龙岩卓越新能源股份有限公司 2024 年年度股东大会 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 2024 年年度股东大会 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） 二零二五年五月 | 议案一：《关于 2024 年年度报告及摘要的议案》 4 | | --- | | 议案二：《关于 2024 年度董事会工作报告的议案》 5 | | 议案三：《关于 2024 年度监事会工作报告的议案》 6 | | 议案四：《关于 2024 年度财务决算报告的议案》 7 | | 议案五：《关于 2025 年度财务预算报告的议案》 8 | | 议案六：《关于 2024 年度利润分配预案及 2025 年中期现金分红规划的议案》 9 | | 议案七：《关于确认公司董事 2024 年度薪酬的议案》 10 | | 议案八：《关于确认公司监事 2024 年度薪酬的议案》 11 | | 议案九：《关于开展外汇衍生品交易业务的议案》 14 | | 票相关事宜的议案》 15 | | 补回报措施和相关主体承诺的议案》 11 | | 议案十二：《关于公司未来三年（2025-2027 年）股东分红回报规 ...

龙岩卓越新能源股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日 披露了关于召开 2024 年年度股东大会的通知，公司拟于 2025 年 5 月 13 日 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的 表决方式，具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露 的《关于召开 2024 年年度股东大会的通知》（公告编号：2025-012）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权 登记日的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会 参会邀请、议案情况等信息。投资者在收到智能短信后，可根据《上市公司股 东 会 网 络 投 票 一 键 通 服 务 用 户 使 用 手 册 》 （ 下 载 链 接 ： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵 等情况，仍可通过原有的交易系统投票平台和互联网投票 ...

一、收到资源综合利用产品增值税退税款的基本情况 根据财政部、税务总局《关于完善资源综合利用增值税政策的公告》（公 告 2021 年第 40 号）的规定，龙岩卓越新能源股份有限公司（以下简称"公 司"）销售自产的资源综合利用产品可享受增值税即征即退政策，退税比例为 70%。公司于近日收到所属期为 2024 年 7 月的增值税退税款 24,334,573.53 元。 该笔款项已达到公司 2024 年度经审计净利润的 16.33%，公司根据相关披露规 则予以披露。 证券代码：688196 证券简称：卓越新能 公告编号：2025-015 龙岩卓越新能源股份有限公司 关于收到资源综合利用产品增值税退税款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 龙岩卓越新能源股份有限公司董事会 2025 年 4 月 26 日 二、对公司的影响 公司根据《企业会计准则第 16 号——政府补助》的有关规定，上述款项的 类型属于与收益相关，已计入相应期间损益。 特此公告。 ...

Core Viewpoint - The company,卓越新能, has received a value-added tax refund of 24.3346 million yuan, which represents 16.33% of its audited net profit for the fiscal year 2024, under a policy that allows for a 70% refund on sales of self-produced resource utilization products [1] Summary by Categories - **Tax Refund Details** - The company received a VAT refund amounting to 24.3346 million yuan for the period ending in July 2024 [1] - The refund corresponds to a 70% tax refund policy applicable to the sales of self-produced resource utilization products [1] - **Financial Impact** - The received refund constitutes 16.33% of the company's audited net profit for the fiscal year 2024 [1]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Insights - The company's biodiesel products have seen both volume and price increases, contributing to a robust growth outlook driven by global demand and supportive policies [4][9]. - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 3.563 billion yuan, up 26.73% year-on-year, and net profit of 149 million yuan, up 89.57% year-on-year [2][3]. - The company is expanding its production capacity and global footprint, with several projects underway that will enhance its integrated biomass energy capabilities [5][9]. Financial Performance - In 2024, the company achieved biodiesel revenue of 3.314 billion yuan, a year-on-year increase of 27.31%, with sales volume of 376,000 tons, up 6.83% [3]. - The gross margin for 2024 was 7.11%, slightly down by 0.62 percentage points year-on-year, while the net margin improved to 4.18%, up 1.39 percentage points [3]. - For Q1 2025, the company reported a revenue of 709 million yuan, with a net profit of 61 million yuan, reflecting a year-on-year increase of 111.22% [2]. Production Capacity and Projects - The company has a biodiesel production capacity of 500,000 tons and is expanding with projects in Singapore and Thailand, which are expected to significantly enhance its production capabilities [4][5]. - The completion of a 50,000-ton natural fatty alcohol project by the end of 2024 and a 100,000-ton hydrocarbon biodiesel project currently under construction will further strengthen the company's market position [5]. Market Outlook - The global demand for biodiesel is expected to grow steadily in the medium to long term, supported by policies aimed at reducing carbon emissions in transportation [4]. - The company is well-positioned to benefit from this growth, with its diversified product offerings and strategic international expansions [4][5].