基础化工 | 橡胶 北交所|公司点评报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 证券研究报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 市场表现： | 基本数据 | | | | 月 | 年 | 25 | 08 | | 2025 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | 27.30 | | | | | | | | | | | | | | 一 年 高 低 | 最 | | | | | | | | | | | 33.01/7.01 | | 内 | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | | 3,464.89 | | | 流通市值（百万元） | | ...

北交所信息更新 API 17K 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 ——北交所信息更新 2025 年 08 月 27 日 投资评级：增持（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 25.23 | | 一年最高最低(元) | 33.01/7.01 | | 总市值(亿元) | 32.02 | | 流通市值(亿元) | 20.89 | | 总股本(亿股) | 1.27 | | 流通股本(亿股) | 0.83 | | 近 3 个月换手率(%) | 绩增长，维持"增持"评级。 453.6 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025H1 实现营收 2.37 亿元（+7.29%），归母净利润 0.53 亿元（+13.87%） 2025 年上半年公司实现营收 2.37 亿元，同比增长 7.29%，归母净利润 5268.25 万元，同比增长 13.87%，扣非归母净利润 4193.07 万元，同比减少 3.30%。海外 市场竞争加剧影响，我们下调 2025-2027 年盈 ...

Core Viewpoint - Lituo Technology reported steady growth in the first half of 2025, with significant increases in revenue and net profit, while making breakthroughs in technology research and market expansion, laying a solid foundation for long-term development [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 237 million yuan, a year-on-year increase of 7.29% - The net profit attributable to shareholders was 52.68 million yuan, up 13.87% year-on-year, indicating improved cost control and product profitability - The net cash flow from operating activities was 63.68 million yuan, an increase of 18.72% year-on-year, reflecting continuous optimization of cash flow management - As of the end of June, total assets amounted to 881 million yuan, with net assets attributable to shareholders reaching 701 million yuan, a growth of 4.03% from the beginning of the period - The asset-liability ratio decreased to 20.52%, down 3.38 percentage points from the end of the previous year, indicating a more robust financial structure and enhanced risk resistance [1]. Research and Development - R&D was a core highlight for the company in the first half of the year, focusing on fluid technology, polymer materials, and ultra-high pressure equipment - R&D expenses amounted to 12.50 million yuan, a year-on-year increase of 14.84% - The company established strategic cooperation in polymer materials application technology at its Qingdao R&D base, strengthening its technical barriers and core competitiveness - The company completed sample trials for various nuclear power hoses, with performance meeting requirements, and initiated preparations for trial use in nuclear power units [2]. Market Expansion - The company was officially included in the first-level material supplier system of China National Petroleum Corporation, with approved products covering high-pressure drilling hose series - Participation in 8 exhibitions in the first half of the year, including 3 domestic and 5 international, effectively broadened customer channels - Experts from a Shanghai nuclear engineering research institute and related units recognized the company's strength in the design and development of non-metallic hoses and components during a project review meeting - The company aims to provide comprehensive efficient solutions for fluid transportation, nuclear power pipelines, shale oil and gas drilling pipelines, and other applications, while continuing to enhance core competitiveness and move towards becoming a comprehensive service provider [3].

Group 1: Strategic Considerations for HPP Equipment - The company aims to extend its industrial chain and upgrade product structure by moving from rubber hose production to high-pressure sterilization (HPP) equipment, enhancing overall competitiveness [5] - The vision of "making fluid technology benefit billions" aligns with the market trend towards green and healthy food, making HPP technology a timely response to consumer demands [5] - Leveraging its geographical advantage in Henan, a major food industry province, the company can effectively connect with local food enterprises, facilitating product application and market feedback [5] Group 2: Applications of HPP Equipment - Beyond juice, the company is exploring HPP applications in various food categories, including: - Alcohol improvement for craft beer and liquor [6] - Sterilization of marinated products like chicken feet and bacon [6] - Treatment of noodle products such as hot dry noodles [6] - Processing of pet food ingredients [6] - Seafood processing, including thawing and sterilization of sea cucumbers [6] - Production of specialty foods like soft-boiled eggs [6] Group 3: Business Model and Market Expansion - The company is diversifying its business model for HPP equipment, including: - Cooperative processing to enhance market penetration [7] - Leasing options to lower customer procurement barriers [7] - Market expansion is supported by application research, providing comprehensive solutions for food sterilization and processing [7] Group 4: Developments in Rubber Hose Business - The fluid segment, centered on rubber hoses, is focusing on three new product developments: - Domestic production of nuclear power hoses, with performance testing completed [8] - Data center liquid cooling hoses, with ongoing customer negotiations [8] - Marine oil crossover hoses, with production line design completed and equipment installation underway [8] Group 5: Polymer Materials Strategy - Polymer materials are a core component of the company's strategy, with a production capacity of 25,000 tons per year to supply various downstream products [9] - The company is enhancing its R&D capabilities in Qingdao, focusing on specialized polymer materials and their applications [9] - Future efforts will target specific areas such as general and specialty mixing rubber, modified nylon materials, and composite materials [9]

