关于龙岩卓越新能源股份有限公司 2024 年度 以简易程序向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意龙岩卓越 新能源股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕2159 号）批复，同意龙岩卓越新能源股份有限公司（以下简称"卓越新能"、"发行人"、 "公司"）本次以简易程序向特定对象发行股票的注册申请。 华福证券有限责任公司 华福证券有限责任公司（以下简称"华福证券"或"保荐人（主承销商）"） 作为龙岩卓越新能源股份有限公司 2024 年度以简易程序向特定对象发行 A 股股 票（以下简称"本次发行"）的保荐人（主承销商），对公司本次发行过程及认购 对象的合规性进行了核查，认为卓越新能本次发行过程及认购对象符合《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）《证券发行与承销管理办法》及《上海证券交易所上市公司证券发行与承 销业务实施细则》（以下简称"《实施细则》"）等有关法律 ...

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company has achieved a turnaround in profitability, with significant revenue growth driven by SAF exports and increased demand in Europe [1][4][13] - The SAF industry has a promising outlook, with substantial demand growth expected due to regulatory requirements in Europe and other regions [3][20][23] Summary by Sections Company Overview - The company, established in 2003, focuses on the research, production, and sales of bio-based plasticizers and biomass energy, with SAF becoming its main product since 2025 [2][10] - The company has built the first domestic 500,000-ton SAF production line using Honeywell technology, with plans for a second line to be operational next year [2][11] Financial Performance - In the first three quarters of 2025, the company reported revenue of 3.005 billion yuan, a year-on-year increase of 189.39%, and a net profit turnaround [1][4] - The third quarter alone saw revenue of 1.707 billion yuan, up 511.45% year-on-year, with a net profit of 53 million yuan [1][4][13] Industry Outlook - The SAF market is expected to grow significantly, with Europe mandating a 2% SAF blending requirement starting in 2025, increasing to 6% by 2030 [3][20] - The report highlights a supply-demand gap in the SAF market, with European consumption projected to reach 1.9 million tons this year against a production capacity of only 1 million tons [3][25] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 4.465 billion, 7.005 billion, and 9.608 billion yuan, respectively, with net profits expected to be 87 million, 465 million, and 703 million yuan [4][39] - The report anticipates a significant increase in EPS from 1.13 yuan in 2025 to 9.15 yuan in 2027 [4][39] Valuation - The company's fair valuation range is estimated between 97.75 and 121.00 yuan, based on both absolute and relative valuation methods [4][40][46] - The current stock price is 91.88 yuan, indicating potential upside based on the valuation range [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company has achieved a significant turnaround, with a revenue of 3.005 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 189.39%, and a net profit of 53 million yuan in Q3 2025, marking a return to profitability [1][4][13] - The company is positioned as a leading player in the SAF (Sustainable Aviation Fuel) industry, with a strong production capacity and technological advantages, particularly after obtaining SAF export licenses in May 2025 [2][3][11] Summary by Sections Company Overview - The company, established in January 2003, focuses on the research, production, and sales of bio-based plasticizers and biomass energy, with SAF becoming its main product since 2025 [2][10] - The company has built the first domestic 500,000-ton SAF production line using Honeywell technology, which is expected to be operational by the end of 2024 [2][11] Financial Performance - In Q3 2025, the company reported a revenue of 1.707 billion yuan, a year-on-year increase of 511.45% and a quarter-on-quarter increase of 105.28% [1][4] - The gross margin for the first three quarters of 2025 was 9.15%, while the net margin was -0.83% [1][4] Industry Outlook - The SAF industry is expected to grow significantly, with Europe mandating a 2% SAF blending requirement starting in 2025, which is projected to increase to 6% by 2030 [3][20] - The European SAF market is currently facing a supply-demand gap, with consumption expected to reach 1.9 million tons in 2023, while production capacity is only around 1 million tons [3][25] Profit Forecast - Revenue projections for the company from 2025 to 2027 are 4.465 billion yuan, 7.005 billion yuan, and 9.608 billion yuan, respectively, with corresponding net profits of 87 million yuan, 465 million yuan, and 703 million yuan [4][39] - The expected EPS for the same period is 1.13 yuan, 6.05 yuan, and 9.15 yuan per share [4][39] Valuation - The reasonable valuation range for the company's stock is estimated to be between 97.75 and 121.00 yuan, based on both absolute and relative valuation methods [4][46]

