投资建议：基于公司业绩表现及主营产品价格价差变化，我们预测2025-2027年公司的归母净利润分别 为14.68、22.18、26.88 亿元，对应当前PE 分别为18.4x、12.2x、10.0x。参考公司5 年历史估值中枢同时 考虑阿拉善二期投产对于公司成长性的贡献，我们给予2026 年15 倍目标PE，对应目标价9.00 元，维 持"强推"评级。 事件：2025Q1-3 公司实现营收86.56 亿元，同比-16.54%；归母净利润10.62 亿元，同比-41.15%；扣非 归母净利润11.28 亿元，同比-37.08%。其中Q3 公司实现营收27.40 亿元，同比/环比分 别-17.04%/-10.11%；归母净利润3.19 亿元，同比/环比分别-46.38%/-20.86%；扣非归母净利润3.84 亿 元，同比/环比分别-34.14%/-5.95%。 主营产品景气低位震荡，拖累三季度业绩。今年以来国内纯碱市场受到下游光伏玻璃及平板玻璃需求低 迷的影响，价格持续下探；尿素则受到新增产能投放及出口阶段性受限的影响，价格承压运行。据百川 盈孚统计，2025Q3 公司主营重质纯碱/尿素/小苏打市场均价分别为1 ...

证 券 研 究 报 告 博源化工（000683）2025 年三季报点评 强推（维持） 拟收购银根矿业股权，巩固纯碱龙头地位 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,264 | 12,260 | 15,354 | 16,260 | | 同比增速(%) | 10.1% | -7.6% | 25.2% | 5.9% | | 归母净利润(百万) | 1,811 | 1,468 | 2,218 | 2,688 | | 同比增速(%) | 28.5% | -18.9% | 51.1% | 21.2% | | 每股盈利(元) | 0.49 | 0.39 | 0.60 | 0.72 | | 市盈率(倍) | 15 | 18 | 12 | 10 | | 市净率(倍) | 1.8 | 1.8 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 21 日收盘价 公司研究 纯碱 2025 年 11 月 ...

11月19日，博源化工涨5.2%，截至发稿，报7.48元/股，成交3.83亿元，换手率1.59%，总市值278.16亿 元。 资料显示，内蒙古博源化工股份有限公司位于内蒙古自治区鄂尔多斯市东胜区鄂托克西街博源大厦12 层，成立日期1997年1月23日，上市日期1997年1月31日，公司主营业务涉及煤炭、甲醇、化肥、纯碱及 小苏打的生产和销售。主营业务收入构成为：纯碱60.01%，尿素25.08%，小苏打12.88%，其他产品 1.56%，其他(补充)0.46%。 从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓博源化工。宏利高端装备股票A（022327）三季度持有股数110.57 万股，占基金净值比例为3.42%，位居第九大重仓股。根据测算，今日浮盈赚取约40.91万元。 宏利高端装备股票A（022327）成立日期2025年1月16日，最新规模6041.63万。成立以来收益38.38%。 宏利高端装备股票A（022327）基金经理为孟杰。 截至发稿，孟杰累计任职时间5年75天，现任基金资产总规模57.42亿元，任职期间最佳基金回报 96.35%， 任职期间最差基金回报3.78%。 风险提示：市场有风险 ...

Group 1 - The core point of the news is that Boyuan Chemical experienced a decline of 5.11% in its stock price, reaching 7.05 CNY per share, with a trading volume of 416 million CNY and a turnover rate of 1.74%, resulting in a total market capitalization of 26.217 billion CNY [1] - Boyuan Chemical, established on January 23, 1997, and listed on January 31, 1997, is located in Ordos City, Inner Mongolia, and its main business involves the production and sales of coal, methanol, fertilizers, soda ash, and sodium bicarbonate [1] - The revenue composition of Boyuan Chemical is as follows: soda ash accounts for 60.01%, urea 25.08%, sodium bicarbonate 12.88%, other products 1.56%, and additional items 0.46% [1] Group 2 - Manulife Fund has a significant holding in Boyuan Chemical, with its Manulife High-end Equipment Stock A (022327) holding 1,105,700 shares, representing 3.42% of the fund's net value, making it the ninth largest holding [2] - The estimated floating loss for the fund on the current day is approximately 420,200 CNY [2] Group 3 - Manulife High-end Equipment Stock A (022327) was established on January 16, 2025, with a latest scale of 60.4163 million CNY and has achieved a return of 41.83% since inception [3] - The fund manager of Manulife High-end Equipment Stock A is Meng Jie, who has been in the position for 5 years and 74 days, managing total assets of 5.742 billion CNY, with the best fund return during his tenure being 97.18% and the worst being 4.54% [4]

南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益30.41%，同类 排名1830/4216；近一年收益19.26%，同类排名2151/3955；成立以来收益147.43%。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年210天，现任基金资产总规模1704.45亿元，任职期间最佳基金回报 148.73%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月14日，博源化工涨5.35%，截至发稿，报7.68元/股，成交2.53亿元，换手率1.02%，总市值285.60亿 元。 资料显示，内蒙古博源化工股份有限公司位于内蒙古自治区鄂尔多斯市东胜区鄂托克西街博源大厦12 层，成立日期1997年1月23日，上市日期1997年1月31日，公司主营业务涉及煤炭、甲醇、化肥、纯碱及 小苏打的生产和销售。主营业务收入构成为：纯碱60 ...

