BAOFENG ENERGY(600989) 申万宏源·2025-03-18 06:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance slightly exceeded expectations, with a notable recovery in profitability driven by the continuous improvement in olefin price spreads [6] - The Inner Mongolia Phase I project, with a capacity of 3 million tons of coal-to-olefins, is expected to be a major growth driver for the company in the coming year [6] - The company has also made progress on the Xinjiang project, which is anticipated to open up long-term growth opportunities due to its low-cost raw materials [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 29,136 million - 2024: 32,983 million (YoY +13.2%) - 2025E: 55,372 million (YoY +67.9%) - 2026E: 56,490 million (YoY +2.0%) - 2027E: 59,240 million (YoY +4.9%) [5][8] - Net profit forecasts are as follows: - 2023: 5,651 million - 2024: 6,338 million (YoY +12.2%) - 2025E: 13,541 million (YoY +113.7%) - 2026E: 15,077 million (YoY +11.3%) - 2027E: 16,010 million (YoY +6.2%) [5][8] - The company maintains a projected PE ratio of 9 for 2025, 8 for 2026, and 8 for 2027 [6]