Investment Rating - The report maintains a "Buy" rating for Baofeng Energy (600989) [1] Core Views - The Inner Mongolia project is progressing smoothly, and the decline in raw material prices is contributing to profit enhancement [1][10] - The company achieved a revenue of 32,983 million yuan in 2024, representing a year-on-year growth of 13.21%, and a net profit of 6,338 million yuan, up 12.16% year-on-year [4][5] - The Inner Mongolia project is expected to significantly increase the company's olefin production capacity to 5.2 million tons per year, making it the largest in China's coal-to-olefin industry [4][5] Summary by Sections Company Overview - Baofeng Energy operates two major production bases in Ningdong and Inner Mongolia, with the latter showing significant cost advantages in raw materials [4] - The first line of the 1 million tons/year olefin production line in Inner Mongolia was put into production in November 2024, with subsequent lines scheduled for trial production in early 2025 [4] Financial Performance - The average profit for coal-based polyethylene in 2024 was 1,967 yuan/ton, an increase of 46.7% compared to 2023 [5] - The report forecasts revenues of 48,601 million yuan, 58,129 million yuan, and 60,075 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 11,042 million yuan, 13,619 million yuan, and 14,546 million yuan [7] Market Conditions - The average procurement price of coal decreased by 12.96% year-on-year, leading to an increase in profit margins for the company [5] - As of March 13, 2025, the market prices for coking coal and thermal coal were 1,198 yuan/ton and 592 yuan/ton, respectively, showing significant year-on-year declines [5] Future Outlook - The company is expected to maintain growth momentum with the release of capacity from the Inner Mongolia project, with projected EPS of 1.51 yuan, 1.86 yuan, and 1.98 yuan for 2025, 2026, and 2027 respectively [5][7]

关于宁夏宝丰能源集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2025）专字第70019710_A02号 宁夏宝丰能源集团股份有限公司 宁夏宝丰能源集团股份有限公司董事会： 我们审计了宁夏宝丰能源集团股份有限公司的2024年度财务报表，包括2024年12 月31日的合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和 现金流量表以及相关财务报表附注，并于2025年3月11日出具了编号为安永华明 （2025）审字第70019710_A01号的无保留意见审计报告。 本专项说明仅供宁夏宝丰能源集团股份有限公司为2024年度报告披露使用，不适 用于其他用途。 A member firm of Ernst & Young Global Limited 1 非经营性资金占用及其他关联资金往来情况的专项说明（续） （本页无正文） 安永华明会计师事务所（特殊普通合伙） 中国注册会计师：孙 芳 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，宁夏 ...

股票代码：600989 公司简称：宝丰能源 宁夏宝丰能源集团股份有限公司 2024 年年度股东大会会议资料 2025 年 3 月 1 目 录 | | | 宁夏宝丰能源集团股份有限公司 | 2024 年年度股东大会须知 3 | | --- | --- | --- | --- | | | | | 宁夏宝丰能源集团股份有限公司 2024 年年度股东大会现场会议议程 5 | | 议案 | 1 | 2024 | 年度董事会工作报告 7 | | 议案 | 2 | 2024 | 年度监事会工作报告 13 | | 议案 | 3 | 2024 | 年度财务决算报告及 2025 年度财务预算报告 18 | | 议案 | 4 | | 关于与关联方签署日常关联交易协议的议案 20 | | 议案 | 5 | 关于 | 2024 年度利润分配方案的议案 22 | | 议案 | 6 | 公司 | 2024 年年度报告及其摘要 24 | | 议案 | 7 | | 关于提请公司股东大会授权董事会决定 2025 年度中期利润分配方案的 | | | | | 议案 25 | | 议案 | 8 | | 关于续聘会计师事务所的议案 26 | | 议案 ...

