博禄公司：业绩超预期，项目如期推进

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative return exceeding 10% over the next 12-18 months [13]. Core Insights - The company reported a strong performance in Q3 2025, with net revenue of $1.446 billion, surpassing the consensus estimate of $1.4 billion. The EBITDA margin improved to 39% from 34% in Q2 2025, and net income reached $295 million, exceeding expectations of $285 million [2][6]. - The company reaffirmed its dividend of $16.2 per share for FY 2025, aligning with market expectations. Additionally, the completion of over 90% of Project 4 is noted, showcasing the company's operational efficiency [1][2]. - The strategic proposal to merge with Nordic Chemicals and acquire Nova Chemicals is expected to create the "Boroque International Group," with a total capacity of 13.6 million tons per year, positioning it as the fourth-largest player globally [3]. - The company maintains a cost leadership position in the petrochemical sector, primarily due to its use of natural gas liquids as feedstock and its large integrated production base, which is expected to yield economies of scale [3][4]. Financial Summary - For Q3 2025, the company reported a net revenue of $1.446 billion, a 11% increase from the previous quarter, while the gross profit margin was 49% [6]. - The EBITDA for Q3 2025 was $565 million, reflecting a 28% increase compared to Q2 2025, with a net income margin of 20% [6]. - The price premiums for polyethylene and polypropylene products were reported at $230/ton and $140/ton, respectively, consistent with previous guidance [2][4].