智通财经网·2025-10-20 02:36Core Viewpoint - The report from Industrial Securities highlights the ongoing development of domestic SAF (Sustainable Aviation Fuel) capacity, emphasizing the critical role of upstream raw material supply, particularly waste cooking oil resources, and suggests focusing on companies like Shanhigh Environmental Energy and Jiaao Environmental Protection due to their strategic advantages in this sector [1][2]. Group 1: SAF Market Dynamics - The implementation of mandatory blending policies in multiple regions is driving significant growth in SAF demand, marking a pivotal year for market expansion [2]. - SAF is recognized as a key solution for the aviation industry's carbon reduction challenges, with the EU's blending policy set to increase from 2% in 2025 to 6% by 2030 and 70% by 2050, leading to an expected demand increase of approximately 130,000 tons in 2025 [2]. - China's SAF demand is projected to reach about 2.49 million tons by 2030 if the blending ratio aligns with IATA recommendations, indicating a reliance on exports to manage production capacity [2]. Group 2: Raw Material Supply and Industry Leaders - The supply of used cooking oil (UCO) is limited due to stable population and consumption patterns in China, making it a scarce resource for SAF production [3]. - Shanhigh Environmental Energy is positioned as a leader in the UCO industry, with plans to increase its processing capacity from 5,660 tons per day to between 8,000 and 10,000 tons per day within three years [3]. - The company has demonstrated operational efficiency improvements, with a projected capacity utilization rate of 79.1% in 2024 and a significant increase in net profit driven by SAF demand [3]. Group 3: Industry Capacity and Performance - China leads globally in SAF production capacity, with an estimated total capacity of around 1.05 million tons per year, accounting for approximately 50% of the global total [4]. - Jiaao Environmental Protection is at the forefront of the industry, with a current operational capacity of 500,000 tons per year and plans for an additional 500,000 tons, alongside securing export licenses [4]. - The company has seen substantial revenue growth, with a 78% increase in revenue in Q2 and a return to profitability in Q3 due to rising SAF prices and increased production [4].