Longyan Zhuoyue New Energy (688196) 天风证券·2025-04-21 05:43Investment 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].