Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a significant year-on-year increase in revenue and net profit for the first half of 2024, with revenue reaching 16.897 billion yuan (up 29.09% YoY) and net profit at 3.305 billion yuan (up 44.64% YoY) [1] - The second quarter performance showed a revenue of 8.670 billion yuan (up 36.39% YoY, up 5.39% QoQ) and a net profit of 1.884 billion yuan (up 75.80% YoY, up 32.57% QoQ) [1] - The increase in performance is attributed to the launch of new projects and price recovery in olefin products, with polyethylene and polypropylene revenues increasing by 69% and 75% respectively [1] - The company is expected to maintain stable product price margins due to limited downside in product prices and a decline in raw material costs [1] - The upcoming launch of the Inner Mongolia project is anticipated to significantly boost production capacity, with potential revenue doubling based on current sales prices [1] Summary by Sections Financial Performance - The company achieved a gross margin of 33.60% and a net margin of 19.56% in the first half of 2024, with Q2 margins improving to 38.23% and 21.73% respectively [1] - The projected net profits for 2024-2026 are 8.162 billion, 14.081 billion, and 15.961 billion yuan, with growth rates of 44.45%, 72.51%, and 13.35% respectively [1][6] Market Outlook - The company’s main products, including polyethylene, polypropylene, and coke, have shown stable pricing trends, with minor fluctuations observed since June [1] - The company is strategically positioned with projects in Inner Mongolia and Xinjiang, which are expected to enhance long-term growth and reduce production costs [1] Valuation - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected at 14, 8, and 7 times respectively, indicating a favorable valuation as the company expands its production capacity [1][6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][3]. Core Views - The company reported significant year-on-year growth in its 2024 H1 performance, with operating revenue reaching 16.897 billion yuan, a 29.09% increase, and net profit attributable to the parent company at 3.305 billion yuan, up 46.44% [1]. - The company is set to benefit from the upcoming production of its Inner Mongolia project, which is expected to enhance its growth potential [2]. - The report highlights the recovery in profitability for the polyethylene and polypropylene segments due to a decrease in coal prices, which has improved the margins for coal-to-olefins production [2]. Financial Performance Summary - In 2024 H1, the company achieved revenue of 16.897 billion yuan, a 29.09% increase year-on-year, and a net profit of 3.305 billion yuan, reflecting a 46.44% growth [1]. - The second quarter alone saw revenue of 8.670 billion yuan, a 36.39% increase year-on-year, and a net profit of 1.884 billion yuan, up 75.80% year-on-year [1]. - The average profit for coal-to-polypropylene was reported at 1,073 yuan per ton, showing a clear advantage over other production routes [2]. Segment Analysis - **Olefins Segment**: The report indicates stable growth in polyethylene and polypropylene demand, with respective consumption increases of 3.0% and 3.5% year-on-year. The company’s revenue from polyethylene and polypropylene reached 4.087 billion yuan and 3.815 billion yuan, marking increases of 69.23% and 75.48% year-on-year [2]. - **Coking Segment**: The coking segment faced challenges due to weak downstream demand, resulting in a revenue decline of 3.40% year-on-year, with an average price of 1,458.23 yuan per ton, down 6.89% [2]. - **New Projects**: The Inner Mongolia project is progressing well, with the first production unit expected to start trial production in October 2024. Additionally, the Xinjiang coal-to-olefins project is set to expand the company's growth opportunities [2]. Future Earnings Forecast - The report projects net profits for the company to be 8.044 billion yuan, 12.475 billion yuan, and 13.287 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.10 yuan, 1.70 yuan, and 1.81 yuan [2][3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 21.40 [1][6]. Core Insights - The company reported a significant increase in net profit for H1 2024, achieving RMB 3.3 billion, which is a year-on-year increase of 46%. The revenue for the same period reached RMB 16.9 billion, up 29% year-on-year [1]. - The company is expected to see continued growth in net profit, with projections of RMB 7.9 billion, RMB 12.1 billion, and RMB 13.0 billion for the years 2024, 2025, and 2026 respectively [1][5]. - The company is benefiting from the ramp-up of its Ningdong olefin Phase III capacity, which has led to a significant increase in sales volume for polyethylene and polypropylene, with year-on-year growth of 68% and 79% respectively [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of RMB 16.9 billion, with a year-on-year increase of 29%. The net profit attributable to the parent company was RMB 3.3 billion, reflecting a 46% increase year-on-year [1]. - The second quarter of 2024 saw revenue of RMB 8.67 billion, a 36% increase year-on-year, and a net profit of RMB 1.88 billion, which is a 76% increase year-on-year [1]. Production and Capacity Expansion - The Ningdong olefin Phase III capacity has significantly increased production, contributing to a sales volume increase of 68% for polyethylene and 79% for polypropylene in H1 2024 [2][3]. - New projects are progressing smoothly, including a 250,000 tons/year EVA facility that began trial production in February 2024, and the Ningdong Phase IV olefin project is in the preparatory stage [3]. Cost and Margin Improvement - The average prices for polyethylene and polypropylene in H1 2024 were RMB 0.83 million/ton and RMB 0.73 million/ton, showing slight year-on-year changes. The cost pressures have eased significantly due to a decrease in coal prices [2][4]. - The overall gross margin improved to 33.6%, an increase of 5.8 percentage points year-on-year, driven by lower raw material costs and increased production efficiency [2].

