Dividend Distribution - The company plans to distribute a cash dividend of CNY 2,047,551,370, which translates to CNY 0.3158 per share for minority shareholders and CNY 0.2650 per share for major shareholders[4]. - The total number of shares used for the dividend calculation is 7,313,816,494 shares, excluding repurchased shares[4]. - The company's cash dividend distribution is subject to the condition that the net profit for the year is positive and the accumulated undistributed profits at year-end are also positive[138]. - The cash dividend policy stipulates that at least 20% of the distributable profit should be distributed in cash during the first three years post-IPO[138]. - In mature stages without significant capital expenditure, the cash dividend proportion should be at least 80% of the profit distribution[138]. - The company plans to distribute cash dividends amounting to CNY 2,047,551,370, which represents 36.24% of the net profit attributable to ordinary shareholders in the consolidated financial statements[140]. Financial Performance - The company's operating revenue for 2023 was approximately CNY 29.14 billion, an increase of 2.48% compared to CNY 28.43 billion in 2022[16]. - Net profit attributable to shareholders for 2023 was approximately CNY 5.65 billion, a decrease of 10.34% from CNY 6.30 billion in 2022[16]. - The net cash flow from operating activities increased by 31.19% to approximately CNY 8.69 billion in 2023, compared to CNY 6.63 billion in 2022[16]. - The total assets of the company reached approximately CNY 71.63 billion at the end of 2023, reflecting a 24.40% increase from CNY 57.58 billion at the end of 2022[16]. - The net assets attributable to shareholders increased by 13.76% to approximately CNY 38.54 billion at the end of 2023, compared to CNY 33.87 billion at the end of 2022[16]. - Basic earnings per share for 2023 were CNY 0.77, down 10.47% from CNY 0.86 in 2022[17]. - The weighted average return on equity decreased to 15.72% in 2023, down 3.85 percentage points from 19.57% in 2022[17]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[3]. - The board of directors and management have confirmed the authenticity, accuracy, and completeness of the annual report[2]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[5]. - The company has not violated decision-making procedures for external guarantees[5]. - The company does not face any significant risks related to the inability of the majority of directors to guarantee the report's integrity[5]. - The company has established a comprehensive internal control system, maintaining effective financial reporting controls without significant deficiencies[142]. Risk Management - The company has outlined potential risks in its future development discussions[6]. - The report includes a forward-looking statement risk disclaimer, indicating uncertainties in future plans and strategies[5]. - The company aims to enhance risk prevention by systematically identifying and addressing issues related to land, energy, water, pollution, and carbon emission rights[101]. - The company expects to face challenges in actual production capacity realization due to regulatory and market conditions, potentially leading to lower than planned capacity coming online[96]. Research and Development - The company filed 130 patent applications in 2023, with 38 patents granted, indicating a strong focus on innovation[28]. - The company’s R&D expenses increased by 185.76% to RMB 431.07 million, reflecting a strong focus on innovation[54]. - The company is focused on strengthening research and development of key technologies to extend the industrial chain and develop new products[101]. - The company aims to enhance its innovation capabilities by developing high-performance, specialized polyethylene products and expanding into high-end fine chemicals[99]. Environmental Responsibility - The company invested CNY 226,051,680 in environmental protection during the reporting period[147]. - The company has obtained pollution discharge permits for all production projects as of 2023, ensuring compliance with environmental regulations[148]. - The company implemented 17 energy-saving and carbon reduction projects in 2023, achieving a total emission reduction of 756,500 tons[156]. - The dry quenching project at the coking plant involved an investment of over 1 billion yuan, expected to save approximately 360,000 tons of standard coal annually and reduce carbon emissions by about 900,000 tons[157]. - The company’s hydrogen energy project utilizes renewable energy sources to produce "green hydrogen" and "green oxygen," integrating new energy with modern coal chemical processes[157]. - The company’s environmental protection measures include a focus on reducing waste gas, waste, and wastewater emissions, contributing positively to regional environmental quality[156]. Corporate Governance - The board of directors operates in compliance with the company's articles of association and relevant regulations, ensuring prudent and scientific decision-making[111]. - The supervisory board strictly adheres to legal and regulatory requirements, effectively safeguarding shareholder rights and company interests[112]. - The company has established four specialized committees under the board of directors to ensure efficient operations and sound decision-making[111]. - The independent directors play a crucial role in providing independent opinions on significant matters, protecting the rights of minority shareholders[111]. - The company has a long-term commitment to timely and strictly fulfill its obligations regarding related party transactions[166]. Market Expansion and Strategy - The company is actively expanding its market presence and product offerings through new projects and technological advancements in the olefin and fine chemical sectors[29][30]. - The company plans to focus on risk control, performance improvement, and team building in its operational strategy for 2024[100]. - The company is exploring new technologies for hydrogen production from renewable energy sources, aiming to become a leading supplier of coal-based new materials and "green hydrogen"[99]. - The company is expanding its market presence, targeting new regions in Southeast Asia, aiming for a 10% market share by 2025[118]. Employee Management - The total number of employees in the parent company is 13,728, and the total number of employees in major subsidiaries is 5,034, resulting in a combined total of 18,762 employees[133]. - The company has implemented a compensation policy aimed at attracting, retaining, and developing talent, enhancing employee loyalty and team cohesion[134]. - The total outsourced labor hours amount to 4,530,960 hours, with total payments for outsourced labor reaching 55.877 million yuan[136]. - The company conducted training programs focusing on enhancing basic skills and compliance, achieving the highest certification rates historically for specialized personnel[135]. Related Party Transactions - The company engaged in related party transactions, including purchasing coal for 350,187,241.77 RMB, which accounted for 3.11% of similar transactions[179]. - The company purchased electricity from a related party for 53,302,069.71 RMB, representing 4.89% of similar transactions[179]. - The company purchased gasoline from a related party for 14,151,146.43 RMB, which constituted 93.99% of similar transactions[179]. - The company purchased diesel from a related party for 48,458,052.90 RMB, representing 100% of similar transactions[179]. - The company reported no non-operating fund occupation by controlling shareholders or related parties[172]. Shareholder Information - The total number of ordinary shareholders reached 71,110 by the end of the reporting period, up from 66,274 at the end of the previous month[191]. - The top ten shareholders held a total of 5,160,470,000 shares, with Ningxia Baofeng Group holding 2,608,470,063 shares, representing 35.57% of the total[192]. - The company did not report any changes in share capital structure during the reporting period[188]. - The controlling shareholder, Ningxia Baofeng Group Co., Ltd., holds 2,608,470,000 shares, which are subject to a 50-month lock-up period[195].

