中和资产评估有限公司 关于 《关于宁夏宝丰能源集团股份有限公司现金收购关联方资产 事项的监管工作函》（上证公函[2024]3688 号）回复意见 中和资产评估有限公司关于《关于宁夏宝丰能源集团股份 有限公司现金收购关联方资产事项的监管工作函》（上证 公函[2024]3688 号）回复意见 上海证券交易所: 问题:关于标的资产作价公允性。公告显示，本次标的采用成本法进行评估, 项目总资产账面价值 38,624.17 万元,评估价值 43,558.64 万元,增值率为 12.78%。 根据评估报告,本次收购蒸汽综合管线项目资产包括在建工程和无形资产。无形 资产方面，苏银产业段所占土地权属证书尚在办理中，灵武段所占土地未明确办 理进度。实物资产为在建工程，账面价值核算内容主要为工程费用、安装费用、 施工材料费用及设计费、监理费、建设单位管理费等待摊费用。 (1) 逐项列示标的资产明细,并补充披露具体评估过程,包括评估假设、参数 选取及依据等,说明产生评估溢价的原因及合理性。请评估机构就问题（1）发 表意见。 回复如下: 根据贵所出具的上证公函[2024]3688 号《关于宁夏宝丰能源集团股份有限 公司现金收购关联方 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][11]. Core Viewpoints - The darkest hour has passed, and the polyolefin industry landscape is stabilizing and improving, with coal-to-olefins routes offering higher economic benefits compared to oil-based routes [6][7]. - Xinjiang has excellent coal resources, and since the 14th Five-Year Plan, national policies have accelerated the matching of various industrial factors, supporting the rapid advancement of the company's projects in Xinjiang and opening up growth space [6][7]. Summary by Relevant Sections Why Coal-to-Olefins is Promising - The demand growth for polyolefins has slowed, aligning with GDP growth levels, while supply growth has significantly declined, leading to a potential stabilization of the industry landscape [6][51]. - The cost advantage of coal-based routes is significant, as coal-to-olefins production relies on stable and reliable raw material sources, contrasting with the high import dependency of oil and gas [6][7][67]. Why Xinjiang Coal-to-Olefins is Attractive - Xinjiang's coal resources are advantageous, with low mining costs and supportive government policies accelerating the development of new coal chemical projects [7][67]. - The region's infrastructure improvements, including water and rail resources, are enhancing the competitive edge of coal-to-olefins projects [7][67]. Why the Company is Attractive - The company is a leading player in coal-to-olefins with high growth potential and low costs, expecting to increase its production capacity significantly with new projects [8][9]. - The company has a low investment intensity, which helps maintain lower depreciation and amortization costs, while continuous process innovations reduce energy and water consumption [8][9]. Investment Recommendations - The company is expected to achieve net profits of 6.24 billion yuan, 13.62 billion yuan, and 15.54 billion yuan from 2024 to 2026, with corresponding PE ratios of 19.4X, 8.9X, and 7.8X based on the closing price on November 27, 2024 [9].

标题：关于宁夏宝丰能源集团股份有限公司现金收购关联方资产事项的监管工作函 证券代码：600989 证券简称：宝丰能源 监管类型：监管工作函 涉及对象：上市公司,董事,监事,高级管理人员,中介机构及其相关人员 处分日期：2024-11-28 处理事由：现金收购关联方资产事项 ...

