赞宇科技(002637)：棕榈油价格抬升 或助力公司盈利

Group 1 - Palm oil prices are on the rise, with futures and spot prices increasing significantly. As of July, the Dalian Commodity Exchange palm oil futures price has risen by 8.93% since June, while Malaysia's MDE futures price increased by 7.40%. Spot prices for imported Malaysian palm oil have risen by 3.53%, and Indonesian palm oil spot prices increased by 4.09% [1] - Current palm oil inventory levels are at a historical low, with China's commercial inventory at 545,000 tons, which is at the 36.44% percentile of the past five years. Indonesia's palm oil ending inventory is at 3.046 million tons, at the 19.73% percentile of the past five years. Low inventory levels are favorable for price increases [1] - Indonesia, as a major producer and exporter of palm oil, is maintaining a controlled planting area. Domestic demand is rising due to biodiesel policies, with palm oil consumption increasing by 7.56% year-on-year as of April, while export growth is only 3.23%. This combination of rising demand and low inventory suggests that palm oil prices are likely to continue on an upward trend [1] Group 2 - The Dukuda project in Indonesia is progressing, providing the company with advantages in palm oil procurement, convenience, transportation time, tax policies, and production costs. This project is expected to enhance supply chain control and expand market reach, potentially driving significant performance improvements once operational [2] - The company anticipates strong profitability driven by the rising palm oil market and the strategic positioning of the Dukuda project. Projected net profits for the company are estimated to be 338 million, 412 million, and 513 million yuan for the years 2025 to 2027 [2]