SF Diamond(SZ:300179) Zhongyuan Securities·2025-04-14 08:32Investment Rating - The investment rating for the company is "Increase" (Maintain) [1][23] Core Views - The company is actively expanding its domestic market and continuously exploring new applications for CVD diamond [1][10] - In 2024, the company achieved operating revenue of 525 million yuan, a year-on-year decline of 3.19%, and a net profit attributable to shareholders of 118 million yuan, down 14.52% year-on-year [4] - The company has established a strategic partnership with Huixin Communication to explore new applications for functional CVD diamonds [10] Financial Performance Summary - The company's revenue from oil and gas extraction business was 322 million yuan, a decrease of 6.69% year-on-year, while precision machining business revenue was 175 million yuan, down 2.00% year-on-year [9] - Domestic revenue reached 290 million yuan, an increase of 13.83% year-on-year, while overseas revenue was 235 million yuan, a decrease of 18.27% year-on-year [9] - The overall gross margin for the company was 52.91%, an increase of 1.41 percentage points year-on-year [9] - The company maintained a high level of R&D investment, with a research and development expense ratio of 11.90% [13] Future Outlook - The company expects revenue to grow to 577 million yuan in 2025, with net profit projected at 141 million yuan [12] - The company aims to leverage its position in the superhard composite materials sector and the development prospects of the CVD diamond project to maintain its growth trajectory [13]