宝丰能源：业绩稳步兑现，新项目持续推进-20250316

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a steady performance in its 2024 annual report, achieving an operating revenue of 32.983 billion yuan, a year-on-year increase of 13.21%. The net profit attributable to shareholders was 6.338 billion yuan, up 12.16% year-on-year, while the net profit excluding non-recurring items reached 6.780 billion yuan, reflecting a 13.97% increase year-on-year. The net cash flow from operating activities was 8.898 billion yuan, a 2.36% increase year-on-year [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company recorded an operating revenue of 8.708 billion yuan, a slight year-on-year decrease of 0.30%, but a quarter-on-quarter increase of 18.04%. The net profit attributable to shareholders for the same quarter was 1.801 billion yuan, showing a year-on-year growth of 2.33% and a quarter-on-quarter increase of 46.16% [3][4]. Project Development - The company is advancing its new projects, with the Ningdong Phase III 250,000 tons/year EVA project officially commencing production as of March 2025. The Inner Mongolia 2.6 million tons/year coal-to-olefins project is progressing rapidly, with the first series of 1 million tons/year olefins production line starting trial production in November 2024, and subsequent lines scheduled for early 2025 [8]. Future Outlook - The company is expected to see significant growth in net profit, with projections of 12.34 billion yuan, 14.80 billion yuan, and 15.71 billion yuan for the years 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 10.1X, 8.4X, and 7.9X based on the closing price as of March 12, 2025 [8].