宁 夏 宝 丰 能 源 集 团 股 份 有 限 公 司 拟 收 购 宁 夏 宝 丰 昱 能 科 技 有限公司蒸汽综合管线项目所涉及的相关资产项目 本报告依据中国资产评估准则编制 中国资产评估协会 资产评估业务报告备案回执 | 报告编码 | ： | 6411020179641101202400187 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合同编号 | ： | 2024YCV1113 | | | | | | | 报告类型 | ： | 法定评估业务资产 评估报告 | | | | | | | 报告文号 | ： | 中和评报字 第YCV1113号 | (2024) | | | | | | 报告名称 | ： | 宁夏宝丰能源集团股 份有限公司拟 能科技有限公司蒸汽综合管线项 | | | 目所涉及的相关资 | | 收购宁夏宝丰昱 | | | | 产项 | 目资产评估报告 | | | | | | 评估结论： | | 435,586,414.50元 | | | | | | | 评估报告日 | ： | 2024年11月22 | 日 | | ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-052 宁夏宝丰能源集团股份有限公司 收购资产暨关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ● 宁夏宝丰能源集团股份有限公司（以下简称"公司"或"宝丰能源"） 拟收购宁夏宝丰昱能科技有限公司（以下简称"宝丰昱能"）蒸汽综合管线项目及 相关资产，交易金额 4.92 亿元（含税）。 ● 本次交易构成关联交易，但不构成重大资产重组。 ● 截至本公告披露日，过去 12 个月与同一实际控制人及其控制的企业和其 他组织发生的关联交易，除关联捐赠 4.2 亿元外，其他均为日常关联交易。 一、关联交易概述 （一）本次交易的定价 公司拟与宝丰昱能签订《蒸汽综合管线项目之收购协议》，公司拟收购宝丰 昱能蒸汽综合管线项目的资产（以下简称"标的资产"）。根据《宁夏宝丰能源 集团股份有限公司拟收购宁夏宝丰昱能科技有限公司蒸汽综合管线项目所涉及 的相关资产项目资产评估报告》（中和评报字（2024）第 YCV1113 号，以下简 称《评估报告》），以 2024 年 8 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The Inner Mongolia project is gradually contributing to performance growth, while the Xinjiang coal chemical project opens up long-term growth potential [6][8]. - The Inner Mongolia Phase I 3 million tons coal-to-olefins project has successfully commenced trial production of its first 1 million tons/year olefins production line, achieving stable operation as of November 25 [6][7]. - The Xinjiang project is planned to have a capacity of 4 million tons of coal-to-olefins, leveraging low-cost raw materials to enhance profitability [8]. Financial Summary - The company's total revenue for 2023 is projected at 29,136 million, with a year-on-year growth rate of 2.5% [10]. - The net profit attributable to the parent company for 2024 is estimated at 6,589 million, reflecting a year-on-year growth of 16.6% [10]. - The projected earnings per share for 2024 is 0.90 yuan, with a price-to-earnings ratio of 18 times [10][8]. Project Details - The Inner Mongolia project is the largest coal-to-olefins project globally and the only one using green hydrogen to replace fossil fuels for olefins production [7]. - The Xinjiang project includes multiple facilities with significant production capacities, enhancing the company's growth prospects [8]. Investment Analysis - The projected net profits for 2024-2026 are 65.89 billion, 135.67 billion, and 150.40 billion respectively, with corresponding price-to-earnings ratios of 18, 9, and 8 times [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][20]. Core Insights - The Inner Mongolia project is the largest coal-to-olefins facility globally, with a total capacity of 3 million tons per year, utilizing green hydrogen in its production process [2][4]. - Upon completion of the project, the company's total coal-to-olefins capacity will increase from 2.2 million tons to 5.2 million tons per year, representing a 2.4 times increase and positioning the company as a leader in the domestic coal-to-olefins industry [2][5]. - The project demonstrates a cost advantage over traditional oil-based olefins, with competitive raw material, depreciation, and processing costs [2][5]. Summary by Sections Company Overview - The company, Baofeng Energy, has successfully commenced trial production of its Inner Mongolia olefins project, with the first production line achieving stable operation and producing qualified products [1][4]. Project Details - The Inner Mongolia project employs advanced DMTO-III technology and is designed to produce 1 million tons of olefins annually from coal, with a total investment of approximately 47.8 billion yuan [5][14]. - The project is expected to consume 8.29 million tons of coal annually and generate an average net profit of 6.216 billion yuan during its operational phase [14]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 6.552 billion yuan, 12.206 billion yuan, and 12.413 billion yuan, respectively, with corresponding EPS of 0.89, 1.66, and 1.69 yuan [20][26]. - The current stock price corresponds to a PE ratio of 17.8, 9.6, and 9.4 for the years 2024, 2025, and 2026, respectively [20][26]. Market Position - The company is positioned to benefit from the ongoing expansion of its polyolefin production capacity, which is expected to be a core source of future profit growth [20][26].

证券代码：600989 证券简称：宝丰能源 公告编号：2024-051 （二）2022 年 11 月 25 日，公司披露了《宁夏宝丰能源集团股份有限公司 关于内蒙 300 万吨/年烯烃项目获得环评批复的公告》（公告编号：2022-033）。 三、项目顺利试生产对公司的影响 宁夏宝丰能源集团股份有限公司 关于内蒙古烯烃项目第一系列生产线试生产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，宁夏宝丰能源集团股份有限公司（以下简称"公司"）子公司内蒙古 宝丰煤基新材料有限公司 300 万吨/年烯烃项目（以下简称"内蒙古项目"）第一 系列 100 万吨/年烯烃生产线试生产，成功产出合格产品。截止本公告披露日， 宝丰能源内蒙古烯烃项目第一系列生产线运行稳定。 一、项目的基本情况 2022 年 11 月 23 日，中华人民共和国生态环境部下发《关于内蒙古宝丰煤 基新材料有限公司一期 260 万吨/年煤制烯烃和配套 40 万吨/年植入绿氢耦合制 烯烃项目环境影响报告书的批复》（环审〔2022〕183 号），同意公司子公司内蒙 ...