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of 149 million yuan in 2024, representing a year-on-year increase of 89.6%, and a net profit of 61 million yuan in Q1 2025, reflecting a year-on-year growth of 111% [2][6] - Despite the impact of the EU anti-dumping tax, the company is likely to offset risks through overseas channel expansion and new capacity construction, with projects such as the annual production of 100,000 tons of hydrocarbon-based biodiesel and the first phase of 100,000 tons in Singapore expected to enhance profits [2][6] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3.563 billion yuan, a year-on-year increase of 26.7%, and a net profit of 149 million yuan, a year-on-year increase of 89.6%. The net profit excluding non-recurring items was 135 million yuan, up 24.8% [6] - For Q4 2024, the company reported revenue of 589 million yuan, a year-on-year increase of 115%, and a net profit of 57 million yuan, a year-on-year increase of 176% [6] - In Q1 2025, the company recorded revenue of 709 million yuan, a year-on-year decrease of 18.4%, but a net profit of 61 million yuan, a year-on-year increase of 111% [6] Market Strategy - The company has actively expanded overseas channels and established a self-owned sales network in Europe through its subsidiary in the Netherlands, effectively mitigating the impact of the anti-dumping investigation [13] - The sales model adjustment has allowed the company to recognize revenue at local terminal prices in the EU, resulting in a year-on-year increase of 21.82% in the selling price per ton [13] Profitability Drivers - The profit growth in 2024 was supported by an increase in gross profit per ton, a reduction in expense ratios, and an increase in other income [13] - The gross profit margin for 2024 was 7.11%, a decrease of 0.62 percentage points year-on-year, while the gross profit per ton improved from 482 yuan/ton in 2023 to 524 yuan/ton in 2024 [13] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 410 million yuan, 600 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12.9x, 8.7x, and 7.6x [13]

Group 1: Financial Performance - In 2024, the company achieved revenue of 3.563 billion yuan, a year-on-year increase of 26.73%, and a net profit attributable to shareholders of 149 million yuan, a year-on-year increase of 89.57% [1] - For Q1 2025, the company reported revenue of 709 million yuan, a year-on-year decrease of 18.39% but a quarter-on-quarter increase of 20.32%, with a net profit attributable to shareholders of 61 million yuan, a year-on-year increase of 111.22% and a quarter-on-quarter increase of 8.2% [1] - The company plans to distribute a cash dividend of 0.6 million yuan for 2024, accounting for 40.26% of the net profit attributable to shareholders [1] Group 2: Market and Industry Developments - The company has successfully established overseas channels, with significant growth despite the EU's anti-dumping investigations affecting the biodiesel industry [2] - The EU has imposed anti-dumping duties ranging from 10.0% to 35.6% on Chinese biodiesel products, with the company's applicable rate being 23.4% [2] - The company is expanding its international operations, including establishing biodiesel production bases in Singapore and Thailand [2] Group 3: Future Growth Opportunities - The company is poised to benefit from the growing demand for green energy and materials, particularly in the shipping and aviation sectors [3] - The company is advancing projects such as a 100,000-ton hydrocarbon biodiesel production facility and a 50,000-ton natural fatty alcohol project, which are expected to contribute to future revenue [3] - The international maritime organization and various countries have set targets for reducing greenhouse gas emissions, which will drive the demand for biofuels [3] Group 4: Profit Forecast and Investment Outlook - The updated profit forecast for 2025-2027 estimates revenues of 4.582 billion yuan, 6.391 billion yuan, and 7.850 billion yuan, with net profits of 300 million yuan, 533 million