内蒙项目全面达产，新项目积极推进 内蒙项目全面达产：内蒙260万吨/年煤制烯烃及配套40万吨/年绿氢耦合制烯烃项目按计划建成投产并 全面达产，该项目是目前为止全球单厂规模最大的煤制烯烃项目，也是首个规模化应用绿氢与现代煤化 工协同生产工艺制烯烃的项目，其盈利能力因区位、技术、管理等方面的优势相较于宁东项目明显提 升。该项目建成后，公司烯烃产能已达到520万吨/年，产能规模跃居我国煤制烯烃行业第一位。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：研报虎） 2025年H1公司实现归母净利润57.18亿，同比+73.02% 2025年H1公司实现营业收入228.2亿元，同比+35.05%；实现归母净利润57.18亿，同比+73.02%；扣非 归母净利润55.79亿元，同比+58.67%。其中Q2实现归母净利润32.81亿元，同比+74.17%，环比 +34.6%。 内蒙项目放量，烯烃价差走阔 烯烃销量大幅提升：得益于内蒙项目投产，上半年聚乙烯/聚丙烯/EVA销量115.29/111.79/10.95万吨，同 比+101%/+95%/+53%。焦炭销量340.15万吨，同比-4% ...

合成树脂 宝丰能源（600989.SH） 买入-B(首次) 内蒙烯烃项目贡献增量，在建和储备项目积极推进 2025 年 8 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 8 月 21 日，公司发布《2025 半年度业绩报告》，2025H1，实现营业收入 228.2 亿元，同比+35.0%，实现归母净利润 57.2 亿元，同比+73.0%，扣非归 母净利润 55.8 亿元，同比+58.7%。其中，2025Q2 实现营业收入 120.5 亿元， 同环比分别+39.0%/+11.9%，实现归母净利润 32.8 亿元，同环比分别+74.2%/ +34.6%，扣非归母净利润为 29.8 亿元，同环比分别+46.6%/ +14.8%。 事件点评 市场数据：2025 年 8 月 26 日 收盘价（元）： 17.24 年内最高/最低（元）： 19.07/13.85 流通A股/总股本（亿）： 73.33/73.33 流通 A 股市值（亿）： 1,264.27 总市值（亿）： 1,264.27 烯烃产销大幅增长，盈利水平.提升。2025H1，公司烯烃、焦化、精细 化工三大板块收入分别 178.0/ 35.9/ ...

内蒙新产能贡献突出，烯烃产能规模跃居国内第 一 2025 年 08 月 25 日 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-08-22 | | --- | --- | | 当前股价（元） | 16.27 | | 总市值（亿元） | 1193 | | 总股本（百万股） | 7333 | | 流通股本（百万股） | 7333 | | 52 周价格范围（元） | 14.2-17.83 | | 日均成交额（百万元） | 523.44 | 市场表现 -10 0 10 20 30 40 (%) 宝丰能源 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《宝丰能源（600989）：烯烃产 销高增推动业绩，高分红彰显投资 性价比》2025-03-14 2、《宝丰能源（600989）：公司 Q3 业绩承压，新基地打开成长空间》 2024-11-09 3、《宝丰能源（600989）：聚烯烃 量价齐升，煤制烯烃龙头业绩大幅 增长》2024-08- ...

长江商报消息 ●长江商报记者 徐阳 中国高效煤基新材料领军企业宝丰能源（600989.SH）交出最佳中报。 2025年上半年，宝丰能源主要产品产能大幅提升，实现营业收入228.20亿元，归母净利润57.18亿元，同比增幅分 别达35.05%、73.02%。 宝丰能源表示，2025年上半年公司营业收入增长主要由于聚烯烃产销量同比增加。上半年，公司主要产品聚烯烃 （含EVA）产量240.46万吨，同比增长96.64% 同时，宝丰能源积极回馈股东。公司2025年上半年拟每股分红0.28元，分红金额20.36亿元，占上半年归母净利润 的35.62%。加上此次，公司累计分红将达173.5亿元。 半年净利增超73% 宝丰能源主营业务为煤制烯烃，主要产品包括聚乙烯（PE）、聚丙烯（PP）、乙烯-醋酸乙烯共聚物（EVA）。 在五大通用合成树脂中，聚乙烯、聚丙烯的产销量分别位居第一位和第二位，占五大合成树脂总产量的60%以 上，是国民经济发展中最重要的基础原材料之一。 业绩方面，宝丰能源实现持续快速发展，2024年营业收入329.83亿元，创历史新高，同比增长13.21%；归母净利 润为63.38亿元，同比增长12.16%；扣 ...

2025 年 08 月 24 日 公司点评 买入/维持 宝丰能源(600989) 昨收盘:16.27 业绩符合预期，内蒙新产能贡献显著 走势比较 (10%) 0% 10% 20% 30% 40% 24/8/26 24/11/6 25/1/17 25/3/30 25/6/10 25/8/21 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司近期发布 2025 年中报，期内实现营业收入 228.2 亿元， 同比上升 35.0%；实现归母净利润 57.2 亿元，同比上升 73.0%；扣非归母 净利润 55.8 亿元，同比上升 58.7%； EPS(全面摊薄)为 0.7797 元。拟向 全体股东每股派发现金红利 0.28 元（含税），占归母净利润的 35.62%。 内蒙新产能贡献显著，业绩同比大幅增长。据公司公告，内蒙 260 万 吨/年煤制烯烃及配套 40 万吨/年绿氢耦合制烯烃项目建成并全面达产， 上半年生产聚烯烃 116.35 ...

