Berun Chemical(SZ:000683) Guohai Securities·2025-10-29 08:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the company's plan to increase its stake in Yinkeng Mining to 70.65%, indicating confidence in the company's future growth [10][11] - The company has faced a decline in revenue and profit due to falling product prices, but there are signs that the price of soda ash may have bottomed out [8][9] - The Alashan Phase II project is progressing smoothly, which is expected to enhance the company's long-term growth potential [11][13] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 8.656 billion yuan, a year-on-year decrease of 17% [6] - The net profit attributable to shareholders was 1.062 billion yuan, down 41% year-on-year, with a net profit margin of 17.9%, a decrease of 8.1 percentage points [6][7] - In Q3 2025, the company achieved revenue of 2.740 billion yuan, a decrease of 17% year-on-year and 10% quarter-on-quarter [7] - The average price of soda ash in Q3 2025 was 1,143 yuan/ton, down 28% year-on-year and 9% quarter-on-quarter [8] Market and Industry Insights - The report notes that the soda ash market is currently experiencing oversupply, with many companies in the industry facing losses [9] - The demand for float glass and photovoltaic glass has decreased, but prices are showing signs of recovery due to policy support [9] - The company is positioned as a leader in the soda ash industry with low-cost advantages, supported by the completion of Phase I of the Alashan project and the initiation of Phase II [13]