内蒙新产能贡献突出，烯烃产能规模跃居国内第 一 2025 年 08 月 25 日 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-08-22 | | --- | --- | | 当前股价（元） | 16.27 | | 总市值（亿元） | 1193 | | 总股本（百万股） | 7333 | | 流通股本（百万股） | 7333 | | 52 周价格范围（元） | 14.2-17.83 | | 日均成交额（百万元） | 523.44 | 市场表现 -10 0 10 20 30 40 (%) 宝丰能源 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《宝丰能源（600989）：烯烃产 销高增推动业绩，高分红彰显投资 性价比》2025-03-14 2、《宝丰能源（600989）：公司 Q3 业绩承压，新基地打开成长空间》 2024-11-09 3、《宝丰能源（600989）：聚烯烃 量价齐升，煤制烯烃龙头业绩大幅 增长》2024-08- ...

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

长江商报消息 ●长江商报记者 徐阳 中国高效煤基新材料领军企业宝丰能源（600989.SH）交出最佳中报。 2025年上半年，宝丰能源主要产品产能大幅提升，实现营业收入228.20亿元，归母净利润57.18亿元，同比增幅分 别达35.05%、73.02%。 宝丰能源表示，2025年上半年公司营业收入增长主要由于聚烯烃产销量同比增加。上半年，公司主要产品聚烯烃 （含EVA）产量240.46万吨，同比增长96.64% 同时，宝丰能源积极回馈股东。公司2025年上半年拟每股分红0.28元，分红金额20.36亿元，占上半年归母净利润 的35.62%。加上此次，公司累计分红将达173.5亿元。 半年净利增超73% 宝丰能源主营业务为煤制烯烃，主要产品包括聚乙烯（PE）、聚丙烯（PP）、乙烯-醋酸乙烯共聚物（EVA）。 在五大通用合成树脂中，聚乙烯、聚丙烯的产销量分别位居第一位和第二位，占五大合成树脂总产量的60%以 上，是国民经济发展中最重要的基础原材料之一。 业绩方面，宝丰能源实现持续快速发展，2024年营业收入329.83亿元，创历史新高，同比增长13.21%；归母净利 润为63.38亿元，同比增长12.16%；扣 ...

Investment Rating - The report maintains a "Buy" rating for Baofeng Energy (600989) [1][6][14] Core Views - The company's performance meets expectations, with significant contributions from new production capacity in Inner Mongolia [1][5][12] - The company achieved a revenue of 22.82 billion yuan, a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 5.72 billion yuan, up 73.0% year-on-year [4][5] - The new production capacity in Inner Mongolia has positioned the company as the leader in China's coal-to-olefins industry, with a total olefin production capacity of 5.2 million tons per year [5] Summary by Sections Financial Performance - For the first half of 2025, the company produced 1.164 million tons of polyolefins, accounting for 48.39% of total production, contributing significantly to revenue [5] - The company plans to distribute a cash dividend of 0.28 yuan per share, which represents 35.62% of the net profit attributable to shareholders [4] Future Outlook - The company is progressing well with ongoing projects, including the Ningdong Phase IV olefin project, which is expected to be completed by the end of 2026 [5] - New projects in Xinjiang and Inner Mongolia are also in the pipeline, which may provide additional growth opportunities [5] Earnings Forecast - The projected EPS for 2025, 2026, and 2027 are 1.57 yuan, 1.89 yuan, and 2.01 yuan respectively, indicating strong growth potential [6][7] - Revenue is expected to grow significantly, with estimates of 48.6 billion yuan in 2025 and 58.1 billion yuan in 2026 [7]

基础化工 2025 年 08 月 24 日 宝丰能源 (600989) ——Q2 业绩符合预期，内蒙一期达产持续兑现 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 16.27 | | 一年内最高/最低（元） | 19.07/13.85 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 5.22 | | 流通 A 股市值（百万元） | 119,314 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.10 | | 资产负债率% | 50.29 | | 总股本/流通 A 股（百万） | 7,333/7,333 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04- ...

