证券代码：688196 证券简称：卓越新能 公告编号：2025-022 龙岩卓越新能源股份有限公司 关于开立募集资金理财产品专用结算账户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 龙岩卓越新能源股份有限公司（以下简称"公司"或"卓越新能"）于 2024 年 10 月 28 日召开第五届董事会第六次会议及第五届监事会第四次会议， 审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》,同意在确 保不影响募集资金投资项目实施及募集资金安全的情况下，拟使用额度不超过 人民币 45,000.00 万元的部分暂时闲置募集资金进行现金管理，用于购买安全 性高、流动性好、有保本约定的投资产品（包括但不限于结构性存款、定期存 款、大额存单等）。本次现金管理决议的有效期限自 2024 年 11 月 30 日起 12 个月内有效。在上述额度和期限范围内，资金可以滚动使用。董事会授权董事 长行使该项决策权及签署相关法律文件，同时授权公司计划财务部在上述额度 范围内负责具体办理事宜。具体内容详见公司于 2024 年 10 月 2 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in overseas HVO/SAF prices, with European prices rising by 13.97% and 11.60% respectively since the lowest points in Q2 2025, driven by strong seasonal demand [5] - The EU is gradually implementing a 2% SAF blending policy, which is expected to enhance the demand for SAF and subsequently increase the price of UCO, benefiting the entire UCO-HVO/SAF industry chain [6] - The demand for UCO is anticipated to grow steadily due to the increasing SAF demand, with domestic UCO prices rising as a result of heightened procurement levels from SAF and biodiesel plants [7] Summary by Sections Industry Trends - The report indicates a positive outlook for the basic chemical industry, with a maintained investment rating [1] - A notable trend is the increase in UCO prices in China, with prices for gutter oil and waste oil rising by 3.31% and 2.31% respectively since Q2 2025 [5] Market Dynamics - The report discusses the EU's measures to support the SAF market, including subsidies for airlines purchasing sustainable aviation fuel, which is expected to drive up costs and demand [6] - The report notes that China's SAF production costs are lower due to abundant and cheaper UCO resources, positioning China to capture a significant market share in the EU [6] Company Insights - The report provides a table of companies involved in HVO/SAF production, highlighting their planned capacities and market valuations, with 嘉澳环保 leading with a planned capacity of 740,000 tons [10] - The report identifies key beneficiaries of the SAF demand increase, including 嘉澳环保, 海新能科, 卓越新能, and 鹏鹞环保 [6][10]

Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Views - The company,卓越新能, is a leading player in the biodiesel industry in China, with plans to expand its production capacity to over one million tons in the context of global carbon reduction initiatives. The company is expected to achieve net profits of 386 million, 530 million, and 844 million yuan from 2025 to 2027, with corresponding EPS of 3.21, 4.41, and 7.03 yuan, indicating a strong growth trajectory [3][4]. Summary by Sections 1. Company Overview - 卓越新能 is the largest biodiesel producer in China, focusing on biodiesel as its main product while also developing high-value-added by-products such as industrial glycerin and fatty alcohols. The company has a production capacity of 500,000 tons of biodiesel per year as of the end of 2024, with plans for further expansion in Singapore, Saudi Arabia, and Thailand [4][15][16]. 2. Market Dynamics - The demand for biodiesel, particularly from used cooking oil (UCO), is expected to grow significantly due to its carbon reduction properties. Despite high anti-dumping duties imposed by the EU, the unique attributes of Chinese biodiesel may still allow for exports to Europe. The global push for carbon reduction, especially in maritime and aviation sectors, is anticipated to drive biodiesel demand [4][22][48]. 3. Financial Performance - The company experienced a decline in revenue and net profit in 2023 due to trade tensions affecting exports. However, it is projected to recover in 2024, with expected revenues of 3.563 billion yuan and net profits of 149 million yuan, reflecting a year-on-year growth of 26.71% and 88.61%, respectively [7][29][33]. 4. Product Development - The company is enhancing its production processes for both first-generation and second-generation biodiesel, achieving a transesterification rate of 99%. It is also expanding its production of sustainable aviation fuel (SAF) and other high-value products, which will contribute to its competitive edge in the market [17][19][49]. 5. International Expansion - The establishment of sales channels in Europe through a subsidiary in the Netherlands has allowed the company to maintain its export business despite challenges. The company is also pursuing international capacity expansion to reduce reliance on domestic raw materials, which will support stable production [22][24][26].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Views - The company,卓越新能, is a leading player in the biodiesel industry in China, with plans to expand its production capacity to over one million tons in the context of global carbon reduction initiatives. The company is expected to achieve net profits of 386 million, 530 million, and 844 million yuan from 2025 to 2027, with corresponding EPS of 3.21, 4.41, and 7.03 yuan, indicating a strong growth trajectory [3][4]. Summary by Sections 1. Company Overview - 卓越新能 is the largest biodiesel producer in China, focusing on biodiesel as its main product while also developing high-value-added by-products such as industrial glycerin and fatty alcohols. The company has a production capacity of 500,000 tons of biodiesel per year as of the end of 2024, with plans for further expansion in Singapore, Saudi Arabia, and Thailand [4][15][16]. 2. Market Dynamics - The demand for biodiesel, particularly from used cooking oil (UCO), is expected to grow significantly due to its carbon reduction properties. Despite high anti-dumping duties imposed by the EU, the company remains competitive due to the high carbon reduction attributes of its biodiesel and the potential for exports to the EU [4][28]. 3. Financial Performance - The company experienced a decline in sales volume and revenue in 2023, with biodiesel sales dropping by 13.07% to 351,900 tons and revenue decreasing by 35.28% to 2.812 billion yuan. However, the company is projected to recover in 2024, with expected revenue growth of 26.71% [29][33]. 4. Production and Cost Structure - The company has optimized its production processes, achieving a transesterification rate of 99% for waste oils, which is among the highest in the industry. The production costs for first-generation biodiesel are significantly lower than for second-generation biodiesel, making it a cost-effective option [17][49]. 5. Future Outlook - The company is set to benefit from the increasing global demand for biodiesel and sustainable aviation fuel (SAF), with plans to enhance its production capabilities and expand its international sales channels. The establishment of subsidiaries in Europe and Southeast Asia is expected to bolster its market presence [22][24][33].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Insights - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU starting in 2025 is anticipated to drive up prices for related products in the supply chain [2] - The successful establishment of export channels for domestic bio-jet fuel marks a significant milestone for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU's SAF mandate requires a minimum of 2% SAF in aviation fuel by 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to accelerate the growth of the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [4] - It also highlights opportunities in domestic material companies benefiting from the trend of local substitution, as well as in the pesticide and fertilizer sectors [4]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Insights - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU starting in 2025 is anticipated to drive up prices for related products in the supply chain [2] - The recent approval of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international trade and enhancing competitive advantages for leading companies [3] Summary by Sections 1. Industry Overview - The report highlights the strategic importance of biodiesel in achieving sustainable economic development and reducing environmental pollution, with a focus on its growing applications in transportation and energy sectors [1] 2. Policy Impact - The EU's SAF blending mandate will require at least 2% SAF in aviation fuel by 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost demand for biofuels [2] 3. Market Developments - The export approval for bio-jet fuel from Jiangsu province represents a breakthrough for the domestic biofuel industry, allowing for a production capacity of 372,400 tons in 2025 [3] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend companies in the oil and gas sector, as well as those benefiting from domestic substitution trends in materials and chemicals [4]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Viewpoints - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU is anticipated to drive up prices for related products in the supply chain [2] - The establishment of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU mandates a minimum of 2% SAF in aviation fuel starting January 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as companies benefiting from domestic substitution trends in materials [4]

