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].

证券代码：600989 证券简称：宝丰能源 公告编号：2024-049 宁夏宝丰能源集团股份有限公司 关于终止 2023 年度向特定对象发行股票事项 并撤回申请文件的公告 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。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）2024 年 11 月 1 日召开第 四届董事会第十四次会议、第四届监事会第十一次会议，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》，具体情况如下： 公司于 2023 年 4 月 20 日、2023 年 5 月 8 日分别召开第四届董事会第二次会议、 第四届监事会第二次会议和 2023 年第一次临时股东大会，审议通过了《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 股股票预案》《关于提请股东大会授 权董事会及其授权人士全权办理本次向特定对象发行股票具体事宜的议案》等相关议 案。 2023 年 7 月 17 日，公司收到上海证券交易所（以下简称"上交所"）出具的《关 于受理宁 ...

Investment Rating - The investment rating for Baofeng Energy (600989) is maintained at "Buy" [2][8][34] Core Views - The company's revenue for the first three quarters of 2024 reached 24.275 billion yuan, a year-on-year increase of 18.99%, while net profit attributable to shareholders was 4.537 billion yuan, up 16.60% year-on-year [2] - The third quarter of 2024 saw a revenue of 7.377 billion yuan, a slight year-on-year increase of 0.91% but a significant quarter-on-quarter decrease of 14.91% [3] - The decline in performance in Q3 was primarily due to a decrease in the production and sales of olefins and EVA, as well as a drop in product prices influenced by falling crude oil prices [3][5] Summary by Sections Financial Performance - For Q3 2024, Baofeng Energy reported a net profit of 1.232 billion yuan, down 24.60% year-on-year and 34.59% quarter-on-quarter [3] - The company's gross profit margin for Q3 was 34.12%, a decrease of 0.30 percentage points year-on-year and 4.11 percentage points quarter-on-quarter [3] - The average return on equity (ROE) for Q3 was 3.03%, down 1.52 percentage points year-on-year and 1.68 percentage points quarter-on-quarter [3] Production and Sales - In Q3 2024, the production of polyethylene was 248,600 tons, a year-on-year increase of 35,300 tons but a quarter-on-quarter decrease of 32,800 tons [3] - Polypropylene production reached 256,900 tons, up 77,900 tons year-on-year but down 43,700 tons quarter-on-quarter [3] - The EVA production was 29,300 tons, down 24,600 tons quarter-on-quarter [3] Market Conditions - The average price of polyethylene in Q3 2024 was 8,352 yuan/ton, showing a year-on-year decrease of 0.01% and a quarter-on-quarter decrease of 2.08% [3][12] - The average price of polypropylene was 7,774 yuan/ton, up 2.48% year-on-year but down 1.16% quarter-on-quarter [3][12] - The average price of coke was 1,627 yuan/ton, down 14.29% year-on-year and 7.25% quarter-on-quarter [3][12] Future Outlook - The company is set to benefit from the upcoming commissioning of its Inner Mongolia project, which is expected to enhance its total olefin production capacity to 5.2 million tons per year, solidifying its position as a leader in the coal-to-olefin industry [5][8] - The projected revenues for 2024, 2025, and 2026 are 34 billion, 54.5 billion, and 58.7 billion yuan respectively, with net profits expected to be 6.5 billion, 13.6 billion, and 17.1 billion yuan [8][34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 24.27 billion yuan in Q3 2024, representing a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 4.54 billion yuan, up 16.6% year-on-year [2] - The Q3 2024 results showed a revenue of 7.38 billion yuan, a slight increase of 0.9% year-on-year but a decrease of 14.9% quarter-on-quarter, with a net profit of 1.23 billion yuan, down 24.6% year-on-year and 34.6% quarter-on-quarter [2] - The Ningdong Phase III project contributed to profit growth, while maintenance activities in Q3 2024 affected product sales volumes [3] - The company is advancing new projects, including a 3 million tons per year olefin project in Inner Mongolia expected to gradually commence production by the end of 2024, and a 4 million tons per year olefin project in Xinjiang [4] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 6.5 billion, 12.2 billion, and 13.5 billion yuan respectively, reflecting a positive outlook on the company's growth potential [4] Summary by Sections Financial Performance - Total revenue for 2022 was 28.43 billion yuan, with a year-on-year growth of 22.02%, while 2023 revenue was 29.14 billion yuan, showing a modest growth of 2.48% [1] - The projected revenue for 2024 is 40.23 billion yuan, indicating a significant year-on-year increase of 38.08% [1] - The net profit for 2022 was 6.30 billion yuan, which decreased by 10.86% in 2023 to 5.65 billion yuan, but is expected to rise to 6.49 billion yuan in 2024, reflecting a growth of 14.78% [1] Product Sales and Pricing - Sales volumes for key products in the first three quarters of 2024 were 8.3 million tons for PE, 8.2 million tons for PP, and 5.31 million tons for coke, with year-on-year increases of 54%, 70%, and 2% respectively [3] - The average prices for PE, PP, and coke in the first three quarters of 2024 were 7,082 yuan, 6,710 yuan, and 1,408 yuan per ton, showing a slight decline compared to the previous year [3] Project Development - The