Investment Rating - The report maintains an "Outperform" rating for the sustainable aviation fuel (SAF) industry, indicating expected performance above the market average [2][7]. Core Insights - The demand for SAF is primarily driven by policy initiatives, particularly in the EU, which mandates a 2% blending ratio by 2025, with a long-term goal of 70% by 2050. The IATA projects that SAF demand could reach 358 million tons by 2050, indicating significant growth potential [3][11]. - There is a notable supply-demand gap in the European SAF market, with consumption expected to reach 1.9 million tons this year against a production capacity of only 1 million tons. This gap is likely to be filled by producers in the Asia-Pacific region, including China, which has the potential to significantly increase its SAF production capacity [3][13]. - The high cost of SAF compared to traditional jet fuel has led to a general reluctance among airlines to adopt it. However, the EU's stringent blending requirements are pushing airlines to increase their SAF procurement, resulting in a rapid price increase for SAF [4][18]. - The report recommends investing in "Zhuoyue New Energy" and related SAF companies, highlighting Zhuoyue as a leading domestic biodiesel producer with significant SAF production capacity planned [4][26]. Summary by Sections Market Dynamics - As of September 17, the price of high-end SAF in China reached $2,480 per ton, a 55% increase from $1,800 per ton at the beginning of the year. This price surge is attributed to the scarcity of SAF raw materials and the unchanged mandatory blending targets [3][21]. - The European market is experiencing a significant increase in SAF consumption, with a projected 216% year-on-year growth, while the production capacity remains limited [13][18]. Policy Framework - The EU has established comprehensive SAF application targets and carbon reduction goals, with regulations mandating a 2% SAF blend starting in 2025 and a long-term goal of 70% by 2050 [5][10]. - Other countries, including the UK, the US, Japan, and South Korea, are also implementing policies to promote SAF usage, with specific blending targets set for the coming years [6][8][9]. Production Capacity - China is expected to play a crucial role in filling the SAF production gap in Europe, with domestic companies planning to establish over 1 million tons of SAF production capacity by the end of 2024 [3][13]. - The report outlines various projects across China, detailing planned and existing SAF production capacities, indicating a robust growth trajectory for the industry [14][17].

Core Viewpoint - The company,卓越新能, has transitioned its refinancing project status to "registered submission" as of September 15, indicating progress in its non-public stock issuance aimed at raising funds for green fuel production [2] Group 1: Fundraising Details - The company plans to issue 7,190,795 shares at a price of 41.72 yuan per share, aiming to raise a total of 300 million yuan [2] - The underwriting institution for this non-public offering is 华福证券 [2] Group 2: Project Objectives - The funds raised will be used for projects that can flexibly adjust the output of HVO (Hydrotreated Vegetable Oil) and SAF (Sustainable Aviation Fuel) based on market demand [2] - The production process will utilize waste oils and advanced biochemical technology to create green fuels, aligning with the company's strategy for sustainable development [2] Group 3: Strategic Implications - The implementation of this project is expected to enrich the company's product structure, expand its operational scale, and enhance profitability and overall competitiveness [2] - This initiative supports the company's long-term sustainable development goals and is consistent with its strategic development plan [2]

证券代码：688196 证券简称：卓越新能 公告编号：2025-035 龙岩卓越新能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 19 日（星期五）11:00-12:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日（星期五）至 09 月 18 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 zyxnyir@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 龙岩卓越新能源股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司经营成 果、财务状况，公司计划 2025 年 09 月 19 日上午 11:00 ...

Investment Rating - The investment rating for the company is "Accumulate" and maintained [8] Core Views - In H1 2025, the company achieved revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to the parent company was 117 million yuan, a year-on-year increase of 16.01% [2][6] - The decline in revenue was primarily due to a decrease in biodiesel sales, while the production of natural fatty alcohol, which began trial production in April 2025, contributed 82.24 million yuan in revenue [2][6] - The company is actively responding to the EU's anti-dumping sanctions on biodiesel by accelerating its global layout and extending its industrial chain [2][12] Summary by Sections Financial Performance - In H1 2025, biodiesel revenue was 1.07 billion yuan, down 42.3% year-on-year, with sales volume at 125,000 tons, a decrease of 37.55% [12] - The average selling price of biodiesel was 8,533.6 yuan per ton, down 7.7% year-on-year [12] - The gross margin for H1 2025 was 10.17%, an increase of 3.83 percentage points, mainly due to the high gross margin from the fatty alcohol business [12] - The cash collection ratio was 95.71%, a slight decrease of 3.41 percentage points year-on-year [12] Strategic Initiatives - The company is addressing the EU's anti-dumping tax of 23.4% by adjusting market strategies, expanding into non-EU markets, and extending into downstream bio-based materials [12] - Future growth is expected from new production capacities in Singapore and domestic projects, which are anticipated to enhance profitability [12] Profit Forecast - The projected net profit attributable to the parent company for 2025-2027 is 247 million, 371 million, and 436 million yuan, representing year-on-year growth of 66%, 50%, and 17% respectively [12]

