宝丰能源（600989） 内蒙古项目放量，高油价下煤制烯烃龙头优 势凸显 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32,983 | 48,038 | 59,738 | 59,781 | 60,505 | | 同比（%） | 13.21 | 45.64 | 24.36 | 0.07 | 1.21 | | 归母净利润（百万元） | 6,338 | 11,350 | 17,003 | 18,324 | 19,637 | | 同比（%） | 12.16 | 79.09 | 49.80 | 7.77 | 7.16 | | EPS-最新摊薄（元/股） | 0.86 | 1.55 | 2.32 | 2.50 | 2.68 | | P/E（现价&最新摊薄） | 34.89 | 19.48 | 13.00 | 12.07 | 11.26 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公 ...

| [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32,983 | 48,038 | 59,738 | 59,781 | 60,505 | | 同比（%） | 13.21 | 45.64 | 24.36 | 0.07 | 1.21 | | 归母净利润（百万元） | 6,338 | 11,350 | 17,003 | 18,324 | 19,637 | | 同比（%） | 12.16 | 79.09 | 49.80 | 7.77 | 7.16 | | EPS-最新摊薄（元/股） | 0.86 | 1.55 | 2.32 | 2.50 | 2.68 | | P/E（现价&最新摊薄） | 34.89 | 19.48 | 13.00 | 12.07 | 11.26 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·化学原料 宝丰能源（600989） 内蒙古项目放量，高油价下煤制烯烃龙头优 ...

Group 1 - The report highlights that the market in March will revolve around the dual variables of internal policy windows and external event shocks, with a focus on structural highlights from the Two Sessions, suggesting a likely stable fluctuation in the market index during this period [1][2] - It is anticipated that the market will experience limited competition due to moderate expectations for overall policy, with a higher focus on industrial policies, particularly potential key directions from the "14th Five-Year Plan" [1][2] - The report indicates that external factors, such as the escalation of the US-Iran conflict, will add new variables to the market, but the overall impact on the A-share market is expected to be less than that on European and American markets [2] Group 2 - The report recommends a diversified investment strategy to address both internal and external variables, suggesting a focus on sectors such as AI, cyclical commodities, and structural highlights from the Two Sessions [3] - It emphasizes that the AI and general AI sectors remain a long-term market focus, with significant advancements in domestic models and a trend towards high-cost performance tokens going abroad [4] - The cyclical sectors are expected to see opportunities for rotation, driven by economic recovery and inflation logic, with resource-related sectors benefiting from rising oil prices and heightened risk aversion [4] Group 3 - The report lists a selection of ten recommended stocks, including Baofeng Energy, Wanhua Chemical, and others, with detailed financial metrics such as market capitalization, EPS, and PE ratios for 2026 and 2027 [5][6] - Baofeng Energy is noted for its leading position in the domestic coal-to-olefins industry, with a projected capacity of 5.2 million tons per year by the end of 2025, and a stable gross margin of over 30% [11][12] - Wanhua Chemical is highlighted for its strong market position in MDI and TDI, with a projected increase in market share and significant demand support from domestic and overseas markets [17][18]