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 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]

Company Performance - The company expects to achieve a net profit attributable to the parent company of approximately 150 million yuan in 2024, a year-on-year increase of 90.81% [1] - The non-recurring net profit is expected to be 140 million yuan, a year-on-year increase of 29.56% [1] - In the fourth quarter of 2024, the net profit attributable to the parent company was 57.65 million yuan, a year-on-year increase of 177.44%, and a quarter-on-quarter turnaround with an increase of approximately 754.15% [1] - The performance improvement is mainly due to the recovery of international biodiesel prices in the fourth quarter of 2024 and reasonable control of raw material procurement costs [1] Tax Refunds - The company received a total of 55.8954 million yuan in VAT refunds for the periods of March, April, and May 2024, accounting for 71.1% of the audited net profit for 2023 [1] - The company benefits from a 70% VAT refund policy for sales of self-produced resource comprehensive utilization products [1] Business Operations - The company's main business is the research and production of biodiesel and bio-based new materials using waste oil resources [2] - China's biodiesel is mainly exported, with the EU being the largest export region, accounting for 84% of total production in 2023 [2] - The company has been significantly affected by multiple EU anti-dumping investigations in recent years [2] Capacity Expansion - The company plans to issue shares to specific investors, raising no more than 300 million yuan to invest in a 100,000-ton hydrocarbon-based biodiesel project [3] - A 50,000-ton natural fatty alcohol production line is expected to be operational by 2025 [3] - The company will start construction of a bio-jet fuel (SAF) production line in the third quarter of 2024 [3] Market Development - The company is participating in a biodiesel promotion pilot project in Xiamen, which is significant for the nationwide promotion of biodiesel products in China [3] - The EU's renewable aviation fuel regulations require 2% sustainable aviation fuel (SAF) in all aviation kerosene from 2025, increasing to 6% by 2030 and 70% by 2050 [3] SAF Industry Development - China is conducting SAF pilot projects, with the first successful test flight of a domestically produced commercial aircraft using SAF in June 2024 [4] - The SAF application pilot was officially launched in September 2024, with 12 flights from major Chinese airlines using SAF [4] - The pilot projects indicate that the application of SAF in China's aviation sector is being prioritized [5]

Topic 1: Net Profit Attributable to Parent Company Owners - Expected net profit attributable to parent company owners in 2024 is approximately 150 million yuan, an increase of 71.3892 million yuan, up 90.81% year-over-year[4] - Net profit attributable to parent company owners in 2023 was 78.6108 million yuan[6] Topic 2: Net Profit Attributable to Parent Company Owners After Deducting Non-Recurring Gains and Losses - Expected net profit attributable to parent company owners after deducting non-recurring gains and losses in 2024 is approximately 140 million yuan, an increase of 31.9444 million yuan, up 29.56% year-over-year[4] - Net profit attributable to parent company owners after deducting non-recurring gains and losses in 2023 was 108.0556 million yuan[6] Topic 3: Reasons for Performance Increase in 2024 - The increase in 2024 performance is mainly due to the recovery of international biodiesel prices in the fourth quarter and reasonable control of raw material procurement costs[8]

Company Performance - The company expects to achieve a net profit of approximately 150 million yuan in 2024, representing a year-on-year increase of 90.81% [1] - The significant growth in performance is attributed to the recovery of international biodiesel prices in the fourth quarter and effective control of raw material procurement costs [1] Industry Trends - The international biodiesel market experienced a price rebound in the fourth quarter, positively impacting the company's profitability [1] - The company's ability to control raw material procurement costs demonstrates operational efficiency in a volatile market environment [1]

证券代码：688196 证券简称：卓越新能 公告编号：2024-044 龙岩卓越新能源股份有限公司 关于收到资源综合利用产品增值税退税款的公告 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。 一、收到资源综合利用产品增值税退税款的基本情况 龙岩卓越新能源股份有限公司董事会 2024 年 12 月 26 日 根据财政部、税务总局《关于完善资源综合利用增值税政策的公告》（公 告 2021 年第 40 号）的规定，龙岩卓越新能源股份有限公司（以下简称"公 司"）销售自产的资源综合利用产品可享受增值税即征即退政策，退税比例为 70%。公司于近日收到所属期为 2024 年 5 月的增值税退税款 28,786,732.42 元。 该笔款项已达到公司 2023 年度经审计净利润的 36.62%，公司根据相关披露规 则予以披露。 二、对公司的影响 公司根据《企业会计准则第 16 号——政府补助》的有关规定，上述款项的 类型属于与收益相关，已计入相应期间损益。上述数据未经审计，具体的会计 处理以及对公司 2024 年度损益的影响最终以会计师 ...

证券代码：688196 证券简称：卓越新能 公告编号：2024-043 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 11 月 12 日在上海证券交易所网站（www.sse.com.cn）披露了《关于变 更持续督导保荐机构和保荐代表人的公告》（公告编号：2024-032）。因公司 聘请华福证券有限责任公司（以下简称："华福证券"）担任公司 2024 年度以 简易程序向特定对象发行股票的保荐机构，公司与原保荐机构英大证券有限责 任公司（以下简称"英大证券"）以及存放募集资金的商业银行签订的《募集 资金三方监管协议》相应终止，英大证券尚未完成的持续督导工作由华福证券 承接。 鉴于公司保荐机构已发生变更，为规范公司募集资金的管理和使用，保护 投资者权益，根据《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》等法律、法规以及规范性文件和公司《募集资金管理制度》的相关规 ...

证券代码：688196 证券简称：卓越新能 公告编号：2024-035 龙岩卓越新能源股份有限公司 第五届董事会第七次会议决议公告 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。 一、董事会会议召开情况 龙岩卓越新能源股份有限公司（以下简称"公司"）第五届董事会第七次会 议（以下简称"本次会议"）于 2024 年 12 月 5 日以现场及通讯的方式召开。本 次会议的通知已于 2024 年 11 月 21 日送达。本次会议由董事长叶活动先生召集 并主持，应出席会议董事 7 人，实际出席会议董事 7 人（其中以通讯表决方式出 席会议董事 3 人），监事、高管列席本次会议。本次会议的召集、召开符合《中 华人民共和国公司法》等法律、行政法规以及《龙岩卓越新能源股份有限公司章 程》的相关规定。 二、董事会会议审议情况 会议经与会董事审议并表决，通过了如下议案： （一）《关于公司符合以简易程序向特定对象发行股票条件的议案》 本次向特定对象发行股票的种类为境内上市的人民币普通股（A 股），每股 面值人民币 1.00 元。 表决结果：同意 ...