Group 1 - The core viewpoint of the news is that Zhuoyue New Energy has seen a significant increase in its stock price, rising by 6.08% to reach 50.92 yuan per share, with a total market capitalization of 6.11 billion yuan [1] - Zhuoyue New Energy Co., Ltd. is located in Longyan City, Fujian Province, and was established on November 1, 2001. The company specializes in producing biodiesel and its deep-processed products using waste oil as raw material through modern production technologies [1] - The trading volume for Zhuoyue New Energy was 16.62 million yuan, with a turnover rate of 0.28% as of the report [1] Group 2 - According to data from the top ten heavy positions of funds, one fund under Jianxin Fund has a significant holding in Zhuoyue New Energy. Jianxin New Materials Select Stock Fund A (018194) increased its holdings by 3,057 shares in the second quarter, bringing its total to 41,100 shares, which accounts for 3.19% of the fund's net value [2] - Jianxin New Materials Select Stock Fund A was established on August 22, 2023, with a latest scale of 38.31 million yuan. The fund has achieved a return of 40.77% this year, ranking 606 out of 4,222 in its category [2] - The fund manager, Li Mengyuan, has been in charge for 1 year and 297 days, with the fund's total asset scale at 61.92 million yuan. During her tenure, the best fund return was 74.35%, while the worst was 72.9% [2]

Market Overview - The chemical products sector experienced a decline of 1.88% on September 2, with Jianye Co. leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Leading stocks in the chemical products sector included: - Lingpai Technology (300530) with a closing price of 40.53, up 12.30% and a trading volume of 248,100 shares [1] - Lushan New Materials (603051) closed at 23.28, up 10.02% with a trading volume of 112,600 shares [1] - Baihehua (603823) closed at 16.08, up 6.63% with a trading volume of 327,800 shares [1] - Zhongxin Fluorine Materials (002915) closed at 28.92, up 6.32% with a trading volume of 662,800 shares [1] Capital Flow - The chemical products sector saw a net outflow of 2.195 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.736 billion yuan [2] - Notable capital flows for specific stocks included: - Lushan New Materials (603051) had a net inflow of 89.61 million yuan from institutional investors, but a net outflow of 47.19 million yuan from retail investors [2] - Zhongxin Fluorine Materials (002915) experienced a net inflow of 68.58 million yuan from institutional investors, with a net outflow of 29.03 million yuan from retail investors [2]

Investment Rating - The report maintains a "Buy" rating for key companies such as Shengquan Group and Hailide. Both companies are expected to benefit from their respective market positions and macroeconomic factors [3]. Core Insights - The report emphasizes the strong performance of Shengquan Group, a major domestic supplier of electronic resins for AI servers, which is expected to see a sequential increase in performance due to rising server shipments [1][3]. - Hailide, a leading company in the polyester industrial yarn sector, is highlighted for its advantages stemming from the US tariff conflicts, which are expected to enhance its profitability [1]. - The report notes that the export window for phosphate fertilizers has opened, with high demand anticipated to continue, benefiting large phosphate chemical companies like Yuntianhua [1]. Summary by Sections Chemical Industry Overview - The chemical sector index closed at 4064.30 points, up 1.11% from the previous week, underperforming the CSI 300 index by 1.60% [9]. - Key chemical products such as acrylic acid methyl ester and NYMEX natural gas saw significant price increases, with the former rising by 8% [17][18]. Key Chemical Sub-sectors - **Polyester Filament**: Prices have slightly increased, with POY averaging 6865 CNY/ton, up 80 CNY/ton from the previous week. The market remains cautious due to slow demand recovery [20][21]. - **Tire Industry**: The operating rate for the full steel tire sector is at 64.89%, showing a slight decrease, while raw material prices are experiencing fluctuations [32][37]. Fertilizer Sector - The report indicates that phosphate fertilizer exports are expected to alleviate domestic overcapacity issues, with the first batch of exports scheduled for peak periods from May to September [1]. Company Profit Forecasts - Shengquan Group is projected to have an EPS of 1.53 CNY in 2025, with a PE ratio of 22, while Hailide is expected to have an EPS of 0.37 CNY with a PE of 17 [3].

