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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][7]. Core Views - The company reported a revenue of 24.275 billion yuan for the first nine months of 2024, representing a year-on-year increase of 18.99%. The net profit attributable to shareholders was 4.537 billion yuan, up 16.60% year-on-year. However, in Q3 2024, the revenue was 7.377 billion yuan, showing a year-on-year growth of 0.91% but a quarter-on-quarter decline of 14.91%. The net profit for Q3 was 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [3][4]. Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company achieved a revenue of 24.275 billion yuan, with a year-on-year growth of 18.99%. The net profit attributable to shareholders was 4.537 billion yuan, reflecting a year-on-year increase of 16.60%. The operating cash flow for the same period was 5.780 billion yuan, up 1.68% year-on-year. In Q3 2024, the revenue was 7.377 billion yuan, with a year-on-year increase of 0.91% but a quarter-on-quarter decrease of 14.91%. The net profit for Q3 was 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [3][4]. Market Performance - The company's coke segment saw a decline in Q3 2024, with an average price of approximately 1,308 yuan per ton, down 5.6% quarter-on-quarter due to pressure on terminal demand. The company increased its coal production capacity by 1 million tons per year in 2023, with specific increases at various mines. The total coal production capacity reached 9.1 million tons per year [4][5]. New Projects and Growth Potential - The company is advancing several new projects, including the Ningdong Phase III project, which will add 1.5 million tons of methanol and 1 million tons of olefins capacity. The Inner Mongolia coal-based new materials project is set to be the largest coal-to-olefins facility globally, with a total capacity of 3 million tons per year. The Xinjiang project is also expected to open new growth opportunities for the company [6][7]. Financial Forecast - The projected net profit for the company from 2024 to 2026 is 6.62 billion yuan, 14.05 billion yuan, and 16.21 billion yuan, respectively. The corresponding price-to-earnings ratios based on the closing price on October 30, 2024, are 17.7X, 8.4X, and 7.3X, maintaining a "Buy" rating [7].

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 ...

Investment Rating - The investment rating for Baofeng Energy (600989) is maintained at "Buy" [2][8][34] Core Views - The company's revenue for the first three quarters of 2024 reached 24.275 billion yuan, a year-on-year increase of 18.99%, while net profit attributable to shareholders was 4.537 billion yuan, up 16.60% year-on-year [2] - The third quarter of 2024 saw a revenue of 7.377 billion yuan, a slight year-on-year increase of 0.91% but a significant quarter-on-quarter decrease of 14.91% [3] - The decline in performance in Q3 was primarily due to a decrease in the production and sales of olefins and EVA, as well as a drop in product prices influenced by falling crude oil prices [3][5] Summary by Sections Financial Performance - For Q3 2024, Baofeng Energy reported a net profit of 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [3] - The company's gross profit margin for Q3 was 34.12%, a decrease of 0.30 percentage points year-on-year and 4.11 percentage points quarter-on-quarter [3] - The average return on equity (ROE) for Q3 was 3.03%, down 1.52 percentage points year-on-year and 1.68 percentage points quarter-on-quarter [3] Production and Sales - In Q3 2024, the production of polyethylene was 248,600 tons, a year-on-year increase of 35,300 tons but a quarter-on-quarter decrease of 32,800 tons [3] - Polypropylene production reached 256,900 tons, up 77,900 tons year-on-year but down 43,700 tons quarter-on-quarter [3] - The EVA production was 29,300 tons, down 24,600 tons quarter-on-quarter [3] Market Conditions - The average price of polyethylene in Q3 2024 was 8,352 yuan/ton, showing a year-on-year decrease of 0.01% and a quarter-on-quarter decrease of 2.08% [3][12] - The average price of polypropylene was 7,774 yuan/ton, up 2.48% year-on-year but down 1.16% quarter-on-quarter [3][12] - The average price of coke was 1,627 yuan/ton, down 14.29% year-on-year and 7.25% quarter-on-quarter [3][12] Future Outlook - The company is set to benefit from the upcoming commissioning of its Inner Mongolia project, which is expected to enhance its total olefin production capacity to 5.2 million tons per year, solidifying its position as a leader in the coal-to-olefin industry [5][8] - The projected revenues for 2024, 2025, and 2026 are 34 billion, 54.5 billion, and 58.7 billion yuan respectively, with net profits expected to be 6.5 billion, 13.6 billion, and 17.1 billion yuan [8][34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 24.27 billion yuan in Q3 2024, representing a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 4.54 billion yuan, up 16.6% year-on-year [2] - The Q3 2024 results showed a revenue of 7.38 billion yuan, a slight increase of 0.9% year-on-year but a decrease of 14.9% quarter-on-quarter, with a net profit of 1.23 billion yuan, down 24.6% year-on-year and 34.6% quarter-on-quarter [2] - The Ningdong Phase III project contributed to profit growth, while maintenance activities in Q3 2024 affected product sales volumes [3] - The company is advancing new projects, including a 3 million tons per year olefin project in Inner Mongolia expected to gradually commence production by the end of 2024, and a 4 million tons per year olefin project in Xinjiang [4] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 6.5 billion, 12.2 billion, and 13.5 billion yuan respectively, reflecting a positive outlook on the company's growth potential [4] Summary by Sections Financial Performance - Total revenue for 2022 was 28.43 