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]

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].