BAOFENG ENERGY(SH:600989) East Money Securities·2025-10-24 10:00Investment Rating - The report maintains an "Add" rating for the company [2][5] Core Views - The company has successfully ramped up new production capacity, leading to significant growth in production and sales [4][5] - In the first three quarters of 2025, the company achieved revenue of 35.545 billion yuan, a year-on-year increase of 46.43%, and a net profit attributable to shareholders of 8.950 billion yuan, up 97.27% year-on-year [4][5] - The company is a leading domestic producer of coal-based olefins, with new capacity coming online in 2025, which is expected to drive long-term growth [5][6] Financial Performance Summary - Revenue for Q3 2025 reached 12.725 billion yuan, a year-on-year increase of 72.49% and a quarter-on-quarter increase of 5.61% [4] - The net profit for Q3 2025 was 3.232 billion yuan, reflecting a year-on-year increase of 162.34% [4] - The company’s polyethylene and polypropylene production volumes increased by 6.25% and 6.50% respectively in Q3 2025 compared to the previous quarter [4] Capacity and Production Summary - The company’s new production lines for coal-to-olefins are progressing smoothly, with the second line of 1 million tons/year starting trial production in January 2025 and the third line planned for March 2025 [4][5] - The production volumes for polyethylene and polypropylene in Q3 2025 were 678,000 tons and 667,000 tons respectively, with both showing quarter-on-quarter growth [4] Price Trends Summary - The average prices for polyethylene, polypropylene, and coke in Q3 2025 were 6,439 yuan/ton, 6,181 yuan/ton, and 1,005 yuan/ton respectively, with polyethylene and polypropylene prices decreasing slightly [4] Shareholder Returns Summary - The company has maintained a high cash dividend policy, with total cash dividends of approximately 2.036 billion yuan in 2025 [4][5]