化学原料 执业证书编号：S0740519070002 事件：3 月 11 日，公司发布 2024 年年报。2024 年公司实现营业收入 329.8 亿元， 同比+13.2%；归母净利润 63.4 亿元，同比+12.2%；扣非归母净利润 67.8 亿元，同 比+14.0%。2024Q4 单季实现营业收入 87.1 亿元，同比-0.3%，环比+18.0%；归母 净利润 18.0 亿元，同比+2.3%，环比+46.2%；扣非归母净利润 18.7 亿元，同比+3.9%， 环比+34.8%。 请务必阅读正文之后的重要声明部分 Email：sunying@zts.com.cn 执业证书编号：S0740521120003 Email：nielei@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 7,333.36 | | 流通股本(百万股) | 7,333.36 | | 市价(元) | 17.49 | | 市值(百万元) | 128,260.47 | | 流通市值(百万元) | 128,260.47 | 1、《成长性+成本优势，煤制烯烃龙 头迈上新台阶》2025-02-05 ...

[Table_StockNameRptType] 宝丰能源（600989） 公司点评 内蒙一期如期投产，煤炭价格下行带来盈利弹性 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-03-13 | | [Table_BaseData] 收盘价（元） | 17.49 | | 近 12 个月最高/最低（元） | 17.84/14.20 | | 总股本（百万股） | 7,333 | | 流通股本（百万股） | 7,333 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1,283 | | 流通市值（亿元） | 1,283 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 3/13 5/13 7/13 9/13 11/13 1/13 宝丰能源 沪深300 [Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 执业证书 ...

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company achieved a revenue of 32.983 billion yuan in 2024, a year-on-year increase of 13.21%, and a net profit attributable to shareholders of 6.338 billion yuan, up 12.16% year-on-year [5] - The fourth quarter saw a recovery in production and sales after maintenance in the third quarter, with a revenue of 8.708 billion yuan, a year-on-year decrease of 0.30%, but a quarter-on-quarter increase of 18.04% [6] - The company is expected to benefit from the commissioning of its Inner Mongolia project, which will significantly enhance its earnings elasticity in 2025 [12] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 6.338 billion yuan, with a basic earnings per share of 0.87 yuan [5] - The fourth quarter's net profit was 1.801 billion yuan, reflecting a year-on-year increase of 2.33% and a quarter-on-quarter increase of 46.16% [6] - The company’s revenue is projected to grow significantly in the coming years, with estimates of 54.865 billion yuan in 2025 and 67.308 billion yuan in 2026 [13] Production and Cost Management - The company has optimized its coal procurement sources, resulting in a decrease in average procurement prices for various types of coal in 2024 [8] - The commissioning of new projects, including a 10 million tons/year ethylene project, is expected to provide stable low-cost raw material support [11] - The Inner Mongolia project will enhance the company's production capacity to 5.2 million tons/year, making it the largest coal-to-olefins facility globally [11] Future Outlook - The company is expected to see significant profit growth in 2025, with projected net profits of 13.305 billion yuan, reflecting a year-on-year increase of 109.9% [13] - The ongoing projects in Ningdong and Xinjiang are anticipated to provide long-term growth opportunities [12] - The company maintains a leading position in cost control within the industry, which is expected to solidify its status as a benchmark enterprise [12]

[Table_Title] 烯烃量利双增，规划新疆煤制烯烃项目 ——宝丰能源（600989）2024 年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/03/12 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 宝丰能源 | 0.0% | 4.5% | 13.4% | | 沪深 300 | 0.2% | -2.5% | 9.2% | | 市场数据 | | | 2025/03/12 | | 当前价格（元） | | | 17.00 | | 52 周价格区间（元） | | | 14.03-19.07 | | 总市值（百万） | | | 124,667.12 | | 流通市值（百万） | | | 124,667.12 | | 总股本（万股） | | | 733,336.00 | | 流通股本（万股） | | | 733,336.00 | | 日均成交额（百万） | | | 753.45 | | 近一月换手（%） | | | 0.38 | 相关报告 2025 年 03 月 13 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李 ...

证券研究报告 | 公司点评 | 化学原料 宝丰能源(600989) 报告日期：2025 年 03 月 12 日 原料下行助力盈利改善，内蒙古投产产能弹性显著 ——宝丰能源点评报告 事件： ❑ 公司发布 2024 年年报，全年实现营收 329.8 亿元（yoy+13%），归母净利润 63.4 亿元 （yoy+12%），其中 Q4 单季度营收 87.1 亿元（yoy-0%，qoq+18%），归母净利润 18.0 亿元（yoy+2%，qoq+46%）。 点评： ❑ 盈利预测与估值 公司是国内煤制烯烃行业龙头， 成本护城河显著，随着公司内蒙古基地等项目投 产，业绩弹性显著。我们预计公司 2025-2027 年 归 母 净 利 润 为 113.96/132.50/154.39 亿 元 ， 同 比 增 速 分 别 为 +79.81%/+16.27%/+16.53%，对应当前股价 PE 分别为 11/9/8 倍， 维持 "买入"评级。 ❑ 风险提示 原材料价格大幅波动风险，产品需求不及预期风险，新项目投产不及预期风险 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E ...

