SAF企业有望迎来量价齐升阶段

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The report highlights a significant rebound in SAF (Sustainable Aviation Fuel) prices, with European SAF FOB prices reaching $1919.81 per ton as of June 3, 2025, marking a 7.44% increase from the previous week and a 9.90% increase from the historical low on May 14, 2025 [4][7] - The report emphasizes the potential for domestic SAF producers, particularly 嘉澳环保 (Jiaao Environmental Protection), to benefit from improved pricing and export opportunities following the approval of export licenses [7] Summary by Relevant Sections Market Performance - The basic chemical industry has shown a market performance trend with a range from -26% to +26% over the specified periods [3] Related Research - The report references several related studies that discuss the advancements in SAF applications and the impact of policies on the biodiesel industry [4] Investment Highlights - The report notes that the procurement prices for waste oils have increased, which supports the upward trend in SAF prices. For instance, the average price of UCO (Used Cooking Oil) rose by 5.2% from Q4 2024 to Q1 2025, and the average price of waste oil increased by 6.7% in the same period [7] - The report indicates that less than 30% of SAF projects have reached final investment decisions, leading to potential supply risks as production facilities typically require 3-5 years to scale up [7] - The report mentions that 嘉澳环保 has received approval for SAF exports, allowing it to produce 372,400 tons of bio-jet fuel annually, marking a significant step for domestic SAF producers [7]