宝丰能源2025年上半年财报显示，公司累计销售聚乙烯、聚丙烯产品227.08万吨，实现营收149.4亿元。 简单计算可得，其烯烃产品平均单价约为6579.18元/吨。财报同时披露，公司煤制烯烃板块的毛利率高 达42.84%。 | . 1 F π | | --- | | 吨, | | . 灯 | | 单位: | | 序号 | 主要品种 | 产量 | 销量 | 销售收入 | | --- | --- | --- | --- | --- | | 1 | 聚乙烯 | 116. 30 | 115. 29 | 775, 964. 98 | | 2 | 聚内烯 | 113.04 | 111. 79 | 718.049.48 | | 3 | EVA/LDPE | 11. 12 | 10. 95 | 97.009.97 | | ব | 焦灰 | 341.80 | 340. 15 | 343.672.06 | | 5 | 焦化苯 | 3.87 | 3.83 | 21,802.22 | | 6 | 改质沥青 | 6.80 | 6.81 | 24. 209. 00 | | 7 | 甲基叔丁基醚 | 5.15 | 5.06 | 25.0 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26][30] Core Views - The company's Q3 2025 net profit attributable to shareholders increased significantly year-on-year, with revenue reaching 12.73 billion yuan (up 72.5% YoY, up 5.6% QoQ) and net profit at 3.23 billion yuan (up 162.3% YoY, down 1.5% QoQ) [9][26] - The expansion of polyolefin production capacity continues to contribute to profit growth, with polyethylene and polypropylene sales reaching 678,200 tons and 667,100 tons respectively (up 171% and 165% YoY, up 6% QoQ) [17][26] - The company maintains a cost advantage in coal-based olefins, with average procurement prices for key raw materials remaining low, leading to improved gross margins [20][24] Summary by Sections Financial Performance - In Q3 2025, the company reported a gross margin of 38.4% and a net margin of 25.4%, with total expenses at 7.5% [9][26] - The average selling prices for polyethylene and polypropylene were 6,439 yuan/ton and 6,180 yuan/ton respectively (down 8% and 9% YoY) [17][26] Production and Sales - The company’s EVA/LDPE product output and sales in Q3 were 53,900 tons and 56,700 tons (up 84% and 118% YoY) [2][17] - The company’s coke sales reached 1.7739 million tons in Q3 (up 0.2% YoY, up 4.2% QoQ) [18][26] Cost Structure - The average procurement prices for gasification coal, coking coal, and thermal coal were 448 yuan/ton, 740 yuan/ton, and 325 yuan/ton respectively, showing significant year-on-year decreases [20][24] - The cost advantage of coal-based olefins remains substantial, with average costs of 6,338 yuan/ton for coal-based and 7,456 yuan/ton for oil-based olefins, resulting in a cost advantage of approximately 1,119 yuan/ton [24][26] Future Outlook - The company forecasts net profits of 12.206 billion yuan, 12.413 billion yuan, and 13.267 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.66 yuan, 1.69 yuan, and 1.81 yuan [26][28]

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 年三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 证券代码：600989 证券简称：宝丰能源 公告编号：2025-042 宁夏宝丰能源集团股份有限公司 2025年前三季度主要经营数据公告 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。 特此公告。 2025 年 1-9 月，公司实现营业收 3,554,487.88 万元，其中主营业务收入 3,538,019.23 万元，其他业务收入 16,468.65 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 183.98 183.11 1,212,681.74 2 聚丙烯 178.63 178.50 1,130,358.68 3 EVA/LDPE 16.51 16.62 146,581.93 4 焦炭 519.04 517.54 52 ...

