生物柴油行业周报：国内餐厨废油价格环比上升，SAF报价小幅上涨

Investment Rating - The report maintains a "Buy" rating for companies with significant biodiesel production capacity, specifically recommending companies such as Zhuoyue Xinneng, Jiaao Environmental Protection, Haineng Science and Technology, and Langkun Environment [3][5]. Core Insights - The report highlights a slight increase in the price of SAF (Sustainable Aviation Fuel) and a widening price gap for domestic biodiesel companies. The offshore price of SAF is reported at $2040.00 per ton, up 0.33% week-on-week, while the HVO (Hydrotreated Vegetable Oil) price decreased by 1.16% to 1812.50 CNY per ton [1]. - Domestic prices for waste cooking oil and gutter oil have risen, with average prices reported at 6390 CNY per ton for waste cooking oil and 5876 CNY per ton for gutter oil, reflecting increases of 80 CNY and 176 CNY per ton respectively [2]. - Indonesia's government has announced restrictions on the export of waste cooking oil and palm oil residues to ensure domestic supply for the biodiesel industry, aiming to increase the blending requirement of palm oil fuel with diesel from 35% to 40% [3]. Summary by Sections Price Trends - The report notes that the offshore price of European Ucome decreased by 3.26% to 1325.16 EUR per ton, while the Chinese Ucome price fell by 0.47% to $1055.00 per ton. Southeast Asian biodiesel prices also saw a decline of 1.31% to $1129.00 per ton [1]. - The domestic export price gap for biodiesel to Europe reached 3410 CNY per ton, an increase of 57 CNY week-on-week and up 1139 CNY compared to early 2024 [1]. Market Dynamics - The report emphasizes the potential growth in demand for biodiesel driven by the introduction of bio-jet fuel and bio-marine fuel in the global market, alongside the cancellation of export VAT rebates for raw materials, which could benefit biodiesel companies [3]. - The report suggests that the increase in raw material supply and demand growth could create a favorable environment for biodiesel companies [3]. Company Forecasts - The earnings per share (EPS) forecasts for key companies are as follows: Zhuoyue Xinneng is projected to have an EPS of 0.96 CNY in 2024, increasing to 2.35 CNY by 2026, while Jiaao Environmental Protection is expected to improve from -1.91 CNY in 2024 to 4.66 CNY in 2026 [5].