Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released its Q3 2024 report, showing a revenue of 24.27 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 4.54 billion yuan, up 16.6% year-on-year. The report indicates a decline in Q3 revenue and net profit compared to the previous quarter due to a decrease in polyolefin production and average selling prices [2][3] - The report anticipates a stable release of production capacity and benefits from a decrease in coal prices, with significant contributions expected from the Inner Mongolia and Xinjiang projects, leading to high growth potential in future performance [2][3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 24.27 billion yuan, a year-on-year increase of 19%, and a net profit of 4.54 billion yuan, up 16.6% year-on-year. The adjusted net profit was 4.91 billion yuan, reflecting an 18.4% increase year-on-year. In Q3 alone, revenue was 7.38 billion yuan, down 14.9% quarter-on-quarter, and net profit was 1.23 billion yuan, down 34.6% quarter-on-quarter [2][3] - The average selling prices for polyethylene and polypropylene in the first three quarters of 2024 were 7,082.1 yuan/ton and 6,710.5 yuan/ton, respectively, showing a slight decrease compared to the previous year [2][3] Production and Capacity - Polyethylene production and sales for the first three quarters of 2024 were 817,000 tons and 826,000 tons, respectively, representing increases of 48.8% and 53.7% year-on-year. Polypropylene production and sales were 832,000 tons and 824,000 tons, with year-on-year increases of 68% and 70.3% [2][3] - The Ningdong Phase III project has been steadily releasing production since its trial operation began in September 2023, and the Inner Mongolia Phase I project is expected to complete mechanical construction by the end of 2024 [2][3] Future Outlook - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 6.36 billion yuan, 10.95 billion yuan, and 12.12 billion yuan, respectively, with year-on-year growth rates of 12.5%, 72.3%, and 10.7% [2][3] - The company plans to leverage low-cost raw coal in Xinjiang for a new 4 million tons/year coal-to-olefins project, which is expected to significantly enhance its production capacity [2][3]

Financial Performance - The company's operating revenue for the third quarter reached ¥7,377,425,714.67, representing a year-on-year increase of 0.91%[2] - The net profit attributable to shareholders decreased by 24.60% to ¥1,232,101,600.42 for the third quarter[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,390,030,552.48, down 18.71% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 24.27 billion, an increase of 19.5% compared to CNY 20.40 billion in the same period of 2023[13] - Net profit for the first three quarters of 2024 was CNY 4.54 billion, up 16.6% from CNY 3.89 billion in the same period of 2023[13] - Basic and diluted earnings per share for the first three quarters of 2024 were CNY 0.62, compared to CNY 0.53 in the same period of 2023[13] - The company reported a basic earnings per share of ¥0.17, down 22.73% year-on-year[3] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥87,368,203,200.82, reflecting a 21.97% increase from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to CNY 87.37 billion, an increase from CNY 71.63 billion at the end of 2023[11] - Total liabilities reached CNY 46.00 billion, up from CNY 33.09 billion at the end of 2023[11] - The company’s total equity attributable to shareholders reached CNY 41.37 billion, up from CNY 38.54 billion at the end of 2023[11] - The total equity attributable to shareholders was ¥41,368,781,085.90, an increase of 7.35% from the previous year-end[3] Cash Flow - The net cash flow from operating activities was ¥1,634,193,219.27, an increase of 2.24% year-on-year[3] - In the first three quarters of 2024, the company generated cash inflows from operating activities amounting to approximately CNY 26.60 billion, a significant increase from CNY 21.46 billion in the same period of 2023, representing a growth of about 24.5%[14] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 5.78 billion, slightly up from CNY 5.68 billion in 2023, indicating a year-on-year increase of approximately 1.7%[14] - The company reported cash outflows from investing activities totaling CNY 8.99 billion, a decrease from CNY 10.92 billion in the previous year, reflecting a reduction of about 17.5%[14] - Cash inflows from financing activities reached CNY 5.09 billion, compared to CNY 4.18 billion in the same period last year, marking an increase of approximately 21.8%[14] - The total cash and cash equivalents at the end of the reporting period stood at CNY 3.96 billion, up from CNY 1.20 billion at the end of the same period in 2023, indicating a substantial increase of approximately 229.2%[14] - The company experienced a net cash decrease of CNY 1.57 million during the reporting period, contrasting with a net decrease of CNY 9.47 million in the same period of 2023[14] Shareholder Information - The company has a total of 58,369 common shareholders at the end of the reporting period[7] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 684.27 million, a substantial increase from CNY 352.09 million in the same period of 2023[13] Non-Recurring Items - Non-recurring gains and losses totaled ¥-157,928,952.06 for the current period, with significant impacts from asset disposals and other items[4] Other Information - The weighted average return on equity was 3.05%, a decrease of 1.47 percentage points compared to the same period last year[3] - The company did not apply new accounting standards or interpretations that would affect the financial statements for the year of first execution[15] - The company received CNY 148.53 million from investment absorption, while cash inflows from loans amounted to CNY 11.51 billion, reflecting strong financing activity[14] - The cash outflow for debt repayment was CNY 11.66 billion, which is consistent with the previous year's figure of CNY 9.38 billion, indicating a year-on-year increase of approximately 24.3%[14] - The company reported a gross profit margin of approximately 27.5% for the first three quarters of 2024, compared to 23.4% in the same period of 2023[13] - Long-term borrowings increased to CNY 24.45 billion from CNY 17.52 billion at the end of 2023[11]

