Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][7]. Core Views - In Q1 2024, the company reported revenue of 8.227 billion RMB, a year-on-year increase of 22.19%, and a net profit attributable to shareholders of 1.421 billion RMB, up 19.89% year-on-year [1]. - The decline in coking coal prices has led to a significant drop in profitability for the coking business segment, with coking coal prices down approximately 9% quarter-on-quarter and 11% year-on-year [2]. - The company’s self-supply ratio of coking coal is about 50%, which has impacted the profitability of the coking business due to falling prices [2]. - The company’s olefin business has seen improved profitability due to lower coal prices, with benefits expected to be more pronounced in Q2 [2]. - The EVA project has begun production, achieving a monthly output of approximately 25,300 tons, and is expected to contribute to profitability in the future [2]. Summary by Sections Performance Review - In Q1 2024, the company achieved revenue of 82.27 billion RMB, a 22.19% increase year-on-year, and a net profit of 14.21 billion RMB, reflecting a 19.89% growth [1]. Operational Analysis - The coking business faced profitability challenges due to falling coking coal prices, while the olefin segment benefited from lower coal prices, with significant improvements expected in Q2 [2]. - The EVA project is on track, with production expected to stabilize and contribute positively to earnings by Q4 2024 [2]. Profit Forecast - Revenue projections for 2024-2026 are 38.757 billion RMB, 58.218 billion RMB, and 62.108 billion RMB, with net profits of 8.148 billion RMB, 14.076 billion RMB, and 15.677 billion RMB respectively [3]. - The expected EPS for the same period is 1.11 RMB, 1.92 RMB, and 2.14 RMB, with corresponding PE ratios of 14, 8, and 7 [3].

公司报告 | 季报点评 宝丰能源（600989） 证券研究报告 2024年04月 26日 投资评级 业绩同比改善，烯烃受益煤价下跌 行业 基础化工/化学原料 6个月评级 买入（维持评级） 当前价格 16.47元 2024年一季度公司实现归母净利润14.21亿，同比+19.89% 目标价格 元 2024 年一季度公司实现营业收入 82.27 亿元，同比+22.19%；实现归母净 利润14.21 亿，同比+19.89%，环比-19.3%；扣非归母净利润 14.82 亿元， 基本数据 同比+15.79%。 A股总股本(百万股) 7,333.36 煤价下行，烯烃价差走阔，焦化板块拖累业绩 流通A股股本(百万股) 7,333.36 A股总市值(百万元) 120,780.44 销量方面：2024 年Q1 EVA 贡献烯烃增量，其中聚乙烯销量29.53 万吨， 流通A股市值(百万元) 120,780.44 环比持平，聚丙烯销量26.76万吨，环比-0.4%，新增 EVA销量1.32万吨； 焦炭销量174.95万吨，同比-2.2%。 每股净资产(元) 5.46 资产负债率(%) 45.88 煤价下跌，烯烃价差走阔，焦化板块盈 ...

2024 年 04 月 27 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 业绩同增，煤制[Ta 烯ble 烃_Ti 盈tle] 利有望进一步提升 Q1 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——宝丰能源（ ） 年一季报点评 600989 2024 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn 最近一年走势 事件 : 2024年4月26日，宝丰能源发布2024年第一季度报告：公司2024Q1 实现营收82.27亿元，同比+22.19%，环比-5.82%；实现归母净利润14.21 亿元，同比+19.89%，环比-19.26%；ROE为3.62%，同比增加0.18个 百分点，环比下降1.05个百分点。销售毛利率28.72%，同比增加0.97 个百分点，环比减少2.21个百分点；销售净利率17.27%，同比减少0.33 个百分点，环比减少2.88个百分点。 相对沪深300表现 2024/04/26 投资要点 : 表现 1M 3M 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a Q1 2024 revenue of 8.227 billion yuan, a year-on-year increase of 22.2%, despite a quarter-on-quarter decrease of 5.8% [3] - The net profit attributable to shareholders for Q1 2024 was 1.421 billion yuan, up 19.9% year-on-year but down 19.3% quarter-on-quarter [3] - The company maintains its profit forecast for 2024-2026, expecting net profits of 8.556 billion, 12.362 billion, and 14.848 billion yuan, representing year-on-year growth of 51.4%, 44.5%, and 20.1% respectively [3] - The company benefits from cost advantages due to a decrease in coal prices, which offsets the decline in prices for polyethylene and polypropylene [4] Summary by Sections Financial Performance - Q1 2024 revenue was 82.27 billion yuan, with a year-on-year growth of 22.2% and a quarter-on-quarter decline of 5.8% [3] - Q1 2024 net profit attributable to shareholders was 14.21 billion yuan, a year-on-year increase of 19.9% [3] - The company expects EPS of 1.17, 1.69, and 2.02 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14.1, 9.8, and 8.1 [3][5] Business Segments - The company has increased its polyethylene and polypropylene production capacity by 75% due to the commissioning of the Ningdong Phase III project, which added 1.5 million tons/year of methanol and 1 million tons/year of olefins [4] - In Q1 2024, polyethylene production and sales were 287,200 tons and 295,300 tons, respectively, with year-on-year increases of 59.8% [4] - The average price of coke in Q1 2024 was 1,532.57 yuan/ton, down 14.46% year-on-year, while the average procurement price of coking coal was 1,156.47 yuan/ton, down 20.8% year-on-year [4] Future Outlook - The Ningdong Phase III project is expected to enhance cost advantages, with olefin gross margins of approximately 3,550 yuan/ton [4] - The Inner Mongolia olefin project is anticipated to contribute significantly to growth, with a planned production capacity of 2.6 million tons/year [4] - The company's coal production capacity is projected to increase by 196,000 tons/year, representing a 24% increase from 2022 [4]

