Core Viewpoint - The company, Zhuoyue New Energy, has launched a new project to produce 50,000 tons of natural fatty alcohol, aiming to capitalize on market growth and extend its biodiesel processing industry chain [2][3]. Group 1: Company Developments - The natural fatty alcohol project has recently commenced production, enhancing the company's ability to leverage the growth potential in the natural fatty alcohol market [2]. - Zhuoyue New Energy is a pioneer in China's biodiesel industrial production and the first to achieve industrial-scale production from waste oils [2]. - The company plans to expand production capacity based on operational performance and market demand [2]. Group 2: Financial Performance - The company expects to achieve a revenue of 3.611 billion yuan in 2024, representing a year-on-year growth of 28.42%, and a net profit of 158 million yuan, reflecting a growth of approximately 100.41% [3]. - The rapid growth in performance is attributed to the company's proactive expansion during a favorable industry cycle [3]. Group 3: Market Conditions - The domestic fatty alcohol market is experiencing a supply shortage, leading to a continuous increase in prices, with the mainstream price of medium-chain alcohol (C12-14) reaching 23,500 yuan per ton, up 13% month-on-month and 9.3% year-to-date [3]. - The company's production utilizes waste oils as the primary raw material, providing significant economic and environmental advantages [3]. Group 4: Future Outlook - The company is expected to maintain rapid profit growth in 2025, supported by the advantages of its overseas sales network and the ongoing development of the 50,000-ton fatty alcohol project [4].

Group 1 - The core viewpoint of the news is that Zhuoyue New Energy has shown a significant increase in stock price and has a relatively low PE ratio compared to the industry average, indicating potential investment interest [1][2] - As of April 14, Zhuoyue New Energy's stock closed at 44.2 yuan, up 5.51%, with a rolling PE ratio of 33.67 times and a total market capitalization of 5.304 billion yuan [1] - The average PE ratio for the chemical products industry is 50.85 times, with a median of 36.13 times, positioning Zhuoyue New Energy at 97th place in the industry ranking [1][2] Group 2 - Zhuoyue New Energy specializes in the research and production of biodiesel and bio-based new materials from waste oil resources, with main products including biodiesel, industrial glycerin, bioester plasticizers, and environmentally friendly alkyd resins [1] - The company is recognized as a national "high-tech enterprise" and has established several research centers, including a provincial enterprise technology center and a key laboratory for biomass energy [1] - For the latest financial results, the company reported a revenue of 2.974 billion yuan for the third quarter of 2024, representing a year-on-year increase of 17.19%, while net profit was 92.354 million yuan, showing a year-on-year decrease of 39.66% [1]

龙岩卓越新能源股份有限公司（以下简称"公司"或"卓越新能"）募集 资金投资项目之"年产 5 万吨天然脂肪醇项目"于近日投产。现将相关情况公 告如下： 公司"年产 5 万吨天然脂肪醇项目"（以下简称"项目"）已完成装置联 动调试和投料试产工作，于近日正式投产，产品的各项技术指标符合国家标准。 天然脂肪醇作为生物基表面活性剂主要原料之一，可广泛应用于洗涤剂、 化妆品、医药等领域。公司采用先进的脂肪酸甲酯加氢工艺技术制备天然脂肪 醇，拓展公司生物柴油在生物基化学品领域的应用，实现了国产替代。随着项 目的投产，将有效增强公司"生物质能化一体化"产业链的协同效应，预计将 对公司的经营业绩产生积极影响。公司计划根据产线运行情况和市场需求择机 扩大产能。 龙岩卓越新能源股份有限公司 关于年产 5 万吨天然脂肪醇项目投产的公告 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。 证券代码：688196 证券简称：卓越新能 公告编号：2025-004 1 项目在生产经营过程中有可能面临市场变化等各种因素的影响，敬请广大 投资者注意投资风险。 特 ...