yuan, and 706 million yuan respectively [4] - The earnings per share (EPS) are projected to be 2.5 yuan, 4.44 yuan, and 5.88 yuan for the respective years [4] - The investment rating remains "Buy" based on the anticipated release of new production capacity [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported significant growth in Q1 2025, with revenue of 709 million yuan, a year-on-year decrease of 18.39% but a quarter-on-quarter increase of 20.32%. The net profit attributable to the parent company reached 61 million yuan, marking a year-on-year increase of 111.22% and a quarter-on-quarter increase of 8.2% [1][2]. - The company has successfully expanded its overseas channels, with the Netherlands and Singapore becoming key direct sales platforms. The establishment of a biodiesel production base in Singapore and a new company in Thailand is underway to enhance international operations [2]. - The demand for green energy and materials, particularly in shipping and aviation, is driving the growth of biodiesel derived from waste oils. The company is capitalizing on this trend with new production capacities being released [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 3.563 billion yuan, a year-on-year increase of 26.73%, and a net profit of 149 million yuan, up 89.57% year-on-year. The revenue forecast for 2025-2027 is 4.582 billion yuan, 6.391 billion yuan, and 7.850 billion yuan respectively, with net profits projected at 300 million yuan, 532 million yuan, and 706 million yuan [3][4]. - The earnings per share (EPS) are expected to be 2.50 yuan in 2025, 4.44 yuan in 2026, and 5.88 yuan in 2027, indicating strong growth potential [3][4]. - The company’s financial ratios show a projected price-to-earnings (P/E) ratio of 17.38 in 2025, decreasing to 7.40 by 2027, suggesting an attractive valuation as earnings grow [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and bio-based products, with a 2024 revenue of 3.563 billion yuan, up 26.73% year-on-year, and a net profit of 149 million yuan, up 89.57% year-on-year [5][9] - The biodiesel segment has seen a sales volume increase of 6.83% and a price increase of 21.82%, contributing to overall revenue growth [6] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance profitability [7][9] Financial Performance Summary - In 2024, the company achieved a gross margin of 7.11% and a net profit margin of 4.18%, with expectations for significant improvements in the coming years [6][10] - The projected net profits for 2025-2027 are 634 million yuan, 780 million yuan, and 863 million yuan, representing year-on-year growth rates of 325.2%, 23.2%, and 10.6% respectively [9][10] - The company’s earnings per share (EPS) are expected to rise from 1.24 yuan in 2024 to 7.19 yuan by 2027 [10]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and related products, with a 26.73% year-on-year increase in revenue for 2024, reaching 3.563 billion yuan [5] - The net profit for 2024 increased by 89.57% year-on-year, amounting to 149 million yuan, indicating strong profitability [5] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance future earnings [7][9] Financial Performance Summary - In 2024, the company reported a total revenue of 3.563 billion yuan, with a net profit of 149 million yuan, and a gross profit margin of 7.1% [8] - The projected revenue for 2025 is 4.783 billion yuan, with net profits expected to rise to 634 million yuan, reflecting a growth rate of 325.2% [9] - The earnings per share (EPS) is forecasted to increase significantly from 1.24 yuan in 2024 to 5.28 yuan in 2025 [10] Market Position and Strategy - The company is leveraging its sales network in Europe and Asia to enhance its market presence, particularly in biodiesel and high-value bio-based materials [6][9] - The strategic focus on cost-effective production through internal sourcing of raw materials is expected to improve profit margins [6][9] - The company is also exploring opportunities in the palm oil and waste oil price differential, which has seen significant increases recently [6]