卓越新能(688196)：25Q1业绩继续大幅增长 国内外新需求助力业绩高增长

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]