Investment Rating - The investment rating for Baofeng Energy is maintained at "Buy" [2][4]. Core Views - The company achieved a revenue of 32.98 billion yuan in 2024, representing a year-on-year increase of 13.2%. The net profit attributable to shareholders reached 6.34 billion yuan, up 12.2% year-on-year. The company expects significant growth in net profit for 2025-2027, forecasting 12.74 billion yuan in 2025, which is a 101% increase year-on-year [4][6]. - The company is benefiting from a decrease in coal prices and the stable release of production capacity, particularly from its projects in Inner Mongolia and Xinjiang, which are expected to contribute to future growth [4][6]. Summary by Sections Financial Performance - In Q4 2024, Baofeng Energy reported a revenue of 8.71 billion yuan, a quarter-on-quarter increase of 18%. The net profit for the same quarter was 1.8 billion yuan, up 46.2% quarter-on-quarter [4][5]. - The average selling price for polyethylene and polypropylene in 2024 was 7,088.6 yuan/ton and 6,696.5 yuan/ton, respectively, with slight year-on-year changes [5]. Production Capacity and Projects - The first production line of the 3 million tons per year olefin project in Inner Mongolia was launched in November 2024, with subsequent lines expected to come online in early 2025. The 4 million tons per year olefin project in Xinjiang is also progressing well [6]. - The cost advantages of the Inner Mongolia and Xinjiang projects are highlighted, with lower transportation costs and investment per ton compared to other regions [6]. Dividend Policy - The company has increased its dividend payout ratio to 47.44% in 2024, an increase of 11.1 percentage points from 2023, enhancing returns for investors [6].

基础化工/化学原料 宝丰能源（600989.SH） 煤价下跌煤化工受益，关注内蒙及新疆产能成长 2025 年 03 月 04 日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 煤价下跌致煤化工受益，关注内蒙及新疆产能成长 自 2024 年 10 月国内煤价持续走低，截至 2025 年 2 月 28 日秦港 Q5500 动力末 煤平仓价 690 元/吨，较 2024 年 10 月初降 177 元/吨；2025 年 1-2 月秦港均价 745 元/吨，环比 2024Q4 均价-9.4%。受益于成本端煤价下滑，公司烯烃及焦炭业务 盈利有望受益，我们维持 2024 年盈利预测并上调 2025-2026 年盈利预测，预计 2024-2026 年归母净利润 63.6/127.4/136.4 亿元（前值为 63.6/109.5/121.2 亿元）， 同比+12.5%/+100.4%/+7.1%；EPS 为 0.87/1.74/1.86 元，对应当前股价 PE 为 19.6/9.8/9.1 倍。公司盈利受益于煤化工成本下降与 ...

宝丰能源（600989.SH） 煤价下跌煤化工受益，关注内蒙及新疆产能成长 2025 年 03 月 04 日 ——公司信息更新报告 投资评级：买入（维持） | 张绪成（分析师） | | --- | zhangxucheng@kysec.cn 证书编号：S0790520020003 基础化工/化学原料 煤价下跌致煤化工受益，关注内蒙及新疆产能成长 自 2024 年 10 月国内煤价持续走低，截至 2025 年 2 月 28 日秦港 Q5500 动力末 煤平仓价 690 元/吨，较 2024 年 10 月初降 177 元/吨；2025 年 1-2 月秦港均价 745 元/吨，环比 2024Q4 均价-9.4%。受益于成本端煤价下滑，公司烯烃及焦炭业务 盈利有望受益，我们维持 2024 年盈利预测并上调 2025-2026 年盈利预测，预计 2024-2026 年归母净利润 63.6/127.4/136.4 亿元（前值为 63.6/109.5/121.2 亿元）， 同比+12.5%/+100.4%/+7.1%；EPS 为 0.87/1.74/1.86 元，对应当前股价 PE 为 19.6/9.8/9.1 倍。公司盈 ...