SDL(SZ:002658) Xin Lang Cai Jing·2025-03-29 00:43Core Viewpoint - The company's overall performance has declined, with a revenue of 1.42 billion yuan, down 5.97% year-on-year, and a net profit attributable to shareholders of 169 million yuan, down 16.90% year-on-year [2] Financial Performance - The company reported a total revenue of 1.42 billion yuan, a decrease of 5.97% compared to the previous year [2] - The net profit attributable to shareholders was 169 million yuan, reflecting a year-on-year decline of 16.90% [2] - The non-recurring net profit was 151 million yuan, down 12.21% year-on-year [2] Business Segment Analysis - The ecological environment monitoring system generated sales revenue of 1.138 billion yuan, a decrease of 5.83% from 1.208 billion yuan in the previous year [2] - The industrial process analysis system reported sales revenue of 185 million yuan, down 24.13% from 244 million yuan year-on-year [2] - Other businesses achieved sales revenue of 97 million yuan, an increase of 67.54% from 58 million yuan, mainly due to increased revenue from energy-saving and environmental protection projects [2] Market Outlook - Frequent policies are expected to accelerate the carbon monitoring and measurement market, with various government initiatives aimed at establishing a standardized carbon accounting system and enhancing carbon emission measurement technologies [3] - The carbon monitoring and measurement market is anticipated to gain momentum as the national carbon trading market expands and voluntary emission reduction projects develop [3] Technological Advancements - Breakthroughs in mass spectrometry and chromatography technologies are expected to broaden the company's high-end analytical instrument product line [4] - The company has established strategic partnerships with major petrochemical and building materials groups and has won contracts for significant gas analysis systems [4] - The company’s subsidiary in Belgium has completed capacity expansion and launched a new generation of chromatography platforms, laying a solid foundation for gas analysis business expansion in various industries [4] Profit Forecast - The company is projected to achieve revenues of 1.533 billion yuan, 1.688 billion yuan, and 1.878 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 7.92%, 10.17%, and 11.21% respectively [4] - The net profit attributable to shareholders is expected to be 218 million yuan, 236 million yuan, and 263 million yuan for the same period, with growth rates of 29.6%, 7.84%, and 11.50% respectively [4] - Based on the closing price on March 27, 2025, the corresponding price-to-earnings ratios are projected to be 19.74, 18.30, and 16.41 [4]