研报掘金丨国海证券：维持宝丰能源“买入”评级，看好公司成长性

Core Viewpoint - Guohai Securities report indicates that Baofeng Energy achieved a net profit attributable to shareholders of 5.718 billion yuan in the first half of the year, representing a year-on-year increase of 73.02% [1] Financial Performance - In Q2 2025, the company realized a net profit of 3.281 billion yuan, showing a year-on-year increase of 74.17% and a quarter-on-quarter increase of 34.64% [1] - The significant growth in Q2 performance is attributed to the full production capacity of the Inner Mongolia project [1] Future Outlook - The company is expected to see increased revenue and profit in Q3 2025, driven by the planned completion and full production of the 2.6 million tons/year coal-to-olefins and 400,000 tons/year green hydrogen coupling olefins project in Inner Mongolia [1] Dividend Policy - For the first half of 2025, the company plans to implement a semi-annual cash dividend of 0.28 yuan per share, amounting to 2.036 billion yuan, which accounts for 35.62% of the net profit attributable to shareholders for the first half of the year [1] Industry Position - The company is recognized as a leading player in the coal-to-olefins sector, with multiple projects progressing in an orderly manner, indicating strong growth potential [1]