BAOFENG ENERGY(600989) 华鑫证券·2025-03-16 01:31Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The company's performance is driven by significant growth in the production and sales of polyolefins, with a 61.90% increase in capacity year-over-year [2]. - The company has demonstrated strong financial health with a net cash flow from operating activities of 8.898 billion yuan, reflecting a year-over-year increase [3]. - High dividend payouts highlight the company's investment value, with a total cash dividend of 3.007 billion yuan and a dividend yield of 5.04% [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.983 billion yuan, a year-over-year increase of 13.21%, and a net profit attributable to shareholders of 6.338 billion yuan, up 12.16% [1]. - The fourth quarter of 2024 saw a revenue of 8.708 billion yuan, a slight decline of 0.3% year-over-year but a 18.04% increase quarter-over-quarter [1]. Production and Sales - The company reported significant increases in polyolefin production, with polyethylene and polypropylene output reaching 1.133 million tons and 1.173 million tons, respectively, marking increases of 34.95% and 56.71% year-over-year [2]. - Sales figures for polyethylene and polypropylene also saw substantial growth, with sales volumes of 1.135 million tons and 1.165 million tons, reflecting increases of 36.36% and 54.74% year-over-year [2]. Dividend Policy - The company distributed a total cash dividend of 3.007 billion yuan in 2024, with a per-share dividend of 0.4598 yuan for minority shareholders and 0.3891 yuan for major shareholders, resulting in a dividend payout ratio of 47.44% [4]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 10.185 billion yuan, 12.114 billion yuan, and 13.715 billion yuan for 2025, 2026, and 2027, respectively [10]. - The current stock price corresponds to a price-to-earnings ratio of 12.6, 10.6, and 9.4 for the years 2025, 2026, and 2027, indicating attractive valuation levels [10].