Investment Rating - The report maintains a "Strong Buy" rating for Baofeng Energy, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Views - Baofeng Energy's performance in FY 2024 slightly exceeded expectations, with total revenue reaching 32.983 billion yuan, a year-on-year increase of 13.21%. The net profit attributable to shareholders was 6.338 billion yuan, up 12.16% year-on-year [2][4]. - The report highlights a significant improvement in profit margins due to recent declines in coal prices, which have positively impacted the company's price differentials [2][9]. - The company is positioned as a leader in coal chemical projects, particularly in Xinjiang, with expectations for substantial profit contributions from new projects in the coming years [2][9]. Financial Performance Summary - For FY 2024, Baofeng Energy achieved: - Total revenue: 32.983 billion yuan, with a growth rate of 13.2% for 2025E projected at 43.8% [4][10]. - Net profit: 6.338 billion yuan, with a projected growth rate of 12.2% for 2025E at 111.1% [4][10]. - Earnings per share (EPS): 0.86 yuan for 2024A, projected to rise to 1.82 yuan in 2025E [4][10]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit over the next few years, with significant growth expected in 2025 [4][10]. Market and Operational Insights - The report notes a recovery in profit margins in Q4 2024, primarily due to the resolution of maintenance impacts and contributions from new projects in Inner Mongolia [2][9]. - The company is expected to benefit from a favorable coal price environment, with prices dropping from a peak of 576 yuan/ton to 487 yuan/ton, enhancing theoretical price differentials [2][9]. - The report emphasizes the strategic importance of energy security and the acceleration of coal chemical projects in Xinjiang, which are anticipated to contribute significantly to future profits [2][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a steady performance in its 2024 annual report, achieving an operating revenue of 32.983 billion yuan, a year-on-year increase of 13.21%. The net profit attributable to shareholders was 6.338 billion yuan, up 12.16% year-on-year, while the net profit excluding non-recurring items reached 6.780 billion yuan, reflecting a 13.97% increase year-on-year. The net cash flow from operating activities was 8.898 billion yuan, a 2.36% increase year-on-year [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company recorded an operating revenue of 8.708 billion yuan, a slight year-on-year decrease of 0.30%, but a quarter-on-quarter increase of 18.04%. The net profit attributable to shareholders for the same quarter was 1.801 billion yuan, showing a year-on-year growth of 2.33% and a quarter-on-quarter increase of 46.16% [3][4]. Project Development - The company is advancing its new projects, with the Ningdong Phase III 250,000 tons/year EVA project officially commencing production as of March 2025. The Inner Mongolia 2.6 million tons/year coal-to-olefins project is progressing rapidly, with the first series of 1 million tons/year olefins production line starting trial production in November 2024, and subsequent lines scheduled for early 2025 [8]. Future Outlook - The company is expected to see significant growth in net profit, with projections of 12.34 billion yuan, 14.80 billion yuan, and 15.71 billion yuan for the years 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 10.1X, 8.4X, and 7.9X based on the closing price as of March 12, 2025 [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 32.983 billion yuan for 2024, representing a year-on-year growth of 13.21%. The net profit attributable to shareholders was 6.338 billion yuan, up 12.16% year-on-year, while the net profit excluding non-recurring items reached 6.780 billion yuan, increasing by 13.97% year-on-year. The net cash flow from operating activities was 8.898 billion yuan, a growth of 2.36% year-on-year [2][6]. - In Q4 2024, the company achieved a revenue of 8.708 billion yuan, a slight decline of 0.30% year-on-year but a significant increase of 18.04% quarter-on-quarter. The net profit attributable to shareholders for this quarter was 1.801 billion yuan, up 2.33% year-on-year and 46.16% quarter-on-quarter [2][6]. - The company is advancing new projects, including the official production of a 250,000 tons/year EVA project in Ningdong and the rapid construction of a 2.6 million tons/year coal-to-olefins project in Inner Mongolia, which is expected to significantly enhance the company's production capacity [11]. Financial Performance Summary - For 2024, the total revenue was 32.983 billion yuan, with a gross profit of 10.933 billion yuan, resulting in a gross margin of 33%. The operating profit was 7.828 billion yuan, accounting for 24% of the revenue [14]. - The projected net profits for 2025, 2026, and 2027 are 12.342 billion yuan, 14.802 billion yuan, and 15.707 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.1X, 8.4X, and 7.9X based on the closing price on March 12, 2025 [11][14].

