2024年03月25日 公 司点评 公 买入 / 维持 司 宝丰能源(600989) 研 究 以量补价支撑公司当前业绩，新建产能打造未来成长空间 事件：公司发布 2023 年年报，2023 年公司实现营业收入 291.36 亿 ◼ 走势比较 元，同比增长2.48%；实现归母净利润56.51亿元，同比下降10.34%。公 10% 司公布利润分配方案，拟每10股派息3.158元（含税）。维持“买入”评级。 太 2% 四季度同比、环比均出现较明显改善。2023 年，公司实现营业收入 ))42/3/32 4/6/32 51/8/32 62/01/32 6/1/42 81/3/42 平 (1( 46 %% 2 19 01 .. 33 46 %。亿 其元 中， ，公同 司比 第增 四长 季2 度.4 实8% 现； 营实 业现 收归 入母净 87利 .3润 5亿56 元.5 ，1 同亿 比元 增， 长同 25比 .下 77降 洋 %， 证 (22%) 环比增长19.48%，实现归母净利润17.6亿元，同比增长89.25%，环比增 券 长7.7%。以量补价成为公司2023年经营的主基调，公司的主要产品聚乙 (30%) 股 烯 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-019 宁夏宝丰能源集团股份有限公司 对外担保的进展公告 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: ●本次担保是否有反担保：无 一、担保额度审议情况概述 宁夏宝丰能源集团股份有限公司（以下简称"公司"）于 2023 年 12 月 29 日召开第四届董事会第七次会议，2024 年 1 月 15 日召开 2024 年第一次临时股 东大会，审议通过了《关于 2024 年对外担保额度预计的议案》，同意为内蒙子 公司向银行等金融机构申请综合授信额度或向其他融资机构融资事项等提供担 保，担保总额不超过人民币 170 亿元，公司担保金额以被担保公司实际发生担 保金额为准。上述担保金额为最高限额担保，具体担保金额、担保期限等以实 际签订的担保合同为准。上述对外担保额度有效期自 2024 年第一次临时股东大 会审议通过之日起一年或至股东大会审议通过 2025 年相关对外担保额度之日止。 具体内容详见公司于 2023 年 12 月 30 日披露于《中国证券报》《 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's annual performance met expectations, with a significant quarter-on-quarter profit increase in Q4. In 2023, the company achieved revenue of 29.136 billion yuan, a year-on-year increase of 2.48%, and a net profit attributable to shareholders of 5.651 billion yuan, a year-on-year decrease of 10.34%. In Q4 alone, revenue reached 8.735 billion yuan, a year-on-year increase of 25.77% and a quarter-on-quarter increase of 19.48%, with a net profit of 1.760 billion yuan, a year-on-year increase of 89.25% and a quarter-on-quarter increase of 7.70% [1][2] - The company's growth in 2023 was supported by multiple project launches, particularly the Inner Mongolia olefin project, which is expected to enhance growth potential. The company completed the Ningdong Phase III coal-to-olefin and C2-C5 and mixed hydrocarbon utilization projects, adding methanol capacity of 1.5 million tons/year and polyethylene and polypropylene capacity of 900,000 tons/year. Additionally, a 200,000-ton styrene project was launched in September 2023, and a 250,000-ton/year EVA facility is set to begin trial production in February 2024 [1][2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 29.136 billion yuan, with a year-on-year growth of 2.5%. The operating profit was 6.786 billion yuan, down 12.1% year-on-year, and the net profit attributable to shareholders was 5.651 billion yuan, a decrease of 10.3% year-on-year. The earnings per share (EPS) for 2023 was 0.77 yuan [5][8] - The projected EPS for 2024, 2025, and 2026 is 1.11 yuan, 1.77 yuan, and 1.93 yuan respectively, with significant growth expected in 2024 [2][5] Project Developments - The company has initiated several projects that are expected to contribute to future growth, including the Inner Mongolia coal-to-olefin project, which is anticipated to start production in Q4 2024. This project will significantly increase the company's olefin production capacity [1][2] Valuation and Price Target - The target price for the company's stock is set at 17.32 yuan, based on a price-to-earnings (PE) ratio of 15.6 times for 2024, reflecting a premium due to expected higher growth rates compared to peers [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with a revenue of 29.14 billion yuan in 2023, a year-on-year increase of 2.48%, and a net profit attributable to shareholders of 5.651 billion yuan, a year-on-year decrease of 10.3% [2] - The price spread of main products has improved, and with the expectation of further cost reductions, profitability is anticipated to continue improving [2] - The company is expanding its production capacity significantly, with new projects expected to release profit space [2] - A stock incentive plan has been implemented to boost confidence in future performance [2] - Earnings per share (EPS) forecasts for 2024-2026 are 1.16 yuan, 1.66 yuan, and 1.83 yuan, respectively, with corresponding dynamic PE