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， ...

证券研究报告 | 2024年08月13日 宝丰能源（600989.SH） 优于大市 二季度盈利同环比提升，聚烯烃量价齐升 公司 2024 年二季度营收及净利同环比提升。公司 2024 年二季度营收 86.7 亿元（同比+36%，环比+5%），归母净利润 18.8 亿元（同比+76%，环比 +33%），扣非归母净利润 20.3 亿元（同比+76%，环比+37%）。盈利提 升主要是由于产能扩张后聚烯烃产销量提升，且烯烃价格受油价支撑及 二季度供给有所收缩带来的价格提升。2024 年二季度销售毛利率/净利 率为 38%/22%，期间费用率 9%，同环比提升。 公司主营产品聚烯烃产销量及价格同比提升。宁东三期 100 万吨烯烃项目 贡献产能增量，2024 年二季度公司聚烯烃产销量同比提升，同时，聚烯 烃价格同环比提升。一季度聚烯烃价格偏强，主要是由于原油价格上涨 传导；二季度聚烯烃价格延续上涨趋势，除成本支撑因素之外，还受到 国内聚烯烃装置检修集中，产品供应偏紧的影响。 焦炭需求继续承压。2024 年二季度公司焦炭产销量同比略有下降而环比 有所提升。焦炭产销量同比下行，价格环比下跌，主要是由于下游需求 承压，房地产新 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Views - The company reported a revenue of 16.894 billion RMB for the first half of 2024, representing a year-on-year growth of 29.09%, and a net profit attributable to shareholders of 3.304 billion RMB, up 46.44% year-on-year [1]. - In Q2, the company achieved a revenue of 8.670 billion RMB, with a year-on-year increase of 36.39%, and a net profit of 1.884 billion RMB, reflecting a significant growth of 75.80% year-on-year [1]. - The company is operating at high capacity, maintaining low-cost advantages, with stable production levels in its polyethylene products and slight improvements in the profitability of its coke segment [2]. - The second quarter saw a decrease in coal prices and an increase in olefin prices, leading to a significant widening of product price differentials, with an overall gross margin of approximately 38.23%, up from 28.72% in Q1 [3]. - The company is progressing with its new projects, including a 3 million-ton olefin project in Inner Mongolia, which is set to begin trial production in October, and a 4 million-ton olefin project in Xinjiang, which is currently undergoing environmental assessments [3]. Summary by Sections Performance Review - The company disclosed a revenue of 16.894 billion RMB for H1 2024, a 29.09% increase year-on-year, and a net profit of 3.304 billion RMB, up 46.44% year-on-year [1]. Operational Analysis - The company maintained high operational efficiency in Q2, with stable production levels and low-cost advantages, particularly in its polyethylene and coke segments [2]. Price Dynamics - The second quarter experienced a decrease in coal prices and an increase in olefin prices, resulting in improved profitability and a gross margin increase to 38.23% [3]. Future Outlook - The company has several ongoing projects aimed at enhancing production capacity and profitability, including significant olefin projects in Inner Mongolia and Xinjiang [3]. Financial Projections - Revenue projections for 2024-2026 are estimated at 38.503 billion, 61.471 billion, and 61.850 billion RMB, with net profits of 7.927 billion, 14.036 billion, and 15.415 billion RMB respectively, indicating a strong growth trajectory [6].

证 2024 年 08 月 12 日 告 公 司 研 究 究 报 聚烯烃量价齐升，煤制烯烃龙头业绩大幅增长 —宝丰能源（600989.SH）公司事件点评报告 宝丰能源发布半年度报告，2024 年上半年实现营业收入 168.97 亿元，同比增长 29.09%；实现归母净利润 33.05 亿 元，同比增长 46.44%。其中，24Q2 单季度实现营业收入 86.7 亿元，同比增长 36.39%、环比增长 5.39%，实现归母净 利润 18.8 亿元，同比增长 75.8%、环比增长 32.57%。 投资要点 ▌ 聚烯烃量价齐升，盈利能力大幅提升是公司上半 年实现收入和利润大幅增长的主要原因 2024 年上半年受益于 2023 年宁东三期煤制烯烃项目投产， 公司主要产品聚烯烃产量 122.27 万吨，同比增长 87%，同时 上半年主要原料煤炭价格出现回落，以鄂尔多斯市场 5500 大 卡动力煤为例，上半年市场均价 658 元/吨，同比-1.7%，而 且聚烯烃价格受原油价格上涨等成本端支撑出现上涨，聚乙 烯产品以 LLDPE 薄膜料为例，2024 年上半年产品均价 8417 元/吨，同比+2.6%，公司主营产品聚烯烃价 ...