Report Industry Investment Ratings No relevant content provided. Core Views Oils and Fats - Palm oil: In the short - term, it may follow export benefits and rise to test the 9200 resistance level, but there is a risk of adjustment after stagnant growth. In the long - term, it is viewed with caution and bearishness [1]. - Soybean oil: Bio - diesel news boosts the CBOT soybean oil, but the large listing of Brazilian soybeans restricts its upward momentum. The domestic spot soybean oil basis remains under pressure [1]. Sugar - Raw sugar: It will fluctuate widely in the range of 17 - 20 cents per pound. The domestic sugar price is expected to maintain a high - level oscillation pattern [3][4]. Cotton - The short - term domestic cotton price may operate in a range, with upward pressure and downward support, and attention should be paid to macro - level trends [5]. Eggs - The national egg price is expected to rise slightly next week and then stabilize, and may decline slightly later [8]. Meal - Soybean meal: It will maintain a short - term oscillation pattern, and the basis will continue to be weak. Rapeseed meal will mainly adjust weakly on the disk [10]. Corn - In the short - term, the market's bullish expectation weakens, and the disk gradually stabilizes. In the long - term, it may be supported to rise [12]. Pork - The futures price is supported to a certain extent by the logic of futures - cash convergence. An anti - spread strategy for the 7 - 11 contracts can be re - arranged [16][17]. Summary by Related Catalogs Oils and Fats - **Soybean oil**: On April 1, the spot price in Jiangsu was 8410 yuan/ton, up 1.07% from March 31. The futures price of Y2505 was 7992 yuan/ton, down 1.20%. The basis of Y2505 was 418 yuan/ton, up 1.44% [1]. - **Palm oil**: The spot price in Guangdong on April 1 was 9710 yuan/ton, up 0.52%. The futures price of P2505 was 9146 yuan/ton, up 0.46%. The basis of P2505 was 564 yuan/ton, up 1.44%. The import profit in Guangzhou Port in May was - 558 yuan/ton, down 45.22% [1]. - **Rapeseed oil**: The spot price in Jiangsu on April 1 was 9350 yuan/ton, unchanged. The futures price of O1505 was 9303 yuan/ton, down 0.65%. The basis of O1505 was - 14 yuan/ton, down 435.71% [1]. Sugar - **Futures market**: On April 1, the futures price of sugar 2505 was 6129 yuan/ton, up 0.89%. The futures price of sugar 2509 was 6022 yuan/ton, up 0.89%. The ICE raw sugar main contract was 19.36 cents per pound, up 2.71% [3]. - **Spot market**: The spot price in Nanning was 6200 yuan/ton, up 0.49%. The spot price in Kunming was 6035 yuan/ton, up 0.58%. The import price of Brazilian sugar (in - quota) was 5192 yuan/ton, down 0.50% [3]. Cotton - **Futures market**: On April 1, the futures price of cotton 2505 was 13590 yuan/ton, up 0.37%. The futures price of cotton 2509 was 13725 yuan/ton, up 0.33%. The ICE US cotton main contract was 68.21 cents per pound, up 2.00% [5]. - **Spot market**: The Xinjiang arrival price of 3128B was 14605 yuan/ton, down 0.08%. The CC Index of 3128B was 14864 yuan/ton, down 0.11% [5]. Eggs - The futures price of the egg 04 contract on April 1 was 3092 yuan/500KG, down 0.23%. The futures price of the egg 05 contract was 2962 yuan/500KG, unchanged. The egg - laying chicken chick price was 4.30 yuan per chick, unchanged [8]. Meal - **Soybean meal**: The spot price in Jiangsu on April 1 was 3120 yuan/ton, down 0.95%. The futures price of M2505 was 2804 yuan/ton, down 1.65%. The basis of M2505 was 316 yuan/ton, up 5.69% [10]. - **Rapeseed meal**: The spot price in Jiangsu on April 1 was 2520 yuan/ton, down 1.56%. The futures price of RM2505 was 2520 yuan/ton, down 3.11%. The basis of RM2505 was 0 yuan/ton, up 100.00% [10]. Corn - **Corn**: On April 1, the futures price of corn 2505 was 2254 yuan/ton, up 0.13%. The spot price in Jinzhou Port was 2180 yuan/ton, unchanged. The basis was - 74 yuan/ton, down 4.23% [12]. - **Corn starch**: The futures price of corn starch 2505 on April 1 was 2626 yuan/ton, down 0.11%. The spot price in Changchun was 2610 yuan/ton, unchanged. The basis was - 16 yuan/ton, up 15.79% [12]. Pork - **Futures market**: On April 1, the futures price of the main pork contract was 750 yuan/ton, down 3.23%. The futures price of the pork 2505 contract was 13240 yuan/ton, down 0.04%. The futures price of the pork 2509 contract was 13930 yuan/ton, down 0.11% [16]. - **Spot market**: The spot price in Henan was 14680 yuan/ton, down 40 yuan/ton. The spot price in Shandong was 14830 yuan/ton, unchanged [16].

