Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights the growth potential brought by the new projects in Inner Mongolia, with a significant increase in revenue and net profit [5][6] - The company achieved a revenue of 16.897 billion yuan in H1 2024, representing a year-on-year growth of 29.09%, and a net profit of 3.516 billion yuan, up 44.37% year-on-year [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 16.897 billion yuan, a 29.09% increase year-on-year, and a net profit of 3.516 billion yuan, reflecting a 44.37% growth year-on-year [5][6] - The sales revenue for various products showed significant changes: polyethylene and polypropylene sales increased by 69.25% and 75.48% respectively, while sales of coke and pure benzene decreased by 3.40% and 28.90% [6] - The gross profit margin and net profit margin improved by 5.80 and 2.32 percentage points to 33.60% and 19.56% respectively [6] Project Development - The company is making steady progress on new projects, with the Ningdong Phase III Olefin Project starting trial production in mid-September 2023 and the Inner Mongolia Olefin Project on track for completion [6] - The Inner Mongolia project has completed 70% of its investment, with the first boiler successfully ignited on July 1, 2024, marking a significant milestone [6] Cost Management - The company has optimized its energy consumption, achieving the lowest energy consumption levels in the coal-to-olefin industry, with a reduction of 2.73% in methanol consumption and 4.22% in polyolefin products [6] - The proportion of coal sourced from Xinjiang has increased by nearly 7 percentage points, contributing to lower coal costs [6] Earnings Forecast - The company is expected to have EPS of 1.17, 1.46, and 1.76 yuan for 2024-2026, with a reasonable valuation range of 18.72-21.06 yuan based on a PE ratio of 16-18 times [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in Q2 2024, with revenue of 8.67 billion yuan, up 36.39% year-on-year and 5.39% quarter-on-quarter. The net profit attributable to shareholders reached 1.884 billion yuan, a year-on-year increase of 75.80% and a quarter-on-quarter increase of 32.57% [3][5][8] - The company's return on equity (ROE) improved to 4.71%, an increase of 1.66 percentage points year-on-year and 1.09 percentage points quarter-on-quarter. The gross profit margin was 38.23%, up 10.39 percentage points year-on-year and 9.51 percentage points quarter-on-quarter [3][5][8] Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 16.897 billion yuan, a year-on-year increase of 29.09%, and a net profit of 3.305 billion yuan, up 46.44% year-on-year. The weighted average return on equity was 8.19%, an increase of 1.71 percentage points year-on-year [5][11] - The sales gross margin for the first half of 2024 was 33.60%, up 5.80 percentage points year-on-year, while the net profit margin was 19.56%, an increase of 2.32 percentage points year-on-year [5][11] Product Performance - The olefin segment saw significant profit growth, with the company benefiting from the commissioning of new projects and increased sales volumes. The polyethylene sales volume in Q2 2024 was 279,700 tons, up 78.61% year-on-year, while polypropylene sales volume reached 304,600 tons, up 114.51% year-on-year [8][9] - The average price of polyethylene in Q2 2024 was 8,529 yuan/ton, a year-on-year increase of 3.49%, while the average price of polypropylene was 7,866 yuan/ton, up 5.65% year-on-year [8][9] Project Development - The company is advancing multiple projects, including the Ningdong Phase III olefin project, which aims to enhance production capacity and efficiency. The project has been in trial production since September 2023 and is expected to contribute significantly to future revenue [9][10] - The company is also planning a coal-to-olefin project in Xinjiang, which is expected to leverage the region's abundant coal resources and enhance the company's growth potential [10][11] Earnings Forecast - The company is projected to achieve revenues of 36.2 billion yuan, 55.7 billion yuan, and 60.1 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 8 billion yuan, 14.2 billion yuan, and 17.5 billion yuan for the same years [11][45]

Summary of Conference Call Record Industry Overview - The conference call discusses the chemical industry, particularly focusing on the challenges posed by international geopolitical tensions and fluctuating energy prices in the first half of 2024 [1]. Key Points and Arguments - The global economic growth is gaining momentum, but domestic effective demand remains insufficient, impacting the performance of bulk chemical products [1]. - Despite the complex and changing economic landscape, the company maintains strategic determination and effectively coordinates production operations and key project construction [1]. Other Important Content - The volatility in energy prices is highlighted as a significant factor affecting the industry, indicating a need for companies to adapt to these fluctuations [1].

