国信证券：晨会纪要-20241213

Group 1: Company Overview - The report focuses on Shandong High Energy Environmental Technology Co., Ltd. (山高环能), which has shifted its core strategy to the resource utilization of waste cooking oil, achieving a daily processing capacity of 5,130 tons, ranking among the industry leaders [4] - The company has established a project network in nearly twenty major cities and has formed stable supply partnerships with international energy giants for its core product, industrial-grade mixed oil (UCO), which is a key raw material for producing sustainable aviation fuel (SAF) [4] Group 2: Industry Insights - The large-scale application of SAF is approaching, with significant internal and external catalysts, including the initiation of SAF application trials by major airlines and supportive policies from the Chinese government and the European Union [4] - The report estimates that by 2025, the rigid demand for SAF and UCO in the EU could reach 1.3 million tons and 1.86 million tons, respectively, which is approximately 90% of China's UCO export volume in 2023 [4] Group 3: Financial Projections - The projected net profit for Shandong High Energy for 2024-2026 is estimated at 0.10 billion, 0.83 billion, and 1.23 billion yuan, reflecting growth rates of +11.7%, +743.3%, and +47.2% respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 274.9, 32.6, and 22.2 for the years 2024, 2025, and 2026, respectively, indicating a potential premium of 24.8% to 30.5% over the estimated fair value of 7.2 to 7.53 yuan [4] Group 4: Company Developments - Hualu Hengsheng (华鲁恒升) has successfully launched a 20,000-ton adipic acid facility, which is part of its nylon 66 high-end materials project, enhancing its competitive edge in the chemical new materials sector [10] - Hubei Yihua (湖北宜化) is acquiring quality assets to enhance profitability, with the acquisition expected to increase its production capacity significantly across various chemical products [11][15]