Core Viewpoint - The company,卓越新能, has postponed its "annual production of 100,000 tons of hydrocarbon-based biodiesel production line project" for the second time, now expected to be completed by December 2025, due to various challenges including market volatility and policy restrictions [3][5]. Group 1: Project Delays - The hydrocarbon project was initially planned for delivery in June 2023 but has been delayed twice, first to June 2025 and now to December 2025, due to issues with project construction plans and land supply [4][5]. - The project is part of卓越新能's fundraising initiatives from its 2019 IPO, which originally did not include this project but was added after exceeding fundraising targets [5]. Group 2: Market Dependency - The company heavily relies on the European market, with projected export sales of 3.196 billion yuan in 2024, accounting for nearly 90% of total revenue [3][6]. - The domestic biodiesel market is still developing, with limited mandatory policies for biodiesel blending, leading to a focus on exports for companies like卓越新能 [6][7]. Group 3: Regulatory Challenges - The company faces significant challenges due to the European Union's anti-dumping measures, which could impose tariffs ranging from 10.0% to 35.6% on Chinese biodiesel products, with卓越新能 facing a specific rate of 23.4% [9]. - The EU's policies have created a dual challenge for卓越新能, as it must navigate both domestic supply constraints and international regulatory hurdles [8][9]. Group 4: Industry Trends - The domestic biodiesel market is beginning to see policy support, with pilot projects and guidelines being introduced to promote biodiesel and other renewable fuels [7]. - The company is competing in a market where the supply of waste oils for biodiesel production is limited, with only about 300,000 tons of usable waste oils available annually [8].

华福证券有限责任公司 关于龙岩卓越新能源股份有限公司 部分募集资金投资项目延期的核查意见 结合目前公司募投项目的实际建设情况和投资进度,在募集资金投资用途及 投资规模不发生变更的情况下,公司拟对"年产10万吨烃基生物柴油生产线项 目"(以下简称"烃基项目")达到预定可使用状态的时间进行调整,具体如下: 华福证券有限责任公司(以下简称"华福证券"或"保荐机构")作为承接 龙岩卓越新能源股份有限公司(以下简称"卓越新能"或"公司")首次公开发 行股票持续督导工作的保荐机构,根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第2号 -- 上市公司募集资金管理和使用的监管要求》《上海证 券交易所科创板上市公司自律监管指引第1 号 -- 规范运作》等有关规定,对卓 越新能部分募集资金投资项目(以下简称"募投项目")延期事项进行审慎核查, 具体情况如下: | 项目名称 | 原预计达到可使 | 第一次变更后预计达 | 本次变更后预计达到 | | --- | --- | --- | --- | | | 用状态日期 | 到可使用状态日期 | 可使用状态日期 | | 年产 10 万吨烃基生 | 2023年6月 | 2025 ...