卓越新能（688196）：公司首次覆盖报告：生物柴油龙头朝百万产能进发，减碳背景下成长可期

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Views - The company,卓越新能, is a leading player in the biodiesel industry in China, with plans to expand its production capacity to over one million tons in the context of global carbon reduction initiatives. The company is expected to achieve net profits of 386 million, 530 million, and 844 million yuan from 2025 to 2027, with corresponding EPS of 3.21, 4.41, and 7.03 yuan, indicating a strong growth trajectory [3][4]. Summary by Sections 1. Company Overview - 卓越新能 is the largest biodiesel producer in China, focusing on biodiesel as its main product while also developing high-value-added by-products such as industrial glycerin and fatty alcohols. The company has a production capacity of 500,000 tons of biodiesel per year as of the end of 2024, with plans for further expansion in Singapore, Saudi Arabia, and Thailand [4][15][16]. 2. Market Dynamics - The demand for biodiesel, particularly from used cooking oil (UCO), is expected to grow significantly due to its carbon reduction properties. Despite high anti-dumping duties imposed by the EU, the unique attributes of Chinese biodiesel may still allow for exports to Europe. The global push for carbon reduction, especially in maritime and aviation sectors, is anticipated to drive biodiesel demand [4][22][48]. 3. Financial Performance - The company experienced a decline in revenue and net profit in 2023 due to trade tensions affecting exports. However, it is projected to recover in 2024, with expected revenues of 3.563 billion yuan and net profits of 149 million yuan, reflecting a year-on-year growth of 26.71% and 88.61%, respectively [7][29][33]. 4. Product Development - The company is enhancing its production processes for both first-generation and second-generation biodiesel, achieving a transesterification rate of 99%. It is also expanding its production of sustainable aviation fuel (SAF) and other high-value products, which will contribute to its competitive edge in the market [17][19][49]. 5. International Expansion - The establishment of sales channels in Europe through a subsidiary in the Netherlands has allowed the company to maintain its export business despite challenges. The company is also pursuing international capacity expansion to reduce reliance on domestic raw materials, which will support stable production [22][24][26].