Group 1: Investor Relations Activities - The company participated in a specific investor research activity and an online collective reception day for investors in Henan province on May 21-22, 2025 [3][4] - Attendees included representatives from Ping An Asset Management and Southwest Securities, along with the company's board secretary and financial officers [4] Group 2: Product Development and Market Demand - The first 300L ultra-high pressure food sterilization equipment has been installed and is currently undergoing trial production, with customer satisfaction reported [4] - There is a growing market demand for ultra-high pressure sterilization equipment, particularly in high-end food processing, driven by consumer preferences for healthy, additive-free products [5] - The pricing of ultra-high pressure sterilization equipment is influenced by R&D, material, and sales costs, with plans to optimize these factors for better cost efficiency [6] Group 3: Revenue and Product Strategy - The revenue contribution from resin hoses is currently small, but there are plans to enhance market development for this high-value product [7] - The company has completed trials for 43 types of nuclear power hoses and aims to accelerate domestic production to replace imports [8] Group 4: Oil and Gas Sector Initiatives - The company has developed a 92-meter acid fracturing hose assembly for land oil and gas fracturing equipment, with plans to expand into offshore oil drilling [9] - The company is focusing on the development of API 17K series products and aims to launch production lines by 2025 [9] Group 5: Research and Development Achievements - Significant progress has been made in 2024 on nuclear power hoses and high molecular cyclic materials, enhancing the company's product structure and market competitiveness [10] Group 6: Project Wins and Market Expansion - The company won a project worth over 5 million for acid fracturing hose assembly, with an expected delivery period of one month [11] - There is a commitment to expanding the domestic oil hose market and participating in more tenders [11] Group 7: High-Margin Product Development - The LT304 multi-functional crude oil transfer hose has strong market demand due to its corrosion resistance and flexibility, positioning it as a viable alternative to traditional steel pipes [12] - The company plans to enhance its international market presence for oil hose products while being mindful of market development risks [12] Group 8: Shareholder Returns - The company emphasizes strong operational performance and stable cash dividends as a means to reward shareholders, with future dividend policies to be determined based on business conditions [13]

Core Viewpoint - The company, Litong Technology, emphasizes its strategic planning, technological research and development, and market expansion as key competitive advantages for future growth [1][2]. Group 1: Competitive Advantages - The company has a clear strategic plan, actively laying out its high polymer materials, fluid, and ultra-high pressure equipment and services sectors, ensuring a complete industrial chain for market competition [1]. - A well-established technological research and development system supports the company's business modules, with dedicated research institutions in Qingdao, Zhengzhou, and Luohe, aimed at enhancing innovation and project outcomes [1]. - The company has developed sales channels covering both domestic and international markets, utilizing various online and offline methods for market expansion, with plans to enhance internet promotion and customer collaboration [1]. Group 2: 2025 Business Growth Expectations - In the fluid sector, the company aims to optimize existing products while focusing on high-value products like ultra-high pressure resin hoses and chemical pipes, and accelerating the market launch of new products such as nuclear power hoses [2]. - The materials sector will enhance collaboration between the Qingdao R&D system and Luohe industrialization to accelerate the application of long-chain nylon and other high polymer materials [2]. - The ultra-high pressure equipment and services sector will focus on optimizing equipment performance and developing customized solutions for different industries, while also advancing municipal underground pipeline management services in Luohe and surrounding areas [2].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 124 million yuan in Q1 2025, representing a year-on-year growth of 23.14%, and a net profit attributable to the parent company of 36 million yuan, up 86.13% year-on-year [3] - The company is actively expanding into the nuclear power hose market and has revised its profit forecasts for 2025-2027, expecting net profits of 122 million yuan, 147 million yuan, and 175 million yuan respectively, with corresponding EPS of 0.96 yuan, 1.16 yuan, and 1.38 yuan per share [3] - The company has successfully passed multiple certifications for its oil drilling hoses and has been included in the first-level supplier system of China National Petroleum Corporation (CNPC) [4] - The first ultra-high pressure equipment has been successfully launched, and the company is advancing the development of nuclear power hoses, which opens up new growth opportunities [5] Financial Summary and Valuation Indicators - In 2025, the company is expected to generate a revenue of 525 million yuan, with a year-on-year growth of 8.4% [7] - The gross profit margin is projected to be 42.6% in 2025, with a net profit margin of 23.1% [10] - The company’s return on equity (ROE) is expected to be 15.3% in 2025, with an EPS of 0.96 yuan [7][10]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company has achieved a revenue of 124 million yuan in Q1 2025, representing a year-on-year growth of 23.14%, and a net profit attributable to the parent company of 36 million yuan, which is an increase of 86.13% year-on-year [3] - The company is actively expanding into the nuclear power hose sector and has revised its profit forecasts for 2026 and introduced a new forecast for 2027, expecting net profits of 122 million yuan, 147 million yuan, and 175 million yuan for 2025, 2026, and 2027 respectively [3] - The company has successfully passed multiple certifications for its oil drilling hoses and has been included in the first-level supplier system of China National Petroleum Corporation (CNPC) [4] - The first ultra-high pressure equipment has been successfully launched, and the company is advancing the development of nuclear power hoses, which opens up new growth opportunities [5] Financial Summary and Valuation Indicators - In 2025, the company is expected to achieve a revenue of 525 million yuan, with a year-on-year growth of 8.4% [7] - The net profit attributable to the parent company is projected to be 122 million yuan in 2025, reflecting a year-on-year increase of 13.3% [10] - The company's gross margin is expected to be 42.6% in 2025, with a net margin of 23.1% [10] - The earnings per share (EPS) for 2025 is estimated at 0.96 yuan, with a price-to-earnings (P/E) ratio of 19.6 times [7][10]

