博源化工（000683）：Q2业绩超预期，行业底部天然碱超额盈利凸显

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q2 performance exceeded expectations, with significant profits from natural soda ash production highlighting its cost advantages in a struggling industry [7] - The company reported a total revenue of 5.916 billion yuan for H1 2025, a year-on-year decrease of 16.3%, and a net profit of 743 million yuan, down 38.6% year-on-year [7] - The production of various products increased, with a total output of 5.1571 million tons in H1 2025, driven by the full capacity of its subsidiary's natural soda ash project [7] - The company is set to expand its natural soda ash production with a second phase project expected to start construction in December 2023 and be completed by the end of 2025 [7] Financial Summary - The projected total revenue for 2025 is 12.325 billion yuan, with a net profit of 1.530 billion yuan, reflecting a year-on-year decrease of 15.5% [6] - The company's gross margin for Q2 2025 was 34.52%, showing a recovery from previous lows [7] - The company’s earnings per share for 2025 is estimated at 0.41 yuan, with a price-to-earnings ratio of 14 [6]