JAHB(SH:603822) 光大证券研究·2025-06-05 13:36Core Viewpoint - The article emphasizes the growing application and demand for biodiesel, particularly in transportation and aviation sectors, driven by environmental policies and technological advancements [2][3]. Group 1: Biodiesel Development - Biodiesel is recognized for its environmental benefits, good engine performance, and renewable nature, making it crucial for sustainable economic development and energy transition [2]. - The application of biodiesel is expanding beyond road transport to include maritime and aviation sectors, with significant potential for growth [2]. - The International Air Transport Association (IATA) predicts that by 2050, 65% of emissions reductions in aviation will come from the use of sustainable aviation fuel (SAF) [2]. Group 2: Policy and Market Dynamics - The Chinese government is promoting the development of non-grain biomass liquid fuels, including biodiesel and biojet fuel, as part of its "3060" carbon neutrality strategy [2]. - The EU mandates that by 2025, at least 2% of aviation fuel supplied at EU airports must be SAF, increasing to 6% by 2030 and 70% by 2050, which is expected to drive demand for SAF [3]. - The export volume of kitchen waste oil in China is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [3]. Group 3: Industry Developments - The approval of a "white list" for biojet fuel exports in Jiangsu province marks a significant step for China's biojet fuel industry, allowing for international market access [4]. - The company Jiangsu Jiaao has the capacity to produce 372,400 tons of biojet fuel annually, which can now be exported under the new regulations [4]. - The establishment of export channels is expected to create competitive advantages for leading technology firms in the biojet fuel sector [4].