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研報掘金丨太平洋證券:寶豐能源業績有望穩步增長,維持“買入”評級
格隆匯 03-18 14:23
太平洋證券研報指出,寶豐能源(600989.SH)24年實現歸屬於上市公司股東的淨利潤63.38億元,同比增長12.16%。內蒙古烯烴項目投產後,公司烯烴產能將達到520萬噸/年,產能規模將躍居我國煤制烯烴行業第一位。內蒙項目在原材料等方面有明顯的成本優勢,盈利性相比寧夏項目更強,隨着產能的逐步釋放,公司業績有望穩步增長。2024年煤制聚乙烯平均利潤1967元/噸,較2023年增加626元/噸,同比增長46.7%。焦化及煤制烯烴的核心原材料爲煤炭,公司年報數據顯示,煤炭採購價格同比下降12.96%,原煤-烯烴價差拉大,盈利水平明顯提升。預計公司的煤制烯烴業務一季度依然將維持較好的盈利水平。公司是國內領先的煤化工企業,隨着內蒙項目的產能釋放,未來依然有增量,維持“買入”評級。
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