宝丰能源：烯烃量利齐升，新疆项目望打开成长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 16.9 billion yuan, up 29.1% year-on-year, and net profit at 3.3 billion yuan, up 46.4% year-on-year [4][5] - The company's olefin segment showed strong performance with substantial revenue growth driven by increased production and sales volumes, particularly in polyethylene and polypropylene [4][5] - The company is expected to benefit from new project launches, including the Inner Mongolia project, which is anticipated to enhance growth potential [4][5] Financial Summary - Total shares outstanding: 7,333 million [2] - Market price: 15.32 yuan [2] - Market capitalization: 112.347 billion yuan [2] - Revenue forecast for 2024 is 39.333 billion yuan, with a growth rate of 35% year-on-year [4] - Net profit forecast for 2024 is 8.167 billion yuan, with a growth rate of 45% year-on-year [4] - Earnings per share (EPS) for 2024 is projected at 1.11 yuan [4] - The company maintains a leading position in the coal chemical industry, particularly in coal-to-olefins production [5]