证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 雪迪龙(002658.SZ) 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 业绩稳步增长，碳监测与碳计量市场有望提 [Table_Author] 速进而加速监测需求释放 [Table_ReportDate] 2025 年 08 月 25 日 化工行业： [Table_S 事件：公司ummar发布y] 2025 年半年报，2025H1 公司实现总营业收入 5.96 亿元， 同比增长 3.7%；实现归母净利润 0.62 亿元，同比增长 25.5%；实现扣非归 母净利润 0.51 亿元，同比增长 37.27%；基本每股收益 0.1 元/股，同比增 长 25%，业绩稳步增长。 [Table_OtherRepo ...

Core Viewpoint - The environmental monitoring market is expanding continuously, driven by policy support, technological advancements, and increased environmental awareness, leading to intensified competition and accelerated domestic substitution in the industry [2][3]. Market Overview - The environmental monitoring market is experiencing steady growth, with significant developments in sub-sectors such as carbon monitoring, water ecological monitoring, and pollution source monitoring, attracting numerous companies to compete [3]. - The competitive landscape is characterized by a diversification of players, with large enterprises dominating the high-end market through advanced technology and service innovation, while small and medium-sized enterprises compete in the mid-to-low-end market by enhancing cost performance and after-sales service [3][8]. Financial Performance of Listed Companies - A review of eight representative listed companies in the environmental monitoring sector reveals a clear polarization in financial performance, with some companies like 聚光科技 achieving significant revenue and profit growth, while others like 先河环保 and 蓝盾光电 face substantial losses [8][10]. - 聚光科技 reported a revenue of 36.14 billion and a net profit of 2.07 billion, with a net profit growth of 164.11% [6]. - In contrast, 先河环保 reported a net loss of 1.52 billion, reflecting a decline of over 200% [8]. Business Composition and Margins - Most companies exhibit high gross margins, with 聚光科技's instrument and related software business achieving a gross margin of 48.50% [9]. - 四方光电's gas sensor business accounts for 75.83% of its revenue, with a gross margin of 41.13%, indicating strong product competitiveness in its niche [9]. Industry Trends and Opportunities - The ecological environment monitoring industry is set to benefit from the modernization of monitoring systems, the integration of digital technologies, and the increasing demand for carbon monitoring services due to climate change initiatives [15][17]. - The trend of domestic substitution is accelerating, with local companies overcoming key technological barriers and gaining recognition in government procurement and monitoring sectors [17].

导读： 雪迪龙2024年营收14.20亿，净利1.69亿，同比下降，生态环境监测系统实现销售收入11.38 亿元，工业过程分析系统实现销售收 入1.85 亿元。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近 日 ， 北 京 雪 迪 龙 科 技 股 份 有 限 公 司 公 布 2024 年 年 度 报 告 ， 报 告 期 内 ， 公 司 实 现 营 业 收 入 14.20 亿 元 ， 较 同 期 下 降 5.97% ， 归 属 于 上 市 公 司 股 东 的 净 利 润 为 1.69 亿 元 ， 较 同 期 下 降 16.90% ， 归 属 于 上 市 公 司 股 东 的 净 资 产 为 25.82 亿 元，较同期下降3.09%。 | | 2024年 | 2023年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1,420,170,130.88 | 1,510,322,423.84 | -5.97% | 1,504,771,570.27 | | 归 ...