Group 1 - The core viewpoint of the news is that Zhuoyue New Energy has shown a significant increase in stock price and has a relatively low PE ratio compared to the industry average, indicating potential investment interest [1][2] - As of the latest report, Zhuoyue New Energy's stock closed at 40.77 yuan, up 4.22%, with a rolling PE ratio of 31.05 times and a total market capitalization of 4.892 billion yuan [1] - The company operates in the chemical products industry, which has an average PE ratio of 47.84 times and a median of 35.68 times, placing Zhuoyue New Energy at the 93rd position in the industry ranking [1][2] Group 2 - Zhuoyue New Energy specializes in the research and production of biodiesel and bio-based new materials from waste oil resources, with main products including biodiesel, industrial glycerin, bioester plasticizers, and environmentally friendly alkyd resins [1] - The company is recognized as a national "high-tech enterprise" and has established several research centers, including a provincial enterprise technology center and a key laboratory for biomass energy [1] - In the latest financial report for Q3 2024, Zhuoyue New Energy achieved an operating revenue of 2.974 billion yuan, a year-on-year increase of 17.19%, while net profit was 92.354 million yuan, reflecting a year-on-year decrease of 39.66% with a sales gross margin of 3.56% [1]

截至2025年4月7日收盘，卓越新能(688196)报收于35.94元，下跌18.04%，换手率2.11%，成交量2.53万 手，成交额9543.98万元。 当日关注点 交易信息汇总：4月7日卓越新能（688196）收盘报35.94元，跌18.04%，当日成交252.71万元，已 连续2日下跌。 交易信息汇总 4月7日卓越新能（688196）收盘报35.94元，跌18.04%，当日成交252.71万元。根据收盘数据统计，该 股已连续2日下跌。前10个交易日资金流向情况显示，主力资金累计净流出4178.58万元，股价累计下跌 13.38%；融资余额累计增加1042.86万元，融券余量累计增加0股。该股最近90天内共有8家机构给出评 级，其中买入评级7家，增持评级1家。 资金流向 当日主力资金净流出1871.83万元，占总成交额19.61%；游资资金净流入306.01万元，占总成交额 3.21%；散户资金净流入1565.82万元，占总成交额16.41%。 董秘最新回复 投资者： 请问美国关税对公司业务利弊两方面有什么影响？公司怎么应对其他国家或地区潜在的关税 或者反倾销税？ 以上内容为证券之星据公开信息整理，由智 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Zhuoyue New Energy, which closed at 46.11 yuan with a PE ratio of 35.12 times and a total market value of 5.533 billion yuan [1][2] - Zhuoyue New Energy operates in the chemical products industry, with an industry average PE ratio of 45.97 times and a median of 35.68 times, ranking 102nd in the industry [1][2] - As of the Q3 2024 report, 44 institutions hold shares in Zhuoyue New Energy, with a total of 1.8797 million shares valued at 0.63 billion yuan [1] Group 2 - The main business of Zhuoyue New Energy involves the research and production of biodiesel and bio-based new materials from waste oil resources, with key products including biodiesel, industrial glycerin, bioester plasticizers, and environmentally friendly alkyd resins [1] - The company is recognized as a national "high-tech enterprise" and has established several research centers, including a provincial enterprise technology center and a key laboratory for biomass energy [1] - The latest financial results for Q3 2024 show that the company achieved an operating income of 2.974 billion yuan, a year-on-year increase of 17.19%, while net profit was 92.354 million yuan, reflecting a year-on-year decrease of 39.66%, with a sales gross margin of 3.56% [1]

3月28日，卓越新能今日收盘45.66元，下跌1.42%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到34.78倍，总市值54.79亿元。 从行业市盈率排名来看，公司所处的化学制品行业市盈率平均46.67倍，行业中值35.25倍，卓越新能排 名第100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)100卓越新能34.7834.782.0154.79亿行业平均 46.6752.642.9179.18亿行业中值35.2537.562.2240.54亿1宏柏新材-5649.9656.591.9036.77亿2北化股 份-2123.44103.452.0557.43亿3锦鸡股份-799.68233.992.1837.08亿4渝三峡A-629.54-66.141.8423.02亿5富 淼科技-335.93-335.931.2116.53亿6石大胜华-181.51389.641.8772.96亿7信德新材-140.3286.251.32 ...

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 ...