Investment Rating - The investment rating for the company is "Buy" with a target price of Rmb 24.00, down from Rmb 24.50 [5][6]. Core Insights - The company reported a 33% quarter-on-quarter increase in net profit for Q2, driven by improved coal-to-olefins price spreads and increased production of EVA [2][3]. - The Inner Mongolia olefins project is on track for production in Q4, with the first unit expected to start in October [4]. Financial Performance - The company achieved a revenue of Rmb 16.9 billion in the first half of the year, a 29% year-on-year increase, and a net profit of Rmb 3.3 billion, a 46% year-on-year increase [2]. - In Q2 alone, revenue reached Rmb 8.67 billion, reflecting a 36% year-on-year increase and a 5% quarter-on-quarter increase, while net profit was Rmb 1.88 billion, up 76% year-on-year and 33% quarter-on-quarter [2][3]. Product Performance - For Q2, polyethylene production and sales volumes decreased by 2% and 5% respectively, while polypropylene production and sales volumes increased by 10% and 14% respectively [3]. - The price spread for coal-based polyethylene and polypropylene improved by 13% and 15% respectively due to a decrease in coal prices [3]. Project Updates - The Inner Mongolia 3 million tons olefins project is progressing as planned, with 32% of the construction completed as of the half-year report [4]. - The first olefins unit is scheduled to be operational in October, with subsequent units expected to start in November and December [4]. Valuation - The target price has been adjusted to Rmb 24.00 per share based on a DCF valuation method, maintaining a WACC of 8.6% [5]. - The valuation corresponds to a PE ratio of 22x for 2024 and 12x for 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.76 CNY, reflecting a 30% premium over the average PE of comparable companies [2][4]. Core Insights - The company reported a significant year-on-year revenue growth of 29.09%, reaching 16.897 billion CNY, and a net profit increase of 46.44%, amounting to 3.305 billion CNY for the first half of 2024. The second quarter alone saw a revenue of 8.670 billion CNY, up 36.39%, and a net profit of 1.884 billion CNY, up 75.75%. This growth is attributed to the release of polyethylene capacity and a decrease in raw material prices [1][2]. - The Inner Mongolia project is set to commence production in October, with a capacity of 3 million tons. This project utilizes advanced DMTO technology, which is expected to enhance profitability due to its proximity to major sales regions [1]. - The Xinjiang project is anticipated to create new growth opportunities, with plans for significant production capacities in methanol and downstream products. The cost advantages in the region could lead to even greater growth than the Inner Mongolia project [1]. Financial Summary - The company’s financial forecasts for 2024-2026 indicate an EPS of 1.11, 1.72, and 1.84 CNY respectively. The projected revenue for 2024 is 37.238 billion CNY, with a year-on-year growth of 27.8% [2][8]. - The gross margin is expected to improve to 33.7% in 2024, with a net margin of 21.9% [8]. - The company’s total assets are projected to reach 99.207 billion CNY by 2024, with a debt-to-equity ratio of 52.6% [8].

公司报告 | 半年报点评 业绩大幅增长，新疆基地有望再造成长曲线 2024 年上半年公司实现归母净利润 33.05 亿，同比+46.44% 2024 年上半年公司实现营业收入 168.97 亿元，同比+29.09%；实现归母净 利润 33.05 亿，同比+46.44%；扣非归母净利润 35.16 亿元，同比+44.37%。 其中 Q2 实现归母净利润 18.84 亿元，同比+75.8%，环比+32.6%。 量价齐升，烯烃盈利有望持续高位 销量方面：2024 年上半年，公司聚烯烃销量大幅提升，其中聚乙烯销量 57.50 万吨，同比增长 68.4%，聚丙烯销量 57.22 万吨，同比增长 79.2%。 新增 EVA 销量 7.16 万吨；焦炭销量 354.3 万吨，同比增长 3.7%。 煤价下跌，烯烃价差走阔：2024 年上半年，内蒙古东胜坑口煤价 663 元/ 吨，同比-16%；PE 受二季度乙烯检修偏多的影响，叠加国内烯烃需求复苏， 均价+3%，PP 均价-2%；烯烃价差走阔，根据我们的测算，上半年烯烃模拟 价差 2770 元/吨，同比+33%。三季度受美国乙烯大范围检修的影响，库存 或处于低位，对国内烯烃形 ...

