卓越新能2024年业绩预告：Q4盈利性大幅改善，看好海外产能推进

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.67 yuan per share [7] Core Views - The company is expected to achieve a net profit attributable to the parent company of approximately 1.50 billion yuan in 2024, a year-on-year increase of 90.8% [2][5] - In Q4 2024, the company achieved a net profit attributable to the parent company of approximately 57.65 million yuan, turning around from losses in both the same period last year and the previous quarter [2][5] - The significant improvement in Q4 2024 performance is attributed to the recovery of international biodiesel prices and effective control of raw material procurement costs, with the profit per ton rebounding to 576 yuan/ton [2][5] - The company is optimistic about the potential performance boost from the planned 100,000-ton capacity in Singapore, expected to be operational in 2025 [2][5] Market Performance and Industry Analysis - The company's stock price has shown significant volatility over the past 12 months, with a high of 49.93 yuan and a low of 18.22 yuan [7] - Despite a 42.8% year-on-year decline in China's biodiesel exports from January to November 2024, the company's export volume from Fujian Province (where it is the main exporter) only decreased by 16.2% [10] - The company has adjusted its export model since Q4 2023, establishing its own sales network in Europe, which has helped maintain relatively high capacity utilization and export volume [10] Financial Projections - The company is projected to achieve net profits attributable to the parent company of 1.50 billion yuan, 3.21 billion yuan, and 3.93 billion yuan in 2024, 2025, and 2026, respectively [10] - The corresponding P/E ratios for these years are 26.2x, 12.2x, and 10.0x, indicating a favorable valuation outlook [10] Strategic Initiatives - The company is actively responding to the EU's anti-dumping sanctions on biodiesel by expanding sales in non-EU markets and increasing the application of biodiesel in the marine fuel market [10] - It is also exploring opportunities in the domestic bio-based chemical market and building production lines in overseas markets such as Singapore and Saudi Arabia to ensure sustained profitability [10]