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%。 ...

Financial Performance - The company's operating revenue for 2024 is expected to be ¥483,847,470.73, a decrease of 0.32% compared to the previous year [4]. - The net profit attributable to shareholders for 2024 is projected to be ¥109,784,744.69, down 17.89% year-on-year [5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated at ¥102,809,813.00, reflecting a decline of 20.27% [5]. - Basic earnings per share for 2024 are expected to be ¥0.87, a decrease of 17.14% compared to the previous year [5]. Assets and Equity - Total assets at the end of the reporting period are projected to be ¥887,448,327.84, an increase of 13.76% year-on-year [5]. - Shareholders' equity attributable to the company is expected to reach ¥675,905,776.58, up 14.45% from the beginning of the period [5]. - The company's net asset per share attributable to shareholders is projected to be ¥5.33, a decrease of 4.48% compared to the previous year [5]. Operational Challenges and Focus - The decline in profitability is attributed to increased expenditures in talent, infrastructure, and equipment for the new R&D bases in Zhengzhou and Qingdao, as well as structural fluctuations in product offerings [5]. - The company is focusing on enhancing its R&D system and expanding its high polymer materials and ultra-high pressure equipment and services business segments [5]. Cautionary Note - The financial data presented is preliminary and unaudited, and investors are advised to exercise caution [6].

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]

证券代码:832225 证券简称:利通科技 = □业绩说明会 □媒体采访 √现场参观 □新闻发布会 公告编号:2025-004 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。 投资者关系活动类别 r √特定对象调研 □分析师会议 □路演活动 口其他 投资者关系活动情况 1 í 活动时间: 2025年1月 16 日 活动地点:公司会议室、线上交流 参会单位及人员:东吴证券(线上交流)、开源证券(现场调研) 上市公司接待人员:董事会秘书何军 投资者关系活动主要内容 111 线上交流通过 PPT 讲解形式对公司业务、经营、战略规划等基本情况进行介 绍并就相关问题进行交流;现场调研通过参观生产车间、展厅介绍公司相关情况, 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 2：2024 年工业软管总成（特别是石油开采领域）的经营进展如何？下 一步公司石油软管产品研发方向有哪些？ 回答：工业软管业务经营总体保持稳步发展，公司在做好拳头产品质量和市 场开拓的 ...

Core Viewpoint - Lito Technology has successfully launched its first ultra-high pressure sterilization (HPP) equipment, marking a significant advancement in the food safety and sustainable development sector [1] Group 1: Company Developments - Lito Technology has over 20 years of experience in the rubber hose industry and has deep expertise in ultra-high pressure fluid technology [1] - The launch of the first HPP equipment is part of the company's strategy to enhance its competitive advantages and contribute to the transformation and high-quality development of the food industry in Luohe City [1] - The establishment of a wholly-owned subsidiary, Henan Aiziji Food Technology Co., Ltd., has been announced to further support the development of HPP technology [2] Group 2: Technology and Applications - Ultra-high pressure food sterilization technology is a non-thermal processing method that effectively kills pathogens and spoilage microorganisms by applying extremely high pressure (typically 400-600 MPa) at room or low temperatures [1] - This technology preserves the nutritional content, taste, and flavor of food without the need for preservatives, making it suitable for a wide range of food and beverage processing, including ready-to-eat meat products, fruits, dairy beverages, pet food, prepared dishes, and seafood [1][2] - The company aims to leverage its existing manufacturing advantages in HPP equipment and the advanced food processing technology in the Luohe region to expand the application range of HPP equipment and enhance market promotion [2]

证券代码：832225 证券简称：利通科技 公告编号：2025-001 漯河利通液压科技股份有限公司 （一）会议召开情况 1.会议召开时间：2025 年 1 月 3 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯相结合 4.发出董事会会议通知的时间和方式：2024 年 12 月 31 日以 书面、通讯 方 式发出 5.会议主持人：董事长赵洪亮先生 6.会议列席人员：监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 第四届董事会第十五次会议决议公告 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、会议召开和出席情况 无 4.提交股东大会表决情况： 会议的召开符合《公司法》等法律法规和《公司章程》《董事会议事规则》 中关于董事会召开的有关规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事董治国因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于向子公司增资的议案 》 1.议案内容： 根据公司业务发展需要，拟对全资子公司利通（ ...