宝丰能源表示，报告期内，公司营收增加的主要原因是是烯烃三期项目投产，烯烃产品销量增加。据了解，公司三期烯烃项目设计产能90 万吨/年聚乙烯、聚丙烯，25万吨/年EVA，产能利用率93.71%。此外，宝丰能源的设计产能达300 万吨/年聚乙烯、聚丙烯内蒙烯烃项目预计2024年完工，该项目完工投入生产后，可以预见到公司营收的上涨。

2023年，受全球石油价格持续较高影响，油制聚烯烃处于盈亏边缘，煤制聚烯烃利润表现较好。报告期内公司主要业务未发生变化，主要业务是以煤替代石油生产高端化工产品，主要产品为聚乙烯、聚丙烯、焦炭、精细化工产品，其中，煤制烯烃为公司的核心业务。

年报指出，2023年，全国聚烯烃行业供需继续增长，同比上年增速均有所提高。其中，聚乙烯产能增加 250 万吨/年，宝丰能源增加 40 万吨/年，占比16%；聚丙烯产能增加 397万吨/年，宝丰能源增加50万吨/年，占比12.59%。截至 2023 年底，公司煤制烯烃产能占全国煤制烯烃产能约 15%，从各方面综合看，公司是煤制烯烃行业的领先企业之一。

2023年，公司生产聚乙烯839,535.35吨，聚丙烯748,759.88吨，焦炭6,980,334.78吨。

值得注意的是，去年宝丰能源聚丙烯产销情况良好。2023年，公司生产量同比增长12.50%，销售量同比增长14.10%，库存量同比下降21.69%。

此外，宝丰能源还表示，2023 年公司加大了研发投入，强化研发体系建设，积极推进产学研合作，推动百万吨级DMTO 首套新技术落地。开发建设了智能化配煤系统，持续推进烯烃新产品、焦炭新产品研发试产。完成了甲醇细渣减量化、资源化科研项目落地。针对煤化工低温热富余的特殊性，开发了可快速响应的电解水制氢装置及系统。2023 年公司研发支出 4.31 亿元，同比增加 185.76%。

根据高盛对原油价格和金联创对进口丙烷的相关预测，宝丰能源认为，若如专业机构预测未来两年原油价格保持在每桶 80 美元左右的水平，进口丙烯价格继续维持相对高位，将对国内聚烯烃价格形成较强的支撑。2024 年，国内继续推进煤炭保供稳价政策，电煤长协总量及履约率的进一步提升等继续助力，预计煤价运行区间仍然弱势运行为主，行业将继续保持对煤制烯烃企业的有利局面。

Baofeng Energy said that during the reporting period, the company's revenue increase was mainly due to the production of olefin Phase III projects and the increase in sales of olefin products. It is understood that the company's phase III olefin project design capacity of 900,000 tons/year polyethylene, polypropylene, 250,000 tons/year EVA, capacity utilization rate of 93.71%. In addition, Baofeng Energy's design capacity of 3 million tons/year polyethylene, polypropylene Inner Mongolia olefin project is expected to be completed in 2024, after the project is completed and put into production, it is expected that the company's revenue will rise.

In 2023, affected by the continued high global oil prices, oil-made polyolefin is at the margin of profit and loss, and coal-made polyolefin profit performance is better. During the reporting period, the main business of the company did not change, the main business is to replace petroleum with coal to produce high-end chemical products, the main products are polyethylene, polypropylene, coke, fine chemical products, among which coal to olefin is the core business of the company.

The annual report pointed out that in 2023, the supply and demand of the national polyolefin industry continued to grow, and the growth rate of the previous year increased. Among them, polyethylene production capacity increased by 2.5 million tons/year, Baofeng Energy increased by 400,000 tons/year, accounting for 16%; Polypropylene production capacity increased by 3.97 million tons/year, and Baofeng Energy increased by 500,000 tons/year, accounting for 12.59%. By the end of 2023, the company's coal to olefin production capacity accounted for about 15% of the country's coal to olefin production capacity, from a comprehensive perspective, the company is one of the leading enterprises in the coal to olefin industry.

In 2023, the company produced 839,535.35 tons of polyethylene, 748,759.88 tons of polypropylene and 6,980,334.78 tons of coke.

It is worth noting that Baofeng Energy polypropylene production and sales were good last year. In 2023, the company's production increased by 12.50%, sales increased by 14.10%, and inventory decreased by 21.69%.

In addition, Baofeng Energy also said that in 2023, the company increased investment in research and development, strengthened the construction of research and development system, actively promoted industry-university-research cooperation, and promoted the landing of the first set of new technologies of million-ton DMTO. The intelligent coal blending system has been developed and built, and the research and development and trial production of new olefin and coke products have been continuously promoted. The research project of methanol fine slag reduction and resource utilization was completed. In view of the particularity of low temperature heat surplus in coal chemical industry, a device and system for hydrogen production by electrolytic water with fast response were developed. In 2023, the company's R&D expenditure is 431 million yuan, an increase of 185.76%.

According to Goldman Sachs on crude oil prices and gold on the import of propane related forecasts, Baofeng Energy believes that if the professional institutions predict that the next two years crude oil prices remain at about $80 per barrel level, imported propylene prices continue to remain relatively high, will form a strong support for domestic polyolefin prices. In 2024, the domestic policy of ensuring the supply of coal and stabilizing the price will continue to be promoted, and the total amount of the power coal chief Association and the further improvement of the compliance rate will continue to help, and it is expected that the coal price operation range will remain weak and mainly run, and the industry will continue to maintain a favorable situation for coal-to-olefin enterprises.