研报掘金丨申万宏源研究：宝丰能源成本优势领先，维持“买入”评级

Core Viewpoint - Baofeng Energy's Q4 2025 performance is in line with expectations, and while short-term performance is under pressure, the company's long-term growth potential remains intact [1] Group 1: Project Developments - The Inner Mongolia Phase I project has reached full production capacity, and cost optimization continues [1] - The Ningdong Phase IV project has officially commenced construction, with an expected completion date by the end of 2026 [1] - The Xinjiang Zhuzhong 4 million tons coal-to-olefins project has received expert review opinions for environmental and safety assessments, opening up long-term growth opportunities [1] Group 2: Competitive Advantages - The Inner Mongolia project has advantages in raw materials, depreciation, and processing costs, which will enhance future competitive advantages [1] - As a leading player in the coal-to-olefins industry, the company maintains a cost advantage over competitors [1]