[宝Tab丰le_能Stoc源kN（am 6eR 0p 0tT 9yp 8e 9] ） 公司研究/公司点评 一季度盈利同比大增，内蒙项目即将落地 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-26 ⚫[ T事ab件le描_S述um mary] 4 月25日晚，宝丰能源发布 2024年一季报，实现营收82.27 亿元，同 [收Ta盘bl价e_（Ba元se）D ata] 16.67 比/环比+22.19%/-5.82%，实现归母净利润 14.21 亿元，同比/环比 近12个月最高/最低（元） 17.17/12.05 +19.89%/-19.26%；实现扣非净利润 14.82 亿元，同比/环比 总股本（百万股） 7,333 流通股本（百万股） 7,333 +15.79%/-17.82%，基本每股收益0.19元。 流通股比例（%） 100.00 ⚫ 焦炭板块承压，烯烃板块环比稳定 总市值（亿元） 1,222 量方面，从公司披露的经营数据来看，焦炭的产量/销量环比-8.79/-3.99 流通市值（亿元） 1,222 万吨，聚烯烃（聚乙烯和聚丙烯的综合）的产量/销量环比+1.7 ...

证券研究报告·公司点评报告·化学原料 宝丰能源（600989） 2024年一季报点评：宁东三期投产贡献业绩， 2024 年 04月 26日 钢厂去库拖累双焦表现 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 营业总收入（百万元） 28,430 29,136 38,545 61,175 62,688 执业证书：S0600123050015 heyzh@dwzq.com.cn 同比（%） 22.02 2.48 32.30 58.71 2.47 归母净利润（百万元） 6,303 5,651 8,475 14,480 16,026 股价走势 同比（%） (10.86) (10.34) 49.98 70.85 10.68 宝丰能源 沪深300 EPS-最新摊薄（元/股） 0.86 0.77 1.16 1.97 2.19 30% P/E（现价&最新摊薄） 19.16 21.37 14.25 8.34 7.54 25% 12 50 ...

[Table_Header] 公司点评●化工行业 2024年 4月 26日 [Table_StockCode] [Table_Title] Q1 业绩同比增长，看好内蒙项目成长 宝丰能源（600989.SH） [Table_InvestRank] 动能 推荐 （维持评级） 核心观点： 分析师 [⚫T able事_S件um 公ma司ry发] 布一季度报告，2024年第一季度实现营业收入 82.27亿元，同比 [任Ta文b坡le_ Authors] 增长 22.19%、环比下降 5.82%；实现归母净利润 14.21亿元，同比增长 19.89%、 ：010-80927675 环比下降 19.26%。 ：renwenpo_yj@chinastock.com.cn ⚫ 烯烃价差改善叠加宁东三期项目放量，公司 24Q1 业绩同比增长 24Q1 公 分析师登记编号：S0130520080001 司聚乙烯、聚丙烯、焦炭销量分别为 29.53、26.76、174.95 万吨，分别同比增 长 59.79%、50.93%、11.04%，环比变化 0.00%、-0.41%、-2.23%；聚乙烯、 聚丙烯价差分别同比增长 10. ...

