Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 710 million yuan in 2025, representing a year-on-year growth of 18%. The net profit attributable to shareholders was 89.89 million yuan, a decrease of 14% year-on-year. The gross margin and net margin were 48.53% and 12.61%, respectively [5] - The company is expected to continue benefiting from growth in oil and gas, as well as emergency response hose products, with new products like steel-lined pipes anticipated to contribute to revenue growth [5] - The company plans to strengthen its core product advantages in the oil and gas and emergency sectors, while also expanding into new markets in South America and Africa [5] Financial Summary - Revenue for 2025 is projected at 710 million yuan, with a year-on-year growth rate of 18.41% for 2026 and 20.54% for 2027 [6] - The net profit for 2025 is expected to be 90 million yuan, with a forecasted increase to 104 million yuan in 2026 and 134 million yuan in 2027 [6] - The company’s earnings per share (EPS) is projected to be 0.68 yuan in 2025, increasing to 0.79 yuan in 2026 and 1.02 yuan in 2027 [6] - The return on equity (ROE) is expected to be 10.14% in 2025, rising to 10.73% in 2026 and 12.38% in 2027 [6] Product and Market Strategy - The company focuses on high-pressure large-flow delivery hoses and ordinary lightweight delivery hoses, with revenue growth of 22% and 15% respectively in 2025 [5] - The company is enhancing its product offerings in shale oil and gas extraction, emergency rescue, and municipal sectors, aiming to integrate smart technology into its products [5] - The company is expanding its market presence in North America, the Middle East, and Australia, while also targeting growth in domestic municipal and water conservancy projects [5]
中裕科技（920694）：2025年营收yoy+18%，油气、应急领域软管产品持续增长，钢衬管等新品放量可期