billion yuan, with a year-on-year growth of 22.02%, while 2023 revenue was 29.14 billion yuan, showing a modest growth of 2.48% [1] - The projected revenue for 2024 is 40.23 billion yuan, indicating a significant year-on-year increase of 38.08% [1] - The net profit for 2022 was 6.30 billion yuan, which decreased by 10.86% in 2023 to 5.65 billion yuan, but is expected to rise to 6.49 billion yuan in 2024, reflecting a growth of 14.78% [1] Product Sales and Pricing - Sales volumes for key products in the first three quarters of 2024 were 8.3 million tons for PE, 8.2 million tons for PP, and 5.31 million tons for coke, with year-on-year increases of 54%, 70%, and 2% respectively [3] - The average prices for PE, PP, and coke in the first three quarters of 2024 were 7,082 yuan, 6,710 yuan, and 1,408 yuan per ton, showing a slight decline compared to the previous year [3] Project Development - The Inner Mongolia coal-to-olefin project is progressing as planned, with the first boiler successfully ignited on July 1, 2024, and is expected to gradually commence production by the end of 2024 [4] - The Xinjiang coal-to-olefin project is also advancing, with environmental assessments completed and expectations for lower raw material costs due to advanced technology [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][14]. Core Views - The company's net profit attributable to shareholders decreased in Q3 2024, with revenue of 7.38 billion yuan (up 1% year-on-year, down 15% quarter-on-quarter) and a net profit of 1.23 billion yuan (down 25% year-on-year, down 35% quarter-on-quarter) [1][10]. - The decline in profitability is primarily due to maintenance of main product facilities, leading to a decrease in production and sales volume, along with a drop in prices for some main products [1][10]. - The company is progressing well with new projects, including the Inner Mongolia olefin project, which is expected to start production gradually in Q4 [1][14]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 7.38 billion yuan, with a gross margin of 34.1% and a net margin of 16.7%. The total expense ratio was 9.6% [1][10]. - The average selling prices for polyethylene and polypropylene were 7,023 yuan/ton (down 3% year-on-year, down 4% quarter-on-quarter) and 6,807 yuan/ton (up 2% year-on-year, up 0.2% quarter-on-quarter), respectively [1][10]. Production and Sales - The production and sales volumes for polyethylene in Q3 2024 were 248,600 tons and 250,500 tons, respectively, while for polypropylene, they were 256,900 tons and 252,100 tons, respectively [1][10]. - The company’s coke production and sales were stable, with production at 1.7796 million tons and sales at 1.7707 million tons in Q3 2024 [1][10]. Cost and Pricing - The average procurement prices for key raw materials were 554 yuan/ton for gasification raw coal, 1,086 yuan/ton for coking coal, and 427 yuan/ton for thermal coal, all showing a year-on-year decline [1][10]. - The cost of oil-based and coal-based olefins was reported at 8,276 yuan/ton and 7,336 yuan/ton, respectively, with the cost gap narrowing from 1,508 yuan/ton in Q2 to 940 yuan/ton in Q3 [1][10]. Future Outlook - The company is expected to see profit growth driven by the expansion of polyethylene production capacity, despite current challenges from maintenance and weak product demand affecting prices [1][14]. - The net profit forecasts for 2024-2026 have been adjusted to 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 [1][14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [4][13]. Core Views - The company's performance in Q3 2024 was impacted by maintenance activities, leading to a year-on-year decline in net profit by 24.6% to 1.232 billion [1]. - Despite the Q3 setback, the company shows a robust growth trend with a year-to-date revenue increase of 18.99% to 24.275 billion and a net profit increase of 16.6% to 4.537 billion [1]. - The company is expected to benefit from the upcoming production from its Inner Mongolia project, which will enhance its total capacity to 5.2 million tons per year, positioning it as a leader in the coal-to-olefins industry [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit of 1.232 billion, down 24.6% year-on-year and 35% quarter-on-quarter [1]. - For the first three quarters of 2024, the company achieved a revenue of 24.275 billion, up 18.99% year-on-year, and a net profit of 4.537 billion, up 16.6% year-on-year [1]. Sales and Pricing - Q3 sales volumes for polyethylene, polypropylene, and EVA were 25.05 thousand tons, 25.21 thousand tons, and 2.6 thousand tons, reflecting a quarter-on-quarter decline of 10%, 17%, and 55% respectively, while year-on-year growth was noted for polyethylene and polypropylene at 28% and 53% [2]. - The average price for coal in Inner Mongolia was 654 yuan per ton, with a slight increase of 2 yuan per ton quarter-on-quarter, while the average prices for PE and PP were 8,947 yuan and 7,929 yuan per ton, showing a minor decrease [2]. Project Developments - The Inner Mongolia project is progressing well, with the first boiler successfully ignited on July 1, and the olefin unit's first middle inspection completed on October 14, which will significantly increase production capacity [3]. - The Xinjiang base project is also expected to create a long-term growth curve, with a projected profit advantage of around 1,500 yuan per ton compared to Ningxia due to lower coal prices and transportation costs [3]. Earnings Forecast and Valuation - The company's net profit forecast for 2024 has been adjusted down to 7.2 billion due to Q3 maintenance and price declines in coking coal and coke, while the forecasts for 2025 and 2026 remain at 14 billion and 15 billion respectively [3]. - As of October 30, 2024, the company's market value corresponds to P/E ratios of 16, 8, and 8 for 2024, 2025, and 2026 [3].