证券研究报告 | 2024年04月26日 宝丰能源（600989.SH） 买入 一季度营收净利同比提升，产能持续扩张 核心观点 公司研究·财报点评 2024年一季度营收净利同比提升，环比有所下滑。公司2024年一季度营 基础化工·化学原料 收82.3亿元（同比+22%，环比-6%），归母净利润14.2亿元（同比+20%， 证券分析师：杨林 证券分析师：余双雨 环比-19%），扣非归母净利润14.8亿元（同比+16%，环比-18%）。主 010-88005379 021-60375485 yanglin6@guosen.com.cn yushuangyu@guosen.com.cn 要由于公司主营产品销量同比提升，而净利率有所下滑。 S0980520120002 S0980523120001 公司主营产品聚烯烃产销量同比提升，环比较为稳定。宁东三期100万吨 基础数据 烯烃项目贡献产能增量，2024年一季度公司聚烯烃产销量同比提升，环 投资评级 买入(维持) 比较为稳定。内蒙一期300万吨烯烃项目预计今年四季度投产，产能高 合理估值 收盘价 16.47元 速扩张推动公司盈利规模攀升。受产能供给增加、整体需求偏弱 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2024-028 宁夏宝丰能源集团股份有限公司 2024年一季度主要经营数据公告 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 年一季度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 1-3 月，公司实现营业收入 822,686.20 万元，其中主营业务收入 818,533.68 万元，其他业务收入 4,152.52 万元。构成公司主营业务收入的产品产销情况如下： 单位：万吨，万元 序号 主要品种 产量 销量 销售收入 1 聚乙烯 28.72 29.53 204,481.75 2 聚丙烯 27.44 26.76 174,568.00 3 EVA 2.53 1.32 12,079.01 4 焦炭 171.94 174.95 268,129.31 5 纯苯 2.03 0.80 5,5 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥8,226,861,994.09, representing a year-on-year increase of 22.19%[4] - The net profit attributable to shareholders for Q1 2024 was ¥1,420,935,000.59, reflecting a growth of 19.89% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,481,996,736.73, an increase of 15.79% year-on-year[4] - Total operating revenue for Q1 2024 reached ¥8,226,861,994.09, a 22.1% increase from ¥6,733,039,464.58 in Q1 2023[12] - Net profit for Q1 2024 was ¥1,420,935,000.59, compared to ¥1,185,215,468.67 in Q1 2023, reflecting a growth of 19.9%[12] - Earnings per share for Q1 2024 were ¥0.19, up from ¥0.16 in Q1 2023, reflecting a 18.8% increase[12] Operating Activities - The net cash flow from operating activities decreased by 7.62% to ¥1,781,803,542.43 in Q1 2024[4] - In Q1 2024, the company reported cash inflows from operating activities of ¥8,867,855,212.48, an increase from ¥6,735,236,765.84 in Q1 2023, representing a growth of approximately 32%[13] - The net cash flow from operating activities for Q1 2024 was ¥1,781,803,542.43, a decrease from ¥1,928,852,485.43 in Q1 2023, reflecting a decline of about 8%[13] - Cash outflows for purchasing goods and services in Q1 2024 amounted to ¥5,033,803,277.04, up from ¥3,810,592,913.01 in Q1 2023, indicating an increase of approximately 32%[13] - The total cash inflow from operating activities was significantly impacted by increased payments to employees, which rose to ¥711,556,808.86 from ¥417,691,993.30 in Q1 2023, marking an increase of about 70%[13] - The company did not report any tax refunds received in Q1 2024, compared to ¥2,852,853.34 in Q1 2023, indicating a change in tax recovery status[13] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥73,914,997,310.12, up 3.19% from the end of the previous year[5] - The company's total assets as of March 31, 2024, amounted to ¥73,914,997,310.12, compared to ¥71,630,299,331.58 at the end of 2023[11] - Current liabilities totaled ¥16,645,635,719.65 as of March 31, 2024, an increase from ¥14,313,210,224.25 at the end of 2023[11] - Long-term borrowings decreased to ¥15,978,685,989.51 in Q1 2024 from ¥17,523,800,000.00 in Q4 2023[11] - The total equity attributable to shareholders increased to ¥40,005,764,979.32 as of March 31, 2024, compared to ¥38,536,704,775.38 at the end of 2023[11] - The equity attributable to shareholders increased by 3.81% to ¥40,005,764,979.32 at the end of Q1 2024[5] Cash Flow - The company's cash and cash equivalents rose to ¥1,802,376,565.98 in Q1 2024, up from ¥1,283,409,365.57 in Q4 2023, indicating improved liquidity[10] - The company's cash and cash equivalents at the end of Q1 2024 stood at ¥1,059,255,069.44, down from ¥2,160,538,335.88 at the end of Q1 2023, indicating a decrease of approximately 51%[13] - The company experienced a net cash outflow from investing activities of ¥1,089,902,371.58 in Q1 2024, compared to a net outflow of ¥4,570,491,473.92 in Q1 2023, showing a significant reduction in investment losses[13] - Cash inflows from financing activities in Q1 2024 totaled ¥892,885,989.51, down from ¥3,850,000,000.00 in Q1 2023, representing a decrease of about 77%[13] - The net cash flow from financing activities was negative at ¥242,594,034.21 in Q1 2024, contrasting with a positive net flow of ¥3,560,683,801.33 in Q1 2023[13] Research and Development - Research and development expenses increased significantly to ¥96,711,341.65 in Q1 2024, up from ¥29,366,141.64 in Q1 2023, marking a 229.5% rise[12] Shareholder Information - The company had a total of 63,411 common shareholders at the end of the reporting period[7] - The company plans to implement an employee stock ownership plan, with a total of 19,543,506 shares to be acquired, representing 0.2665% of the total share capital[9] Non-Recurring Items - The company reported non-recurring gains and losses totaling -¥61,061,736.14 for the period, primarily due to other operating income and expenses[6] Accounting Standards - The company has not adopted new accounting standards for the first quarter of 2024, maintaining consistency with previous reporting practices[14]