证券代码：832225 证券简称：利通科技 公告编号：2025-033 漯河利通液压科技股份有限公司 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 漯河利通液压科技股份有限公司（以下简称"公司"）《2024 年年度报告》（公 告编号：2025-010）已于 2025 年 4 月 14 日在北京证券交易所网站（www.bse.cn） 披露，为方便广大投资者更深入了解公司 2024 年年度经营业绩的具体情况，加 强与投资者的互动交流，公司拟召开 2024 年年度报告业绩说明会。 本次年度报告业绩说明会将采用网络远程的方式召开，投资者可登录全景网 "投资者关系互动平台"（https://ir.p5w.net）参与本次年度报告业绩说明会。 三、 参加人员 公司董事长兼总经理：赵洪亮先生 公司董事会秘书：何军先生 公司财务负责人：杨国淦先生 民生证券保荐代表人：张键先生 四、 投资者参加方式 本次说明会采用网络方式召开。 为充分尊重投资者、提升交流的针对 ...

Group 1 - In the past month (from March 23 to April 22), 18 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 139 institutions [1] - The types of institutions conducting the research included 17 brokerages, 14 funds, 13 private equity firms, 10 insurance companies, and 2 overseas institutions [1] - The companies that received the most institutional attention were Minshida, Yizhi Moyu, Litong Technology, and Audiwei, with 139, 137, 77, and 65 institutions participating in their investigations, respectively [1] Group 2 - The average stock price of the companies investigated by institutions increased by 16.14% over the past month, with notable increases from Yizhi Moyu (154.56%), Minshida (74.82%), and Jikang Instruments (28.51%) [2] - The average daily turnover rate for the investigated companies was 7.51%, with the highest rates recorded for Zhongke Meiling (17.38%), Minshida (16.18%), and Guohang Yuanyang (15.31%) [2] - As of April 22, the average market capitalization of all companies on the BSE was 2.89 billion yuan, while the average market capitalization of the investigated companies was 3.30 billion yuan, with Hualing Co., Minshida, and Fujida leading in market value [2]

Group 1 - In the past month (from March 22 to April 21), 17 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Minshida being the most notable, attracting 139 participating institutions [1] - The types of institutions conducting research include 16 brokerages, 13 funds, 12 private equity firms, 9 insurance companies, and 2 overseas institutions [1] - The companies that received the most attention were Minshida, Yizhi Moyu, Litong Technology, and Audiwei, with 139, 124, 77, and 65 participating institutions respectively [1] Group 2 - The average stock price of the companies that received institutional research increased by 18.31% over the past month, with notable gainers including Yizhi Moyu (up 148.08%), Minshida (up 87.63%), and Jikang Instruments (up 32.68%) [2] - The average daily turnover rate for the researched companies was 7.71%, with the highest rates recorded for Zhongke Meiling (16.91%), Minshida (16.01%), and Guohang Yuanyang (15.15%) [2] - As of April 21, the average market capitalization of all companies on the BSE was 2.916 billion yuan, while the average market capitalization of the researched companies was 3.461 billion yuan, with Minshida, Hualing Co., and Fujida leading in market value [2]

