Berun Chemical(SZ:000683) Xin Lang Cai Jing·2025-11-21 12:35Core Insights - The company reported a revenue of 8.656 billion yuan for Q1-Q3 2025, a year-on-year decrease of 16.54%, and a net profit attributable to shareholders of 1.062 billion yuan, down 41.15% year-on-year [1] - The company plans to acquire a 10.6464% stake in Yingen Mining, which will increase its ownership to 70.6464%, strengthening its position as a leader in the soda ash market [2] - The projected net profits for the company from 2025 to 2027 are 1.468 billion yuan, 2.218 billion yuan, and 2.688 billion yuan, respectively, with a target price of 9.00 yuan based on a 15x PE ratio for 2026 [3] Financial Performance - For Q3 2025, the company achieved a revenue of 2.740 billion yuan, a year-on-year decrease of 17.04% and a quarter-on-quarter decrease of 10.11% [1] - The average market prices for the company's main products in Q3 2025 were 1,324.0 yuan/ton for soda ash, 1,744.4 yuan/ton for urea, and 1,242.2 yuan/ton for sodium bicarbonate, reflecting year-on-year declines of 28.2%, 16.4%, and 20.0%, respectively [1] Strategic Moves - The acquisition of Yingen Mining is aimed at consolidating the company's leadership in the soda ash sector, with plans for significant production capacity expansions [2] - The Yingen Chemical subsidiary is set to produce 7.8 million tons/year of soda ash and 800,000 tons/year of sodium bicarbonate, with the first phase already operational [2] Growth Outlook - The company is expected to benefit from the cost advantages of its natural soda ash production process compared to other methods, positioning it for long-term growth [2] - The anticipated completion of the second phase of the Alashan project by the end of 2025 is expected to further enhance the company's growth potential [2]