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][5]. Core Viewpoints - The company has made significant progress in multiple new product layouts, including nuclear power hoses, data center liquid cooling hoses, and ultra-high pressure food sterilization equipment, which are expected to contribute to future growth [1][4]. - The company's revenue for 2024 is projected to be 484 million yuan, with a slight decline of 0.32% year-on-year, while the net profit is expected to be 107 million yuan, down 19.82% year-on-year. However, a strong recovery is anticipated in 2025, with net profits expected to grow by 16.30% to 125 million yuan [6][8]. - The company has achieved a gross margin of 43.26% in 2024, although it has decreased by 4.58 percentage points compared to the previous year. The increase in orders for high-value products, such as acid fracturing hose assemblies, has contributed to a recovery in performance in the first quarter of 2025 [4][8]. Financial Performance Summary - The company reported a revenue of 48,383.81 million yuan in 2024, with a net profit of 10,721.42 million yuan. In the first quarter of 2025, revenue increased by 23.14% year-on-year to 12,426.35 million yuan, and net profit surged by 86.13% to 3,564.10 million yuan [4][6]. - The projected financial indicators for 2025-2027 include a net profit of 1.25 billion yuan in 2025, 1.44 billion yuan in 2026, and 1.67 billion yuan in 2027, with corresponding growth rates of 16.30%, 15.70%, and 16.10% respectively [1][6]. - The company is expected to maintain a healthy financial position with a projected total asset of 1,025.62 million yuan in 2025 and a total liability of 227.41 million yuan [7][8].

Core Viewpoint - The report highlights the recovery of LITONG Technology's performance in Q1 2025, driven by increased orders for acid fracturing hose assemblies and a rebound in domestic demand for construction machinery [1][2]. Financial Performance - In 2024, the company reported operating revenue of 483.84 million yuan, a slight decrease of 0.32% year-on-year, and a net profit attributable to shareholders of 107.21 million yuan, down 19.82% year-on-year [1]. - For Q1 2025, the company achieved operating revenue of 124.26 million yuan, representing a year-on-year growth of 23.14%, and a net profit attributable to shareholders of 35.64 million yuan, up 86.13% year-on-year [1]. Product and Market Development - The company has seen an increase in orders for acid fracturing hose assemblies, contributing to a rise in gross margin to 43.26% in 2024, despite a decline of 4.58 percentage points from the previous year [2]. - The company has obtained API17K certification for its products, facilitating its expansion into the marine engineering hose market [3]. - Multiple new product developments have progressed, including 43 types of nuclear power hoses and a high-pressure food sterilization device, indicating a broadening of the company's product portfolio [4]. Future Growth Prospects - The company projects net profits of 125 million yuan, 144 million yuan, and 167 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.30%, 15.70%, and 16.10% [4]. - The market potential for the company's main products, including hydraulic rubber hoses and industrial hoses, is significant, with new product lines expected to contribute to future revenue growth [4].