SDL(SZ:002658) Tebon Securities·2024-03-27 16:00Investment Rating - The investment rating for the company is maintained at "Accumulate" [6][13]. Core Views - The company reported a slight increase in revenue for 2023, achieving 1.51 billion yuan, a year-on-year growth of 0.37%, but the net profit attributable to shareholders decreased by 28.51% to 203 million yuan [4][6]. - The company has made significant advancements in technology and product offerings, including the development of a helium discharge ionization detector and the launch of new products such as explosion-proof gas chromatographs [5][14]. - The company is expected to benefit from the recovery of downstream demand as the economy continues to recover, which may lead to improved performance in the coming years [5][15]. Financial Performance Summary - In Q4 2023, the company achieved revenue of 563 million yuan, a year-on-year increase of 19.33%, and a net profit of 81 million yuan, up 50.61% year-on-year [4]. - The company’s revenue projections for 2024-2026 are 1.625 billion yuan, 1.854 billion yuan, and 2.103 billion yuan, representing year-on-year growth rates of 7.6%, 14.1%, and 13.4% respectively [6][17]. - The net profit forecasts for the same period are 225 million yuan, 279 million yuan, and 324 million yuan, with corresponding growth rates of 11%, 24%, and 16% [6][17]. Business Segment Performance - The ecological environment monitoring system, industrial process analysis system, and other businesses generated revenues of 1.21 billion yuan, 240 million yuan, and 58 million yuan respectively, with year-on-year changes of -5.53%, +42.16%, and +6.95% [14]. - The overall gross margin for the company was 41.41%, a decrease of 5.1 percentage points year-on-year, primarily due to weak market demand and increased competition [14]. Market Outlook - The government has emphasized the need to enhance carbon emission statistics and verification capabilities, which is expected to drive growth in the carbon measurement sector [15]. - The company has formed strategic partnerships with several power generation groups to advance carbon emission measurement and monitoring, positioning itself to benefit from the expansion of the carbon market [15].