Investment Rating - The report gives a "Buy" rating for Baofeng Energy (600989.SH) [1] Core Views - Baofeng Energy is a leading domestic coal-to-olefins enterprise with a comprehensive "coal-coke-olefins" integrated industrial chain, currently holding coal mining rights capacity of 11.02 million tons/year, coke capacity of 7 million tons/year, and olefins capacity of 2.2 million tons/year [4][25] - The company has shown strong growth potential with a compound annual growth rate (CAGR) of 21.8% in revenue and 23.9% in net profit from 2013 to 2023, with a gross margin of 37% and a net margin of 22% [4][40] Summary by Sections 1. Baofeng Energy: Domestic Coal-to-Olefins Leader - The company has expanded its scale through acquisitions and project developments, establishing three main business segments: olefins, coking, and fine chemicals [25][29] 2. A Reliable Chemical Growth Leader: Steady Capacity Release and Cost Advantages 2.1. Strong Growth Momentum: Capacity Enters High-Speed Release Period - The company is entering a significant production phase in 2024, with the Inner Mongolia Phase I 3 million tons olefins project expected to start production in November 2023, increasing total olefins capacity to 5.2 million tons/year, approximately 2.4 times the current capacity [5][53] - Future plans include a 500,000 tons/year olefins capacity in Ningdong Phase IV and a 4 million tons/year capacity in Xinjiang, potentially increasing total olefins capacity to 9.7 million tons/year, 4.4 times the current capacity [5][53] 2.2. Significant Cost Advantages: Olefins Cost Curve on the Left Side - The company benefits from a cost advantage in coal-to-olefins production, with a cost saving of 1,490 RMB/ton compared to China Shenhua in 2023 [6][56] - The Inner Mongolia project is expected to further reduce costs by approximately 873 RMB/ton due to advanced technology and shorter transportation distances [6][56] 3. Price Judgments on Olefins: Weakening Correlation with Oil Prices - The correlation between olefins prices and oil prices has weakened, with the sensitivity of olefins prices to oil prices decreasing as production capacity expands [7][9] - The global olefins production capacity growth is expected to slow down, with a projected CAGR of 3.5% for polyethylene and 3.7% for polypropylene from 2024 to 2026 [9][9] 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 65.58 billion RMB, 141.35 billion RMB, and 169.90 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 0.89 RMB, 1.93 RMB, and 2.32 RMB [9][9]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 2024 performance was slightly below expectations due to a narrowing price spread of core products and maintenance impacts [3] - The company achieved a revenue of 24.275 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.99%, with a net profit of 4.537 billion yuan, up 16.60% year-on-year [3] - The company is expected to see significant growth from its Inner Mongolia project, which is set to gradually commence production in November 2024 [3] - The company is also planning a new 4 million tons coal-to-olefins project in Xinjiang, which is anticipated to enhance its long-term growth potential [3] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 7.377 billion yuan, a year-on-year increase of 0.91%, but a quarter-on-quarter decrease of 14.91% [3] - The average prices for polyethylene, polypropylene, and coke in Q3 2024 were 7,023 yuan, 6,808 yuan, and 1,308 yuan per ton, showing year-on-year changes of -2.57%, +1.82%, and -11.70% respectively [3] - The company's gross profit margin for Q3 2024 was 34.12%, down 0.30 percentage points year-on-year [3] Future Growth Prospects - The Inner Mongolia project includes a 2.6 million tons/year coal-to-olefins facility and a 400,000 tons/year green hydrogen coupling project, which is the largest of its kind globally [3] - The Xinjiang project is expected to leverage low-cost coal resources, further enhancing profitability [3] Investment Analysis - The report adjusts the company's net profit forecasts for 2024-2026 to 6.589 billion, 13.567 billion, and 15.040 billion yuan respectively, reflecting a decrease in polyethylene and polypropylene price expectations [3] - The current market capitalization corresponds to a price-to-earnings ratio of 18, 9, and 8 for the years 2024, 2025, and 2026 respectively [3]