基础化工/化学原料 公 司 研 究 宝丰能源（600989.SH） 2024 年 08 月 13 日 烯烃产能释放叠加煤价回落，公司业绩稳步提升 ——2024 年中报点评报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/13 | | 当前股价(元) | 15.35 | | 一年最高最低(元) | 17.94/12.84 | | 总市值(亿元) | 1,125.67 | | 流通市值(亿元) | 1,125.67 | | 总股本(亿股) | 73.33 | | 流通股本(亿股) | 73.33 | | 近 3 个月换手率(%) | 16.54 | 股价走势图 宝丰能源 沪深300 -24% -12% 0% 12% 24% 36% 2023-08 2023-12 2024-04 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 相关研究报告 《宁东三期烯烃贡献增量，煤价回调 成本优势提升—2024 一季报点评报 告》-2024.4.26 《成本优势致盈利保持韧性，内蒙烯 烃项目贡献 ...

C o m p a n y U p d a t e 2024 年 08 月 13 日 费倩然 H70507@capital.com.tw 目标价(元) 20 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 化工 | | A 股价(2024/8/12) | 15.35 | | 上证指数(2024/8/12) | 2858.20 | | 股价 12 个月高/低 | 17.63/12.62 | | 总发行股数(百万) | 7333.36 | | A 股数(百万) | 7333.36 | | A 市值(亿元) | 1125.67 | | 主要股东 | 宁夏宝丰集团 | | | 有限公司 | | | (35.65%) | | 每股净值(元) | 5.46 | | 股价/账面净值 | 2.81 | | | 三个月 一年 | | 股价涨跌(%) | | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024.05.30 ...

C o m p a n y U p d a t e 2024 年 08 月 13 日 费倩然 H70507@capital.com.tw 目标价(元) 20 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 化工 | | A 股价(2024/8/12) | 15.35 | | 上证指数(2024/8/12) | 2858.20 | | 股价 12 个月高/低 | 17.63/12.62 | | 总发行股数(百万) | 7333.36 | | A 股数(百万) | 7333.36 | | A 市值(亿元) | 1125.67 | | 主要股东 | 宁夏宝丰集团 | | | 有限公司 | | | (35.65%) | | 每股净值(元) | 5.46 | | 股价/账面净值 | 2.81 | | | 三个月 一年 | | 股价涨跌(%) | | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024.05.30 ...

基础化工 2024 年 08 月 13 日 宝丰能源 (600989) —— Q2 业绩符合预期，新疆布局 400 万吨煤制烯烃再 次打开成长空间 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司公告：公司发布 2024 年中报，2024 年上半年公司实现营业收入 168.97 亿元（YoY+29.09%）， 归母净利润 33.05 亿元（YoY+46.44%），扣非归母净利润 35.16 亿元（YoY+44.37%）；其中 2024Q2 实现营业收入 86.70 亿元（YoY+36.39%，QoQ+5.39%），归母净利润 18.84 亿元（YoY+75.80%， QoQ+32.57%），扣非归母净利润 20.34 亿元（YoY+76.03%，QoQ+37.27%），业绩符合预期。 ⚫ 聚烯烃价格修复+成本煤炭下行导致聚烯烃价差快速扩大，Q2 业绩同环比高增。2024 年上半年，公 司核心产品聚乙烯、聚丙烯、焦炭销量分别为 57.50、57.22、354.40 万吨，分别同比+23.36、+25.29、 +12.80 万吨，聚乙烯、聚丙烯、焦炭均价分别为 7108、6668、1458 元/吨， ...