证券代码：600989 证券简称：宝丰能源 公告编号：2024-045 宁夏宝丰能源集团股份有限公司 2024年上半年主要经营数据公告 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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第十三 号化工》有关规定和披露要求，现将宁夏宝丰能源集团股份有限公司（以下简称"公 司"）2024 年上半年主要经营数据披露如下： 一、主要产品产量、销量及收入情况 2024 年 1-6 月，公司实现营业收入 1,689,713.83 万元，其中主营业务收入 1,680,935.87 万元，其他业务收入 8,777.96 万元。构成公司主营业务收入的产品产销情况如下： | 序号 | 主要品种 | 产量 | 销量 | 销售收入 | | --- | --- | --- | --- | --- | | 1 | 聚乙烯 | 56.86 | 57.50 | 408,682.74 | | 2 | 聚丙烯 | 57.50 | 57.22 | 381,528.05 | | 3 | 焦炭 | ...

公司代码：600989 公司简称：宝丰能源 2024 年半年度报告 宁夏宝丰能源集团股份有限公司 2024 年半年度报告 1 / 162 2024 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘元管、主管会计工作负责人高宇及会计机构负责人（会计主管人员）王东旭 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划、发展战略等前瞻性描述，因存在不确定性因素，不构成公司对 投资者的实质性承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-043 报告全文详见公司同日刊登在上海证券交易所网站（www.sse.com.cn）的《宁夏 宝丰能源集团股份有限公司2024年半年度报告》。摘要全文详见同日刊登在《中国证 券报》、《上海证券报》、《证券时报》、《证券日报》和上海证券交易所网站 （www.sse.com.cn）的《宁夏宝丰能源集团股份有限公司2024年半年度报告摘要》。 表决结果：9 票同意、0 票反对、0 票弃权。 宁夏宝丰能源集团股份有限公司 第四届董事会第十二次会议决议公告 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"）第四届董事会第十二次会 议通知于2024年8月2日以电子邮件、移动办公平台等方式向公司全体董事发出。会议 于2024年8月12日以通讯方式召开。本次会议应出席董事9名，实际出席董事9名。会议 由公司董事长党彦宝先生召集并主持。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 ...

宁夏宝丰能源集团股份有限公司 第四届监事会第九次会议决议公告 证券代码：600989 证券简称：宝丰能源 公告编号：2024-044 1.《公司2024年半年度报告》的编制和审议程序符合法律、法规、《公司章程》和 公司内部管理制度的各项规定； 2.《公司2024年半年度报告》格式和内容符合中国证监会和上海证券交易所的各 项规定，所包含的信息从各个方面真实、准确、完整反映了公司2024年半年度的经营 成果和财务状况； 3.在提出本意见前，未发现参与《公司2024年半年度报告》编制和审议的人员有 违反保密规定的行为； 4.与会监事一致认为，公司编制的财务报告是客观、公正的； 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"）第四届监事会第九次会议 通知于2024年8月2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8月12日以通讯方式召开。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、 ...

Key Points - **Industry/Company Involved**: Baofeng Energy - **Focus of the Presentation**: Key recommendation on Baofeng Energy - **Core Viewpoints and Arguments**: - Baofeng Energy is well-known and has a clear growth path [1]. - The company has a good growth process [1].

2024 年 7 月 29 日 公司研究 烯烃销量增长 24H1 业绩同比大增，内蒙烯烃项目稳步推进 ——宝丰能源（600989.SH）2024 年半年度业绩快报点评 增持（维持） 当前价：15.26 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 73.33 | | 总市值(亿元)： | 1119.07 | | 一年最低/最高(元)： | 12.62/17.63 | | 近 3 月换手率： | 14.56% | -19% -6% 6% 18% 30% 07/23 10/23 01/24 04/24 宝丰能源 沪深300 收益表现 | --- | --- | --- | --- | |-------|--------|-------|-------| | ...

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 07 月 28 日 宝丰能源 (600989) —— Q2 业绩符合预期，内蒙一期煤制烯烃项目投产在即 | --- | --- | |-------------------------|-------------------| | 市场数据： | 2024 年 07 月 26 | | 收盘价（元） | 15.26 | | 一年内最高/最低（元） | 17.94/12.84 | | 市净率 | 2.8 | | 息率（分红/股价） | 3.81 | | 流通 A 股市值（百万元） | 111,907 | | 上证指数/深证成指 | 2,890.90/8,597.17 | | | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 03 月 31 日 | | 每股净资产（元） | 5.46 | | 资产负债率% | 45.88 | | 总股本/流通 A 股（百万） | 7,333/7,333 | | 流通 B 股/H 股（百万） | -/ ...