研报掘金丨山西证券：维持宝丰能源“买入-B”评级，内蒙项目投产打开成长空间

Core Viewpoint - Baofeng Energy is a leading enterprise in coal-to-olefins, with the Inner Mongolia project set to enhance growth potential [1] Industry Overview - By the end of 2024, the total domestic coal-to-olefins production capacity is expected to reach 13.42 million tons per year, with Baofeng Energy accounting for approximately 23.8% of this capacity [1] - The company has a leading position in terms of unit product cost and energy consumption within the industry [1] Company Developments - In March 2023, the company commenced construction of its Inner Mongolia olefins project, which is projected to be fully operational by April 2025, adding 3 million tons of olefins capacity [1] - The new project will more than double the company's polyolefins production capacity, significantly enhancing growth opportunities [1] Future Growth Potential - The company's cost advantages as a leader in coal-to-olefins, along with the incremental performance expected from the Inner Mongolia project, are likely to support long-term growth [1] - Planned projects in the Ningdong and Xinjiang bases are expected to further bolster the company's long-term growth prospects [1] - The investment rating for the company is maintained at "Buy-B" [1]