证券代码：600989 证券简称：宝丰能源 公告编号：2024-048 宁夏宝丰能源集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 04 日(星期一)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 bfny@baofengenergy.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 公司总裁：刘元管先生 宁夏宝丰能源集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 05 日下午 14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-047 宁夏宝丰能源集团股份有限公司 2024年前三季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第十三 号化工》有关规定和披露要求，现将宁夏宝丰能源集团股份有限公司（以下简称"公 司"）2024 年前三季度主要经营数据披露如下： 一、主要产品产量、销量及收入情况 2024 年 1-9 月，公司实现营业收入 2,427,456.40 万元，其中主营业务收入 2,411,073.64 万元，其他业务收入 16,382.76 万元。构成公司主营业务收入的产品产销情况如下： 单位：万吨，万元 序号 主要品种 产量 销量 销售收入 1 聚乙烯 81.72 82.55 584,618.34 2 聚丙烯 83.19 82.43 553,115.99 3 EVA 10.85 9.76 84,330.23 4 焦炭 527.56 531.37 748,318.18 5 纯苯 5.24 ...

Investment Rating - The report maintains a "Buy" rating for Baofeng Energy (600989.SH) [1] Core Views - The oil-coal price gap is expected to widen, enhancing the cost advantage of the Inner Mongolia project [1] - The company is positioned as a leading player in coal-to-olefins with significant cost advantages [21] - The profitability of the coke segment is anticipated to reach a bottom, with favorable policies potentially leading to a recovery in the industry [8] Summary by Sections Financial Performance - In 2023, Baofeng Energy achieved revenue of 291.36 billion yuan, a year-on-year increase of 2.48%, while net profit attributable to shareholders was 56.51 billion yuan, a decrease of 10.34% [28] - The average selling price for polyethylene in 2023 was 7,083.48 yuan/ton, down 5.09% year-on-year, and for polypropylene, it was 6,758.90 yuan/ton, down 8.60% year-on-year [28] - The company expects revenues of 355 billion, 549 billion, and 591 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 74 billion, 144 billion, and 178 billion yuan [8] Production Capacity and Cost Advantages - The Inner Mongolia olefins project is set to begin trial production in October 2024, with a projected net profit of 2,811 yuan/ton for polyethylene, significantly higher than the Ningdong project [7] - The company has a total olefins capacity of 210 million tons/year, with plans for further expansion [44] - The report forecasts that the company's polyethylene and polypropylene segments will see substantial growth in gross profit over the next three years [44] Market Position and Industry Outlook - The report highlights the increasing domestic production capacity for polyethylene and polypropylene, which is expected to reduce reliance on imports [69] - The coke industry is currently experiencing a supply-demand imbalance, but recovery is anticipated due to new policies and increased demand from the steel sector [8] - The report emphasizes the importance of the coal-to-olefins segment as a key profit driver for the company [32]

