中国银河（601881）证券股份有限公司张智浩近期对利通科技进行研究并发布了研究报告《利通科技点 评报告：25Q1业绩恢复增长，新品布局多点开花》，给予利通科技买入评级。 取得API17K产品认证，助力公司拓展海洋工程软管市场：公司生产的石油钻采系列软管已通过 API7K、API16C、API17K等多项认证，产品具有高压力、大长度、轻量化、长寿命等特点，可广泛应 用于陆地及海洋油气钻探工程。2024年度，公司凭借掌握的先进技术，根据客户需求，定制化设计并生 产出大长度酸化压裂软管总成，并通过客户验收后配套海上油田压裂船，为公司酸化压裂软管总成进一 步向海洋油气钻探领域拓展奠定了基础。目前公司API17K系列新产品重点是有序推进海洋石油跨接软 管的研发和产线布局相关工作，目前产线设计基本完成，正在进行相关设备的订购工作，力争在2025年 度实现产线投产并试制相关产品。 核电软管、数据中心液冷软管、超高压食品灭菌设备新品布局多点开花：2024年，公司的多个新品布局 实现了阶段性进展。在核电领域，公司2024年度完成43种核电软管(核电液压软管28种、核电空气(蒸汽) 软管7种、核电重水(悬链)软管8种)的试制， ...

证券代码：832225 证券简称：利通科技 公告编号：2025-037 □新闻发布会 □分析师会议 □路演活动 漯河利通液压科技股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 董事会秘书：何军先生 财务负责人：杨国淦先生 保荐代表人：张键先生 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 29 日 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者 上市公司接待人员： 董事长兼总经理：赵洪亮先生 三、 投资者关系活动主要内容 公司董事会秘书通过 PPT 讲解形式对公司业务、经营、战略规划等基本情况 进行了介绍。同时，公司就投资者关心的问题进行了回复，主要问题及回复如下： 问题 1：公司资产负债率比较低、固定资产较小，未来如产品销售大幅增加， 现有的设备可否满足生产 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2800 | 0.1800 | 55.56 | 0.2500 | | 每股净资产（元） | 5.59 | 5.76 | -2.95 | 4.77 | | 每股公积金(元) | 0.66 | 1 | -34 | 1 | | 每股未分配利润(元) | 3.52 | 3.37 | 4.45 | 2.49 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.24 | 1.01 | 22.77 | 1.05 | | 净利润(亿元) | 0.36 | 0.19 | 89.47 | 0.26 | | 净资产收益率(%) | 5.15 | 3.19 | 61.44 | 5.31 | 前十大流通股东累计持有： 2889.08万股，累计占流通股比： 34.91%，较上期变化： 74.41万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情 ...

1 漯河利通液压科技股份有限公司 2025 年第一季度报告 第一节 重要提示 证 券 简 称 证券代码 : 832225 公司董事、监事、高级管理人员保证本报告所载资料不存在虚假记载、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责任。 公司负责人赵洪亮、主管会计工作负责人杨国淦及会计机构负责人（会计主管人员）汪丹丹保证季 度报告中财务报告的真实、准确、完整。 本季度报告未经会计师事务所审计。 本季度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人士均应 对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 | 事项 | | 是或否 | | --- | --- | --- | | 是否存在公司董事、监事、高级管理人员对季度报告内容存在异议或无法保证其真实、 | □是 | √否 | | 准确、完整 | | | | 是否存在未出席董事会审议季度报告的董事 | □是 | √否 | | 是否存在未按要求披露的事项 | □是 | √否 | | 是否审计 | □是 | √否 | | 是否被出具非标准审计意见 | □是 | √否 | 2 第二节 公司基本情况 ...

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]