卓越新能（688196）：生物柴油量价齐升，新建项目进入收获期

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]