Core Viewpoint - The company,卓越新能, has received approval from the Shanghai Stock Exchange for its simplified procedure to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Share Issuance Details - The company plans to issue 7,190,795 shares at a price of 41.72 yuan per share, aiming to raise a total of 300 million yuan, which will be used for a project to produce 100,000 tons of hydrocarbon biodiesel annually [1] - The issuance is targeted at specific investors, including various fund management companies and private investment funds, all subscribing in cash [2] Group 2: Investor Relations - The investors involved in this issuance do not have any prior relationship with the company, ensuring that the transaction does not constitute a related party transaction [3] - The lead underwriter for this share issuance is Huafu Securities, with representatives Zhou Jianwu and Hong Bin overseeing the process [3] Group 3: Company Control - The actual controllers of卓越新能 are identified as Ye Huodong, Luo Chunmei, and Ye Shaojing, with nationalities from China and Vanuatu [3]

Core Insights - The company reported a total revenue of 1.312 billion yuan for the first half of 2025, ranking 54th among disclosed peers [1] - The net profit attributable to shareholders was 117 million yuan, ranking 40th among disclosed peers, with a year-on-year increase of 16.01% [1] - The company experienced a net cash outflow from operating activities of 31.33 million yuan, an increase of 3.26 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio is 21.47%, ranking 57th among disclosed peers, with a decrease of 0.04 percentage points from the previous quarter [3] - The latest gross profit margin is 10.17%, which has increased by 1.50 percentage points for three consecutive quarters, and is up 3.83 percentage points year-on-year [3] - The latest return on equity (ROE) is 4.11%, ranking 58th among disclosed peers, with a year-on-year increase of 0.42 percentage points [3] - The diluted earnings per share (EPS) is 0.98 yuan, ranking 10th among disclosed peers, with a year-on-year increase of 16.67% [3] - The latest total asset turnover ratio is 0.36 times, ranking 37th among disclosed peers, while the inventory turnover ratio is 1.14 times [3] Shareholder Structure - The number of shareholders is 4,740, with the top ten shareholders holding a total of 95.30 million shares, accounting for 79.42% of the total share capital [3] - The largest shareholder is Longyan Excellence Investment Co., Ltd., holding 48.7 million shares [3] - Other significant shareholders include Hong Kong Excellence International Holdings Co., Ltd. with 26.2 million shares and China Construction Bank's fund with 1.05 million shares [3]

Group 1 - The company's revenue for H1 2025 was 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders was 117 million yuan, an increase of 16.01% [1] - In Q2 2025, the company reported revenue of 603 million yuan, down 43.34% year-on-year and 14.96% quarter-on-quarter, with a net profit of 56.05 million yuan, a decrease of 22.3% year-on-year and 8.58% quarter-on-quarter [1] - The company's high-margin natural fatty alcohol project contributed to a gross margin increase of 3.83 percentage points year-on-year despite a decline in biodiesel sales [1] Group 2 - The price of biodiesel in China as of August 29, 2025, was 1,175 USD/ton, reflecting a 22% increase compared to the same period in 2024, indicating a steady growth trend in biodiesel prices [2] - The price of medium-chain fatty alcohol reached 24,600 yuan/ton as of August 29, 2025, up 42% year-on-year, driven by stable palm oil production and increasing demand in the downstream personal care sector [2] - The company benefits from cost advantages by using waste oils from palm oil processing to produce fatty alcohol, positioning it well to capitalize on rising fatty alcohol prices [2] Group 3 - The company is advancing its overseas base construction, with a 100,000 tons/year HVO/SAF production line in China entering the pipeline installation phase [3] - In Singapore, the company plans to build a 200,000 tons/year biodiesel capacity, starting with an initial phase of 100,000 tons/year [3] - The company has completed land exploration and is designing construction plans for a 300,000 tons/year biodiesel project in Thailand, with future plans for biodiesel projects in Saudi Arabia [3]