Investment Rating - The report maintains a "Buy" investment rating for Baofeng Energy [2] Core Views - Baofeng Energy's Q3 performance was under pressure due to equipment maintenance and narrowing profit margins, but new projects are expected to open growth opportunities [1] - The company reported a Q3 2024 total revenue of 24.275 billion yuan, a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 4.537 billion yuan, up 16.60% year-on-year [1] - In Q3 2024, the single-quarter revenue was 7.377 billion yuan, a year-on-year increase of 0.91% but a quarter-on-quarter decline of 14.91%, with a net profit of 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [1] Summary by Sections Performance Overview - Q3 2024 revenue was impacted by equipment maintenance and market downturn, leading to a decrease in product sales [1] - Polyolefin sales decreased by 81,600 tons, a quarter-on-quarter decline of 14%, while EVA sales fell by 32,000 tons [1] - The price spread between products and raw materials narrowed, affecting profitability [1] Research and Development - R&D expenses significantly increased to 684 million yuan in Q3, a year-on-year growth of 94.35%, aimed at new product development and environmental improvements [1] Project Progress - The Inner Mongolia project is progressing well, with a total fixed asset investment of 25.4 billion yuan, and the first polyolefin unit completed mid-October 2024 [1] - The company is planning to establish a new base in Xinjiang with a capacity of 4 million tons of coal-to-olefins, leveraging local low-cost coal resources [1] Profit Forecast - EPS is projected to be 1.14 yuan, 1.84 yuan, and 2.03 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14.7, 9.0, and 8.2 [2][4]

特此公告。 收到上海证券交易所《关于终止对宁夏宝丰能源集团股份 有限公司向特定对象发行股票审核的决定》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。 证券代码：600989 证券简称：宝丰能源 公告编号：2024-050 宁夏宝丰能源集团股份有限公司 公司于 2024 年 11 月 6 日收到上交所出具的《关于终止对宁夏宝丰能源集团股份 有限公司向特定对象发行股票审核的决定》（上证上审（再融资）〔2024〕256 号），上 交所根据《上海证券交易所上市公司证券发行上市审核规则》第十九条、《上海证券 交易所股票发行上市审核规则》第六十三条（二）的有关规定，决定终止对公司向特 定对象发行股票的审核。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）于 2024 年 11 月 1 日召开 第四届董事会第十四次会议、第四届监事会第十次会议，审议通过了《宁夏宝丰能源 集团股份有限公司关于终止公司 2023 年度向特定对象发行股票事项并撤回申请文件 的议案》，具体内容详见公司于 2024 年 11 月 5 日在上海证券交易所（以下 ...

Investment Rating - The report maintains an "Accumulate" rating for Baofeng Energy (600989) with a target price adjusted to 19.69 CNY from the previous 21.00 CNY [1][4]. Core Views - The company's Q3 performance was slightly below expectations due to maintenance and oil price fluctuations impacting profitability, but the growth potential remains strong with significant capacity expansion projects underway [2][4]. - The report highlights that the company achieved a revenue of 24.275 billion CNY in the first three quarters of 2024, representing an 18.99% year-on-year increase, while net profit reached 4.537 billion CNY, up 16.60% year-on-year [4]. - Q3 revenue was reported at 7.377 billion CNY, a 0.90% year-on-year increase but a 24.60% decrease in net profit compared to the same quarter last year [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 24.275 billion CNY, with a year-on-year growth of 18.99%, and a net profit of 4.537 billion CNY, reflecting a 16.60% increase [4]. - In Q3 2024, the company generated revenue of 7.377 billion CNY, which is a 0.90% increase year-on-year, but net profit fell to 1.232 billion CNY, down 24.60% year-on-year [4]. Market Conditions - The report notes that the domestic apparent consumption of polyolefins in the first half of 2024 was 37.06 million tons, a 3.3% increase year-on-year, indicating a steady demand growth for polyolefins [4]. - The cost advantage of coal-based olefins is highlighted, with coal-based polyethylene being approximately 2200 CNY per ton more profitable than oil-based polyethylene as of June 2024 [4]. Project Developments - The Inner Mongolia Phase I project is on track for trial production, and the Ningdong Phase IV olefin project is set to commence soon. Additionally, a new materials project in Xinjiang is in the environmental assessment phase, which is expected to enhance future profitability [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [15]. Core Views - The company has shown significant growth in its olefin production and sales, with the Inner Mongolia project set to commence production soon [1][7]. - The company is expected to achieve substantial revenue growth driven by increased production capacity and favorable market conditions [7]. Financial Performance Summary - For the first nine months of 2024, the company reported revenue of 24.275 billion yuan, a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 4.536 billion yuan, up 16.60% year-on-year [1]. - The third quarter of 2024 saw revenue of 7.377 billion yuan, a decrease of 14.91% quarter-on-quarter but an increase of 0.91% year-on-year, with a net profit of 1.232 billion yuan, down 34.59% quarter-on-quarter and down 24.60% year-on-year [2]. Production and Sales Insights - The company’s polyethylene and polypropylene sales volumes in Q3 were 250,000 tons and 252,000 tons, respectively, representing year-on-year increases of 27.9% and 53.0% due to the contribution from the Ningdong Phase III project [3]. - Average selling prices for polyethylene and polypropylene in Q3 were 7,023 yuan/ton and 6,806 yuan/ton, showing a year-on-year decrease of 2.6% and an increase of 1.8%, respectively [3]. Cost and Project Development - The average procurement prices for raw coal, coking coal, and thermal coal decreased year-on-year by 10.0%, 11.1%, and 11.4%, respectively [4]. - The Inner Mongolia and Xinjiang olefin projects are progressing as planned, with the Inner Mongolia project expected to begin trial production soon [6][7]. Future Projections - The company is projected to achieve revenues of 35.714 billion yuan, 54.278 billion yuan, and 58.164 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 6.739 billion yuan, 11.996 billion yuan, and 13.122 billion yuan [7]. - The expected EPS for the same years is 0.92 yuan, 1.64 yuan, and 1.79 yuan, with corresponding P/E ratios of 17.5x, 9.8x, and 9.0x [7].

