宝丰能源：能效标杆企业成长可期，绿氢助力节能降碳

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [4][5]. Core Insights - The company is positioned as a leading player in the coal-to-olefins sector in China, benefiting from a strong cost advantage and industry-leading energy efficiency. The recent government initiatives aimed at energy conservation and carbon reduction are expected to accelerate the exit of high-energy-consuming enterprises, which will favor the company [5][6]. - The company is actively expanding its production capacity, with significant projects coming online in the near term, which will double its olefin production capacity from 2.1 million tons to 5.1 million tons [5][6]. - The company is also investing in green hydrogen production, which is expected to enhance its sustainability profile and contribute to carbon neutrality goals [6]. Company Overview - Industry: Chemical [2] - A-share price as of May 29, 2024: 16.63 CNY [2] - Market capitalization: 121.95 billion CNY [2] - Major shareholder: Ningxia Baofeng Group Co., Ltd. (35.57%) [2] - Earnings per share (EPS) forecast for 2024: 1.07 CNY, with a projected year-on-year growth of 39% [7][9]. Financial Performance - Projected net profit for 2024: 7.88 billion CNY, with a year-on-year increase of 39% [7][9]. - Revenue forecast for 2024: 38.65 billion CNY, reflecting a significant growth trajectory [9]. - The company’s P/E ratio is projected to be 15 for 2024, indicating a reasonable valuation [6][7]. Production and Capacity Expansion - The company is set to launch several key projects, including a 900,000-ton polyolefin facility in Ningdong and a 2.6 million-ton coal-to-olefins project in Inner Mongolia, which will significantly enhance its production capabilities [5][6]. - The company’s integrated supply chain, from coal to coke to olefins, positions it favorably in terms of energy price stability and supply security [6]. Green Hydrogen Initiatives - The company is developing the world's largest coal-to-olefins project that incorporates green hydrogen, aiming to replace fossil fuels in olefin production [6]. - The project is expected to be operational in 2024, with a total investment of 47.81 billion CNY [6].