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Insights - The demand for computing power is surging, leading to rapid growth in electricity consumption by data centers. Global data centers consumed 460 TWh of electricity in 2022, with optimistic projections suggesting this could reach 1000 TWh by 2026. In China, data center electricity consumption is expected to reach 525.76 billion kWh by 2030, accounting for 4.8% of total national electricity consumption [1][18] - Long-term, green computing is seen as the ultimate development scenario, emphasizing the need for energy supply and computing power coordination. The integration of data centers with renewable energy sources and storage solutions is expected to become the mainstream model for large-scale data center development [2][23] - The integration of HVDC (High Voltage Direct Current) systems with energy storage is crucial for creating efficient and flexible data centers. This technology allows for better energy management and optimization, making it a key direction for future development [3][31] Summary by Sections Section 1: Computing Power Demand and Data Center Growth - The rapid increase in computing power demand is driving significant growth in data center electricity consumption, with projections indicating a rise to 1000 TWh by 2026 globally and 525.76 billion kWh in China by 2030 [1][18] - The shift towards green computing is essential, with a focus on integrating renewable energy sources and energy storage to meet the growing demand [2][19] Section 2: Market Performance - The public utility index increased by 2.73% from October 4 to October 17, outperforming the Shanghai Composite Index by 3.84 percentage points [10][35] Section 3: Market Information Tracking - In October 2025, the average transaction price for electricity in Jiangsu was 340.77 RMB/MWh, reflecting a 12.85% decrease from the benchmark price [52] - The average price of thermal coal in the Bohai Rim region was reported at 680 RMB/ton as of October 15, 2025, showing a slight increase [54] - The price of LNG in China was reported at 11 USD/million BTU, indicating a 0.91% increase [56] Section 4: Investment Recommendations - Recommendations include focusing on companies involved in green computing and energy storage, such as TianNeng Co. and Tongli Risheng, which are positioned to benefit from the growing demand for energy storage solutions in data centers [3][14]

龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会 二零二五年十月 证券代码：688196 证券简称：卓越新能 龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会 会议资料 龙岩市新罗区铁山镇平林（福建龙州工业园东宝工业集中区） 龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会会议须知 | | | 2025 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股东 大会的顺利召开，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》以及《龙岩卓越新能源股份有限公司章程》（以下简称"《公司章程》"） 和龙岩卓越新能源股份有限公司（以下简称"公司"）《股东大会议事规则》等 有关规定，特制定 2025 年第一次临时股东大会会议须知： 一、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，除出 席会议的股东、公司董事、监事、高级管理人员、见证律师及董事会邀请的人员 外，公司有权依法拒绝其他无关人员进入会场。 二、出席会议的股东须在会议召开前 30 分钟到会议现场 ...

龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会 证券代码：688196 证券简称：卓越新能 龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会 会议资料 龙岩市新罗区铁山镇平林（福建龙州工业园东宝工业集中区） 二零二五年十月 龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会会议须知 2025 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股东 大会的顺利召开，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》以及《龙岩卓越新能源股份有限公司章程》（以下简称"《公司章程》"） 和龙岩卓越新能源股份有限公司（以下简称"公司"）《股东大会议事规则》等 有关规定，特制定 2025 年第一次临时股东大会会议须知： 一、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，除出 席会议的股东、公司董事、监事、高级管理人员、见证律师及董事会邀请的人员 外，公司有权依法拒绝其他无关人员进入会场。 二、出席会议的股东须在会议召开前 30 分钟到会议现场办理签到手续 ...

证券之星消息，10月14日生物柴油板块较上一交易日下跌0.49%，卓越新能领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。生物柴油板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日生物柴油板块主力资金净流出1429.91万元，游资资金净流出532.76万元，散户 资金净流入1962.68万元。生物柴油板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300072 海新能科 | | 2256.89万 | 7.36% | 304.06万 | 0.99% | -2560.96万 | -8.35% | | 000159 国际实业 | | -286.21万 | -2.41% | -984.43万 | -8.28% | 1270 ...

