BAOFENG ENERGY(600989) 申万宏源证券·2025-04-14 02:48Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for Q1 2025, with estimates ranging from 2.35 to 2.5 billion yuan, reflecting a growth of 65.38% to 75.93% compared to the previous year and a quarter-on-quarter increase of 30.48% to 38.81% [7] - The Inner Mongolia project is gradually ramping up production, contributing to substantial improvements in both year-on-year and quarter-on-quarter performance [7] - The company plans to donate up to 600 million yuan to the Ningxia Yanbao Charity Foundation, which may affect reported earnings but is expected to result in higher actual operating performance [7] Financial Summary - Projected total revenue for 2025 is 55.372 billion yuan, with a year-on-year growth rate of 67.9% [6] - Expected net profit for 2025 is 13.523 billion yuan, representing a year-on-year increase of 113.4% [6] - The company’s gross margin is projected to improve to 36.0% by 2025, with a return on equity (ROE) of 24.6% [6] Project Developments - The Inner Mongolia project, with a total capacity of 3 million tons of coal-to-olefins, is set to become a major growth driver for the company in 2025 [7] - The Xinjiang project has received necessary environmental and safety approvals, opening up long-term growth opportunities for the company [7]