[Table_Main] 证券研究报告 | 公司点评 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -17% -9% 0% 9% 17% 26% 2024-03 2024-07 2024-11 2025-03 宝丰能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 5.51 | 5.32 | 5.64 | | 相对涨幅(%) | 4.47 | -0.28 | 6.99 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 宝丰能源(600989.SH) 2025 年 03 月 12 日 买入（维持） 所属行业：基础化工/化学原料 当前价格(元)：17.43 1.《宝丰能源(600989.SH)：进入产能 高速释放阶段！》，2024.12.26 2.《宝丰能源(600989.SH)：煤制烯烃 民企典范，成本领先成长广阔》， 2024.11.19 宝丰能源(600989.SH):价差修复 产能释放，看好公司长期成长！ 投资要点 请务必阅 ...

2025 年 3 月 13 日 | 費倩然 | | | --- | --- | | H70507@capital.com.tw | | | 目標價(元) | 21.00 | 公司基本資訊 | 產業別 | | 化工 | | --- | --- | --- | | A 股价(2025/3/12) | | 17.00 | | 上证指数(2025/3/12) | | 3371.92 | | 股價 12 個月高/低 | | 19.07/14.03 | | 總發行股數(百萬) | | 7333.36 | | A 股數(百萬) | | 7333.36 | | A 市值(億元) | | 1246.67 | | 主要股東 | | 宁夏宝丰集团 | | | | 有限公司 | | | | (35.65%) | | 每股淨值(元) | | 5.86 | | 股價/賬面淨值 | | 2.90 | | | 一個月 三個月 | 一年 | | 股價漲跌(%) | 1.1 5.3 | 12.5 | | 産品組合 | | | --- | --- | | 烯烃产品 | 58.7% | | 焦化产品 | 30.8% | | 精细化工产品 | 10. ...

证券研究报告 | 公司点评报告 2025 年 03 月 13 日 宝丰能源（600989.SH） 2024Q4 业绩环比大幅增长，内蒙项目逐步投产 周期/化工 事件：公司发布 2024 年报，2024 年实现营业收入 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%，扣非归母净利润 67.80 亿元，同比增长13.97%；其中四季度单季实现收入87.08亿元，同比下降0.30%， 归母净利润 18.01 亿元，同比增长 2.33%，环比增长 46.16%，扣非归母净利润 18.74 亿元，同比增长 3.90%，环比增长 34.79%。 风险提示：下游需求不及预期、原材料供应及价格波动、新增产能不及预期、 产品价格下跌。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 29136 | 32983 | 55334 | 62189 | 66938 | | 同比增长 | 2% | 13% | 68% ...

证券研究报告 宝丰能源 (600989 CH) 内蒙项目兑现，筑牢低成本护城河 资料来源：公司公告、华泰研究预测 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 12 日│中国内地 | 化学原料 | 宝丰能源于 3 月 11 日发布 24 年年报：24 年实现收入 329.8 亿元， yoy+13.2%，归母净利 63.4 亿元（扣非后 67.8 亿元），yoy+12.2%（扣非 后+14.0%）；其中 24Q4 单季度实现收入 87.1 亿元，yoy-0.3%/qoq+18.0%， 归母净利 18.0 亿元，yoy+2.3%/qoq+46.2%。公司拟派现 30.1 亿元（含税）， 其中：中小股东每股派现 0.46 元，大股东每股派现 0.39 元。公司 Q4 净利 同环比提升，超出我们的前瞻预期（16.4 亿元），主要系煤炭价格大幅回落， 煤制烯烃盈利水平显著提升。我们认为未来伴随内蒙项目陆续投产，低成本 产能扩张有望筑牢公司煤制烯烃领域竞争优势，维持"买入"评级。 内蒙基地逐步放量，成本压力缓解带动毛利率提升 据年报，24 年 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][12]. Core Views - The company's revenue for 2024 is projected to reach RMB 33 billion, reflecting a year-on-year increase of 13.21%, while the net profit is expected to be RMB 6.34 billion, up 12.16% year-on-year, aligning with expectations [7]. - The new production capacity in Inner Mongolia is anticipated to double the company's output, significantly boosting revenue and profits [8]. - The company is well-positioned as a leader in the domestic coal-to-olefins sector, with a favorable outlook for long-term growth [8]. Summary by Sections Company Overview - The company operates in the chemical industry, with a current A-share price of RMB 17.00 as of March 12, 2025, and a market capitalization of RMB 124.67 billion [2]. - Major shareholder is Ningxia Baofeng Group, holding 35.65% of shares [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on August 12, 2024 [3]. Financial Performance - The company reported a net profit of RMB 6.34 billion for 2024, with a significant increase in polyethylene and polypropylene sales, up 36% and 55% year-on-year, respectively [8][11]. - The company plans to distribute a cash dividend of RMB 0.4598 per share to minority shareholders, representing a dividend payout ratio of 47.44% of net profit [7][13]. Production Capacity and Expansion - The Inner Mongolia project is set to release 3 million tons of capacity by 2025, with plans for further expansion in Xinjiang [8]. - The company’s polyethylene production capacity is expected to grow by 61.90% year-on-year in 2024 [8]. Price and Cost Dynamics - The company benefits from stable prices for its main products, with a decrease in raw material coal prices contributing to an increase in gross margin by 2.75 percentage points to 33.15% [8][10]. - The average price of polyethylene in 2024 is projected to be RMB 7,088.56 per ton, reflecting a slight year-on-year increase [8]. Earnings Forecast - The company is expected to achieve net profits of RMB 10.86 billion in 2025, with a year-on-year growth of 71.39% [11][13]. - The projected earnings per share (EPS) for 2025 is RMB 1.48, with a price-to-earnings (P/E) ratio of 11.48 [11][13].