SF Diamond(SZ:300179) Zhongyuan Securities·2025-04-14 10:23Investment Rating - The investment rating for the company is "Increase" (Maintain) [1] Core Views - The company is actively expanding its domestic market and continuously exploring new applications for CVD diamond [1][9] - 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][12] - The company has established a strategic partnership with Huixin Communication to explore new applications for functional CVD diamonds [10][13] Financial Performance - The company's gross profit margin for 2024 was 52.91%, an increase of 1.41 percentage points year-on-year [9] - The company reported a net profit margin of 22.40% for 2024, with a projected increase in net profit to 141 million yuan in 2025 [12][13] - The company’s R&D expense ratio was 11.90% in 2024, reflecting a commitment to enhancing product competitiveness [13] Market Dynamics - Domestic revenue increased by 13.83% to 290 million yuan in 2024, while overseas revenue decreased by 18.27% to 235 million yuan [9] - The decline in overseas oilfield service demand has impacted the company's oil and gas extraction business [9] - The company is benefiting from national energy security strategies and the "Seven-Year Action Plan" for increasing reserves and production [9] Future Outlook - The company expects revenue growth in the coming years, with projected revenues of 577 million yuan in 2025, 628 million yuan in 2026, and 679 million yuan in 2027 [12][13] - The company maintains a strong position in the superhard composite materials sector and anticipates significant contributions from the CVD diamond project [13]