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].

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].