证券研究报告·公司点评报告·化学原料 宝丰能源（600989） 2023 年年报点评：煤制烯烃盈利稳健，内蒙 2024 年 03月 22日 项目打开成长空间 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 执业证书：S0600123050015 营业总收入（百万元） 28,430 29,136 39,298 61,920 63,588 heyzh@dwzq.com.cn 同比 22.02% 2.48% 34.88% 57.56% 2.69% 归母净利润（百万元） 6,303 5,651 8,986 14,975 16,138 股价走势 同比 -10.86% -10.34% 59.04% 66.64% 7.76% 宝丰能源 沪深300 EPS-最新摊薄（元/股） 0.86 0.77 1.23 2.04 2.20 4% P/E（现价&最新摊薄） 18.15 20.25 12.73 7.64 7.09 1% -2% [关Ta键 ...

证券研究报告 | 2024年03月22日 宝丰能源（600989.SH） 买入 四季度业绩同环比提升，产能持续投放 核心观点 公司研究·财报点评 2023年业绩同比下降，2023Q4业绩同环比提升。公司发布2023年年度报 基础化工·化学原料 告，2023年营收291.4亿元（同比+2.5%），归母净利润56.5亿元（同 证券分析师：杨林 证券分析师：余双雨 比-10.3%），扣非归母净利润59.5亿元（同比-11.5%）；其中2023Q4 010-88005379 021-60375485 yanglin6@guosen.com.cn yushuangyu@guosen.com.cn 单季度营收87.3亿元（同比+25.8%，环比+19.5%），归母净利润17.6 S0980520120002 S0980523120001 亿元（同比+89.3%，环比+7.7%），扣非归母净利润18.0亿元（同比+85.5%， 基础数据 环比+5.5%）。2023Q4销售毛利率为30.9%（同比+9.6pct，环比-3.5pct）， 投资评级 买入(维持) 销售净利率为20.1%（同比+6.8pct，环比-2.2pct）； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 29.136 billion yuan in 2023, representing a year-on-year growth of 2.48%, while the net profit attributable to shareholders decreased by 10.34% to 5.651 billion yuan [5] - The company's olefin segment saw both sales and profitability increase, while the coking segment experienced a decline in profitability [6] - The company is recognized as a leader in coal-to-olefin production, with multiple projects progressing smoothly, indicating strong growth potential [12] Financial Performance Summary - In Q4 2023, the company reported revenue of 8.735 billion yuan, a year-on-year increase of 25.77% and a quarter-on-quarter increase of 19.48% [3] - The net profit for Q4 2023 was 1.760 billion yuan, up 89.25% year-on-year and 7.70% quarter-on-quarter [3] - The return on equity (ROE) for 2023 was 4.67%, an increase of 1.93 percentage points year-on-year [3] - The gross profit margin was 30.93%, up 9.64 percentage points year-on-year, while the net profit margin was 20.15%, an increase of 6.76 percentage points year-on-year [3] Product Segment Performance - The olefin segment generated revenue of 14.038 billion yuan, a year-on-year increase of 20.13%, with a gross margin of 30.25% [4] - The coking segment's revenue was 11.183 billion yuan, down 14.62% year-on-year, with a gross margin of 29.02% [4] - The fine chemical products segment achieved revenue of 3.670 billion yuan, a year-on-year increase of 5.68%, with a gross margin of 35.51% [4] Future Outlook - The company is expected to achieve net profits of 8.417 billion yuan, 13.889 billion yuan, and 15.808 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.6, 8.2, and 7.2 [12][52] - The company has ongoing projects that are expected to enhance its production capacity significantly, particularly in the olefin segment [9]

