SDL(SZ:002658) Xinda Securities·2025-04-26 08:34Investment Rating - The report does not specify a current investment rating for the company [1] Core Insights - The company reported a significant increase in performance in Q1 2025, with total revenue reaching 254 million yuan, a year-on-year growth of 9.65%, and a net profit attributable to the parent company of 10 million yuan, a remarkable increase of 257.2% [1][3] - The expansion of the national carbon emissions trading market is expected to accelerate the demand for monitoring services, benefiting the company as it has secured multiple carbon monitoring projects in various industries [3][4] - The company is actively developing its scientific instruments segment, aiming for high-end growth by leveraging its five core technology platforms and establishing a strong industrialization capability [3][4] Financial Performance Summary - In 2024, the company achieved total revenue of 1.42 billion yuan, a decrease of 5.97% year-on-year, and a net profit of 169 million yuan, down 16.9% [1][5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 1.49 billion yuan, 1.69 billion yuan, and 1.88 billion yuan, representing growth rates of 5.0%, 13.4%, and 11.1% respectively [5][6] - The gross margin for 2024 was reported at 41.97%, an increase of 0.56 percentage points year-on-year, indicating improved profitability despite a challenging market environment [3][5] Market and Industry Context - The chemical industry is anticipated to see a recovery in market demand, with the company’s main business segments, including ecological environment monitoring systems, facing a decline in revenue in 2024 [3] - The company is well-positioned to benefit from the government's initiatives to strengthen energy consumption and carbon emissions monitoring, as outlined in recent policy documents [3][4]