该项目负责人张红玲解释说，对于新建的煤制烯烃企业，或者是要改造、扩建主要生产用水设施的企 业，每吨产品用水量不能超过12立方米；对于已经在生产的煤制烯烃企业，每吨产品用水量不超过21立 方米。考虑到现有企业改造需要时间，有36个月的过渡期，在这期间企业要将用水量降到规定的21立方 米以内。 《标准》的颁布实施，标志着对黄河流域煤制烯烃产业用水节水的管控从指导性标准向强制性约束升 级，对于推动落实水资源刚性约束制度、强化用水定额管理、提升水资源节约集约利用水平具有重要作 用。(完) （文章来源：中国新闻网） 中新网银川6月4日电 (记者于晶)6月4日，记者从宁夏水利科学研究院获悉，由该院首次牵头编制的强制 性用水定额国家标准《黄河流域高耗水工业用水定额第3部分：煤制烯烃》(GB45669.3-2025)(以下简称 《标准》)由国家市场监督管理总局、国家标准化管理委员会正式发布，于今年6月1日起实施。该标准 作为我国首批针对黄河流域制定的高耗水行业强制性国家标准，填补了流域层面工业节水强制性标准的 空白。 《标准》规定了黄河流域煤制烯烃强制性用水定额的计算方法、指标值和管理要求，明确了用水量的计 算范围及煤制烯烃 ...

Core Viewpoint - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan to align its stock price with intrinsic value and enhance market confidence [1][2]. Group 1: Share Repurchase Plan - The board of Baofeng Energy approved a share repurchase plan on May 14, allowing for a buyback of 10 billion to 20 billion yuan through centralized bidding [2]. - The repurchase price will not exceed 150% of the average stock price over the previous 30 trading days, capped at 22.80 yuan per share, with an estimated repurchase volume of approximately 43.86 million to 87.72 million shares, representing 0.60% to 1.2% of total shares [2]. - The repurchased shares will be used for employee stock ownership plans or equity incentives [2]. Group 2: Financial Performance - Baofeng Energy's total assets as of December 31, 2024, were 896 billion yuan, with net assets of 430 billion yuan and current assets of 48 billion yuan [2]. - If the maximum repurchase amount of 20 billion yuan is utilized, it would account for 2.2% of total assets, 4.7% of net assets, and 41.7% of current assets [2]. - The company reported a revenue of 107.71 billion yuan in Q1 2025, a 30.92% increase year-on-year, and a net profit of 24.37 billion yuan, up 71.49% year-on-year [1][5]. Group 3: Business Operations and Growth - Baofeng Energy specializes in coal-to-olefins, with a significant project in Inner Mongolia that will increase its olefin production capacity to 5.2 million tons per year, making it the largest in China's coal-to-olefins industry [1][5]. - The company experienced a decline in net profit in 2022 and 2023, with figures of 63.03 billion yuan and 56.51 billion yuan, respectively, but is expected to return to growth in 2024 [4][5]. - New projects, including a 25,000 tons/year EVA project and a 260,000 tons/year coal-to-olefins project, are set to drive revenue growth, with projected revenues of 329.83 billion yuan in 2024, a 13.21% increase [4][5].

Core Viewpoint - Ningxia Baofeng Energy Group Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on debt repayment pressure, liquidity, and fixed asset investments [1][2]. Group 1: Debt and Liquidity - The company's debt-to-asset ratio from 2022 to 2024 was 41.17%, with short-term loans of 760 million and non-current liabilities due within one year amounting to 6.36 billion, indicating a significant liquidity pressure as current liabilities exceed current assets by 16.465 billion [1]. - The company plans to distribute dividends and pay interest amounting to 3.206 billion in 2024, a year-on-year increase of 107.51%, with a cash dividend ratio of 47.44%, up by 11.24 percentage points from 2023 [1]. - As of the end of 2024, the company had interest-bearing liabilities totaling 31.031 billion, with expected annual cash flow from operations projected at approximately 17.3 to 18.5 billion from 2025 onwards [1][2]. Group 2: Fixed Assets and Construction Projects - The company's fixed assets and construction projects accounted for 81.88% of total assets, with construction projects showing a book balance of 30.126 billion, a year-on-year increase of 111.64% [3]. - Major investments include 18.263 billion for the Inner Mongolia Olefin Project and 1.18 billion for safety technology upgrades at the Malian Tai Coal Mine, with significant increases in budget allocations compared to 2023 [3]. - The company's olefin production capacity is set to increase from 1.2 million tons per year to 5.2 million tons per year, positioning it as a leader in the coal-to-olefin industry, with olefin products contributing 59% to revenue and 60% to operating profit [5].

证券研究报告 | 公司点评 | 化学原料 宝丰能源(600989) 报告日期：2025 年 03 月 12 日 原料下行助力盈利改善，内蒙古投产产能弹性显著 ——宝丰能源点评报告 事件： ❑ 公司发布 2024 年年报，全年实现营收 329.8 亿元（yoy+13%），归母净利润 63.4 亿元 （yoy+12%），其中 Q4 单季度营收 87.1 亿元（yoy-0%，qoq+18%），归母净利润 18.0 亿元（yoy+2%，qoq+46%）。 点评： ❑ 盈利预测与估值 公司是国内煤制烯烃行业龙头， 成本护城河显著，随着公司内蒙古基地等项目投 产，业绩弹性显著。我们预计公司 2025-2027 年 归 母 净 利 润 为 113.96/132.50/154.39 亿 元 ， 同 比 增 速 分 别 为 +79.81%/+16.27%/+16.53%，对应当前股价 PE 分别为 11/9/8 倍， 维持 "买入"评级。 ❑ 风险提示 原材料价格大幅波动风险，产品需求不及预期风险，新项目投产不及预期风险 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E ...