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 ...

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].