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 | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥16.90 billion, a 29.09% increase compared to ¥13.09 billion in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥3.52 billion, up 44.37% from ¥2.44 billion year-on-year[17]. - The net profit after deducting non-recurring gains and losses was ¥3.30 billion, representing a 46.44% increase from ¥2.26 billion in the previous year[17]. - Basic earnings per share for the first half of 2024 were ¥0.45, a 45.16% increase compared to ¥0.31 in the same period last year[18]. - The weighted average return on net assets rose to 8.19%, an increase of 1.71 percentage points from 6.48% year-on-year[18]. - The company's total assets increased by 14.27% to ¥81.85 billion from ¥71.63 billion at the end of the previous year[17]. - The company's total comprehensive income for the period is CNY 1,508,750,886.68, compared to CNY 1,253,424,694.99 in the same period last year, reflecting a year-over-year increase of approximately 20.4%[102]. Risk Management - The company faces various risks as outlined in the "Possible Risks" section of the report[5]. - The report includes a forward-looking statement risk declaration, indicating uncertainties in future plans and strategies[4]. - The company emphasizes the importance of investor awareness regarding investment risks due to the forward-looking nature of the report[4]. - The company has established a comprehensive safety production management system to mitigate risks associated with chemical product manufacturing and coal mining, which involve high temperatures, high pressures, and toxic gases[51]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the accuracy and completeness of the semi-annual report[3]. - The semi-annual report has not been audited, but management has declared the financial report's authenticity and completeness[3]. - The management team is responsible for the financial report's accuracy, with specific individuals named for accountability[3]. - The company has held multiple shareholder meetings to approve various proposals, including the employee stock ownership plan and financial reports for 2023[52]. Research and Development - Research and development investment accounted for over 4% of the company's semi-annual revenue, totaling 740 million yuan, with significant increases in new product development[41]. - Research and development expenses surged to CNY 398,121,541.25, a significant increase of 362.29% from CNY 86,120,338.12, indicating a strong focus on product and process innovation[44]. - The company is focusing on technological innovation and improving production efficiency to reduce costs and enhance product conversion rates[51]. Environmental Responsibility - The company has developed a comprehensive self-monitoring plan for environmental protection, ensuring pollutant discharge meets national standards[64]. - The company has implemented various pollution control technologies, including SCR for nitrogen oxide reduction and limestone-gypsum wet desulfurization[61]. - The hydrogen energy project is expected to save approximately 130,000 tons of coal consumption annually and reduce carbon dioxide emissions by about 350,000 tons[67]. - The company is actively pursuing green production practices and has integrated renewable energy projects to replace fossil fuels[67]. Market and Product Development - The company plans to enhance its market expansion and product development strategies in response to the evolving industry landscape[22]. - The company reported a significant increase in polypropylene exports, which rose by 88.3% year-on-year to 126,000 tons in the first half of 2024[25]. - In the first half of 2024, the company achieved a production volume of 1.2227 million tons of polyolefins, representing a year-on-year increase of 87%, and a revenue of 16.9 billion yuan, up 29% year-on-year[38]. Financial Position - Cash and cash equivalents at the end of the period were CNY 5,592,069,420.08, a 335.72% increase from CNY 1,283,409,365.57 at the end of the previous year[46]. - The company's long-term borrowings increased by 27.22% to CNY 22,294,285,989.51, indicating a rise in bank loans during the reporting period[46]. - The total liabilities increased to ¥41,805,419,591.08 from ¥33,093,594,556.20, indicating a rise of about 26.0%[93]. - The total equity attributable to the parent company's shareholders at the end of the reporting period is CNY 40,045,455,662.06, an increase from CNY 38,536,704,775.38 at the end of the previous year[101]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 58,118[87]. - The top shareholder, Ningxia Baofeng Group Co., Ltd., holds 2,608,470,063 shares, representing 35.57% of total shares[88]. - The second-largest shareholder, Dongyi International Group Co., Ltd., holds 2,000,000,000 shares, accounting for 27.27%[88]. - The company has a lock-up period for its shares, with a commitment to not sell shares below the issuance price within two years after the lock-up period ends[75]. Compliance and Commitments - The company committed to not engaging in any unauthorized interference in its operational management and to fulfill its obligations regarding compensation for dilution from the IPO[70]. - The company has pledged to accurately disclose information regarding its overseas equity structure as required by regulatory authorities[72]. - The company has committed to avoiding and minimizing related party transactions, ensuring compliance with relevant laws and regulations, and maintaining fair transaction prices[73]. - The company has confirmed that no funds have been misappropriated or guaranteed for related parties, ensuring financial integrity[77].

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） | -/ ...

Financial Performance - Total operating revenue for the first half of 2024 reached RMB 1,689,502.19 million, a 29.07% increase compared to RMB 1,308,985.21 million in the same period last year[2] - Net profit attributable to shareholders of the listed company was RMB 330,412.30 million, reflecting a growth of 46.41% from RMB 225,674.37 million year-on-year[3] - The net profit after deducting non-recurring gains and losses was RMB 354,286.46 million, up 45.46% from RMB 243,565.09 million in the previous year[3] - Basic earnings per share increased to RMB 0.45, compared to RMB 0.31, marking a growth of 45.16%[2] - The weighted average return on net assets rose to 8.19%, an increase of 1.71 percentage points from 6.48%[2] Assets and Equity - Total assets at the end of the reporting period were RMB 8,185,288.14 million, a 14.27% increase from RMB 7,163,029.93 million at the beginning of the period[2] - Shareholders' equity attributable to the listed company was RMB 4,004,488.98 million, up 3.91% from RMB 3,853,670.48 million[2] - The company’s total share capital remained unchanged at RMB 733,336.00 million[2] Operational Highlights - The significant growth in net profit was primarily driven by the production commencement of the company's third-phase olefin project, resulting in a substantial increase in olefin product output compared to the previous year[3] Cautionary Note - The company emphasizes that the financial data presented is preliminary and unaudited, urging investors to be aware of investment risks[4]