Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has been included as a first-level material supplier for China National Petroleum Corporation, marking a significant advancement in the localization of core components for oil and gas equipment [8] - The rubber hose industry has a solid foundation, with vertical expansion into materials and equipment services, including the development of proprietary brands and innovative products that replace high-performance international brands [3][8] - The downstream applications for rubber hoses are broad, with steady market growth anticipated, particularly in engineering machinery and oil extraction [8] Financial Forecasts and Valuation - Revenue projections for the company are as follows: - 2022A: 374.82 million - 2023A: 485.40 million (up 29.50%) - 2024E: 483.85 million (down 0.32%) - 2025E: 567.12 million (up 17.21%) - 2026E: 626.34 million (up 10.44%) [1] - Net profit attributable to the parent company is forecasted as: - 2022A: 83.17 million - 2023A: 133.71 million (up 60.78%) - 2024E: 109.70 million (down 17.96%) - 2025E: 132.66 million (up 20.92%) - 2026E: 154.97 million (up 16.82%) [1] - The latest diluted EPS is projected to be: - 2023A: 1.05 - 2024E: 0.86 - 2025E: 1.05 - 2026E: 1.22 [1] - The corresponding P/E ratios are: - 2023A: 13.82 - 2024E: 16.84 - 2025E: 13.93 - 2026E: 11.92 [1] Market Data - The closing price of the stock is 14.56 yuan, with a market capitalization of 1,847.94 million [6] - The company has a price-to-book ratio of 2.90 and a total asset-liability ratio of 22.17% [7][6]

证券代码：832225 证券简称：利通科技 公告编号：2025-009 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 □新闻发布会 三、 投资者关系活动主要内容 通过参观生产车间和产品展厅对公司情况进行介绍，并在会议室就相关问题 进行交流，主要问题及回复如下： 问题 1：2025 年政府工作报告中提出的深海科技概念，明确提出加快深海 科技研发和产业化进程，结合咱们公司已经通过美国行业协会的 API 17K 认证， □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 1 日 活动地点：公司会议室 参会单位及人员：中信证券股份有限公司、青岛华燕亿澄私募基金管理有限 公司、北京天雅资本投资管理有限公司。 上市公司接待人员：董事长兼总经理赵洪亮、董事会秘书何军 请问今年有什么具体项目吗？目前进度如何？ 回答：公司生产的石油钻采系列软管已通过 ...

证券代码：832225 证券简称：利通科技 公告编号：2025-009 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 □新闻发布会 □分析师会议 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。 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 1 日 活动地点：公司会议室 参会单位及人员：中信证券股份有限公司、青岛华燕亿澄私募基金管理有限 公司、北京天雅资本投资管理有限公司。 上市公司接待人员：董事长兼总经理赵洪亮、董事会秘书何军 三、 投资者关系活动主要内容 通过参观生产车间和产品展厅对公司情况进行介绍，并在会议室就相关问题 进行交流，主要问题及回复如下： 问题 1：2025 年政府工作报告中提出的深海科技概念，明确提出加快深海 科技研发和产业化进程，结合咱们公司已经通过美国行业协会的 API 17K 认证， 回答：公司生产的石油钻采系列软管已通过 API 7K、API 16C、API 1 ...

