卓越新能（688196）：Q3利润环比小幅下滑，新项目贡献成长空间

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a slight decline in profits quarter-on-quarter for Q3, but a significant year-on-year increase in net profit due to improved cost control and new product contributions [4][2] - The company is progressing steadily with new projects, including a domestic production line for hydrocarbon-based biodiesel and an overseas biodiesel production line in Thailand, which are expected to contribute to future revenue growth [4] - The forecasted net profits for 2025-2027 are projected to be 269 million, 396 million, and 481 million yuan respectively, with significant year-on-year growth rates [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 2.343 billion yuan, a year-on-year decrease of 21.24%, and a net profit of 167 million yuan, a year-on-year increase of 81.24% [1] - In Q3 2025, the company reported a single-quarter revenue of 1.031 billion yuan, a year-on-year decrease of 1.05%, but a quarter-on-quarter increase of 71% [2] - The operating cash flow for the first three quarters was 342 million yuan, reflecting a year-on-year increase of 247.52% [1] Project Development Summary - The company has completed the main equipment installation for its domestic biodiesel production line and is currently in the pipeline installation phase [4] - The company plans to expand its biodiesel production capacity to 1.3 million tons, which includes various domestic and international projects [4] Profit Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.12, 3.11, and 3.78 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.56, 16.04, and 13.20 [4][5]