博源化工（000683）：Q3业绩符合预期，拟收购银根矿业少数股权增厚归母业绩

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported Q3 results that met expectations, with a revenue of 8.656 billion yuan for the first three quarters of 2025, reflecting a year-on-year decrease of 16.54%. The net profit attributable to the parent company was 1.062 billion yuan, down 41.15% year-on-year [6] - The company plans to acquire a 10.6464% stake in Yingen Mining for 2.726 billion yuan, which will increase its ownership from 60% to 70.6464%. This acquisition is expected to strengthen its position in the natural soda ash market [6] - The natural soda ash industry is currently facing price declines, but the company demonstrates resilience in profitability due to its cost advantages in natural soda production [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 12.325 billion yuan, with a year-on-year decrease of 7.1%. The net profit attributable to the parent company is expected to be 1.521 billion yuan, down 16% year-on-year [5] - The company’s gross margin for Q3 2025 was 31.85%, a decrease of 7.09 percentage points year-on-year, while the net profit margin was 17.27%, down 8.39 percentage points year-on-year [6] - The company’s earnings per share for 2025 is estimated at 0.41 yuan, with a projected PE ratio of 15 [5]