证券代码：600989 证券简称：宝丰能源 公告编号：2025-020 宁夏宝丰能源集团股份有限公司关于 参加宁夏辖区上市公司投资者集体接待日暨 2024 年度 业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 宁夏宝丰能源集团股份有限公司董事会 2025年5月20日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net/),或关注微信公众号：全景财经，或下载全景路演APP, 参与本次互动交流，活动时间为2025年5月28日(星期二)14:00-17:00。届时公 司高管将在线就公司2024年度业绩、公司治理、发展战略、经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与! 特此公告。 为进一步加强与投资者的互动交流，宁夏宝丰能源集团股份有限公司( 以下简称"公司")将参加由宁夏上市公司协会与深圳市全景网络有限公司联 合举办的"宁夏辖区上市公司投资者集体接待日暨2024年度业绩说明会",现 将相关事项公告如下： ...

Core Viewpoint - The coal prices have significantly increased since the beginning of the year, and the National Development and Reform Commission (NDRC) has intervened to stabilize supply and prices, indicating that coal prices will operate at the upper limit of a reasonable range. The focus for coal stock investments should shift towards high dividends and transformation opportunities throughout the year [1]. Investment Highlights - Since the beginning of the year, coal prices have continued to rise, supported by fundamentals. The spot price of Qinhuangdao (Q5500) coal increased from 790 RMB/ton at the beginning of January to 1070 RMB/ton by the end of January. The rise is attributed to the rapid decline in port coal prices and the inversion of pit coal prices, leading to decreased enthusiasm among traders to pull coal to ports and low port inventories. The sentiment was further catalyzed by Indonesia's announcement to restrict coal exports. Demand has exceeded expectations due to strong electricity consumption and power plant restocking, with economic growth policies expected to further strengthen demand, providing effective support for coal prices [2]. - The NDRC has taken measures to consolidate supply and price stability, indicating that coal prices will operate at the upper limit of a reasonable range. A meeting held on February 9 emphasized that coal companies should resume normal production and supply, strictly implement supply and price stabilization policies, and regulate pricing behavior. It is believed that the rise in coal prices may pause, but there is no risk of a rapid short-term decline due to factors such as increased demand for coal and electricity from a cold spring and economic growth, as well as the increase in Indonesia's benchmark coal price to 188.4 USD/ton, which translates to a domestic cost of over 1237 RMB/ton, exceeding domestic coal prices, limiting the increase in imported coal supply [2]. Investment Strategy - In 2022, investments in coal stocks should not overly focus on coal prices but rather seek alpha opportunities, as high dividends and transformation present greater potential for increases. Following the volatility in the coal market in 2021, the government has sufficient means to maintain price stability. The significant rise in prices leading to high earnings elasticity is unlikely to occur in 2022. However, the government shows tolerance for relatively high coal prices, which are expected to fluctuate at high levels. The long-term contract prices have significantly increased year-on-year, leading to an elevation in corporate profit levels. Value discovery will be the main theme for coal stock investments in 2022. The long-term contract price for Qinhuangdao Q5500 coal in February 2022 was 725 RMB/ton, and under the new mechanism, high long-term contract prices are expected to be maintained, leading to sustainable optimization in capital expenditure, cash flow, finance, profit, and dividends. New dividend plans are anticipated following the disclosure of annual reports by coal companies in March 2022. Additionally, the government encourages the construction of photovoltaic projects to address mining subsidence, suggesting that some coal companies may leverage local resources to acquire green energy projects, accelerating transformation [3]. Investment Recommendations - The coal sector is currently at a projected bottom, with valuations significantly low. With the increase in benchmark long-term contract prices for thermal coal and expected high prices for coking coal, high-quality resource companies possess long-term value, while transformation companies have growth potential. The sector is set to see valuation increases. The main investment themes for the year include high dividends, green energy transformation, and growth-oriented coal chemical projects. Recommended companies include China Shenhua, Jingyuan Coal Electricity, Energy Investment, Yanzhou Coal, China Xuyang Group, and Baofeng Energy. Additionally, high-quality resource companies recommended are Shaanxi Coal and Chemical Industry, Huaibei Mining, China Coal Energy, Shanxi Coking Coal, Lu'an Environmental Energy, Lanhua Sci-Tech, Panjiang Coal and Electricity, and Pingdingshan Coal [4].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.60 yuan [2][9]. Core Views - The company's Q1 2025 performance slightly exceeded expectations, with revenue of 10.771 billion yuan, a year-on-year increase of 30.92% and a quarter-on-quarter increase of 23.69%. The net profit attributable to shareholders reached 2.437 billion yuan, reflecting a year-on-year growth of 71.50% and a quarter-on-quarter growth of 35.31% [2][9]. - The report highlights the stabilization of coal prices and the downward trend in oil prices, indicating a potential clearing of risks. The company is expected to benefit from its upstream coal chemical projects, particularly in Xinjiang, which may significantly enhance profitability once operational [2][9]. Financial Summary - The company is projected to achieve total revenue of 32.983 billion yuan in 2024, with a growth rate of 13.2%. By 2025, revenue is expected to rise to 46.268 billion yuan, reflecting a growth rate of 40.3% [4][10]. - The net profit attributable to shareholders is forecasted to be 6.338 billion yuan in 2024, with a growth rate of 12.2%, and is expected to reach 13.177 billion yuan in 2025, showing a significant growth rate of 107.9% [4][10]. - Earnings per share (EPS) are projected to increase from 0.86 yuan in 2024 to 1.80 yuan in 2025, with a price-to-earnings (P/E) ratio of 19 in 2024 and 9 in 2025 [4][10]. Operational Insights - In Q1 2025, the company reported sales volumes of polyethylene, polypropylene, and EVA at 51460, 49150, and 4710 tons respectively, with significant quarter-on-quarter increases [2][9]. - The report notes that the average procurement price of raw coal was approximately 494 yuan per ton in Q1, down by 91 yuan from the previous quarter, indicating a favorable cost environment for production [2][9]. Future Outlook - The report anticipates that the company's Xinjiang coal chemical projects will accelerate in construction due to increasing energy security concerns, with potential net profit contributions of approximately 12 billion yuan once operational [2][9]. - The company is expected to enter an upward profit cycle as oil price risks clear, with a projected net profit of 13.177 billion yuan in 2025, corresponding to a P/E ratio of 9 [2][9].