证券研究报告 基础化工 | 橡胶 北交所|首次覆盖报告 hyzqdatemark 2025 年 03 月 12 日 证券分析师 利通科技(832225.BJ) 投资评级： 增持（首次） ——橡胶软管及组合件"小巨人"，布局高分子材料研发和多产品领域拓展 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 橡胶软管及组合件国家级专精特新"小巨人"，2024 年预计实现归母净利润 1.10 亿元。公 司专注于高中低压橡胶软管及软管组合件，主要产品为钢丝缠绕液压橡胶软管、钢丝编织液 压橡胶软管及软管总成。公司产品配套国内知名工程机械厂商，如三一集团、徐工集团、山 河智能、中铁装备等；知名煤矿机械厂商，如郑煤机、中煤北京煤矿机械等；知名农业机械 厂商，如洛阳一拖、河北英虎等；此外石油钻采系列软管总成配套国内外石油天然气等相关 企业。公司预计 2024 年度实现营业收入 4.84 亿元、归母净利润 1.10 亿元、扣非归母净利润 1.03 亿元，基本每股收益预计 0.87 元。 基本盘：液压软管部分实现进口替代，石油管取得 API 17K 产品认证。液压软管、工业软管 构筑公司业务基本盘，两者在总营收中的占 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is recognized as a "small giant" in rubber hoses and assemblies, focusing on the research and development of polymer materials and expansion into multiple product areas. It is expected to achieve a net profit of 110 million yuan in 2024 [6][7]. - The company specializes in high, medium, and low-pressure rubber hoses and assemblies, with key products including steel wire wound hydraulic rubber hoses and steel wire braided hydraulic rubber hoses. It supplies well-known domestic engineering machinery manufacturers and has received API 17K product certification for its oil pipes [6][7]. - The company anticipates a revenue of 484 million yuan and a net profit of 110 million yuan for 2024, with an estimated basic earnings per share (EPS) of 0.87 yuan [6][8]. Summary by Sections Market Performance - The closing price as of March 11, 2025, is 15.55 yuan, with a market capitalization of approximately 1,973.59 million yuan and a circulating market value of 1,287.26 million yuan [3]. Financial Forecasts - The company expects revenues of 484 million yuan in 2024, with a slight decline of 0.32% year-on-year, followed by growth of 16.32% and 15.78% in 2025 and 2026, respectively [8]. - The projected net profits for 2024, 2025, and 2026 are 110 million yuan, 133 million yuan, and 158 million yuan, respectively, with corresponding EPS of 0.86 yuan, 1.04 yuan, and 1.24 yuan [8][10]. Business Growth - The company is expanding into urban underground pipeline management services and has initiated trial production of ultra-high pressure food sterilization equipment. This diversification is expected to enhance its growth prospects [6][7]. - The company plans to establish a research institute for polymer material recycling and special rubber products, which will support its development in the polymer materials sector [7].

Group 1: Company Overview - The company specializes in the production of rubber hoses and has expanded into the oil hose sector since 2016, enhancing its product structure and capabilities [4] - The company has successfully mastered high-pressure, large-diameter oil pipe production technology and has received API certification, allowing for domestic trials and international exports [4] Group 2: Clientele and Market Trends - The primary clients for the company's oil pipes are international oil and gas service providers and large machinery manufacturers, while domestic clients include major state-owned oil companies and well-known oil service equipment manufacturers [4] - Domestic oil pipe business is progressing steadily, with some mature products entering the bulk order phase [5] Group 3: Product Development and Future Plans - The company aims to expand its oil pipe business by increasing product variety and focusing on both international and domestic market growth [5] - New product development includes the API 17K series of marine oil cross-connect hoses, with ongoing research and production line layout efforts [5][6] Group 4: Investment Risks - Investors are advised to be aware of potential uncertainties in the mass production and market expansion of new products [6]

证券代码：832225 证券简称：利通科技 公告编号：2025-007 漯河利通液压科技股份有限公司 关于收到政府补助资金的公告 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。 二、对公司的影响 根据《企业会计准则第 16 号——政府补助》等有关规定，公司将对上述政府补 助进行相应的会计处理，具体会计处理以审计机构确认后的结果为准，敬请广大投 资者注意投资风险。 特此公告。 漯河利通液压科技股份有限公司 董事会 2025 年 3 月 5 日 一、基本情况 2025 年 3 月 4 日，漯河利通液压科技股份有限公司（以下简称"公司"）收到政 府补助 845.64 万元，该笔补助是与收益相关的政府补助，占公司 2023 年度经审计 的归属于上市公司股东的扣除非经常性损益后的净利润的 6.56%。 ...