关于终止对宁夏宝丰能源集团股份有限 公司向特定对象发行股票审核的决定 宁夏宝丰能源集团股份有限公司： 上海证券交易所（以下简称上交所）于 2023 年 7 月 17 日依 法受理了你公司向特定对象发行股票的申请文件，并按照规定进 行了审核。 ─────────────── 上海证券交易所文件 上证上审（再融资）〔2024〕256 号 2024 年 11 月 4 日，你公司和保荐人中信证券股份有限公司 向上交所提交了《宁夏宝丰能源集团股份有限公司关于撤回2023 年度向特定对象发行 A 股股票申请文件的申请》和《中信证券 股份有限公司关于撤回宁夏宝丰能源集团股份有限公司 2023 年 度向特定对象发行 A 股股票申请文件的申请》，分别申请撤回 主题词：主板 再融资 终止通知 上海证券交易所 2024 年 11 月 06 日印发 向特定对象发行股票的申请文件和申请撤销向特定对象发行股 票并在主板上市保荐工作。根据《上海证券交易所上市公司证券 发行上市审核规则》第十九条、《上海证券交易所股票发行上市 审核规则》第六十三条（二）的有关规定，上交所决定终止对你 公司向特定对象发行股票的审核。 上海证券交易所 二〇二四年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 24.275 billion yuan for Q3 2024, representing a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 4.537 billion yuan, up 16.60% year-on-year [3] - The third quarter saw a decline in profitability due to maintenance affecting polyolefin production and sales, with a significant drop in net profit compared to the previous quarter [4] - The Inner Mongolia project is set to commence production soon, which is expected to enhance profitability stability moving forward [5] - The company is also advancing its Xinjiang project, which is anticipated to provide long-term growth potential [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 7.377 billion yuan, a year-on-year increase of 0.91%, but a quarter-on-quarter decrease of 14.91%. The net profit for the quarter was 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [3] - The company’s annual net profit forecasts for 2024, 2025, and 2026 are 6.467 billion yuan, 13.517 billion yuan, and 15.009 billion yuan respectively, with corresponding P/E ratios of 18.26, 8.73, and 7.87 [6] Production and Sales - The production and sales of coke remained stable, while polyolefin production and sales saw a decline due to maintenance activities at the Ningdong Phase III project [4] - The company expects the high oil-coal ratio to maintain stability, which will reduce the impact of the volatile coking sector on overall profitability [4] Project Developments - The Inner Mongolia project is progressing as planned, with 70% of the investment already completed. The first production unit is expected to enter trial production in October 2024 [5] - The Xinjiang coal-to-olefins project has begun environmental assessments, which could significantly contribute to the company's future growth [5]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨宝丰能源（600989.SH） [Table_Title] 内蒙项目开始投产，新疆项目打开成长空间 | --- | |-------| | | | | 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 请阅读最后评级说明和重要声明 宝丰能源（600989.SH） cjzqdt11111 2024-11-01 相关研究 2024-08-25 04 [Table_Title2] 内蒙项目开始投产，新疆项目打开成长空间公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司公布 2024 年三季度报告，2024 年 1-9 月份实现营业收入 242.75 亿元，同比增长 18.99%； 归母净利润 45.37 亿元，同比增长 16.60%；经营活动现金流量净额 57.80 亿元，同比增长 1.68%。其中 2024 年第三季度营业收入 73.77 亿元，同比增长 0.91%，环比下降 14.91%；归 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.28 CNY, reflecting a 12x P/E ratio for 2025 [2][4]. Core Insights - The company reported a revenue of 24.27 billion CNY for the first three quarters of 2024, a year-on-year increase of 19%. The net profit attributable to shareholders was 4.54 billion CNY, up 16.6% year-on-year [1]. - The third quarter saw a revenue of 7.38 billion CNY, with a year-on-year decrease in net profit of 24.6% [1]. - The report highlights the impact of maintenance on production and sales in the polyethylene and EVA segments, with a slight decline in sales volumes [1]. - The fourth quarter is expected to see improvements in the olefin segment as maintenance impacts are eliminated, and the dual coke segment is anticipated to improve due to recent policy stimuli [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 24.27 billion CNY, with a net profit of 4.54 billion CNY, and a non-recurring net profit of 4.91 billion CNY, reflecting year-on-year growth of 19%, 16.6%, and 18.4% respectively [1]. - In Q3 alone, the company reported a revenue of 7.38 billion CNY, with a net profit of 1.23 billion CNY, showing a significant decline compared to the previous quarter [1]. Production and Sales Insights - The olefin segment experienced a slight decline in production due to maintenance, with polyethylene sales at 250,500 tons and polypropylene at 252,100 tons for Q3 [1]. - The report notes a decrease in sales prices for polyethylene and EVA, with the average selling price for polyethylene at 7,023 CNY/ton, down 2.57% year-on-year [1]. Future Outlook - The report anticipates that the fourth quarter will see the elimination of maintenance impacts in the olefin segment, with stable price margins expected [1]. - The dual coke segment is projected to improve due to favorable government policies and high steel production levels, with a potential profit increase of 80 million CNY for every 100 CNY increase in dual coke prices [1][2]. Financial Projections - The report adjusts the net profit forecasts for 2024-2026 to 6.535 billion CNY, 12.43 billion CNY, and 14.014 billion CNY respectively, reflecting a significant growth trajectory [2][3].