Group 1 - The core viewpoint of the report is that Guosen Securities has given Baofeng Energy (600989.SH, latest price: 16.22 yuan) an "outperform" rating based on several positive factors [2] - The new capacity contribution from polyolefins is expected to drive incremental growth [2] - The sales growth of EVA/LDPE is anticipated to enhance overall performance [2] Group 2 - The report highlights a recovery in coke profitability year-on-year for the first half of the year [2] - Baofeng Energy continues to benefit from a cost advantage in coal [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][25] Core Views - The company achieved a record high net profit attributable to shareholders in the second quarter of 2025, with revenue of 12.05 billion yuan (up 39.0% year-on-year, up 11.9% quarter-on-quarter) and a net profit of 3.28 billion yuan (up 74.2% year-on-year, up 34.6% quarter-on-quarter) [1][10] - The growth in profit is driven by accelerated capacity release from the Inner Mongolia olefin project, significant increases in polyethylene and polypropylene sales, and a decline in coal costs [1][10] - The company continues to expand its polyethylene and polypropylene production capacity, with ongoing projects in Ningdong and Xinjiang [2][17] Financial Performance - In the second quarter of 2025, the company produced and sold 640,500 and 638,300 tons of polyethylene (up 128% year-on-year) and 629,000 and 626,400 tons of polypropylene (up 109% year-on-year) [2][17] - The average selling prices for polyethylene and polypropylene were 6,495 yuan/ton and 6,346 yuan/ton, respectively, reflecting a decrease compared to the previous year [2][17] - The company’s gross margin was 38.0%, and net margin was 27.2% in the second quarter of 2025 [10] Cost Structure - The average procurement prices for key raw materials such as gasification coal, coking coal, and thermal coal were 447 yuan/ton, 763 yuan/ton, and 321 yuan/ton, respectively, showing significant year-on-year declines [3][24] - The cost advantage of coal-based olefins over oil-based and PDH routes is expected to further strengthen, with coal-based olefins costing approximately 6,082 yuan/ton compared to 7,415 yuan/ton for oil-based [3][24] Profit Forecast - The company’s net profit forecasts for 2025-2027 are 12.206 billion yuan, 12.413 billion yuan, and 13.267 billion yuan, respectively, with corresponding EPS of 1.66 yuan, 1.69 yuan, and 1.81 yuan [4][25]

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 report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][7]. Core Views - The company achieved a revenue of 32.98 billion yuan in 2024, reflecting a year-on-year growth of 13.2%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.2% year-on-year [3][4]. - The report highlights significant growth in the company's polyethylene and polypropylene sales, with increases of 36.4% and 54.7% respectively in 2024 [4]. - The company is expected to benefit from a decrease in coal prices, enhancing its competitive edge in the coal-to-olefins sector [4]. - The report projects a substantial increase in net profit for 2025 and 2026, estimating 12.48 billion yuan and 14.05 billion yuan respectively, with a corresponding P/E ratio of 10.3 and 9.1 [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32,983 million yuan, with a year-on-year growth rate of 13% [2]. - The net profit attributable to shareholders for 2024 was 6,338 million yuan, showing a 12% increase year-on-year [2]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, with significant growth expected in subsequent years [2][5]. Sales and Production - The company’s sales volume for polyethylene and polypropylene reached 1,135,200 tons and 1,164,900 tons in 2024, marking increases of 36.4% and 54.7% respectively [4]. - The report notes that the company’s production capacity is set to increase significantly, with new production lines coming online in 2024 and 2025 [4]. Market Conditions - The report indicates that the decline in coal prices has positively impacted the company's cost structure, allowing for improved margins despite fluctuations in product prices [4]. - The competitive advantage of the coal-to-olefins process is expected to be further enhanced due to the favorable pricing of raw materials [4]. Future Outlook - The company is projected to achieve a net profit of 12,475 million yuan in 2025 and 14,046 million yuan in 2026, with a continued focus on shareholder returns through high dividend payouts [4][5]. - The report anticipates that the company will maintain a strong growth trajectory, supported by ongoing projects and market conditions [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][7]. Core Views - The company is expected to benefit from growth in its coal-to-olefins business, with significant production capacity increases planned for 2024-2025, positioning it as a leader in the domestic coal-to-olefins industry [4][5]. - The report highlights a strong financial performance in 2024, with revenue reaching 32,983 million yuan, a year-on-year increase of 13.2%, and a net profit of 6,338 million yuan, up 12.2% year-on-year [3][4]. - The company is projected to achieve substantial earnings growth, with estimated net profits of 12,475 million yuan in 2025 and 14,046 million yuan in 2026, reflecting a growth rate of 97% and 13% respectively [2][4]. Financial Summary - The company reported a total revenue of 32,983 million yuan for 2024, with a year-on-year growth rate of 13% [2][3]. - The net profit attributable to shareholders for 2024 was 6,338 million yuan, showing a 12% increase compared to the previous year [3][4]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, increasing to 1.70 yuan in 2025 and 1.92 yuan in 2026 [2][5]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 22.7 in 2023 to 10.3 in 2025, indicating improved valuation as earnings grow [2][4]. Production and Sales Performance - In 2024, the company achieved polyethylene and polypropylene sales of 1,135,200 tons and 1,164,900 tons, representing year-on-year increases of 36.4% and 54.7% respectively [4]. - The report notes a significant recovery in production volumes following maintenance shutdowns and the successful trial production of new lines in Inner Mongolia [4][5]. - The company’s cash dividend for 2024 is projected at 30.1 billion yuan, with a payout ratio of 47.44%, reflecting a commitment to shareholder returns [4].

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 ...