利通科技（832225）：2024年报点评：业绩短期承压下滑，期待API17K海洋石油跨接软管新品投产

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]