Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company,卓越新能, is a pioneer in the industrial production of biodiesel in China, focusing on the integrated biomass energy layout and continuously increasing R&D investment [3][10]. - The biodiesel market is expected to maintain a tight balance in supply and demand, with a focus on raw material substitution and overcoming trade barriers [3][4]. - The company is expanding its overseas sales network and enhancing its product offerings in biobased materials, which is expected to bolster its competitive edge [3][4]. Summary by Sections 1. Integrated Biomass Energy Layout -卓越新能 is the largest producer of biodiesel in China, with a production capacity of approximately 500,000 tons as of June 2024, and a biobased materials capacity of 90,000 tons [3][14]. - The company has a strong focus on R&D, enhancing the value-added of its products and the utilization rate of waste oils [10][14]. 2. Tight Supply-Demand Balance in Biodiesel - The report highlights the ongoing tight balance in the biodiesel market, with a projected supply-demand gap of 350,000 tons in 2024, -120,000 tons in 2025, and 770,000 tons in 2026 [3][5]. - The company is expected to benefit from the rising price of waste oils as a raw material, which is becoming increasingly cost-effective compared to traditional vegetable oils [3][40]. 3. Overseas Channels and Biobased Materials -卓越新能 has established subsidiaries in Singapore and the Netherlands to enhance its global trading capabilities and mitigate the impact of trade barriers [3][4]. - The company is also expanding its biobased materials segment, with a new 50,000-ton natural fatty alcohol project expected to contribute significantly to profits [4][14]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 157 million, 634 million, and 792 million yuan for the years 2024, 2025, and 2026, respectively, reflecting significant growth rates [5][19]. - The report anticipates that the company's earnings per share (EPS) will reach 1.30, 5.28, and 6.60 yuan for the same years [5][19].

[Table_Main] 证券研究报告 | 公司首次覆盖 卓越新能(688196.SH) 2025 年 03 月 27 日 买入（首次） 所属行业：基础化工/化学制品 当前价格(元)：46.32 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 研究助理 王友舜 邮箱：wangys5＠tebon.com.cn 市场表现 投资要点 请务必阅读正文之后的信息披露和法律声明 卓越新能：中国生物柴油工业化生产先驱。公司是我国第一家从事废油脂制备生物 柴油的技术研发并率先实现工业化生产的企业，围绕"生物质能化一体化"产业布局 持续加大科研投入，基于废弃油脂和生物柴油开发应用的产业链不断丰富，产品附 加值和废弃油脂的综合利用率不断提升。截至 2024 年 6 月，公司生物柴油产能规 模约 50 万吨，生物基材料产能规模达 9 万吨，生物柴油产量和出口量连续多年位 列国内同类企业前列。 生物柴油紧平衡格局延续，关注原料替代与贸易突围。酯基生物柴油是当前应用最 广泛的生物柴油类型，占比超 85%。原料替代方面，废弃油脂因其减排效益最优， 并不占用耕地面积，且欧美国家已 ...

卓越新能(688196)：脂肪醇涨价 公司产能投放在即 有望受益 事件：近期国内脂肪醇市场价格持续上涨，截至2025.3.26，国内中碳醇（C12-14 醇）主流报价 23500 元/吨，较上月上涨13%，较年初上涨9.3%。 脂肪醇价格上涨，公司新产能投放在即有望受益。据钢联数据，当前脂肪醇市场货源供应紧缺，现 货难寻持货商报盘重心围绕高位，叠加原料端棕榈仁油产地供应紧张未有缓解，价格高位运行（3 月26 日精炼棕榈仁油收盘2050 美元/吨），预计短期脂肪醇市场价格震荡偏强。相比之下公司脂肪醇生产以 废弃油脂（工业级混合油，UCO）为主要原料，经济环保优势明显。据公司公告，"年产5 万吨天然脂 肪醇项目"将于3 月中旬试机投产，新产能有望受益于脂肪醇涨价。 投资建议：我们预计2025-2026 年公司归母净利润为3.5/5 亿元。调升至"强烈推荐"评级。 风险提示：项目进度不及预期，原料及产品价格大幅波动，国际地缘政治风险。 新项目持续推进，看好长期成长。生物柴油产品全球需求稳定增长，需求广阔，具有良好的发展前 景。公司年产10 万吨烃基生物柴油项目采用两段加氢工艺（加氢精制和异构降凝工艺），并在加氢精 ...

