雪迪龙：24H1业绩承压，碳计量政策频发看好行业发展潜力

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company reported a revenue of 575 million yuan for the first half of 2024, a year-on-year decrease of 9.79%, and a net profit attributable to shareholders of 49 million yuan, down 39.88% year-on-year. The second quarter saw a revenue of 343 million yuan, a 1.2% increase year-on-year, with a net profit of 56 million yuan, up 3.52% year-on-year [4][5] - The market demand is still recovering, and increased competition has put pressure on profit margins. The revenue from the ecological environment monitoring system, industrial process analysis system, and other businesses was 461 million, 70 million, and 44 million yuan respectively, with year-on-year changes of -10.2%, -30.1%, and +85.32% [4][5] - The company is increasing its R&D investment, with a R&D team of 300 people and three major R&D centers in Beijing, the UK, and Belgium, which is expected to support long-term development [4][5] Financial Performance - The company is expected to achieve sales revenues of 1.625 billion, 1.854 billion, and 2.103 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.6%, 14.1%, and 13.4% [5][6] - The net profit attributable to shareholders is projected to be 225 million, 279 million, and 324 million yuan for the same years, with growth rates of 11%, 24%, and 16% respectively [5][6] - The overall gross margin is 41.03%, a decrease of 0.89 percentage points year-on-year, primarily due to a lack of significant demand improvement and increased competition [4][5] Industry Outlook - The frequent issuance of carbon emission policies and the increase in carbon measurement requirements are expected to drive demand for monitoring instruments, indicating a positive long-term growth potential for the industry [5] - In 2024, the National Development and Reform Commission plans to release 70 national standards related to carbon accounting and carbon footprint, aiming for comprehensive coverage of carbon emission accounting standards in key industries [5]