证券研究报告 基础化工周报：尿素价格回升 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年05月18日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为17620/16300/11718元/吨，环比分别+345/+1150/+693元/ 吨，纯MDI/聚合MDI/TDI行业毛利分别为4280/3880/458元/吨，环比分别+98/+855/+607元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1374/4514/531/4145元/吨，环比分别+17/-91/- 9/+130元/吨。②本周聚乙烯均价为7897元/吨，环比+28元/吨，乙烷裂解/CTO/石脑油裂解制聚乙烯理论利润分别 为1157/1897/114元/吨，环比分别+15/+42/-90元/吨。③本周聚丙烯均价为7200元/吨，环比+0元/吨， PD ...

本报记者 李立平 做好投资者保护工作既关乎我国资本市场健康发展，也关乎我国亿万股民的切身利益，近两年，宁夏证监局除持续引导具 备条件的上市公司开展回购和增持、推动上市公司进行分红，增强投资者获得感外，还组织通过网站、微信公众号、投教产 品、投教沙龙、举办"5•15全国投资者保护宣传日"等大型宣传活动等多种方式开展投资者保护工作。 据统计，在分红方面，2024年，宁夏证监局推动符合条件的8家次公司实现"应分尽分"，比2023年增长33%，占年初辖区上 市公司总数的47%。分红金额达26.51亿元，较2023年增长1亿元。其中3家上市公司中期分红0.82亿元，超8成公司拟定中长期 现金分红规划，实现分红家数、金额、频次"三提升"。 2025年以来，宁夏9家上市公司拟根据2024年经营业绩派发现金红利合计36.07亿元，家数、金额同比增长12.5%、 36.06%，创历史新高。 在上市公司开展回购和大股东增持方面，2024年以来，宁夏证监局支持11家次上市公司开展回购增持，已完成金额达3.92 亿元。其中，嘉泽新能源股份有限公司大股东进行了3次增持，而根据宁夏宝丰能源集团股份有限公司发布的最新公告，该公 司计划回购 ...

