Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company achieved revenue of 346 million yuan in the first three quarters of 2025, representing a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66.13 million yuan, down 3.92% year-on-year [5] - The company is expected to benefit from the expansion of ultra-high pressure equipment, data center liquid cooling hoses, and nuclear power hoses, which are anticipated to drive performance growth [5] - The API 17K marine oil pipe production line is expected to be operational in Q4 2025, with nuclear power and liquid cooling hoses likely to open up new growth opportunities [5][6] Financial Summary - For 2025, the company forecasts net profits attributable to the parent company of 113 million yuan, 138 million yuan, and 164 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.89 yuan, 1.09 yuan, and 1.29 yuan per share [5][8] - The company's total revenue is projected to reach 504 million yuan in 2025, with a year-on-year growth of 4.1% [8] - The gross profit margin is expected to be 41.6% in 2025, with a net profit margin of 22.3% [11] Business Development - In Q3 2025, the company received new orders for 600L ultra-high pressure sterilization equipment, primarily from the juice and beverage industry [6] - The company is advancing the construction of the marine oil hose production line, with equipment for the API 17K marine oil pipe already being installed [5][6] - The company has completed trial production of various nuclear power hoses, with performance tests meeting relevant requirements [5][6]
利通科技（920225）：北交所信息更新：2025Q3超高压装备实现订单销售，核电+液冷+海洋软管打开增长空间