Financial Data and Key Metrics Changes - Green Plains reported a net loss of $54.9 million or $0.86 per share for Q4 2024, compared to a net income of $7.2 million or $0.12 per share in the same period of 2023 [8][17] - Consolidated revenues for Q4 were $584 million, approximately 18% lower than the same period a year ago, primarily due to lower market prices for ethanol, dry distillers grains, and renewable corn oil [16] - EBITDA for Q4 was negative $18.9 million, down from $44.7 million in the prior year period [17] Business Line Data and Key Metrics Changes - The company executed $30 million of cost improvements, with a target of $50 million in annualized cost savings identified [5][6] - The Fairmont facility, with a capacity of 120 million gallons, was shut down due to market conditions and flooding issues, impacting overall production [7] - Operating rates at plants improved, achieving 92% in Q4, with expectations to continue operating in the mid-90s range [11][17] Market Data and Key Metrics Changes - Strong exports are anticipated, with a record of approximately 1.9 billion gallons expected for the year, and projections for 2025 to exceed that [9] - The U.S. corn market remains tight, with planting intentions closely monitored to avoid higher corn prices in the future [10] - The protein complex is under pressure from oversupply due to expanded domestic soy crushing capacity, but there are bright spots in aquaculture sales [12] Company Strategy and Development Direction - The company is transitioning from innovation to commercialization, focusing on cost rationalization and margin expansion [5][6] - Carbon capture initiatives are on track, with expectations to begin capturing biogenic CO2 in the second half of the year [13][21] - The company believes the value of its Nebraska assets is not reflected in its current share price, with carbon earnings expected to transform its earnings power [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over negative EBITDA for Q4 but noted a positive EBITDA of $44.7 million for the full year [8][17] - The management is optimistic about the potential for improved margins and profitability as the market conditions evolve and carbon capture initiatives are implemented [21][24] - The company is focused on reducing SG&A costs and simplifying its structure to enhance operational efficiency [31] Other Important Information - The company reached a settlement with the IRS regarding R&D tax credits, impacting its tax position for the year [18] - Capital expenditures for Q4 were allocated across various initiatives, with a total of $95 million incurred year-to-date [19] Q&A Session Summary Question: Cost initiatives and profitability impact - Management indicated that the $50 million cost savings would enhance overall profitability, transitioning focus from innovation to commercialization [35][36] Question: Aquaculture market penetration - Management confirmed successful sales in aquaculture, with significant quantities sold and a focus on expanding market presence [38][39] Question: Carbon capture project timeline - Management expects the carbon capture project to be operational by late Q3 or early Q4, with construction underway [42][43] Question: Sugar market development - Management is optimistic about customer interest in sugar products, awaiting food safety certification to ramp up production [49][50] Question: Corn oil pricing expectations - Management anticipates corn oil to trade at a premium to soybean oil, reflecting market conditions [60][61] Question: 45Z tax credit monetization - Management expressed confidence in finding buyers for tax credits and offsets, with a robust market for these products [81][82]