的销售和市场份额均下降促销销售略有减少与上一个四周相比销售加速 [14] - SFD最近四周总销售额同比下降1%主要因销量降低但部分被价格上升所抵消前两大品类即猪肉和培根的销售和市场份额均下降但包装午餐肉表现持续稳健销售和市场份额均强劲增长与上一个四周相比销售加速 [15]

10 June 2025 | 12:43PM EDT Americas Consumer Products NielsenIQ data thru 5/31 - US Cosmetics sales inflect positively in latest 2-wk period Our View - US cosmetics & nails sales in Nielsen (incl Amazon 1P) grew +0.6% in the latest 2-wks ended 5/31 (vs -0.2%/-1.6% for 4-/12-wks), reflecting -LSD pressure on volumes against +LSD pricing. By category, lip cosmetics outperformed other categories, growing +9.5% (vs +7.7%/+5.6% for 4-/12-wks) on strong volume growth of +9.8% (vs +8.4%/+5.2% for 4-/12-wks). Face ...

10 June 2025 | 10:02AM PDT Insulet Corp. (PODD): 46th Annual Global Healthcare Conference — Key Takeaways Presenters: Ana Maria Chadwick (EVP, CFO) Bottom Line: The company reiterated its core strategic priorities (driving increased penetration in Type 1s, ramping adoption in the Type 2 population, and expanding internationally) as well as achieving at least 100bps of annual operating margin expansion. PODD shares were underperforming the S&P 500 by ~250bps (at the time of this note), mainly as investors de ...

11 June 2025 | 9:06AM HKT Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Xuan Zhang +852-2978-1478 | xuan.zhang@gs.com Goldman Sachs (Asia) L.L.C. Taiwan Technology: May review: ASIC AI servers & Components in strong growth; model transition in 3Q25 ASIC / baseboard-based AI servers, and components stay strong: (1) ASIC AI servers in strong growth: Wiwynn delivered +187% YoY of revenues growth in May, ...

10 June 2025 | 11:20AM EDT US Economics Analyst Examining the Impact of High-Skilled Immigrants on the US Economy (Rindels) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Els ...