民生证券股份有限公司 关于漯河利通液压科技股份有限公司 向不特定合格投资者公开发行股票之保荐工作总结报告书 经中国证券监督管理委员会《关于核准漯河利通液压科技股份有限公司向不 特定合格投资者公开发行股票的批复》（证监许可〔2021〕184 号），漯河利通液 压科技股份有限公司（以下简称"利通科技"、"发行人"或"公司"）获准向不 特定合格投资者公开发行新股不超过 1,733.3334 万股（含行使超额配售选择权所 发新股）。公司于 2021 年 3 月 26 日完成公开发行新股事宜（含超额配售选择权 的实施），共计发行新股 15,798,555 股，发行价格为 6.60 元/股。本次公开发行募 集资金总金额为人民币 10,427.05 万元，扣除发行费用（不含税）金额为 1,160.43 万元，募集资金净额为 9,266.62 万元。本次发行证券已于 2021 年 2 月 25 日在全 国中小企业股份转让系统精选层挂牌（北京证券交易所成立后于 2021 年 11 月 15 日平移至北京证券交易所上市交易）。民生证券股份有限公司（以下简称"保 荐机构"或"民生证券"）担任其持续督导保荐机构，持续督导期间为 20 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [18]. Core Views - The company reported a slight decline in revenue and profitability for 2024, with total revenue of 483 million yuan, down 0.32% year-on-year, and a net profit of 107 million yuan, down 19.82% year-on-year [5]. - Despite the short-term pressure on performance, the company is expected to benefit from a recovery in downstream demand, particularly in the engineering machinery sector, which has shown signs of improvement [5][7]. - The company is actively innovating and expanding into new business areas, such as oil drilling hoses, which are anticipated to provide significant growth potential in the future [5]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.26%, a decrease of 4.58 percentage points year-on-year, and a net profit margin of 22.16%, down 5.39 percentage points year-on-year [5]. - The main revenue sources were the assembly hoses and associated fittings, generating 220 million yuan and 137 million yuan, respectively, with year-on-year growth of 2.85% and a decline of 7.85% [5]. - The company’s earnings per share (EPS) for 2024 was 0.84 yuan, with projections of 0.99 yuan and 1.16 yuan for 2025 and 2026, respectively [5]. Market Outlook - The engineering machinery sector is expected to continue its recovery, with excavator sales in China increasing by 27.2% year-on-year in early 2025 [5][7]. - The company is focusing on high-end products and technological innovations, which are likely to enhance its competitive position in the market [5]. Growth Potential - The company is making strides in new business areas, particularly in oil drilling hoses, with successful product innovations and custom designs that meet client needs [5]. - The report highlights the company's commitment to continuous product improvement and innovation, which is expected to drive future growth [5].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [18]. Core Views - The company reported a slight decline in revenue and profitability for 2024, with total revenue of 483 million yuan, down 0.32% year-on-year, and a net profit of 107 million yuan, down 19.82% year-on-year [5]. - Despite the short-term pressure on performance, the company is expected to benefit from a recovery in downstream demand, particularly in the engineering machinery sector, which has shown signs of improvement [5][7]. - The company is actively innovating and expanding into new business areas, such as oil drilling hoses, which are anticipated to provide significant growth potential in the future [5]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.26%, a decrease of 4.58 percentage points year-on-year, and a net profit margin of 22.16%, down 5.39 percentage points year-on-year [5]. - The main revenue sources were the assembly hoses and associated fittings, generating 220 million yuan and 137 million yuan, respectively, with year-on-year growth of 2.85% and a decline of 7.85% [5]. Market Outlook - The engineering machinery industry in China has ended a three-year downturn, with a 4.5% increase in sales of key products in 2024, indicating a potential recovery in demand for the company's products [5][7]. - The company’s traditional products are primarily used in engineering machinery, agricultural machinery, and mining machinery, which are expected to see continued demand growth [5]. New Business Development - The company has made significant advancements in its oil drilling hose business, particularly with the development of high-pressure, long-length acid fracturing hoses, which have been successfully tested and accepted by clients [5]. - The company is also focusing on the domestic production of nuclear power hoses, with 43 types successfully trialed and meeting performance requirements [5].

