BAOFENG ENERGY(600989) 东吴证券·2025-03-12 12:23Investment Rating - The investment rating for Baofeng Energy is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 32.98 billion yuan in 2024, representing a year-on-year increase of 13% and a net profit attributable to shareholders of 6.34 billion yuan, up 12% year-on-year [7] - The first production line of the Inner Mongolia project, with an annual capacity of 1 million tons, is set to be operational by the end of 2024, which will enhance the sales of olefin products [7] - The company is expected to see significant growth in sales volumes for its main products, including PE, PP, and coke, with respective increases of 36%, 55%, and 2% year-on-year in 2024 [7] - The company has adjusted its net profit forecasts for 2025 and 2026 to 12.36 billion yuan and 14.08 billion yuan, respectively, reflecting a positive outlook on future growth [7] Financial Summary - Total revenue forecast for 2024 is 32.98 billion yuan, with a projected growth rate of 13.21% for 2025 and 70.67% for 2026 [8] - The net profit attributable to shareholders is expected to reach 12.36 billion yuan in 2025, with a growth rate of 95.03% [8] - The earnings per share (EPS) is projected to be 1.69 yuan in 2025, with a price-to-earnings (P/E) ratio of 10.09 [8] - The company's total assets are forecasted to reach 124.02 billion yuan by 2025, with a debt-to-asset ratio of 58.99% [8]