Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.78 yuan, indicating a potential upside of 51% from the current price of 7.14 yuan [1][13][24]. Core Insights - The company's industrial process analysis business has shown significant growth, contributing to a slight increase in revenue, although overall performance was slightly below expectations due to factors such as reduced government subsidies and increased operating costs [19][34]. - The company has a strong commitment to high dividend payouts, with a dividend payout ratio of 92% in 2023, reflecting a tradition of high dividends over the past two years [20][21]. - The company has successfully expanded its overseas business, achieving a 24% year-on-year increase in overseas revenue, driven by strategic acquisitions and partnerships in key markets [23][38]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 15.10 billion yuan, a year-on-year increase of 0.37%, while net profit decreased by 28.51% to 2.03 billion yuan [19]. - The industrial process analysis system generated revenue of 2.44 billion yuan, marking a year-on-year growth of 42.16% [7][34]. Dividend Policy - The company has maintained a high dividend policy, with cash dividends of 1.88 billion yuan planned for 2023, resulting in a dividend yield of 4.32% over the past three years [8][20]. Business Expansion - The company has made significant strides in expanding its overseas operations, with a focus on high-end analytical instruments for various industries, including semiconductors and petrochemicals [23][38]. - The company has established strategic partnerships with leading firms in the semiconductor and petrochemical sectors, enhancing its market presence [7][13]. Valuation and Comparables - The report uses a PE valuation method, comparing the company to peers in the analytical instrument sector, and sets a target price based on a weighted average PE of 24.5 for 2025 [40][41].

投资分析意见：考虑需求及竞争加剧，下调公司 2024-25 年归母净利分别为 2.24/2.58 亿 元（下调前为 3.05/3.49 亿元），新增 2026 年预测 2.91 亿元。我们看好公司主业有望受 益火电基建等而修复，以及工业过程分析及碳监测等业务有望放量，但考虑盈利预测下调， 下调为"增持"评级。 公司点评 请务必仔细阅读正文之后的各项信息披露与声明 第 3 页 共 3 页 简单金融 成就梦想 2024 年 03 月 28 日 雪迪龙 (002658) 相关研究 上 市 公 司 ——环境监测主业有所下滑，看好碳监测及科学仪器放量 工业过程分析：传统石化水泥领域大项目验收，天然气、核电、氢能等新领域取得进展， 入围半导体头部企业合格供应商。2023 年该业务收入 2.44 亿元，yoy +42.16%；公司中 标石化、水泥等行业多个大项目并成功交付验收，在天然气提氦装置气体分析、核电高温 气冷系统杂质分析、制氢过程纯度分析等行业项目取得进展，公司品牌首次入围国内半导 体行业头部企业合格供应商，未来与 Orthodyne 品牌齐头并进拓展半导体特气市场。 现金流持续改善，2023 年分红率达 92.5 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 9 yuan, while the current price is 6.94 yuan [4]. Core Insights - The company achieved a revenue of 1.51 billion yuan in 2023, representing a year-on-year growth of 0.37%. However, the net profit attributable to shareholders decreased by 28.51% to 203 million yuan. The company plans to distribute a cash dividend of 3.00 yuan per 10 shares [4][1]. - The revenue from the environmental monitoring system and industrial process analysis system was 1.21 billion yuan and 244 million yuan, respectively, showing a decline of 5.53% and an increase of 42.16% year-on-year [4]. - The company's gross margin decreased from 46.45% last year to 41.41% this year due to increased competition and weak market demand [4]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 318 million yuan, a year-on-year increase of 54.96%, mainly due to improved customer payments [4]. - The company maintained a high dividend policy, with a total cash dividend of approximately 188 million yuan in 2023, resulting in a payout ratio of 92.49% [4]. Financial Summary - The company’s total assets amounted to 3.156 billion yuan, with a debt-to-asset ratio of 15.40% [6]. - The projected net profit for 2024, 2025, and 2026 is expected to be 231 million yuan, 277 million yuan, and 297 million yuan, respectively, with corresponding P/E ratios of 19, 16, and 15 [19]. - The company’s earnings per share (EPS) for 2023 is 0.32 yuan, projected to increase to 0.36 yuan in 2024 and 0.44 yuan in 2025 [19].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [6][13]. Core Views - The company reported a slight increase in revenue for 2023, achieving 1.51 billion yuan, a year-on-year growth of 0.37%, but the net profit attributable to shareholders decreased by 28.51% to 203 million yuan [4][6]. - The company has made significant advancements in technology and product offerings, including the development of a helium discharge ionization detector and the launch of new products such as explosion-proof gas chromatographs [5][14]. - The company is expected to benefit from the recovery of downstream demand as the economy continues to recover, which may lead to improved performance in the coming years [5][15]. Financial Performance Summary - In Q4 2023, the company achieved revenue of 563 million yuan, a year-on-year increase of 19.33%, and a net profit of 81 million yuan, up 50.61% year-on-year [4]. - The company’s revenue projections for 2024-2026 are 1.625 billion yuan, 1.854 billion yuan, and 2.103 billion yuan, representing year-on-year growth rates of 7.6%, 14.1%, and 13.4% respectively [6][17]. - The net profit forecasts for the same period are 225 million yuan, 279 million yuan, and 324 million yuan, with corresponding growth rates of 11%, 24%, and 16% [6][17]. Business Segment Performance - The ecological environment monitoring system, industrial process analysis system, and other businesses generated revenues of 1.21 billion yuan, 240 million yuan, and 58 million yuan respectively, with year-on-year changes of -5.53%, +42.16%, and +6.95% [14]. - The overall gross margin for the company was 41.41%, a decrease of 5.1 percentage points year-on-year, primarily due to weak market demand and increased competition [14]. Market Outlook - The government has emphasized the need to enhance carbon emission statistics and verification capabilities, which is expected to drive growth in the carbon measurement sector [15]. - The company has formed strategic partnerships with several power generation groups to advance carbon emission measurement and monitoring, positioning itself to benefit from the expansion of the carbon market [15].

