卓越新能(688196)：Q3盈利同环比增长 新项目落地或推动公司成长

Group 1: Financial Performance - In Q3, the company achieved operating revenue of 1.031 billion yuan, a year-on-year decrease of 1.05% but a quarter-on-quarter increase of 71.05% [1] - The net profit attributable to the parent company in Q3 was 50.02 million yuan, turning from loss to profit year-on-year, but down 10.76% quarter-on-quarter [1] - For the first three quarters of 2025, the company reported operating revenue of 2.343 billion yuan, a year-on-year decline of 21.24%, while the net profit attributable to the parent company was 166.7 million yuan, an increase of 81.24% year-on-year [1] Group 2: Market Trends and Opportunities - The demand for biodiesel continues to improve, with the FOB price of first-generation biodiesel increasing by 1.6% quarter-on-quarter, and the export volume from China reaching 250,000 tons, a 32.3% increase from Q2 [2] - The price of fatty alcohols remains high due to tight supply and strong demand in the downstream daily chemical sector, supported by high palm kernel oil prices [2] - The Ministry of Commerce's support for expanding green trade is expected to further boost biodiesel demand, particularly in the context of carbon reduction initiatives in shipping [2] Group 3: Growth Initiatives - The company is advancing its overseas base construction, with a 100,000 tons/year HVO/SAF production line entering the pipeline installation phase [3] - In Singapore, the company plans to build a first-phase capacity of 100,000 tons/year for first-generation biodiesel, while in Thailand, the project has completed land exploration and is in the design phase for a 30,000 tons/year capacity [3] - The company anticipates that its biodiesel production capacity will exceed one million tons in the future, contributing to its growth [3]