卓越新能：从危到机，酯基生物柴油龙头的进击之路！-20250327

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company,卓越新能, is a pioneer in the industrial production of biodiesel in China, focusing on the integrated biomass energy layout and continuously increasing R&D investment [3][10]. - The biodiesel market is expected to maintain a tight balance in supply and demand, with a focus on raw material substitution and overcoming trade barriers [3][4]. - The company is expanding its overseas sales network and enhancing its product offerings in biobased materials, which is expected to bolster its competitive edge [3][4]. Summary by Sections 1. Integrated Biomass Energy Layout -卓越新能 is the largest producer of biodiesel in China, with a production capacity of approximately 500,000 tons as of June 2024, and a biobased materials capacity of 90,000 tons [3][14]. - The company has a strong focus on R&D, enhancing the value-added of its products and the utilization rate of waste oils [10][14]. 2. Tight Supply-Demand Balance in Biodiesel - The report highlights the ongoing tight balance in the biodiesel market, with a projected supply-demand gap of 350,000 tons in 2024, -120,000 tons in 2025, and 770,000 tons in 2026 [3][5]. - The company is expected to benefit from the rising price of waste oils as a raw material, which is becoming increasingly cost-effective compared to traditional vegetable oils [3][40]. 3. Overseas Channels and Biobased Materials -卓越新能 has established subsidiaries in Singapore and the Netherlands to enhance its global trading capabilities and mitigate the impact of trade barriers [3][4]. - The company is also expanding its biobased materials segment, with a new 50,000-ton natural fatty alcohol project expected to contribute significantly to profits [4][14]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 157 million, 634 million, and 792 million yuan for the years 2024, 2025, and 2026, respectively, reflecting significant growth rates [5][19]. - The report anticipates that the company's earnings per share (EPS) will reach 1.30, 5.28, and 6.60 yuan for the same years [5][19].