Financial Performance - The company's operating revenue for 2023 was ¥1,510,322,423.84, representing a slight increase of 0.37% compared to ¥1,504,771,570.27 in 2022[6]. - The net profit attributable to shareholders decreased by 28.51% to ¥202,814,382.85 in 2023 from ¥283,710,212.16 in 2022[6]. - The net profit after deducting non-recurring gains and losses was ¥171,746,056.67, down 26.72% from ¥234,359,931.54 in the previous year[6]. - Basic and diluted earnings per share both decreased by 28.89% to ¥0.32 in 2023 from ¥0.45 in 2022[6]. - The total assets at the end of 2023 were ¥3,156,092,778.52, down 8.70% from ¥3,456,897,388.22 at the end of 2022[6]. - The net assets attributable to shareholders increased slightly by 0.26% to ¥2,663,831,478.70 at the end of 2023 from ¥2,656,833,702.73 at the end of 2022[6]. - The net cash flow from operating activities increased by 54.96% to ¥318,360,885.21 in 2023, compared to ¥205,450,282.08 in 2022[6]. - The company reported a significant increase in cash flow from operating activities in the fourth quarter, reaching ¥200,576,086.07[6]. Dividend Distribution - The company plans to distribute a cash dividend of 3.00 CNY per 10 shares to all shareholders based on a total share capital of 635,760,924 shares as of December 31, 2023[5]. - The proposed cash dividend is RMB 3.00 per share (including tax), with a total cash dividend amounting to RMB 187,572,980.10, representing 92.49% of the net profit attributable to shareholders[171]. - The company distributed a total cash dividend of RMB 245,744,711.55, amounting to RMB 3.90 per 10 shares for the 2022 fiscal year[166]. Market and Industry Context - The company operates in the analytical instrument manufacturing industry, which is essential for various sectors including smart manufacturing and environmental protection[28]. - The domestic market for industrial process analysis instruments is primarily dominated by foreign companies, with local manufacturers focusing on mid-to-low-end products[34]. - The environmental monitoring industry is driven by policies, with a focus on improving ecological quality and expanding monitoring networks[33]. - The industrial process analysis market is expected to grow due to increasing demands for energy efficiency and pollution control[34]. Research and Development - The company has invested approximately 100 million RMB annually in R&D, employing a technical team of nearly 300 people and operating three R&D centers in Beijing, the UK, and Belgium[72]. - The company is focusing on developing advanced carbon measurement technologies to support national key industries and carbon trading[95]. - The company has developed core analytical instruments such as gas purity analyzers and mass spectrometers, applicable in environmental monitoring and industrial process analysis[51]. - The company is developing a high-performance multi-channel ion-sensitive sensor to meet environmental monitoring needs, which is currently in progress[94]. Risks and Challenges - The company faces significant risks including policy risk, market competition risk, and technology and talent loss risk, which are closely related to the domestic and international macroeconomic environment and environmental protection policies[4]. - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by the audit report[6]. - The company is currently undergoing a review process for its high-tech enterprise certificate, which has expired, creating uncertainty regarding its renewal[4]. Environmental Initiatives - The company is committed to implementing ultra-low emission transformations in coking enterprises, targeting a 60% completion rate in key regions by 2025 and 80% by 2028 nationally[39]. - The company is focused on promoting the deep integration of digitalization and green technology, encouraging the collection and intelligent analysis of energy and carbon emission data[39]. - The company aims to enhance the monitoring capabilities for greenhouse gases, groundwater, new pollutants, noise, marine environments, radiation, and rural environments, achieving comprehensive monitoring for carbon reduction, pollution reduction, and green expansion[40]. - The company has developed a self-owned intelligent carbon emission measurement system and carbon account information platform to support the "dual carbon" goals[186]. Governance and Management - The company has established a complete and independent financial management system, ensuring no financial guarantees were provided to major shareholders[130]. - The company has a fully independent personnel management system, ensuring separation from the controlling shareholder's management[128]. - The board of directors consists of 7 members, including 3 independent directors: Pan Song, Wang Hui, and Tian Hezhong[136]. - The company has implemented a performance-based compensation structure, increasing the proportion of variable pay to enhance employee motivation and align with company performance[163]. Strategic Partnerships and Expansion - The company is actively expanding its international business in Southeast Asia and Central Asia, seeking overseas opportunities[79]. - The company has formed strategic partnerships with several power groups in the thermal power industry to promote carbon emission measurement and monitoring[78]. - The company is exploring a collaborative development path for "energy measurement, carbon measurement, and carbon accounting" in the power industry[78]. Financial Management and Audit - The audit firm Beijing Dahua International CPA was reappointed for the 2023 financial audit, with an audit fee of 956,000 RMB[196]. - The company has maintained effective internal controls over financial reporting as of December 31, 2023, according to the audit opinion[181]. - The internal control audit report received a standard unqualified opinion from the auditing firm[183]. Employee and Shareholder Engagement - The total number of employees at the end of the reporting period was 1,795, with 538 in the parent company and 1,257 in major subsidiaries[162]. - The company has established a robust investor relations management system to enhance communication and transparency[126]. - The company achieved an investor participation rate of 60.46% in the first extraordinary general meeting held on January 9, 2023[131].

