证券代码：600989 证券简称：宝丰能源 公告编号：2025-015 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第十三 号化工》有关规定和披露要求，现将宁夏宝丰能源集团股份有限公司（以下简称"公 司"）2025 年一季度主要经营数据披露如下： 一、主要产品产量、销量及收入情况 2025 年 1-3 月，公司实现营业收入 1,077,074.13 万元，其中主营业务收入 1,072,494.76 万元，其他业务收入 4,579.37 万元。构成公司主营业务收入的产品产销情况如下： 单位：万吨，万元 序号 主要品种 产量 销量 销售收入 1 聚乙烯 52.25 51.46 361,398.32 2 聚丙烯 50.14 49.15 320,532.49 3 EVA/LDPE 5.27 4.71 42,346.16 4 焦炭 170.99 169.87 183,337.56 5 纯苯 2.03 2.04 12,621.34 6 改质沥青 3.19 2.51 8,802.23 7 甲基叔丁基醚 2.55 2.79 14,455.25 8 其他 129,001.41 合计 1,072,494.7 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][20][22] Core Views - The company's revenue for 2024 is projected to be 32.98 billion yuan, representing a year-on-year increase of 13%, with a net profit of 6.34 billion yuan, also up 12% year-on-year. In Q4 2024, revenue is expected to be 8.71 billion yuan, slightly down 0.3% year-on-year but up 18% quarter-on-quarter, with a net profit of 1.80 billion yuan, up 2% year-on-year and 46% quarter-on-quarter [1][9][20] - The main products, polyethylene and polypropylene, saw increased production and sales due to new olefin capacity. The average selling prices for polyethylene and polypropylene were 7,106 yuan/ton and 6,663 yuan/ton, respectively, with polyethylene prices increasing and polypropylene prices slightly decreasing [2][14] - The decline in coal prices has reduced the cost of coal-to-olefin production, enhancing the company's cost advantage. The average procurement prices for key raw materials decreased by 9% to 13% year-on-year [3][18] Summary by Sections Financial Performance - In Q4 2024, the company achieved a gross margin of 31.4% and a net margin of 20.7%, with a period expense ratio of 5.9%, which has decreased year-on-year and quarter-on-quarter. The revenue growth is attributed to the release of new olefin capacity and increased sales, alongside optimized expense ratios [1][9][20] Product Performance - The production and sales volumes for polyethylene were 315,800 tons and 309,700 tons, while for polypropylene, they were 341,500 tons and 340,600 tons, respectively. The increase in production and sales is primarily due to the contribution from new olefin capacity [2][14] - The EVA and LDPE production and sales volumes significantly increased, with EVA production and sales reaching 52,900 tons and 57,200 tons, respectively, reflecting a quarter-on-quarter increase of 81% and 120% [2][14] Cost Structure - The average procurement prices for gasification raw coal, coking coal, and thermal coal were 563 yuan/ton, 1,073 yuan/ton, and 414 yuan/ton, respectively, showing a year-on-year decrease. The price of coal continues to decline, which is expected to maintain a favorable cost structure for the company [3][18] Investment Outlook - The company is expected to maintain its profit growth trajectory, with net profit forecasts for 2025, 2026, and 2027 at 12.21 billion yuan, 12.41 billion yuan, and 13.27 billion yuan, respectively. The corresponding EPS is projected to be 1.66 yuan, 1.69 yuan, and 1.81 yuan, with a current PE ratio of 10.5, 10.3, and 9.6 for the respective years [4][20][24]

证券研究报告 | 2025年03月12日 宝丰能源（600989.SH） 优于大市 四季度归母净利提升，内蒙烯烃项目逐步投产 公司 2024 年四季度归母净利润同环比提升。公司 2024 年营收 329.8 亿元 （同比+13%），归母净利润 63.38 亿元（同比+12%）；其中，2024 年四 季度营收 87.1 亿元（同比-0.3%，环比+18%），归母净利润 18.0 亿元 （同比+2%，环比+46%），毛利率/净利率为 31.4%/20.7%，同比略增； 期间费用率 5.9%，同环比下降。营收增长主要来自于新产能释放与销量 增加，同时费用率进一步优化助力利润提升。 公司主营产品聚烯烃产销量提升。2024 年四季度公司主营产品聚乙烯产销 量为 31.58/30.97 万吨，聚丙烯产销量为 34.15/34.06 万吨，产销量同 环比提升源于烯烃新产能贡献增量。四季度国内聚烯烃开启传统需求旺 季，并伴随国内政策性利好支撑，价格有所修复，公司聚乙烯/聚丙烯 不含税平均售价分别为 7106/6663 元/吨,聚乙烯价格同环比提升，聚丙 烯略降。EVA 量价环比提升，三季度检修装置恢复，2024 年四季度 E ...

宁夏宝丰能源集团股份有限公司 2024年年度主要经营数据公告 证券代码：600989 证券简称：宝丰能源 公告编号：2025-007 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第十三 号化工》有关规定和披露要求，现将宁夏宝丰能源集团股份有限公司（以下简称"公 司"）2024 年年度主要经营数据披露如下： 一、主要产品产量、销量及收入情况 2024 年 1-12 月，公司实现营业收入 3,298,288.99 万元，其中主营业务收入 3,280,382.99 万元，其他业务收入 17,906.00 万元。构成公司主营业务收入的产品产销情况如下： 单位：万吨，万元 序号 主要品种 产量 销量 销售收入 1 聚乙烯 113.30 113.52 804,703.43 2 聚丙烯 117.34 116.49 780,080.05 3 EVA/LDPE 16.14 15.48 133,500.91 4 焦炭 703.97 708.63 983,459.20 5 ...