公司研究 2025.03.15 宝丰能源（ 600989） 公司点评报告 24Q4 归母净利环比增 46%，内蒙项目逐步达效 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 张汪强 | 登记编号：S1220524120002 | | --- | --- | | 韩翀宇 | 登记编号：S1220524110003 | 强烈推荐 ( 首 次 ) | 公 司 信 | 息 | | | --- | --- | --- | | 行业 | | 煤化工 | | 最新收盘价(人民币/元) | | 17.5 | | 总市值(亿)(元) | | 1,283.34 | | 52 周最高/最低价(元) | | 17.84/14.20 | 历史表现 -12% -6% 0% 6% 12% 18% 24/3/15 24/6/14 24/9/13 24/12/13 宝丰能源 沪深300 数据来源：wind 方正证券研究所 相关研究 事件：宝丰能源发布 2024 年报，报告期内公司实现营业总收入 329.83 亿 元，同比+13.21%；实现归母净利润 63.38 亿元，同比+12.16%。其中，四 季度公司实现营业总收入 87 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The company's performance is driven by significant growth in the production and sales of polyolefins, with a 61.90% increase in capacity year-over-year [2]. - The company has demonstrated strong financial health with a net cash flow from operating activities of 8.898 billion yuan, reflecting a year-over-year increase [3]. - High dividend payouts highlight the company's investment value, with a total cash dividend of 3.007 billion yuan and a dividend yield of 5.04% [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.983 billion yuan, a year-over-year increase of 13.21%, and a net profit attributable to shareholders of 6.338 billion yuan, up 12.16% [1]. - The fourth quarter of 2024 saw a revenue of 8.708 billion yuan, a slight decline of 0.3% year-over-year but a 18.04% increase quarter-over-quarter [1]. Production and Sales - The company reported significant increases in polyolefin production, with polyethylene and polypropylene output reaching 1.133 million tons and 1.173 million tons, respectively, marking increases of 34.95% and 56.71% year-over-year [2]. - Sales figures for polyethylene and polypropylene also saw substantial growth, with sales volumes of 1.135 million tons and 1.165 million tons, reflecting increases of 36.36% and 54.74% year-over-year [2]. Dividend Policy - The company distributed a total cash dividend of 3.007 billion yuan in 2024, with a per-share dividend of 0.4598 yuan for minority shareholders and 0.3891 yuan for major shareholders, resulting in a dividend payout ratio of 47.44% [4]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 10.185 billion yuan, 12.114 billion yuan, and 13.715 billion yuan for 2025, 2026, and 2027, respectively [10]. - The current stock price corresponds to a price-to-earnings ratio of 12.6, 10.6, and 9.4 for the years 2025, 2026, and 2027, indicating attractive valuation levels [10].

2025 年 03 月 14 日 烯烃产销高增推动业绩，高分红彰显投资性价比 —宝丰能源（600989.SH）公司事件点评报告 买入(维持) 事件 宝丰能源发布 2024 年度业绩报告：2024 全年实现营业总收 入 329.83 亿元，同比增长 13.21%；实现归母净利润 63.38 亿元，同比增长 12.16%。其中 2024Q4 单季度实现营业收入 87.08 亿元，同比下滑 0.3%、环比上升 18.04%，实现归母 净利润 18.01 亿元，同比上升 2.33%、环比上升 46.16%。 投资要点 ▌聚烯烃产销高增贡献主要业绩增量 聚烯烃方面，公司宁东三期烯烃项目已全部投产，内蒙烯烃 项目一线、二线已全部投产。2024 年末相较于 2023 年末， 公司聚烯烃产能增长 61.90%，助力实现聚烯烃产销双增。 2024 年公司分别实现聚乙烯、聚丙烯产量 113.3 万吨、 117.3 万吨，同比分别大增 34.95%、56.71%；分别实现聚乙 烯、聚丙烯销量 113.5 万吨、116.5 万吨，同比分别增长 36.36%、54.74%。聚烯烃价格相较 2023 年无明显变化。聚乙 烯、聚丙烯产品在 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][7]. Core Views - The company achieved a revenue of 32.98 billion yuan in 2024, reflecting a year-on-year growth of 13.2%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.2% year-on-year [3][4]. - The report highlights significant growth in the company's polyethylene and polypropylene sales, with increases of 36.4% and 54.7% respectively in 2024 [4]. - The company is expected to benefit from a decrease in coal prices, enhancing its competitive edge in the coal-to-olefins sector [4]. - The report projects a substantial increase in net profit for 2025 and 2026, estimating 12.48 billion yuan and 14.05 billion yuan respectively, with a corresponding P/E ratio of 10.3 and 9.1 [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32,983 million yuan, with a year-on-year growth rate of 13% [2]. - The net profit attributable to shareholders for 2024 was 6,338 million yuan, showing a 12% increase year-on-year [2]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, with significant growth expected in subsequent years [2][5]. Sales and Production - The company’s sales volume for polyethylene and polypropylene reached 1,135,200 tons and 1,164,900 tons in 2024, marking increases of 36.4% and 54.7% respectively [4]. - The report notes that the company’s production capacity is set to increase significantly, with new production lines coming online in 2024 and 2025 [4]. Market Conditions - The report indicates that the decline in coal prices has positively impacted the company's cost structure, allowing for improved margins despite fluctuations in product prices [4]. - The competitive advantage of the coal-to-olefins process is expected to be further enhanced due to the favorable pricing of raw materials [4]. Future Outlook - The company is projected to achieve a net profit of 12,475 million yuan in 2025 and 14,046 million yuan in 2026, with a continued focus on shareholder returns through high dividend payouts [4][5]. - The report anticipates that the company will maintain a strong growth trajectory, supported by ongoing projects and market conditions [4].