龙岩卓越新能源股份有限公司的主营业务为以废油脂资源从事生物柴油及生物基新材料的研发和生产， 公司的主要产品为生物柴油、工业甘油、生物酯增塑剂、环保型醇酸树脂。公司为国家级"高新技术企 业"，拥有"省级企业技术中心"、"生物质能企业重点实验室"和"生物柴油企业工程技术研究中心"，是 全国"生物质能源产业技术创新战略联盟"的副理事长单位。 最新一期业绩显示，2024年三季报，公司实现营业收入29.74亿元，同比17.19%；净利润9235.40万元， 同比-39.66%，销售毛利率3.56%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)95卓越新能33.2533.251.9252.38亿行业平均 46.6850.802.9379.97亿行业中值37.0937.622.2840.94亿1宏柏新材-5864.6458.741.9738.16亿2北化股 份-2190.43106.712.1159.24亿3锦鸡股份-854.27249.962.3339.62亿4渝三峡A-650.88-68.381.9123.80亿5富 淼科技-342.88-342.881.2416.87亿6石大胜华-183.93394.84 ...

Financial Performance - The company achieved total operating revenue of RMB 361,079.07 million, an increase of 28.42% compared to the previous year[4] - The net profit attributable to the parent company was RMB 15,754.03 million, reflecting a growth of 100.41% year-on-year[4] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 14,221.47 million, up 31.61% from the previous year[4] - Basic earnings per share increased to RMB 1.31, a rise of 98.48% compared to the same period last year[4] - The weighted average return on equity reached 5.75%, an increase of 97.59% year-on-year[4] Assets and Equity - Total assets at the end of the reporting period were RMB 352,456.45 million, up 14.94% from the beginning of the year[4] - Equity attributable to the parent company was RMB 280,156.13 million, an increase of 4.53% year-on-year[5] Operational Factors - The significant growth in operating performance was primarily due to the rebound in international biodiesel prices and effective cost control in raw material procurement[6] Reporting and Audit - The company does not foresee any major uncertainties affecting the accuracy of this performance report[7] - The financial data presented are preliminary and subject to final audit in the annual report[7]

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [10]. Core Views - The company is expected to achieve a significant increase in net profit, with a forecasted growth of 90.81% year-on-year for 2024, reaching approximately 150 million yuan [4]. - The company has a strong position in the waste oil recycling sector, focusing on the production of biodiesel and related products, which are expected to see stable demand growth due to supportive policies and environmental awareness [6][10]. - The company is expanding its production capacity with new projects, including a 100,000-ton biodiesel production line and a 50,000-ton natural fatty alcohol project, which are anticipated to contribute significantly to future revenue [7][9]. Financial Performance - The company reported a basic earnings per share (EPS) of 0.77 yuan for the first nine months of 2024, with a net asset return rate of 3.38% [2]. - The projected net profits for 2024, 2025, and 2026 are 150 million yuan, 240 million yuan, and 410 million yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.7, 16.9, and 9.9 [10][12]. - The company's revenue is expected to recover from 281.2 million yuan in 2023 to 4.124 billion yuan in 2024, reflecting a year-on-year growth of 46.7% [12]. Market Position and Growth Potential - The company has been a leader in the biodiesel market, with a production capacity of 500,000 tons and a strong export performance [5]. - The global biodiesel consumption reached 2,263 PJ in 2023, showing a year-on-year increase of 17.3%, indicating a growing market for biodiesel products [6]. - The company is strategically positioned to benefit from international market demands, particularly in Singapore, where it is expanding its biodiesel production capabilities [9].

