宝丰能源：公司半年报点评：24H1归母扣非净利润同比增长44.37%，看好内蒙新项目投产带来的成长性

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights the growth potential brought by the new projects in Inner Mongolia, with a significant increase in revenue and net profit [5][6] - The company achieved a revenue of 16.897 billion yuan in H1 2024, representing a year-on-year growth of 29.09%, and a net profit of 3.516 billion yuan, up 44.37% year-on-year [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 16.897 billion yuan, a 29.09% increase year-on-year, and a net profit of 3.516 billion yuan, reflecting a 44.37% growth year-on-year [5][6] - The sales revenue for various products showed significant changes: polyethylene and polypropylene sales increased by 69.25% and 75.48% respectively, while sales of coke and pure benzene decreased by 3.40% and 28.90% [6] - The gross profit margin and net profit margin improved by 5.80 and 2.32 percentage points to 33.60% and 19.56% respectively [6] Project Development - The company is making steady progress on new projects, with the Ningdong Phase III Olefin Project starting trial production in mid-September 2023 and the Inner Mongolia Olefin Project on track for completion [6] - The Inner Mongolia project has completed 70% of its investment, with the first boiler successfully ignited on July 1, 2024, marking a significant milestone [6] Cost Management - The company has optimized its energy consumption, achieving the lowest energy consumption levels in the coal-to-olefin industry, with a reduction of 2.73% in methanol consumption and 4.22% in polyolefin products [6] - The proportion of coal sourced from Xinjiang has increased by nearly 7 percentage points, contributing to lower coal costs [6] Earnings Forecast - The company is expected to have EPS of 1.17, 1.46, and 1.76 yuan for 2024-2026, with a reasonable valuation range of 18.72-21.06 yuan based on a PE ratio of 16-18 times [7][8]