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a revenue of 29.136 billion yuan for 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders was 5.651 billion yuan, down 10.34% year-on-year. In Q4 alone, revenue reached 8.735 billion yuan, up 25.77% year-on-year and 19.48% quarter-on-quarter, with a net profit of 1.760 billion yuan, marking an 89.25% increase year-on-year and a 7.70% increase quarter-on-quarter [1] - The decline in annual profit was primarily due to the significant drop in coke prices, which fell by 22.86% year-on-year, impacting the profitability of the coking segment. However, the successful launch of the Ningdong Phase III olefin project contributed to the strong performance in Q4 [1] - The company’s sales volumes for polyethylene, polypropylene, and coke were 8.325 million tons, 7.528 million tons, and 6.976 million tons respectively, showing year-on-year growth of 18.24%, 14.10%, and 12.26% [1] Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 29.136 billion yuan and a net profit of 5.651 billion yuan. The Q4 performance was particularly strong, with revenue of 8.735 billion yuan and net profit of 1.760 billion yuan [1] - The company expects revenues of 37.355 billion yuan and 60.015 billion yuan for 2024 and 2025, representing growth rates of 28.21% and 60.66% respectively. The net profit is projected to be 7.550 billion yuan and 16.397 billion yuan for the same years, with year-on-year growth of 33.62% and 117.16% [5][6] Business Outlook - The coal-to-olefins industry is experiencing an upward trend, supported by rising oil prices and a significant drop in coal prices. The company’s olefin production capacity is expected to increase significantly with the commissioning of the Ningdong Phase III project and the Inner Mongolia project, which will enhance its market position [2] - The Inner Mongolia project, which includes a capacity of 2.6 million tons/year for coal-to-olefins and associated facilities, is anticipated to start production in 2024, further boosting the company's growth potential [2]

基础化工/化学原料 公 司 研 宝丰能源（600989.SH） 成本优势致盈利保持韧性，内蒙烯烃项目贡献高成长 究 2024年03月22日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证 书编号：S0790520020003 日期 2024/3/22  成本优势致盈利保持韧性，内蒙烯烃项目贡献高成长，维持“买入”评级 当前股价(元) 15.72 公司发布2023年年报，2023年公司实现营业收入291.4亿元，同比+2.5%；实 公 一年最高最低(元) 15.95/11.91 现归母净利润56.5亿元，同比-10.3%；实现扣非后归母净利润59.5亿元，同比 司 -11.5%。单 Q4 来看，公司实现营业收入 87.3 亿元，环比+19.5%；实现归母净 信 总市值(亿元) 1,152.80 利润17.6亿元，环比+7.7%，实现扣非后归母净利润18亿元，环比+5.5%。在烯 息 流通市值(亿元) 1,152.80 烃、焦炭价格走弱的情况下，公司凭借高销量、低成本使得盈利保持韧性，根据 更 年报业绩及项目进展情况，我们维持2024-2025年盈 ...