证券代码：600989 证券简称：宝丰能源 公告编号：2024-049 宁夏宝丰能源集团股份有限公司 关于终止 2023 年度向特定对象发行股票事项 并撤回申请文件的公告 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。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）2024 年 11 月 1 日召开第 四届董事会第十四次会议、第四届监事会第十一次会议，审议通过了《宁夏宝丰能源 集团股份有限公司关于终止公司 2023 年度向特定对象发行股票事项并撤回申请文件 的议案》，具体情况如下： 公司于 2023 年 4 月 20 日、2023 年 5 月 8 日分别召开第四届董事会第二次会议、 第四届监事会第二次会议和 2023 年第一次临时股东大会，审议通过了《宁夏宝丰能 源集团股份有限公司 2023 年度向特定对象发行 A 股股票预案》《关于提请股东大会授 权董事会及其授权人士全权办理本次向特定对象发行股票具体事宜的议案》等相关议 案。 2023 年 7 月 17 日，公司收到上海证券交易所（以下简称"上交所"）出具的《关 于受理宁 ...

市场数据 2024/11/01 52 周价格区间（元） 12.84-19.07 —2024-10-15 《宝丰能源（600989）2024 年一季报点评：Q1 2024 年 11 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 李娟廷 S0350524090007 lijt03@ghzq.com.cn [Table_Title] 烯烃产销量环比下降影响 Q3 业绩， 内蒙古项目投产在即 ——宝丰能源（600989）2024 年三季报点评 事件: 最近一年走势 2024 年 10 月 31 日，宝丰能源公告 2024 年第三季度报告：2024 年前三 季度公司实现营业收入 242.75 亿元，同比增长 18.99%；实现归属于上 市公司股东的净利润 45.37 亿元，同比增长 16.60%；加权平均净资产收 益率为 11.24%，同比增长 0.24 个百分点。销售毛利率 33.76%，同比增 长 3.59 个百分点 ...