Group 1: Investor Relations Activity - The investor relations activity took place from April 15 to April 17, 2025, in an online meeting format [3] - Attendees included various securities firms and investment funds, such as Morgan Stanley Fund and CITIC Securities [4] Group 2: Company Performance and Growth - The company reported a significant increase in Q4 2024 performance due to bulk purchases from a major international client and increased orders from existing customers [4] - The overall gross margin decreased in 2024 due to a decline in high-margin product sales, which affected the overall revenue composition [5] Group 3: Market Strategies and Product Development - The company is focusing on developing high-value products for offshore applications, particularly in the acid fracturing hose market [5] - Plans to expand into diverse markets and strengthen domestic market presence to mitigate risks from international trade policy fluctuations [6][7] Group 4: Product Lines and Innovations - The company has made progress in developing the API 17K series products, with production line design nearing completion and expected to be operational in 2025 [9] - The company has successfully completed trials for 43 types of nuclear power hoses, with plans for domestic production to replace imports [11] Group 5: Risk Management and Future Outlook - The company is actively monitoring international trade policies and maintaining communication with clients to mitigate potential impacts [6] - Investors are advised to be cautious due to uncertainties in new product development and market expansion [9][15]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure with a decline in revenue and profit, but there is an expectation for improvement with the launch of new products, particularly the API 17K marine oil cross-linked hose [2][4] - The overall revenue for 2024 is projected to be 484 million yuan, a slight decrease of 0.32% year-on-year, while the net profit attributable to the parent company is expected to be 107.21 million yuan, down 19.82% year-on-year [2] - The decline in revenue is primarily due to cyclical adjustments in the engineering machinery market and a transition of acid fracturing hoses from high growth to a stable phase [2] Financial Performance Summary - The total revenue for 2023 was 485.40 million yuan, with a year-on-year increase of 29.50%, while the projected revenue for 2024 is 483.84 million yuan [1] - The net profit attributable to the parent company for 2023 was 133.71 million yuan, with a year-on-year increase of 60.78%, while the projected net profit for 2024 is 107.21 million yuan [1] - The latest diluted EPS for 2023 was 1.05 yuan per share, with a projected EPS of 0.84 yuan for 2024 [1] Business Segment Performance - The hose assembly business remains stable, with revenue of 220 million yuan, a year-on-year increase of 2.85%, but the gross margin decreased by 8.62 percentage points to 57.05% [3] - The steel wire braided and spiral hoses experienced revenue declines of 7.85% and 9.76% respectively, with gross margins of 29.14% and 42.54% [3] - The fiber-reinforced rubber hoses and mixed rubber maintained good growth, with revenues of 21 million yuan and 19 million yuan, representing year-on-year increases of 17.53% and 9.8% respectively [3] Market Position and Future Outlook - The company has significant advantages in the rubber hose industry, with a focus on high-performance products and expanding into marine oil and gas drilling sectors [4] - The company is expected to benefit from the demand for oil extraction and the replacement of old hoses, with a projected increase in net profit to 210 million yuan by 2027 [4] - The company has adjusted its net profit forecasts for 2025 and 2026 to 138 million yuan and 173 million yuan respectively, reflecting a positive outlook for growth [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure with a decline in revenue and profit, but there is an expectation for improvement in the API segment and the launch of new products [2][4] - The overall revenue for 2024 is projected to be 484 million yuan, a slight decrease of 0.32% year-on-year, while the net profit attributable to the parent company is expected to be 107 million yuan, down 19.82% year-on-year [2] - The decline in revenue is primarily due to cyclical adjustments in the engineering machinery market and a transition of the acid fracturing hose from high growth to a stable phase [2] - The company anticipates a significant improvement in Q4 2024, with a quarter-on-quarter increase in revenue and net profit due to increased procurement of acid fracturing hoses by clients [2] Summary by Sections Financial Performance - The company reported total revenue of 484 million yuan for 2024, with a year-on-year decrease of 0.32% - The net profit attributable to the parent company is projected at 107 million yuan, reflecting a year-on-year decline of 19.82% - The gross profit margin is expected to decrease by 4.58 percentage points to 43.26% [2][4] Business Segments - The hose assembly business remains stable, generating revenue of 220 million yuan, a year-on-year increase of 2.85%, but the gross margin decreased by 8.62 percentage points to 57.05% [3] - The steel wire braided and spiral hoses experienced revenue declines of 7.85% and 9.76%, respectively, due to the downturn in the engineering machinery sector [3] - The company is expanding into high-pressure industry chains and enhancing its service offerings in materials and equipment [4] Future Outlook - The company has raised its net profit forecasts for 2025 and 2026 to 138 million yuan and 173 million yuan, respectively, with an expected net profit of 210 million yuan for 2027 [4] - The projected P/E ratios for the upcoming years are 14.16 for 2025, 11.27 for 2026, and 9.27 for 2027, indicating a favorable valuation outlook [4]

Core Viewpoint - Lito Technology reported a revenue of 484 million yuan and a net profit attributable to shareholders of 107 million yuan for the year 2024, highlighting its strong performance in the rubber hose industry [1] Group 1: Company Overview - Lito Technology, established in 2003, specializes in various high, medium, and low-pressure rubber hoses, connectors, and hose assemblies, widely used in engineering machinery, coal mining machinery, agricultural machinery, chemical, and oil and gas drilling sectors [1] - The company has successfully replaced some high-performance imported products with its hydraulic hoses, serving clients such as SANY Heavy Industry, XCMG Group, and Baofus [1] - The "Super Hercules" series hydraulic rubber hoses are competitive with international leaders like Parker and Manuli, with products exported to Europe, North and South America, Southeast Asia, Russia, and Australia [1] Group 2: Product Development and Innovation - Lito Technology has achieved API 17K certification for its oil hoses, becoming one of the few companies globally to hold this certification, which lays the groundwork for expanding into the marine engineering hose market [1][2] - The company has a production capacity of 25,000 tons of polymer materials annually, supplying various types of rubber products to downstream clients [2] - The company is enhancing its fluid business segment by focusing on product quality improvement, production efficiency, and new product innovation, including the trial production of 43 types of nuclear power hoses [3] Group 3: New Business Initiatives - Lito Technology is actively involved in municipal underground pipeline management services, utilizing high-pressure water jet technology for non-excavation cleaning and blockage removal, which minimizes disruption to urban environments [4] - The company has successfully launched its first 300L high-pressure sterilization machine, marking a significant technological advancement and opening new market opportunities [3] - The strategic focus on municipal services and high-pressure food sterilization is expected to broaden the company's growth prospects amid stabilizing demand in the engineering machinery and oil drilling sectors [4]