Core Viewpoint - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan to align its stock price with intrinsic value and enhance market confidence [1][2]. Group 1: Share Repurchase Plan - The board of Baofeng Energy approved a share repurchase plan on May 14, allowing for a buyback of 10 billion to 20 billion yuan through centralized bidding [2]. - The repurchase price will not exceed 150% of the average stock price over the previous 30 trading days, capped at 22.80 yuan per share, with an estimated repurchase volume of approximately 43.86 million to 87.72 million shares, representing 0.60% to 1.2% of total shares [2]. - The repurchased shares will be used for employee stock ownership plans or equity incentives [2]. Group 2: Financial Performance - Baofeng Energy's total assets as of December 31, 2024, were 896 billion yuan, with net assets of 430 billion yuan and current assets of 48 billion yuan [2]. - If the maximum repurchase amount of 20 billion yuan is utilized, it would account for 2.2% of total assets, 4.7% of net assets, and 41.7% of current assets [2]. - The company reported a revenue of 107.71 billion yuan in Q1 2025, a 30.92% increase year-on-year, and a net profit of 24.37 billion yuan, up 71.49% year-on-year [1][5]. Group 3: Business Operations and Growth - Baofeng Energy specializes in coal-to-olefins, with a significant project in Inner Mongolia that will increase its olefin production capacity to 5.2 million tons per year, making it the largest in China's coal-to-olefins industry [1][5]. - The company experienced a decline in net profit in 2022 and 2023, with figures of 63.03 billion yuan and 56.51 billion yuan, respectively, but is expected to return to growth in 2024 [4][5]. - New projects, including a 25,000 tons/year EVA project and a 260,000 tons/year coal-to-olefins project, are set to drive revenue growth, with projected revenues of 329.83 billion yuan in 2024, a 13.21% increase [4][5].

Group 1 - The core viewpoint of the news is the performance of the CSI New Materials Theme Index, which has shown a decline in recent trading sessions despite a slight increase over the past month [1] - The CSI New Materials Theme Index has decreased by 1.58% to 2886.44 points, with a trading volume of 21.047 billion yuan [1] - Over the past month, the index has increased by 3.35%, but it has decreased by 2.25% over the last three months and by 1.24% year-to-date [1] Group 2 - The CSI New Materials Theme Index includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other new materials [1] - The index's top ten holdings are: CATL (10.61%), North Huachuang (9.86%), Wanhua Chemical (7.81%), Longi Green Energy (6.6%), Huayou Cobalt (3.41%), Sanan Optoelectronics (3.14%), Tongwei Co. (3.35%), and others [1] - The market share of the index's holdings is 54.72% from the Shenzhen Stock Exchange, 44.74% from the Shanghai Stock Exchange, and 0.54% from the Beijing Stock Exchange [1] Group 3 - The industry composition of the index's sample shows that industrials account for 43.54%, materials for 33.04%, and information technology for 23.42% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking new materials include various ETFs and mutual funds, such as Tianhong CSI New Materials C, Huaxia CSI New Materials Theme ETF, and others [2]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company has announced a share repurchase plan with a total amount between RMB 1 billion and RMB 2 billion, aimed at supporting employee stock ownership plans or equity incentives [6] - The Inner Mongolia base has completed its production ramp-up, currently producing over 9,000 tons of olefins daily, which translates to an annualized output of 3.29 million tons, exceeding the designed capacity of 3 million tons per year [7] - The company is expected to see a significant increase in quarterly profits as it enters a phase of full production, with a positive outlook on cost improvements due to falling coal prices [7] - The company is expanding its growth potential with a new coal-to-olefins project in Xinjiang, which is expected to have a capacity of 4 million tons per year [7] - The share repurchase reflects management's confidence in the company's future growth and aims to align the stock price with its intrinsic value [7] Financial Summary - The company’s projected net profits for 2025-2027 are RMB 14.305 billion, RMB 16.972 billion, and RMB 18.754 billion, representing year-on-year growth of 125.7%, 18.6%, and 10.5% respectively [7] - The expected earnings per share (EPS) for the same period are projected to be RMB 1.95, RMB 2.31, and RMB 2.56 [7] - Revenue is forecasted to grow significantly from RMB 32.983 billion in 2024 to RMB 61.470 billion in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [9] - The gross margin is expected to improve from 33.1% in 2024 to 42.1% in 2027, indicating enhanced profitability [9]

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]