ratios of 14x, 9x, and 9x [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 29.14 billion yuan and a net profit of 5.651 billion yuan [2] - The revenue growth rate for 2024 is projected at 30.77%, with net profit expected to grow by 50.19% [3] Production Capacity Expansion - The company has completed the construction of several key projects, including a coal-to-olefins project and an EVA production facility, which will significantly increase production capacity [2] - The olefins division's capacity is expected to grow by 75% following the commissioning of new projects [2] Stock Incentive Plan - A stock incentive plan was announced to motivate key personnel, aiming for substantial revenue growth over the next few years [2] Earnings Forecast - The company forecasts significant revenue growth from 38.1 billion yuan in 2024 to 62.62 billion yuan in 2026, with net profit increasing from 8.487 billion yuan to 13.449 billion yuan during the same period [3][9]

上 市 公 司 基础化工 2024 年03月 24 日 宝丰能源 (600989) 公 司 研 究 ——Q4 业绩基本符合预期，24 年内蒙一期投产有望带来 / 公 司 报告原因：有业绩公布需要点评 高弹性 点 评 买入 投资要点： （维持）  公司公告：公司发布2023年年报，2023年实现营业收入291.36亿元（YoY+2.48%），归母净利 润56.51亿元（YoY-10.34%），扣非归母净利润59.49亿元（ YoY-11.46%）；其中Q4实现营业 收入 87.35 亿元（YoY+25.77%，QoQ+19.48%），归母净利润 17.60 亿元（YoY+89.25%， 证 市场数据： 2024年03月22日 券 收盘价（元） 15.72 QoQ+7.71%），扣非归母净利润18.03亿元（YoY+85.53%，QoQ+5.44%），业绩基本符合预期。 研 一年内最高/最低（元） 15.95/11.91  宁东 100万吨烯烃项目达产贡献主要增量，2023Q4业绩环比持续提升。据公司公告，2023年全年， 市净率 3.0 究 息率（分红/股价） - 公司核心产品聚乙烯、聚丙烯、焦炭销量分别为 ...

Investment Rating - The report maintains a "Strong Buy" rating for Baofeng Energy (600989) [1][3] Core Views - The company achieved a revenue of 29.136 billion yuan in 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders decreased by 10.34% to 5.651 billion yuan. The adjusted net profit increased by 11.46% to 5.949 billion yuan [1] - In Q4 2023, the company reported a revenue of 8.735 billion yuan, with year-on-year and quarter-on-quarter increases of 25.77% and 19.48%, respectively. The net profit attributable to shareholders reached 1.760 billion yuan, up 89.25% year-on-year and 7.71% quarter-on-quarter [1] - The Ningdong Phase III project has been steadily contributing to performance, with a production capacity utilization rate of 93.7% and a total of 1.585 million tons of olefin sales in 2023, an increase of 22.1% year-on-year [1] - The oil-coal price differential has improved, leading to a continuous rise in the profitability of the olefin segment. The report anticipates a recovery in olefin profitability due to the widening oil-coal price gap [1] - The Inner Mongolia project is progressing steadily, with a total olefin production capacity expected to reach 5.2 million tons upon completion. An employee stock ownership plan is proposed to align the interests of core employees [1] Financial Summary - For 2023, the total revenue is projected at 29.136 billion yuan, with a year-on-year growth rate of 2.5%. The net profit attributable to shareholders is expected to be 5.651 billion yuan, reflecting a decline of 10.3% [1] - The earnings per share (EPS) for 2023 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 20 [1] - Forecasts for 2024-2026 indicate significant growth, with net profits expected to reach 9.779 billion yuan in 2024 and 14.823 billion yuan in 2025, corresponding to P/E ratios of 12 and 8, respectively [1][7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 29.136 billion yuan in 2023, a year-on-year increase of 2.48%, while the net profit attributable to the parent company was 5.651 billion yuan, a year-on-year decrease of 10.34% [5][7] - The revenue growth was primarily driven by the production of the olefins phase III project, which increased sales volume, while the decline in profit was mainly due to a significant drop in coke prices [5] - The company is actively advancing capacity construction and major projects, with several significant projects underway to enhance capacity and create new profit growth points [6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 29.136 billion yuan, with a year-on-year growth of 2.48% [7] - The net profit for 2023 was 5.651 billion yuan, reflecting a decline of 10.34% compared to the previous year [7] - The gross margin and net margin for 2023 were 30.40% and 19.39%, respectively, showing a decrease of 2.47 and 2.78 percentage points year-on-year [5][7] Product Performance - Revenue changes by product for 2023 included polyethylene (+12.22%), polypropylene (+4.28%), coke (-13.40%), pure benzene (-49.72%), modified asphalt (-14.08%), and MTBE (+2.21%) [5] - The average selling prices (excluding tax) for these products also saw declines, with coke prices dropping by 22.86% [5] Future Outlook - The company expects to see significant growth in EPS, forecasting 1.17 yuan for 2024, 1.46 yuan for 2025, and 1.76 yuan for 2026 [6][11] - The estimated reasonable valuation range for the company is between 18.72 and 21.06 yuan, based on a PE ratio of 16-18 times for 2024 [6] Capacity Expansion - The company has completed the olefins phase III project, adding 1.5 million tons/year of methanol capacity and 1 million tons/year of olefins capacity [6] - New projects in Inner Mongolia are expected to be completed in 2024, further enhancing production capabilities [6] Cost Management - The company has implemented 15 energy-saving projects in 2023, achieving a reduction in comprehensive energy consumption by 2.55% [6] - The comprehensive electricity price (including tax) decreased by 0.0215 yuan per kilowatt-hour compared to 2022 [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.68 CNY, based on the current price of 15.72 CNY [6][8]. Core Views - The company reported a revenue of 29.14 billion CNY in 2023, a year-on-year increase of 2%, while the net profit attributable to shareholders decreased by 10% to 5.65 billion CNY [2]. - The fourth quarter of 2023 showed a significant recovery with a revenue of 8.74 billion CNY, up 26% year-on-year and 19% quarter-on-quarter, driven by increased production and higher coke prices [3]. - The company is expected to see growth in 2024 due to multiple projects coming online, including a significant increase in polyethylene and polypropylene production capacity [4]. - The Inner Mongolia project, with an investment of 67.3 billion CNY, aims to establish a coal-to-olefins capacity of 4 million tons, which is projected to generate an average annual revenue of 21.3 billion CNY and increase net profit by 6.2 billion CNY [5]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 39.53 billion CNY, 57.51 billion CNY, and 62.11 billion CNY, respectively, with year-on-year growth rates of 36%, 46%, and 8% [6][7]. - The net profit attributable to shareholders is expected to reach 8.57 billion CNY in 2024, with a growth rate of 51.79% [7]. - The earnings per share (EPS) are projected to be 1.17 CNY, 1.90 CNY, and 2.08 CNY for 2024, 2025, and 2026, respectively [6][7].

2024 年 3月 21日公司披露了年报，2023 年公司实现营收291.36 亿元，同比增长 2.48%；实现归母净利润 56.51 亿元，同比下降 10.34%；其中 Q4 实现营收87.35 亿元，同比增长 25.77%；实现归 母净利润17.60 亿元，同比增长89.25%。 四季度烯烃新产能投产小幅贡献增量，稳定后预计仍将有所提升： 四季度公司宁夏三期项目进入运行状态，聚烯烃产能提升90万吨， 带动四季度聚烯烃的产量获得提升，环比增长约15 万吨，预估进 入2024 年三期项目装置运行逐步稳定，将有望进一步提升产量， 实现满负荷甚至超负荷运行；根据百川宁夏动力煤价格数据，四 季度烯烃的原料价格有所提升，带动烯烃价差有所收窄，带动四 季度公司整体毛利率下行约3.5个点至30.93%。一季度煤炭价格 环比四季度呈现下行趋势，带动烯烃价差有一定程度的回升，2024 人民币(元) 成交金额(百万元) 年宁夏三期和内蒙项目仍将贡献增量，带动烯烃板块盈利提升； 17.00 1,600 焦炭运行有所承压，远期规划逐步着手：四季度公司焦炭销量已 1,400 16.00 1,200 经接近满负荷运行，但由于焦煤价格维 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月22日 宝丰能源(600989.SH) Trading Buy 区间操作 费倩然 H70507@capital.com.tw 目标价(元) 17.90 销量同比大增，新产能释放推动成长 事件： 公司基本资讯 公司发布2023年年报，全年实现营收291.36亿元yoy+2.48%，实现归母净利 产业别 化工 润56.51亿元,yoy-10.34%，业绩符合预期。Q4单季度实现营收87.45亿元， A股价(2024/3/21) 15.60 yoy+25.77%，qoq+19.48%，归母净利润17.60亿元,yoy+89.25%，qoq+7.70%。 上证指数(2024/3/21) 3077.11 股价12个月高/低 15.94/11.91 公司同时公布2023年利润分配方案，中小股东每股派息0.3158元（含税）， 总发行股数(百万) 7333.36 股息率为2.02%。 A股数(百万) 7333.36 结论及点评： A市值(亿元) 1144.00 主要股东 宁夏宝丰集团 2023年公司多个项目投产，推动 ...