BAOFENG ENERGY(600989) 新浪财经·2025-04-23 04:36Financial Performance - In Q1 2025, the company achieved revenue of 10.771 billion yuan, a year-on-year increase of 30.92% [1] - The net profit attributable to shareholders was 2.437 billion yuan, up 71.49% year-on-year, while the net profit excluding non-recurring items was 2.597 billion yuan, reflecting a 75.25% increase [1] - The sales volume of polyethylene (PE) and polypropylene (PP) significantly increased, with revenues of 3.614 billion yuan and 3.205 billion yuan, representing year-on-year growth of 77% and 84% respectively [1] Production and Sales - The production volume for PE and PP reached 522,500 tons and 501,400 tons, with year-on-year increases of 82% and 83% respectively [1] - The average selling prices (excluding tax) for PE and PP were 7,023.06 yuan/ton and 6,521.96 yuan/ton, showing a year-on-year increase of 1.44% and a slight decrease of 0.02% respectively [1] - The company’s coal procurement average price (excluding tax) was 347.6 yuan/ton, down 23.11% year-on-year, contributing to improved profitability [1] Market Conditions - The demand for coke remains weak, leading to a decline in coke prices, with the company reporting coke revenue of 1.834 billion yuan, a decrease of 32% year-on-year [2] - The average price of coke (excluding tax) was 1,079.25 yuan/ton, down 29.58% year-on-year, reflecting the pressures from downstream steel mills and raw material costs [2] Project Developments - The company’s Inner Mongolia project is progressing, with a total capacity of 5.2 million tons/year for coal-to-olefins expected to enhance future performance [3] - The first series of 1 million tons/year olefins production line was launched in November 2024, with subsequent lines coming online in January and March 2025 [3] - The company maintains a strong investment rating, projecting net profits of 10.75 billion, 12.6 billion, and 13.88 billion yuan for 2025-2027 [3]