Investment Rating - The report maintains a "Recommend" rating for the company [4][6] Core Views - The company's 2024 annual performance is expected to show significant growth, with a projected net profit attributable to the parent company of approximately 1.5 billion yuan, a year-on-year increase of 90.81% [1] - The growth is attributed to the recovery of international biodiesel prices in Q4 2024, with European Ucome FOB prices increasing by 9.65% and Southeast Asian biodiesel FOB prices rising by 16.01% compared to Q3 2024 [2] - The company's Singapore subsidiary is expected to contribute to future growth, with a planned annual production capacity of 200,000 tons of biodiesel, with the first phase of 100,000 tons expected to be operational by Q1 2025 [3] Financial Performance and Forecast - The company's revenue is expected to grow from 2,812 million yuan in 2023 to 5,345 million yuan in 2026, with a CAGR of 18.1% from 2024 to 2026 [5] - Net profit attributable to the parent company is forecasted to increase from 79 million yuan in 2023 to 399 million yuan in 2026, with a CAGR of 90.3% from 2024 to 2026 [5] - EPS is projected to rise from 0.66 yuan in 2023 to 3.33 yuan in 2026, with a corresponding PE ratio decreasing from 52 in 2023 to 10 in 2026 [5] Industry and Market Analysis - Singapore's biofuel market is emerging as a significant player, with biofuel usage reaching 106,500 tons in December 2024, a 135.10% increase from the beginning of the year [3] - The company's strategic focus on Singapore's biofuel market is expected to capitalize on the region's growing demand for marine fuel, with biofuel accounting for 2.2% of total fuel usage in Singapore by the end of 2024 [3] Valuation and Investment Recommendation - The company's valuation is supported by its strong growth prospects, with a projected PE ratio of 27 in 2024, decreasing to 10 by 2026 [4][5] - The report recommends the company based on its favorable business outlook, expanding product margins, and ongoing overseas base construction [4]

Investment Rating - The report upgrades the investment rating of the company to "Buy" based on its strong performance and future growth potential [5][7] Core Viewpoints - The company's 2024 annual performance is expected to increase by over 90% year-on-year, with a projected net profit attributable to the parent company of approximately 1.5 billion yuan, up 90.81% from the previous year [1] - The company has successfully navigated international trade challenges, particularly the EU's anti-dumping measures, by expanding overseas channels and optimizing costs [2][3] - The company is investing in new production lines, including a 100,000-ton HVO/SAF production line, which is expected to benefit from the global shift towards sustainable aviation fuel (SAF) [4] Financial Performance and Projections - The company's revenue is projected to grow from 3.5 billion yuan in 2024 to 6.5 billion yuan in 2026, with net profit attributable to the parent company expected to increase from 1.5 billion yuan in 2024 to 6.77 billion yuan in 2026 [5][6] - The company's EPS is forecasted to rise from 1.25 yuan in 2024 to 5.64 yuan in 2026, reflecting strong growth potential [5][6] - The company's EBITDA is expected to grow significantly, from 244.98 million yuan in 2024 to 762.46 million yuan in 2026 [6] Strategic Initiatives - The company has established stable operations in the Netherlands and Singapore, with plans to expand production lines in Saudi Arabia and other overseas markets [2] - The company is focusing on cost reduction, process optimization, and expanding non-EU markets to mitigate the impact of international trade policies [2] - The company is actively promoting the application of biodiesel in domestic bio-ship fuel markets and exploring new markets in the bio-based chemical sector [2] Industry Outlook - The global demand for SAF is expected to exceed 15 million tons by 2030, driven by the aviation industry's decarbonization strategy [4] - The company is well-positioned to benefit from the shift in the biodiesel supply chain, as raw materials are increasingly directed towards SAF production [4] Valuation Metrics - The company's P/E ratio is expected to decrease from 26.78 in 2024 to 5.92 in 2026, indicating a more attractive valuation over time [6] - The company's EV/EBITDA ratio is projected to decline from 11.47 in 2024 to 4.12 in 2026, reflecting improved operational efficiency and profitability [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.67 yuan per share [7] Core Views - The company is expected to achieve a net profit attributable to the parent company of approximately 1.50 billion yuan in 2024, a year-on-year increase of 90.8% [2][5] - In Q4 2024, the company achieved a net profit attributable to the parent company of approximately 57.65 million yuan, turning around from losses in both the same period last year and the previous quarter [2][5] - The significant improvement in Q4 2024 performance is attributed to the recovery of international biodiesel prices and effective control of raw material procurement costs, with the profit per ton rebounding to 576 yuan/ton [2][5] - The company is optimistic about the potential performance boost from the planned 100,000-ton capacity in Singapore, expected to be operational in 2025 [2][5] Market Performance and Industry Analysis - The company's stock price has shown significant volatility over the past 12 months, with a high of 49.93 yuan and a low of 18.22 yuan [7] - Despite a 42.8% year-on-year decline in China's biodiesel exports from January to November 2024, the company's export volume from Fujian Province (where it is the main exporter) only decreased by 16.2% [10] - The company has adjusted its export model since Q4 2023, establishing its own sales network in Europe, which has helped maintain relatively high capacity utilization and export volume [10] Financial Projections - The company is projected to achieve net profits attributable to the parent company of 1.50 billion yuan, 3.21 billion yuan, and 3.93 billion yuan in 2024, 2025, and 2026, respectively [10] - The corresponding P/E ratios for these years are 26.2x, 12.2x, and 10.0x, indicating a favorable valuation outlook [10] Strategic Initiatives - The company is actively responding to the EU's anti-dumping sanctions on biodiesel by expanding sales in non-EU markets and increasing the application of biodiesel in the marine fuel market [10] - It is also exploring opportunities in the domestic bio-based chemical market and building production lines in overseas markets such as Singapore and Saudi Arabia to ensure sustained profitability [10]

