悦龙科技（920188）：柔性管道制造商，海洋工程优势显著

Investment Rating - The report recommends an active participation in the subscription of the company's shares due to its low initial valuation and significant market position in the marine engineering sector [30]. Core Insights - The company, established in 2009, specializes in the manufacturing of flexible pipelines for fluid transport, with a strong emphasis on marine engineering applications. It has successfully extended its expertise to land-based oil and gas sectors [3][7]. - The company has achieved rapid revenue growth, with projected revenue of 268 million yuan in 2024, reflecting a CAGR of +18.98% over the past three years. The net profit is expected to reach 83.42 million yuan, with a CAGR of +31.94% [10]. - The company has established a strong competitive advantage through its technological capabilities, industry certifications, and a broad customer base, including major players in the oil and gas sector [23][24][25]. Summary by Sections 1. Company Overview - The company is a manufacturer of flexible pipelines, focusing on marine engineering, land oil and gas, and industrial hoses. It has a significant presence in marine oil and gas drilling equipment and has developed products that meet international standards [3][7][9]. 2. Issuance Plan - The new share issuance is priced at 14.04 yuan per share, with an initial offering of 21.9932 million shares, representing 26.5% of the total post-issue shares. The expected market capitalization after issuance is 1.165 billion yuan [15][16]. 3. Industry Situation - The global marine oil and gas investment is recovering, with a projected investment of approximately 209.6 billion USD in 2024, reflecting a compound annual growth rate of 11%. This growth is driven by rising oil prices and increased exploration and development activities [20][21][22]. 4. Competitive Advantages - The company possesses significant technological advantages, having developed core technologies for high-pressure flexible pipelines. It has also achieved multiple international certifications, enhancing its market competitiveness [23][24]. 5. Comparable Companies - The company is compared with other firms in the industry, showing a favorable gross margin of 59.68% for 2024, which positions it well within the competitive landscape [29].