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].
生物柴油巨头6年前募投项目再延期,烃基路线已被欧盟反倾销限制