利通科技（832225）：公司纳入中石油一级物资供应商，在油气装备核心零部件自主化进程中取得关键进展

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]