山东海化所属申万行业为：基础化工-化学原料-纯碱。所属概念板块包括：低价、小盘、污水处理、电 解液、钒电池等。 截至9月30日，山东海化股东户数5.85万，较上期减少13.03%；人均流通股15301股，较上期增加 14.98%。2025年1月-9月，山东海化实现营业收入35.63亿元，同比减少26.05%；归母净利润-3.96亿元， 同比减少330.61%。 分红方面，山东海化A股上市后累计派现13.64亿元。近三年，累计派现1.79亿元。 机构持仓方面，截止2025年9月30日，山东海化十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股219.89万股，相比上期减少66.88万股。 责任编辑：小浪快报 11月13日，山东海化盘中上涨2.03%，截至13:07，报6.03元/股，成交9171.66万元，换手率1.71%，总市 值53.97亿元。 资金流向方面，主力资金净流入660.70万元，特大单买入983.38万元，占比10.72%，卖出147.90万元， 占比1.61%；大单买入1674.57万元，占比18.26%，卖出1849.36万元，占比20.16%。 山东海化今年以来股价涨6.16% ...

Company Overview - Boyuan Chemical (SZ 000683) announced on November 12 that its ninth board meeting was held in a hybrid format, discussing organizational adjustments [1] - As of the report, Boyuan Chemical has a market capitalization of 26.8 billion yuan [1] Revenue Composition - For the first half of 2025, Boyuan Chemical's revenue composition is as follows: - Soda ash and sodium bicarbonate accounted for 72.89% - Urea accounted for 25.08% - Non-metallic mining accounted for 1.56% - Other businesses accounted for 0.46% [1]

Core Insights - The company's net profit attributable to shareholders decreased by 41.15% year-on-year in the first three quarters of 2025, while ongoing projects lay a foundation for future development [1][3]. Investment Highlights - The company maintains a "Buy" rating, adjusting the EPS forecasts for 2025-2027 to 0.40 (+3%), 0.55 (+8%), and 0.67 (+6) yuan respectively. A target price of 8.80 yuan (+15.6%) is set based on a 16x PE for 2026, considering a valuation discount due to falling soda ash prices [2]. Acquisition Details - The company plans to acquire a 10.6464% stake in Yingen Mining, increasing its total ownership to 70.6464%. Yingen Mining's subsidiary, Yingen Chemical, is developing a 7.8 million tons/year soda ash and 800,000 tons/year sodium bicarbonate project, with phase one already operational and phase two expected to complete by 2025 [3][4]. Financial Performance - In the first three quarters of 2025, the company reported revenues of 8.656 billion yuan, a decrease of 16.54% year-on-year, and a net profit of 1.062 billion yuan, down 41.15%. In Q3 2025, revenues were 2.740 billion yuan, down 17.04%, with a net profit of 319.3 million yuan, a decline of 46.38% [3]. Project Development - The second phase of the Alkali project is expected to be completed by the end of 2025, with production ramp-up anticipated in Q1 2026, potentially leading to cost reductions depending on operational performance. The carbon recovery project for 1.2 million tons/year sodium bicarbonate is under construction, expected to be completed by mid-2026 [4].

Core Points - Shandong Haihua announced a project loan application to meet the funding needs of its 200,000 tons/year sodium bicarbonate project [2] - The company plans to secure a loan of 83 million yuan, with a loan term of 8 years and an interest rate not exceeding 3% [2] Group 1 - The loan will be secured by partially constructed projects and equipment related to the sodium bicarbonate facility [2] - The final loan amount, term, and interest rate will be determined by the signed loan contract [2]

Core Viewpoint - The second phase of the Alashan natural soda ash project by the company has not yet commenced production, with a planned capacity of 2.8 million tons per year for soda ash and 400,000 tons per year for sodium bicarbonate [1] Group 1 - The second phase of the Alashan natural soda ash project is currently not in production [1] - The planned capacity for soda ash in the second phase is 2.8 million tons per year [1] - The planned capacity for sodium bicarbonate in the second phase is 400,000 tons per year [1]