Financial Performance - In H1 2025, the company's operating revenue reached 22.82 billion yuan, a year-on-year increase of 35.0% [1] - The net profit attributable to shareholders was 5.72 billion yuan, up 73.0% year-on-year [1] - The non-recurring net profit attributable to shareholders was 5.58 billion yuan, reflecting a 58.7% year-on-year increase [1] - In Q2 2025, operating revenue was 12.05 billion yuan, a 39.0% increase year-on-year [1] - The net profit attributable to shareholders in Q2 was 3.28 billion yuan, up 74.2% year-on-year [1] - The non-recurring net profit attributable to shareholders in Q2 was 2.98 billion yuan, a 46.6% increase year-on-year [1] Production Capacity and Projects - The company produced 2.4046 million tons of polyolefins (including EVA) in H1 2025, a year-on-year increase of 96.64% [1] - The coal-based olefins project in Inner Mongolia, with a capacity of 2.6 million tons/year, was successfully commissioned and contributed significantly to production [2] - The project is the largest coal-based olefins project globally and the first to apply green hydrogen in a large-scale production process [2] - The company's olefins production capacity has reached 5.2 million tons/year, ranking first in China's coal-based olefins industry [2] - The 100,000 tons/year ethylene vinyl acetate project was successfully commissioned, ensuring stable supply of key raw materials [2] - Ongoing projects include the Ningdong Phase IV olefins project, which is progressing well and is expected to be completed by the end of 2026 [2] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 11.812 billion yuan, 12.995 billion yuan, and 14.106 billion yuan for the years 2025, 2026, and 2027, respectively [3] - A target price of 19.32 yuan is set based on a 12x PE ratio for 2025, maintaining a "buy" rating [3]

Core Insights - Baofeng Energy reported a net profit attributable to shareholders of approximately 5.718 billion yuan for the first half of 2025, representing a year-on-year increase of 73.02% [1] - The company's main business is coal-to-olefins, with key products including polyethylene (PE), polypropylene (PP), and ethylene-vinyl acetate copolymer (EVA) [1] - For the first half of 2025, Baofeng Energy achieved an operating revenue of approximately 22.82 billion yuan, a year-on-year growth of 35.05% [1] Financial Performance - The net profit attributable to shareholders for the first half of 2025 was approximately 5.718 billion yuan, reflecting a growth of 73.02% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was approximately 5.579 billion yuan, which is a year-on-year increase of 58.67% [1] - On August 22, 2025, Baofeng Energy's stock closed at 16.27 yuan per share, with a total market capitalization of 119.3 billion yuan [1]

Core Viewpoint - Ningxia Baofeng Energy Group Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and a commitment to shareholder returns through substantial cash dividends [1] Financial Performance - The company achieved operating revenue of 22.819 billion yuan, a year-on-year increase of 35.05% [1] - Net profit reached 5.717 billion yuan, reflecting a year-on-year growth of 73.02% [1] - Earnings per share were 0.78 yuan, up 73.33% compared to the previous year [1] - Proposed cash dividends amounted to 2.036 billion yuan, representing 35.62% of the net profit for the first half of the year [1] Cash Flow and Debt Management - Operating cash flow net amount was 7.989 billion yuan, showing a significant increase of 92.74% year-on-year [1] - The company's interest-bearing debt ratio decreased to 38.34%, which is significantly lower than the industry average [1] - This financial structure of "high cash flow + low debt" supports the company's strategic layout and capacity expansion [1] Project Development - The company's 3 million tons coal-to-olefins project in Inner Mongolia was completed and put into operation in just 18 months, making it the largest single-plant olefins project globally [1] - This project not only elevated the company's production capacity to the top of the industry but also set multiple industry records [1] - The project utilized entirely domestically produced equipment, marking a shift from reliance on imports to independent leadership in modern coal chemical equipment [1]

与此同时，宝丰能源以人工智能为核心，深度整合工业互联网、大数据、5G、云计算、数字孪生等新 一代信息技术与绿色低碳工艺，全力构建"宝丰AI工业大脑平台"。公司打造的"AI驱动的煤基新材料数 智融合智能工厂"和"煤基新材料全产业链绿色智能工厂"成功获评宁夏首批先进级智能工厂。 在技术研发方面，上半年公司研发费用达4.3亿元，同比增长7.98%，申报专利261件，授权76件。产品 矩阵不断丰富，焦炭领域新增3个新产品，聚烯烃产品5502S和V30G通过FDA和ROHS认证。 8月21日晚间，宝丰能源（600989）（600989.SH）发布2025年半年报，公司上半年实现营业收入228.19 亿元，同比增长35.05%；归母净利润57.17亿元，同比增长73.02%，增幅远超营收增速；每股收益0.78 元，同比增长73.33%，多项核心指标实现跨越式增长。值得注意的是，经营性现金流量净额达79.89亿 元，同比增长92.74%，彰显出优秀的盈利质量，且公司有息负债率下降到38.34%，远低于行业平均水 平，形成了"高现金流+低负债"的黄金财务矩阵。业绩大幅增长主要得益于内蒙古烯烃项目的成功投产 及煤炭价格下行带来 ...