悦龙科技（920188）：北交所新股申购策略报告之一百六十七：柔性管道制造商,海洋工程优势显著-20260313

Investment Rating - The investment rating for the company is suggested to be actively participated in the IPO due to its low initial valuation and significant market position in the marine engineering sector [26]. Core Viewpoints - The company is a fluid transport flexible pipeline manufacturer with significant advantages in marine engineering, having established a strong product advantage in this field and successfully extending its applications to land oil and gas [4][5]. - The company has achieved rapid revenue growth, with a projected revenue of 268 million yuan in 2024, reflecting a CAGR of +18.98% over the past three years, and a net profit of 83.42 million yuan, with a CAGR of +31.94% [7]. - The global offshore oil and gas investment is recovering, with a projected investment of approximately 209.6 billion USD in 2024, indicating a sustained growth trend in the marine oil and gas equipment sector [17][18]. Summary by Sections 1. Company Overview - The company, established in 2009 and headquartered in Yantai, Shandong, specializes in the research, production, and sales of flexible pipelines, including marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial hoses [4]. 2. Issuance Plan - The IPO will adopt a direct pricing method with an issue price of 14.04 yuan per share, raising approximately 309 million yuan. The initial issuance scale is 21.9932 million shares, accounting for 26.5% of the total share capital post-issue [12][13]. 3. Industry Situation - The global offshore oil and gas investment is on the rise, with a projected annual compound growth rate of 11% over the next few years. The domestic demand for marine oil and gas equipment is expected to remain strong due to national energy security strategies [17][18]. 4. Competitive Advantages - The company possesses significant technical advantages, having developed core technologies that ensure the performance of flexible pipelines under extreme conditions. It has also achieved multiple international certifications, enhancing its market competitiveness [20][21][22]. 5. Comparable Companies - The company is relatively smaller in scale compared to its peers but maintains a higher gross margin, indicating a strong position within the industry [25].