Industry Overview - The green fuel industry is entering a substantial industrialization phase, shifting investment logic from thematic speculation to performance-driven models. The National Energy Administration has initiated the first batch of green liquid fuel industrialization pilot projects, focusing on green methanol, green ammonia, and cellulose ethanol [5][8] - The future green fuel industry will be a comprehensive ecosystem driven by green electricity, utilizing green hydrogen as a bridge, and integrating biomass resources to serve transportation, shipping, and green chemicals [8] Company Analysis: YingShi Innovation (688775.SH) - YingShi Innovation focuses on consumer-grade smart imaging devices, with a strong revenue growth trend. The company’s main products include panoramic cameras and action cameras, benefiting from the rise of self-media and continuous performance improvements [9] - The company is a market leader in the panoramic camera segment, with a projected CAGR of 65.25% for revenue and 56.27% for net profit from 2022 to 2024. The global handheld smart imaging device market is expected to reach 59.2 billion yuan by 2027 [9] - The company’s competitive advantage lies in its high cost-performance ratio and product innovation, with significant growth potential in domestic sales channels [9] Company Analysis: Times New Materials - Times New Materials has signed a 4.5 billion yuan contract for wind turbine blades, indicating strong demand in the wind power sector. The company’s revenue from wind power projects is expected to significantly increase due to a 65.62% quarter-on-quarter growth in contract amounts [11] - The company is expanding its production capacity both domestically and internationally, with successful collaborations and a new factory in Vietnam expected to commence operations in mid-2026 [11] - The new materials segment is becoming a crucial growth driver, with successful breakthroughs in various products and a significant increase in market share [11]

Investment Rating - The report maintains an investment rating of "Buy-B" for the following stocks:昊华科技 (600378.SH), 中国旭阳集团 (01907.HK), 宝丰能源 (600989.SH), and "Buy-A" for 卓越新能 (688196.SH) [1] Core Insights - The green liquid fuel industry is entering a substantial industrialization phase, marking 2025 as the "first year of substantial industrialization" in China, with a shift in investment logic from thematic speculation to performance-driven [2][4][29] - The National Energy Administration has initiated the first batch of green liquid fuel industrialization pilot projects, focusing on green methanol, green ammonia, and cellulose ethanol, which are expected to be operational by the end of 2026 [2][9][10] - The future green fuel industry will be a comprehensive ecosystem driven by green electricity, utilizing green hydrogen as a bridge, and integrating biomass resources to serve transportation, shipping, and green chemicals [3][15] Summary by Sections 1. Green Liquid Fuel Industrialization - The first batch of pilot projects includes nine projects, such as the integration of wind power and biomass for methanol production, with a focus on creating a closed-loop system from production to application [2][9][10] - The projects require simultaneous technological breakthroughs and market validation, emphasizing the need for clear end-user applications [9][10] 2. Market Performance - The report highlights the weekly performance of the chemical market, with specific segments like phosphate fertilizers and titanium dioxide showing significant gains [20][21] - The manufacturing PMI for September 2025 is reported at 49.8, indicating a slight improvement, while the industrial PPI has decreased by 2.9% year-on-year [16] 3. Investment Recommendations - The report suggests focusing on full industry chain integrators, core equipment manufacturers, key materials and components suppliers, and fuel production and operation companies [4][29] - Recommended companies include昊华科技, 中国旭阳集团, 宝丰能源, and 卓越新能, which are positioned to benefit from the industrialization of green liquid fuels [4][29]

Core Insights - The total margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 24,343.03 billion yuan, an increase of 475.63 billion yuan compared to the previous trading day [1] - The financing balance specifically was 24,181.86 billion yuan, reflecting a week-on-week increase of 472.14 billion yuan [1] Market Overview - The Shanghai market's margin balance was 12,417.59 billion yuan, up by 223.66 billion yuan from the previous trading day, while the Shenzhen market's balance was 11,925.44 billion yuan, increasing by 251.97 billion yuan [1] Stock Performance - A total of 2,135 stocks experienced net inflows of financing funds, with three stocks exceeding 1 billion yuan in net buying: ZTE Corporation (20.72 billion yuan), Xinyi Technology (17.09 billion yuan), and Dongfang Wealth (13.28 billion yuan) [3][5] - The top stocks by net financing inflow also included Zijin Mining (9.46 billion yuan) and Northern Rare Earth (7.79 billion yuan) [5][6] Financing Inflow Proportions - Nineteen stocks had financing net buying amounts that accounted for over 10% of their total transaction amounts, with Yutong Technology leading at 20.48%, followed by Taiping Bird at 19.08% and Zhuoyue New Energy at 19.02% [6][7]