Inner Mongolia coal-to-olefin project is progressing as planned, with the first boiler successfully ignited on July 1, 2024, and is expected to gradually commence production by the end of 2024 [4] - The Xinjiang coal-to-olefin project is also advancing, with environmental assessments completed and expectations for lower raw material costs due to advanced technology [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][14]. Core Views - The company's net profit attributable to shareholders decreased in Q3 2024, with revenue of 7.38 billion yuan (up 1% year-on-year, down 15% quarter-on-quarter) and a net profit of 1.23 billion yuan (down 25% year-on-year, down 35% quarter-on-quarter) [1][10]. - The decline in profitability is primarily due to maintenance of main product facilities, leading to a decrease in production and sales volume, along with a drop in prices for some main products [1][10]. - The company is progressing well with new projects, including the Inner Mongolia olefin project, which is expected to start production gradually in Q4 [1][14]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 7.38 billion yuan, with a gross margin of 34.1% and a net margin of 16.7%. The total expense ratio was 9.6% [1][10]. - The average selling prices for polyethylene and polypropylene were 7,023 yuan/ton (down 3% year-on-year, down 4% quarter-on-quarter) and 6,807 yuan/ton (up 2% year-on-year, up 0.2% quarter-on-quarter), respectively [1][10]. Production and Sales - The production and sales volumes for polyethylene in Q3 2024 were 248,600 tons and 250,500 tons, respectively, while for polypropylene, they were 256,900 tons and 252,100 tons, respectively [1][10]. - The company’s coke production and sales were stable, with production at 1.7796 million tons and sales at 1.7707 million tons in Q3 2024 [1][10]. Cost and Pricing - The average procurement prices for key raw materials were 554 yuan/ton for gasification raw coal, 1,086 yuan/ton for coking coal, and 427 yuan/ton for thermal coal, all showing a year-on-year decline [1][10]. - The cost of oil-based and coal-based olefins was reported at 8,276 yuan/ton and 7,336 yuan/ton, respectively, with the cost gap narrowing from 1,508 yuan/ton in Q2 to 940 yuan/ton in Q3 [1][10]. Future Outlook - The company is expected to see profit growth driven by the expansion of polyethylene production capacity, despite current challenges from maintenance and weak product demand affecting prices [1][14]. - The net profit forecasts for 2024-2026 have been adjusted to 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 [1][14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [4][13]. Core Views - The company's performance in Q3 2024 was impacted by maintenance activities, leading to a year-on-year decline in net profit by 24.6% to 1.232 billion [1]. - Despite the Q3 setback, the company shows a robust growth trend with a year-to-date revenue increase of 18.99% to 24.275 billion and a net profit increase of 16.6% to 4.537 billion [1]. - The company is expected to benefit from the upcoming production from its Inner Mongolia project, which will enhance its total capacity to 5.2 million tons per year, positioning it as a leader in the coal-to-olefins industry [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit of 1.232 billion, down 24.6% year-on-year and 35% quarter-on-quarter [1]. - For the first three quarters of 2024, the company achieved a revenue of 24.275 billion, up 18.99% year-on-year, and a net profit of 4.537 billion, up 16.6% year-on-year [1]. Sales and Pricing - Q3 sales volumes for polyethylene, polypropylene, and EVA were 25.05 thousand tons, 25.21 thousand tons, and 2.6 thousand tons, reflecting a quarter-on-quarter decline of 10%, 17%, and 55% respectively, while year-on-year growth was noted for polyethylene and polypropylene at 28% and 53% [2]. - The average price for coal in Inner Mongolia was 654 yuan per ton, with a slight increase of 2 yuan per ton quarter-on-quarter, while the average prices for PE and PP were 8,947 yuan and 7,929 yuan per ton, showing a minor decrease [2]. Project Developments - The Inner Mongolia project is progressing well, with the first boiler successfully ignited on July 1, and the olefin unit's first middle inspection completed on October 14, which will significantly increase production capacity [3]. - The Xinjiang base project is also expected to create a long-term growth curve, with a projected profit advantage of around 1,500 yuan per ton compared to Ningxia due to lower coal prices and transportation costs [3]. Earnings Forecast and Valuation - The company's net profit forecast for 2024 has been adjusted down to 7.2 billion due to Q3 maintenance and price declines in coking coal and coke, while the forecasts for 2025 and 2026 remain at 14 billion and 15 billion respectively [3]. - As of October 30, 2024, the company's market value corresponds to P/E ratios of 16, 8, and 8 for 2024, 2025, and 2026 [3].

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 ...