宝丰能源（600989）：业绩稳步兑现，新项目持续推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 32.983 billion yuan for 2024, representing a year-on-year growth 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, increasing by 13.97% year-on-year. The net cash flow from operating activities was 8.898 billion yuan, a growth of 2.36% year-on-year [2][6]. - In Q4 2024, the company achieved a revenue of 8.708 billion yuan, a slight decline of 0.30% year-on-year but a significant increase of 18.04% quarter-on-quarter. The net profit attributable to shareholders for this quarter was 1.801 billion yuan, up 2.33% year-on-year and 46.16% quarter-on-quarter [2][6]. - The company is advancing new projects, including the official production of a 250,000 tons/year EVA project in Ningdong and the rapid construction of a 2.6 million tons/year coal-to-olefins project in Inner Mongolia, which is expected to significantly enhance the company's production capacity [11]. Financial Performance Summary - For 2024, the total revenue was 32.983 billion yuan, with a gross profit of 10.933 billion yuan, resulting in a gross margin of 33%. The operating profit was 7.828 billion yuan, accounting for 24% of the revenue [14]. - The projected net profits for 2025, 2026, and 2027 are 12.342 billion yuan, 14.802 billion yuan, and 15.707 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.1X, 8.4X, and 7.9X based on the closing price on March 12, 2025 [11][14].