利通科技：年报点评：盈利能力下滑业绩短期承压，新产品持续创新突破保障长期成长-20250418

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].