Investment Rating - The investment rating for Baofeng Energy is "Buy" (maintained) [1] Core Views - Baofeng Energy is positioned to benefit from its cost advantages in coal-to-olefins production, particularly with its Inner Mongolia project, which is expected to enhance its competitive edge further [3] - The company has successfully commenced production at its Inner Mongolia project, with expectations for steady performance and increased sales in the upcoming quarters [6] - The company is expanding its production capacity with plans for a third base in Xinjiang, which will significantly increase its long-term growth potential [15] Summary by Sections Cost Advantages - Baofeng Energy has a leading cost structure in coal-to-olefins production, with the Inner Mongolia project expected to further enhance this advantage. Key factors include: - Shorter transportation distances for raw materials, saving approximately 351 CNY/ton in freight costs - Use of advanced DMTO-Ⅲ technology, reducing raw material costs by about 224 CNY/ton - A large-scale production capacity of 1 million tons/year, leading to a reduction in depreciation costs by approximately 298 CNY/ton - Overall, the unit cost of olefins from the Inner Mongolia base is projected to be about 873 CNY/ton lower than that from the Ningdong base [3] Production and Sales Outlook - The first production line of the Inner Mongolia project has successfully started operations, with production expected to contribute positively to sales in Q4. The Ningdong base is also operating at full capacity, with a projected increase in output by 100,000 tons in Q4 [6] - The company is benefiting from a recent decline in coal prices, which has improved the price differentials for its products [6] Financial Projections - The forecasted net profits for Baofeng Energy for 2024-2026 are 65.58 billion, 141.35 billion, and 169.90 billion CNY, representing year-on-year growth rates of 16.1%, 115.5%, and 20.2% respectively [7] - The earnings per share (EPS) are projected to be 0.89, 1.93, and 2.32 CNY for the same period [7] Capacity Expansion - The company is planning to establish a third production base in Xinjiang with a capacity of 4 million tons/year, alongside additional expansions at the Ningdong base, which will significantly increase its total production capacity to 9.7 million tons/year in the long term [15]

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 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-053 宁夏宝丰能源集团股份有限公司关于关联交易 事项监管工作函的回复及关联交易暂缓执行的公告 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个别及连带责任。 重要内容提示： 宁夏宝丰能源集团股份有限公司（以下简称"公司"）高度重视与投资者的双向 沟通，广泛听取投资者的意见与建议，始终重视保护股东尤其是中小投资者的合法权 益。经考虑投资者意见并经公司经营管理层审慎研究，与交易对方友好协商后决定本 次关联交易暂缓执行，计划待拟收购项目竣工验收并投入运营后，视该项目的实际经 营情况决定与交易对手方协商是否继续本次交易，届时将按照相关法律法规履行相关 决策程序和信息披露。 公司于近日收到上海证券交易所上市公司管理一部发来的《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 ，以下简称"监管工作函"）。公司高度重视，组织相关部门对监管工作函中提出的 问题进行了逐项核查。现就有关情况回复如下： 一、关于本次交易目的。公司主营煤化工 ...

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 ...

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 ...

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 | | ...

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 ...