Investment Rating - The report maintains an "Outperform" rating for the company [7][22] Core Views - The company's Q4 2024 performance shows a significant recovery, with a projected 90.81% YoY increase in net profit attributable to the parent company, reaching approximately 150 million RMB [2][11] - The company has effectively mitigated the impact of EU anti-dumping sanctions by adjusting its sales model and maintaining high operating rates [3][11] - The EU's mandate for a 2% SAF blend in aviation fuel by 2025 presents a long-term growth opportunity, with global SAF consumption expected to reach 2 million tons [4][18] - The cancellation of UCO export tax rebates in China is expected to reduce raw material costs for domestic biodiesel companies, benefiting the company's procurement [3][17] Financial Performance - The company's 2024 revenue is projected to be 3,497 million RMB, a 24.4% increase from 2023, with net profit expected to reach 150 million RMB, a 90.6% YoY increase [5][22] - The company's EPS for 2024 is forecasted at 1.25 RMB, with a PE ratio of 26.14x [5][22] - The company's ROE is expected to improve from 5.3% in 2024 to 12.3% by 2026 [5] Industry and Market Dynamics - The EU's temporary anti-dumping duty of 25.4% on the company's biodiesel products has impacted its 2024 gross margin, but the company has adjusted by expanding sales in non-EU European markets and increasing exports to Singapore [11][19] - The company is actively building a 100,000-ton/year second-generation biodiesel production line, which is expected to produce SAF and drive future growth [4][18] - The company is expanding its global presence with production lines in Singapore and Saudi Arabia, with the Singapore line expected to start production in H1 2025, adding 100,000 tons/year of capacity [17] Strategic Initiatives - The company is diversifying its product portfolio by developing bio-based materials, including industrial glycerin, bio-ester plasticizers, and environmentally friendly alkyd resins, and is advancing the construction of a 100,000-ton synthetic resin production facility [19] - The company's international expansion, particularly in Singapore, is expected to help mitigate EU tariff risks and enhance profitability [17]