构建第二增长曲线 维尔利加速转型绿色能源供应商

Core Viewpoint - The company, Weili (300190), is transitioning from a traditional urban waste management operator to a green energy supplier, focusing on biogas and biofuel oil, with a strategic upgrade to enhance its business model and explore new growth opportunities [1][4]. Group 1: Biogas Projects - Weili's biogas projects utilize organic waste from agriculture, livestock, and food industries to produce renewable natural gas through anaerobic digestion and purification [2]. - The company has established a cooperative model where raw gas is provided by owners, and Weili manages the investment, construction, and operation of the biogas resource utilization system, ensuring stable income for raw gas suppliers [2]. - Each biogas project is expected to yield stable returns over a period of more than 10 years, with a guaranteed internal rate of return due to long-term agreements on gas pricing [2][5]. Group 2: Biofuel Oil Initiatives - Weili is also expanding into the biofuel oil sector, leveraging over a decade of experience in food waste management to create a dedicated team for biofuel oil and establish a waste oil collection system [3]. - The company aims to develop a sustainable aviation fuel (SAF) supply chain by collaborating with suppliers and international customers in the SAF production sector [3]. Group 3: Business Model Transformation - The transition to bioenergy is seen as a natural extension of Weili's existing organic waste processing business, driven by favorable policies promoting renewable energy [4]. - The company has accumulated significant resources, with 2 million cubic meters per day of biogas waiting to be developed, providing a solid foundation for its transition [5]. - Weili plans to shift its customer focus from municipal projects to industrial clients, aiming to validate its technological advantages in more market-driven sectors [5]. Group 4: Growth Strategy - The company is building a specialized energy business platform and has initiated several biogas development projects across various regions, targeting a production capacity of 1 million cubic meters per day within two years [6]. - Weili is also establishing waste oil processing plants in strategic locations to create an integrated supply chain for biofuel oil, enhancing its market position [6].