SDL(SZ:002658) Xinda Securities·2025-04-26 10:23Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Viewpoints - The company reported a significant increase in performance in Q1 2025, with total revenue of 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 emission 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 positioning itself in the scientific instrument sector, enhancing its high-end development through the establishment of research centers and the development of core technologies [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 gross profit margin for 2024 was 41.97%, an increase of 0.56 percentage points year-on-year, with the ecological environment monitoring system and industrial process analysis system contributing revenues of 1.138 billion yuan and 185 million yuan, respectively [3][5]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares for 2024, amounting to approximately 156.13 million yuan, which represents 92.64% of the net profit attributable to the parent company [6]. Earnings Forecast - The company is expected to generate revenues of 1.491 billion yuan, 1.690 billion yuan, and 1.878 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 5.0%, 13.4%, and 11.1% [6][5]. - The net profit attributable to the parent company is forecasted to be 206 million yuan, 231 million yuan, and 260 million yuan for the same years, with growth rates of 22.3%, 12.3%, and 12.3% [6][5].