基础化工 2025 年 08 月 24 日 宝丰能源 (600989) ——Q2 业绩符合预期，内蒙一期达产持续兑现 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 16.27 | | 一年内最高/最低（元） | 19.07/13.85 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 5.22 | | 流通 A 股市值（百万元） | 119,314 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.10 | | 资产负债率% | 50.29 | | 总股本/流通 A 股（百万） | 7,333/7,333 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04- ...

Financial Performance - In H1 2025, the company's operating revenue reached 22.82 billion yuan, a year-on-year increase of 35.0% [1] - The net profit attributable to shareholders was 5.72 billion yuan, up 73.0% year-on-year [1] - The non-recurring net profit attributable to shareholders was 5.58 billion yuan, reflecting a 58.7% year-on-year increase [1] - In Q2 2025, operating revenue was 12.05 billion yuan, a 39.0% increase year-on-year [1] - The net profit attributable to shareholders in Q2 was 3.28 billion yuan, up 74.2% year-on-year [1] - The non-recurring net profit attributable to shareholders in Q2 was 2.98 billion yuan, a 46.6% increase year-on-year [1] Production Capacity and Projects - The company produced 2.4046 million tons of polyolefins (including EVA) in H1 2025, a year-on-year increase of 96.64% [1] - The coal-based olefins project in Inner Mongolia, with a capacity of 2.6 million tons/year, was successfully commissioned and contributed significantly to production [2] - The project is the largest coal-based olefins project globally and the first to apply green hydrogen in a large-scale production process [2] - The company's olefins production capacity has reached 5.2 million tons/year, ranking first in China's coal-based olefins industry [2] - The 100,000 tons/year ethylene vinyl acetate project was successfully commissioned, ensuring stable supply of key raw materials [2] - Ongoing projects include the Ningdong Phase IV olefins project, which is progressing well and is expected to be completed by the end of 2026 [2] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 11.812 billion yuan, 12.995 billion yuan, and 14.106 billion yuan for the years 2025, 2026, and 2027, respectively [3] - A target price of 19.32 yuan is set based on a 12x PE ratio for 2025, maintaining a "buy" rating [3]

[Table_StockNameRptType] 宝丰能源（600989） 公司点评 内蒙一期爬坡量增明显，煤炭价格下行烯烃盈利改善 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-22 | | [收盘价（元） Table_BaseData] | 16.24 | | 近 12 个月最高/最低（元） | 17.83/14.20 | | 总股本（百万股） | 7,333 | | 流通股本（百万股） | 7,333 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 1,190 | | 流通市值（亿元） | 1,190 | [公司价格与沪深 Table_Chart] 300 走势比较 二季度收入利润均实现环比大幅提升，主要由于内蒙古烯烃项目爬坡带 来聚烯烃较大的量增，同时二季度煤炭价格下跌幅度较大，烯烃板块盈 利改善。从公司披露的经营数据来看，焦炭的产量/销量环比-0.18/+0.41 万吨，聚烯烃的产量/销量环比+24.56/+25.86 万吨，EVA 产量/销量环比 +0.58/+1.53 万吨。其余产品量环比变动 ...

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by the successful launch of its Inner Mongolia olefin project, despite a decline in the prices of its main products [3][4]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 5.4 to 5.9 billion yuan for the first half of 2025, representing a year-on-year increase of 63.4% to 78.5% [3]. - For Q2 2025, the expected net profit is between 2.96 to 3.46 billion yuan, showing a year-on-year growth of 57.3% to 83.8% and a quarter-on-quarter increase of 21.6% to 42.1% [3]. Group 2: Product Performance - The average market prices for the company's main products in Q2 2025 are projected to be 1,226 yuan/ton for coke, 7,565 yuan/ton for polyethylene, and 7,479 yuan/ton for polypropylene, reflecting year-on-year declines of 34%, 11%, and 5% respectively [4]. - Despite the significant price drops in coke and polyolefins, the company's olefin product sales volume has increased substantially due to the full production of the Inner Mongolia project [4]. Group 3: Project Developments - The Inner Mongolia olefin project has been launched in phases, with production starting in November 2024, January 2025, and March 2025, increasing olefin capacity from 2.2 million tons/year to 5.2 million tons/year [5]. - The company has adopted domestically produced equipment for the Inner Mongolia project, with 23 items reaching leading domestic and international standards [5]. - The company is also advancing the Ningdong Phase IV project, which includes 50,000 tons/year of olefin capacity, utilizing a new model of "green hydrogen and oxygen production from green electricity" to supply its chemical facilities [5].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is in line with expectations, with the Inner Mongolia Phase I project achieving full production and profitability reaching new highs [7] - The company expects a significant increase in net profit for the first half of 2025, with a forecasted growth of 63.39%-78.52% year-on-year [7] - The Inner Mongolia project, which utilizes green hydrogen and modern coal chemical processes, is projected to be a major growth driver for the company in 2025 [7] Financial Summary - Total revenue for 2025 is estimated at 55,372 million, with a year-on-year growth rate of 67.9% [6] - The net profit attributable to the parent company is projected to be 13,523 million for 2025, reflecting a year-on-year increase of 113.4% [6] - The earnings per share (EPS) for 2025 is expected to be 1.84 yuan, with a gross margin of 36.0% [6] Company Developments - The Inner Mongolia project has reached a total capacity of 3 million tons per year, making it the largest coal-to-olefins project globally [7] - The company is also advancing its Xinjiang project, which has received necessary environmental and safety approvals, further expanding its growth potential [7] - The company plans to donate up to 600 million to a charity foundation, which may impact management expenses [7]