基础化工：生物柴油行业政策密集出台，关注高附加值副产品利润弹性

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The recent surge in policies supporting the biodiesel industry is expected to accelerate domestic commercialization and clarify export guidelines, enhancing the industry's profitability outlook [5] - The EU's anti-dumping investigation conclusion has reduced market uncertainty, indicating that the industry's "darkest hour" has passed, and companies with established overseas sales channels may benefit [5] - The rising price of glycerin, a byproduct of biodiesel production, is projected to significantly boost the profits of related manufacturers [5] Summary by Sections Market Performance - The basic chemical sector has shown a market performance fluctuation of -17% to +26% from March 2024 to November 2024 [3] Policy Developments - Multiple policies have been introduced to promote biodiesel, including pilot programs and guidelines for renewable energy alternatives, indicating a strong governmental push towards the industry [5][13] Company Developments - The report highlights that Zhuoyue New Energy's 50,000-ton biodiesel capacity could yield approximately 40,000 tons of glycerin, potentially adding 96 million yuan to after-tax profits at current glycerin prices [5] - Zhuoyue New Energy's upcoming production of fatty alcohol from biodiesel is expected to leverage cost advantages due to internal raw material supply, enhancing profitability [7] Price Trends - Glycerin prices have surged to 7,400 yuan/ton, reflecting a month-on-month increase of 14.3% and a year-on-year increase of 85% [5] - Fatty alcohol prices reached 20,800 yuan/ton, with a year-on-year increase of 77.8% [7] Recommended Stocks - Suggested stocks to watch include Zhuoyue New Energy, Jiaao Environmental Protection, Haineng Technology, Pengyao Environmental Protection, Langkun Environment, and Shangaohuan Energy [7]