Investment Rating - The report maintains a **Buy** rating for the company with a 6-month outlook [7] Core Views - The company's performance in 2023 met expectations, with a significant improvement in Q4, driven by the Inner Mongolia project [1] - Revenue in 2023 reached **RMB 291.36 billion**, a year-on-year increase of **2.48%**, while net profit attributable to shareholders was **RMB 56.51 billion**, down **10.34%** year-on-year [1] - The company's cost reduction and efficiency improvement efforts have strengthened its low-cost competitive advantage, particularly in coal procurement and energy-saving projects [3] - Key projects, including the Ningdong 3 1 million tons/year coal-to-olefins project and the Inner Mongolia project, are progressing steadily, contributing to future growth [4] Financial Performance - In 2023, the company achieved **RMB 87.35 billion** in revenue in Q4, with net profit attributable to shareholders reaching **RMB 17.60 billion**, up **89.25%** year-on-year and **7.7%** quarter-on-quarter [1] - The company's EBITDA for 2023 was **RMB 9.36 billion**, with a projected increase to **RMB 14.85 billion** in 2024E [5] - EPS for 2023 was **RMB 0.77**, expected to rise to **RMB 1.30** in 2024E [5] Operational Highlights - The company's main raw material costs declined significantly in 2023, with gasification coal, coking coal, and thermal coal prices dropping by **19%**, **25%**, and **22%** respectively [2] - Sales volumes of key products increased: polyethylene (**83.25 million tons**, up **18%**), polypropylene (**75.28 million tons**, up **14%**), and coke (**697.55 million tons**, up **12%**) [2] - The company expanded its coal procurement channels, increasing purchases from the Ceke Port and Xinjiang by **52 million tons** and **305 million tons** respectively [3] Project Development - The Ningdong 3 project added **1.5 million tons/year** of methanol capacity, **1 million tons/year** of olefins capacity, and **900,000 tons/year** of polyethylene and polypropylene capacity [4] - The Inner Mongolia project, with a capacity of **2.6 million tons/year** of coal-to-olefins and **400,000 tons/year** of green hydrogen-coupled olefins, is progressing as planned and is expected to be operational by 2024 [4] Valuation Metrics - The company's P/E ratio for 2023 was **20.40x**, expected to decrease to **12.10x** in 2024E [5] - The P/B ratio for 2023 was **2.99x**, projected to drop to **2.40x** in 2024E [5] - EV/EBITDA for 2023 was **13.19x**, with a forecasted decline to **8.30x** in 2024E [5]

[宝Tab丰le_能Stoc源kN（am 6eR 0p 0tT 9yp 8e 9] ） 公司研究/公司点评 四季度盈利环比提升，精益管控持续降本 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-22 ⚫[ T事ab件le描_S述um mary] 3月21日晚，宝丰能源发布2023年报，全年实现营收291.36亿元，同 [收Ta盘bl价e_（Ba元se）D ata] 15.60 比增加2.48%，实现归母净利润56.51亿元，同比减少10.34%；实现扣 近12个月最高/最低（元） 15.84/12.05 非净利润59.49亿元，同比减少11.46%，基本每股收益0.77元。 总股本（百万股） 7,333 流通股本（百万股） 7,333 ⚫ 四季度焦炭板块短暂承压，宁东三期爬坡带来增量 流通股比例（%） 100.00 公司第四季度实现营收 87.35 亿元，同比+25.77%，环比+19.48%；归 总市值（亿元） 1,144 母净利润 17.60 亿元，同比+89.25%，环比+7.70%；扣非净利润 18.03 流通市值（亿元） 1,144 亿元，同比+85.53% ...

报告导读 责情况。 时间范围 2023 年 1 月 1 日至 2023 年 12 月 31 日（简称"报告期内"），部分内容超出此范围。 数据说明 报告等。 参考标准 上海证券交易所《股票上市规则》 上海证券交易所《上市公司自律监管指引第 1 号——规范运作》 中国社会科学院《中国企业社会责任报告指南（CASS-ESG 5.0）》 全球报告倡议组织《可持续发展报告标准》（GRI Standards） 国际标准化组织《社会责任指南（ISO 26000）》 联合国可持续发展目标（SDGs） 可靠性保证 陈述或误导。 报告获取 获取报告电子版请见上海证券交易所网站：http://www.sse.com.cn/ 联络方式 电话：0951-5558031 传真：0951-5558030 邮箱：bfny@baofengenergy.com 本报告是宁夏宝丰能源集团股份有限公司（简称"宝丰能源""公司"或"我们"）发布的第 五份可持续发展报告（ESG 报告），全面和详细地披露公司在经济、环境和社会等方面的履 本报告所引用的财务数据主要来自经审计的财务报告，其他数据来源于公司正式文件和统计 本公司董事会及全体董事保证，本报告 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-017 宁夏宝丰能源集团股份有限公司 第四届监事会第六次会议决议公告 本公司监事会及全体监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。 一、会议召开情况 宁夏宝丰能源集团股份有限公司（以下简称"公司"）第四届监事会第六次会议 通知相关材料于2024年3月8日以电子邮件、移动办公平台等方式向公司全体监事发出。 会议于2024年3月21日以现场表决方式召开。本次会议应出席监事3名，实际出席监事 3名，会议由公司监事会主席夏云女士召集并主持。本次会议的召集、召开及表决程 序符合有关法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 二、会议审议表决情况 （一）审议通过《公司2023年度监事会工作报告》 表决结果：3票同意、0票反对、0票弃权。 （三）审议通过了《关于公司2023年度利润分配方案的议案》 公司监事会认为：公司2023年生产经营情况良好，业绩符合预期，董事会制定的 利润分配方案既考虑了对投资者的合理投资回报，也兼顾了公司的可持续发展需要， 符合中国证监会《上市公 ...