宝丰能源 20240926 摘要 • 宝丰能源三季度经营受年终三期装置检修、行业供需变化导致产品价格波 动以及上游原材料价格波动影响，但公司整体经营仍保持稳定发展态势。 • 内蒙古项目预计于 10 月开始投产，首条生产线预计 12 月达到满负荷生产 状态，后续几条生产线将依次每个月推迟一个月完成试车和爬坡，预计明 年一季度可实现 300 万吨产能全部启动。 • 内蒙古项目相比宁夏项目具有煤炭成本、折旧成本和人工成本等方面的优 势，预计每吨产品可节省约 500 元。 • 公司将煤矿视为长期投资目标，但目前采矿价格较高，决策相对谨慎，会 综合考虑价格、区位及煤质等因素。新疆项目上游资源配套政策积极，当 地政府会为每个煤化工项目配套相应煤矿资源，但需要经过国家审批及招 拍挂程序，周期较长。 • 公司采取低库存销售策略，不积累过多库存，通过价格优惠来促进销售， 以确保灵活应对市场波动并保持资金流动性。 • 国内煤制烯烃的扩展窗口期基本上已经结束，新疆的建设可能是最后一轮 扩产。主要原因是双碳政策对高碳排放产业有严格限制，国家发改委对整 个烯烃产能实行严格控制，以及新疆水资源限制因素。 Q&A 宝丰能源近期的基本面情况 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-046 宁夏宝丰能源集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 09 月 10 日(星期二) 至 09 月 18 日(星期三)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 bfny@baofengenergy.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 13 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 19 日上午 09:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 （三）会议召开方式：上证路演中心网络互动 三、 参加人员 公司总裁 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 16.897 billion yuan in the first half of 2024, representing a year-on-year growth of 29.09%, and a net profit of 3.305 billion yuan, up 46.44% year-on-year [4] - The significant increase in profitability is driven by reduced costs in coal-to-olefins production, with a net profit margin reaching 19.56%, an increase of 2.32 percentage points year-on-year [4] - The company is progressing well with its projects in Inner Mongolia, which are expected to support future growth [4] Summary by Sections Financial Performance - In Q2 2024, the company reported revenues of 8.670 billion yuan and a net profit of 1.884 billion yuan, with year-on-year growth rates of 36.39% and 75.80% respectively [4] - Major products such as polyolefins and coke saw production increases of 87% and 3% year-on-year, respectively [4] - Polyethylene sales reached 575,000 tons, up 68.4% year-on-year, while polypropylene sales were 572,200 tons, up 79.2% year-on-year [4] Project Development - The company is advancing its Inner Mongolia project, which includes a 2.6 million tons/year coal-to-olefins project and a 400,000 tons/year green hydrogen coupling project, expected to be operational in 2024 [4] - The Ningdong Phase 3 project has commenced production, adding 1.5 million tons/year of methanol and 1 million tons/year of olefins capacity [4] - The company has also initiated preparations for the Ningdong Phase 4 olefins project [4] Future Projections - The company is expected to have EPS of 1.1, 1.7, and 1.9 yuan for the years 2024, 2025, and 2026 respectively [4] - Revenue projections for 2024, 2025, and 2026 are 39.351 billion yuan, 55.066 billion yuan, and 62.603 billion yuan, with growth rates of 35.06%, 39.94%, and 13.69% respectively [5][6]

[Table_StockNameRptType] 宝丰能源（600989） 公司点评 二季度业绩亮眼，新疆项目启动环评 | --- | --- | |-------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData] 收盘价（元） | 15.02 | | 近 12 个月最高/ | 17.84/13.16 | | 总股本（百万股） | 7,333 | | 流通股本（百万股） | 7,333 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1,101 | | 流通市值（亿元） | 1,101 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% 0% 20% 40% 宝丰能源 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621 ...

证 券 研 究 报 告 宝丰能源（600989）2024 年中报点评 强推（维持） 原料价格回落，二季度业绩改善明显 目标价：20.06 元 事项： ❖ 2024 年上半年，公司实现营业收入 168.97 亿元，同比+29.09%；归母净利润 33.05 亿元，同比+46.44%；扣非净利润 35.16 亿元，同比+44.37%；非经常损 益-2.1 亿元中捐款支出为 1.75 亿元。其中 Q2 公司实现营收 86.7 亿元，同比/ 环比分别+36.39%/+5.38%；单季度归母净利润 18.84 亿元，同比/环比分别 +75.80%/+32.58% ； 单 季 度 扣 非 净 利 润 20.34 亿 元 ， 同 比 / 环比分别 +76.03%/+37.25%。 评论： ❖ 产销数据方面：EVA 二季度产能利用率约 86%，贡献业绩增量。Q2 公司实 现聚乙烯/聚丙烯销量分别为 27.97/30.46 万吨，环比-5.28%/+13.83%；实现焦 炭销量为 179.35 万吨，环比+2.52%；实现纯苯/改质沥青/MTBE 销量分别为 1.53/3.73/2.44 万吨，环比分别+91.25%/+32. ...