北京雪迪龙科技股份有限公司 2023 年度财务决算报告 北京雪迪龙科技股份有限公司 2023 年度财务决算报告 公司简称：雪迪龙 股票代码：002658 披露日期：二〇二四年三月二十八日 北京雪迪龙科技股份有限公司 2023 年度财务决算报告 北京雪迪龙科技股份有限公司（以下简称"公司"）2023年财务报表已经 北京大华国际会计师事务所（特殊普通合伙）审计，出具了标准无保留意见的 审计报告。会计师的审计意见：雪迪龙的财务报表已经按照企业会计准则的规 定编制，在所有重大方面公允反映了公司2023年12月31日的财务状况以及2023 年度的经营成果和现金流量。 二、本报告期资产、经营及现金流量总体情况 2023年12月31日公司总资产3,156,092,778.52元，总负债485,970,125.85元， 所有者权益2,670,122,652.67元。 2023年度营业收入1,510,322,423.84元，营业利润225,156,318.33元，净利润 202,724,885.04元。 2023年度经营活动产生的现金流量净额为318,360,885.21元，投资活动产生 的 现 金 流 量 净 额 -208, ...

《2023年半年度报告全文及其摘要的议案》及《关于注销河北二级全资子公司的 议案》； 北京雪迪龙科技股份有限公司 2023 年度监事会工作报告 2023 年，公司监事会严格按照《公司法》、《公司章程》以及《公司监事会 议事规则》的相关规定，从切实维护公司利益和股东特别是中小股东权益出发， 认真履行了自身职责，对 2023 年度公司的各方面情况进行了监督。监事会认为 公司董事会成员、高级管理人员忠于职守，勤勉尽责，全面落实各项工作，未出 现损害公司及股东利益的行为。现将 2023 年度公司监事会工作报告如下： 一、公司监事会日常工作情况 2023 年 1 月 9 日，公司召开 2023 年第一次临时股东大会，选举陈华申先生、 马会芬女士为非职工代表监事，与经职工代表大会选举出的职工代表监事张倩暄 女士共同组成第五届监事会，第五届监事会将继续按照法律法规、规范性文件及 《公司章程》的规定，切实履行监事职责。 2023 年度公司监事会共召开七次会议，每次会议的召开程序都符合《公司法》 和《公司章程》的相关规定。公司监事会具体工作情况如下： （一）2023 年 1 月 9 日（星期一）召开第五届监事会第一次会议，审议 ...

北京雪迪龙科技股份有限公司 2023 年度社会责任报告 公司简称：雪迪龙 股票代码：002658 披露日期：二Ｏ二四年三月二十八日 雪迪龙 2023 年度社会责任报告 关于本报告 时间范围 覆盖期间为 2023 年 1 月 1 日至 2023 年 12 月 31 日，部分数据、表述及引用有向前或向 后延伸。 组织范围 以"北京雪迪龙科技股份有限公司"（简称"雪迪龙"或"公司"）为主体，包含所有 的分、子公司。 发布情况 《雪迪龙 2023 年度社会责任报告》是本公司发布的第四份社会责任报告。 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》 确认及批准 本报告经公司于 2024 年 3 月 26 日召开的第五届董事会第十次会议、第五届监事会第 九次会议审议通过。 数据说明 本报告所涉及数据来自雪迪龙公司内部统计数据、审计报告等材料，因便于表述如部 分数据与年度报告存在差异，以年度报告数据为准。若无特殊说明，本报告所使用的 货币单位均为人民币（元）。 报告获取 本 报 告 电 子 版可 通过 巨潮资 讯网 http://www ...

北京雪迪龙科技股份有限公司 2023 年度董事会工作报告 2023 年度，北京雪迪龙科技股份有限公司（以下简称"公司"）董事会严 格按照《公司法》、《证券法》、《上市公司治理准则》、《深圳证券交易所股 票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等有关法律法规、规范性文件的规定和要求，本着对公司和股东负 责的态度，切实履行股东大会赋予的职责，认真贯彻落实股东大会的各项决议， 积极维护股东及公司利益。全体董事恪尽职守、勤勉尽责，积极有效地开展工作， 切实推动公司持续稳定发展。现将公司董事会 2023 年度的工作报告如下： 一、2023 年公司经营管理工作回顾 2023 年，是全面贯彻党的二十大精神的开局之年，是三年新冠疫情防控转 段后经济恢复发展的一年，整体外部环境仍然复杂，国内处于经济恢复和转型升 级的关键期，各行各业扎实推进高质量发展，公司在董事会的坚强领导下，全体 员工积极行动、攻坚克难，各项年度经营任务基本完成，稳步迈向高质量发展。 （一）总体经营情况 2023 年度，整体市场需求偏弱且竞争加剧，公司坚持以利润为中心，紧紧 围绕公司经营的"五大任务"，贯彻落实 ...

证券代码：002658 证券简称：雪迪龙 公告号：2024-016 北京雪迪龙科技股份有限公司 关于修订《公司章程》部分条款的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京雪迪龙科技股份有限公司（以下简称"公司"）于 2024 年 3 月 26 日召 开第五届董事会第十次会议、第五届监事会第九次会议，审议通过了《关于修订 <公司章程>部分条款的议案》。 由于公司公开发行的可转换公司债券转股致使公司总股本发生变化，根据 《公司法》、《证券法》、中国证监会《上市公司章程指引》及《深圳证券交易所 股票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等法律法规、规范性文件最新修订的相关规定，结合公司实际情况， 拟变更公司注册资本，并对《公司章程》的部分条款进行修订，具体修订内容如 下： | 修订前 | 修订后 | | --- | --- | | 第三条 … | 第三条 … | | 截至 2023 年 4 月 17 日，因可转换公司 | 上述发行的可转换公司债券自2023年12 | | 债券转股，公司总股本变更为 63, ...