证券代码：832225 证券简称：利通科技 公告编号：2025-006 漯河利通液压科技股份有限公司 2024 年年度业绩快报公告 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。 特别提示：本公告所载 2024 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2024 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2024 年年度主要财务数据和指标 | 单位：元 | | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 483,847,470.73 | 485,399,854.44 | -0.32% | | 利润总额 | 127,347,493.23 | 152,880,692.04 | -16.70% | | 归属于上市公司股东的净利润 | 109,784,744.69 | 133,712,591.96 | -17.89% | | 归属于上市公司股东的扣除非经常 性损益的净 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [3]. Core Viewpoints - The company has a solid foundation in the rubber hose industry and is expanding into materials and equipment services. It has developed proprietary brands in hydraulic hoses and is successfully replacing some high-performance international brands. The company is also focusing on high-value products like acid fracturing hoses, which have significantly improved its gross margin [3][12]. - The company's revenue and net profit are expected to grow steadily, with projected net profits of 105 million, 133 million, and 155 million yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are 14.23, 11.26, and 9.64 times [3][12]. Summary by Sections Company Overview - The company, established in 2003, specializes in rubber hoses, fittings, and related products, and has been recognized as a top player in the hydraulic hose sector in China. It has achieved significant growth in overseas markets, particularly in high-value products like acid fracturing hose assemblies [9][12]. Market Potential - The rubber hose market is expanding, driven by demand in various sectors such as oil extraction, engineering machinery, and other industries. The global industrial hose market is projected to grow from 12.8 billion USD in 2019 to 17 billion USD by 2024, with a compound annual growth rate of 5.8% [9][12][39]. Financial Performance - The company has shown a steady increase in revenue, with a compound annual growth rate of 16.64% from 2019 to 2023. The net profit has grown at a compound annual growth rate of 44.19% during the same period. The revenue for 2023 is projected at 485.4 million yuan, with a net profit of 133.71 million yuan [3][25][30]. Product Development - The company is focusing on high-performance hydraulic hoses and has introduced innovative products that have significantly improved its gross margin. The gross margin increased from 25.78% in 2021 to 38.00% in 2022, and is expected to reach 47.84% in 2023 [3][30]. Strategic Expansion - The company is expanding its product offerings to include high-pressure equipment and services, targeting various industries such as municipal engineering, food processing, and more. This strategic move is expected to open new growth avenues [3][21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company, Litong Technology, specializes in the research, production, and sales of hydraulic rubber hoses and hose assemblies, focusing on advanced technology to meet complex industrial requirements. The company has achieved a compound annual growth rate (CAGR) of 31.42% in net profit attributable to shareholders from 2015 to 2023 [3][4] - The company has successfully launched its first ultra-high pressure sterilization (HPP) equipment, which operates at approximately 600MPa, marking a significant step in diversifying its business into new areas [5][18] - The company has adjusted its profit forecasts for 2024-2025 due to cyclical adjustments in the downstream engineering machinery industry, with expected net profits of 102 million yuan in 2024, 122 million yuan in 2025, and 142 million yuan in 2026 [3][4] Summary by Sections Section 1: Leading Technology in Acid Fracturing Hoses - Litong Technology is recognized as a national-level specialized and innovative "little giant" enterprise, producing high-performance steel wire reinforced hydraulic rubber hoses [12] - The company’s oil drilling hoses have received multiple certifications, including API Q1, API 7K, and API 16C, ensuring high quality and performance [13][17] - The company’s products are competitive with international brands, with some performance indicators exceeding those of well-known brands like Gates and Continental [17][45] Section 2: Broad Applications of Rubber Hoses - The rubber hose industry is expected to grow significantly, with the global industrial hose market projected to increase from 12.8 billion USD in 2019 to 17 billion USD by 2024, reflecting a CAGR of 5.8% [49] - The shale oil and gas sector in China is rapidly expanding, with the country’s shale oil production exceeding 4 million tons in 2023, creating new demand for rubber hoses [4][51] Section 3: Financial Performance and Forecasts - The company’s revenue for Q1-3 of 2024 was 331 million yuan, a decrease of 7.22%, with a net profit of 68.83 million yuan, down 29.39% year-on-year [3] - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.80 yuan, 0.96 yuan, and 1.12 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.2, 10.9, and 9.4 [3][4] Section 4: Ultra-High Pressure Equipment and New Business Areas - The newly launched HPP equipment is designed for food sterilization without additives, preserving the nutritional value and flavor of the food [18][22] - The company is also exploring applications of ultra-high pressure water cutting technology for urban underground pipeline management, addressing issues like urban flooding [31][33]