利通科技（832225）：API17K海洋石油管制造进度加速，核电软管+液冷软管打开增长空间

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 237 million yuan in H1 2025, representing a year-on-year growth of 7.29%, and a net profit attributable to the parent company of 53 million yuan, up 13.87% year-on-year [3] - The company is actively expanding its product offerings in high-pressure equipment, data center liquid cooling hoses, and nuclear power hoses, which are expected to drive future growth [3][4] - The company has been included in the first-level supplier system of China National Petroleum Corporation, which is expected to enhance its market presence [3] Financial Summary - Revenue projections for 2025-2027 are adjusted to 113 million yuan (previously 122 million yuan), 138 million yuan (previously 147 million yuan), and 164 million yuan (previously 175 million yuan) respectively, with corresponding EPS of 0.89, 1.09, and 1.29 yuan per share [3][6] - The company’s total market capitalization is 3.202 billion yuan, with a circulating market capitalization of 2.089 billion yuan [3] - The company’s gross profit margin is projected to be 41.6% in 2025, with a net profit margin of 22.3% [6][8]