证券研究报告·北交所公司点评报告·橡胶 利通科技（832225） 2025 中报点评：橡胶管主业受益行业复苏， 核电/液冷/海洋管新品与装备打开成长空间 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 485.40 | 483.84 | 580.67 | 669.10 | 772.34 | | 同比 | 29.50 | (0.32) | 20.01 | 15.23 | 15.43 | | 归母净利润（百万元） | 133.71 | 107.21 | 137.77 | 173.16 | 210.44 | | 同比 | 60.78 | (19.82) | 28.50 | 25.69 | 21.52 | | EPS-最新摊薄（元/股） | 1.05 | 0.84 | 1.09 | 1.36 | 1.66 | | P/E（现价&最新摊薄） | 23.95 | 29.87 | 23.24 | 18.49 | 15.22 | ...

Summary of Conference Call Notes Company Overview - The company discussed is 科隆新材 (Kelong New Materials), which specializes in pixel new materials and coal mine auxiliary transportation equipment, focusing on innovation and quality to drive development [1][4][28]. Industry Insights - The company operates in the coal, military, and rail transportation sectors, which are key areas of national development [4][5]. - The military sector has seen significant growth, with the company establishing partnerships with numerous defense enterprises and research institutions [2][5]. Financial Performance - The company reported a net asset value of 11.13 yuan per share, a year-on-year increase of 17.41% [3]. - Earnings per share were reported at 1.33 yuan, with total revenue for 2024 reaching 483 million yuan, a 9.46% increase year-on-year [17][18]. - The net profit attributable to shareholders increased by 4.25% despite a decline in the industry average [17]. - The gross margin improved by 0.43 percentage points, driven by a higher proportion of high-value products [18]. Product and Service Offerings - The main products include pixel new materials, hydraulic combination seals, hydraulic hoses, and coal mine auxiliary transportation equipment [8][9]. - The company has successfully replaced several international brands in the domestic market, indicating strong competitive positioning [13][14]. Research and Development - R&D expenses for 2024 were 27.17 million yuan, representing a 24.62% increase from the previous year [22]. - The company holds 18 valid patents, including 4 invention patents, showcasing its commitment to innovation [22]. Market Trends and Future Outlook - The demand for sealing components and hydraulic hoses is expected to grow, with the market for sealing components projected to exceed 5 billion yuan by 2025 [23][24]. - The company aims to leverage the increasing domestic demand for coal and the shift towards high-performance equipment in the coal mining sector [29]. - The military sector is anticipated to see a budget increase of 7.2% in 2025, providing further growth opportunities for the company [28]. Strategic Initiatives - The company plans to deepen collaborations with coal machine manufacturers and customize products to meet client needs [29]. - There is a focus on enhancing production efficiency and optimizing capital structure to reduce financial risks [21]. Key Partnerships and Clientele - The company has established long-term relationships with major clients, including Shanxi Coal and Chemical Group and other significant players in the coal and military sectors [19]. Conclusion - The company is positioned for sustainable growth through innovation, strategic partnerships, and a focus on high-quality product offerings, aiming to become a leading supplier of core components in high-end equipment [30].

Core Insights - Zhao Hongliang's entrepreneurial journey spans 30 years, evolving from a rural hose factory salesman to the leader of a publicly listed company, LITONG Technology, showcasing a story of perseverance and innovation [2][3] Group 1: Company Development - LITONG Technology was founded in 2004 with initial funding of 40,000 yuan from a friend, overcoming significant financial challenges to establish a fluid hose manufacturing business [3] - The company achieved a sales increase from 5.8 million yuan in its first year to 28 million yuan in its third year, driven by the invention of the "concave-convex rubber strip" technology, which raised product prices by 15% to 20% [3][4] - In 2024, LITONG Technology's R&D investment reached 20.64 million yuan, accounting for 4.27% of revenue, surpassing the rubber products industry average of 3.2% [4] Group 2: Innovation and Market Expansion - The company has developed a new ultra-high-pressure oil hose, which opened the U.S. market for LITONG in 2019, marking a significant growth trajectory [4] - LITONG is focusing on three new product lines: nuclear power hoses, data center liquid cooling hoses, and marine oil crossover hoses, while enhancing existing products [4] - The company has established a production line with an annual capacity of 25,000 tons of polymer materials, supporting downstream sectors like rubber hoses and sealing products [4] Group 3: Strategic Vision - Zhao Hongliang emphasizes the importance of innovation and has positioned the company to meet the growing demand for green and healthy food technologies, including high-pressure sterilization equipment [5][6] - The company aims to create a comprehensive capability in the ultra-high-pressure field, from component R&D to integrated solutions, enhancing its competitive edge [6] - LITONG Technology's vision has evolved to focus on improving the health and longevity of consumers, reflecting a commitment to societal well-being [6]

Core Viewpoint - The company, Kolon New Materials, reported a steady growth in its financial performance for the year 2024, with a revenue of 483 million yuan and a net profit of approximately 86.91 million yuan, indicating a positive trend in its operational efficiency and profitability [1][2]. Financial Performance - The company achieved an operating income of 483 million yuan, representing a year-on-year increase of 9.46% [1]. - The net profit attributable to shareholders was approximately 86.91 million yuan, up by 4.25% compared to the previous year [1]. - The basic earnings per share stood at 1.33 yuan [1]. - The gross profit margin improved by 0.43 percentage points to 41.26% [1]. - Total assets reached 1.081 billion yuan, marking a 30.73% increase year-on-year [2]. - Shareholder equity rose to 880 million yuan, a significant increase of 44.97% [2]. - The net asset value per share increased by 17.41% to 11.13 yuan [2]. Business Operations - The company specializes in the research, production, and sales of hydraulic combination seals and hydraulic hoses, as well as the design and manufacturing of auxiliary transportation equipment for coal mines [1][2]. - It has established long-term stable partnerships with major coal and coal machine enterprises, ensuring a stable business in the coal industry [2]. - The company has expanded its business into the military industry, collaborating with numerous military-related enterprises and research institutions [2]. - It is also actively exploring opportunities in the high-speed rail and wind power sectors, demonstrating its capability to supply products in bulk [2]. Research and Development - The company invested approximately 27.17 million yuan in R&D, with an R&D intensity of 5.62% [3]. - Significant advancements were made in high-pressure PTFE hose components and new shock absorbers, enhancing the company's influence in the industry [3]. - The company added 24 new civilian clients and 12 military clients during the reporting period, indicating successful market expansion [3]. Product Development - Four new models of auxiliary transportation equipment for coal mines were developed, with one model receiving major technical equipment recognition [4]. - In the military supply sector, new specifications for hydraulic hoses were developed, and breakthroughs were made in the localization of PTFE hoses [4]. - The company aims to enhance its technical capabilities and brand recognition through collaborations with leading manufacturers in both military and civilian sectors [4].

Summary of Conference Call Notes Company Overview - **Company Name**: 科隆新材 (Kelong New Materials) - **Established**: January 1996 - **Registered Capital**: 81.32 million CNY - **Listing Date**: December 2024 - **Main Business**: Research, production, and sales of hydraulic seals, hydraulic hoses, pixel new materials, and coal mine auxiliary transportation equipment [4][5] Industry Context - **Key Industries**: Coal, military, rail transportation, and energy infrastructure [4][5] - **Market Size**: The sealing component market in China's coal mining sector is expected to exceed 5 billion CNY by 2025, with an annual growth rate of 8% [23][24] Financial Performance - **2024 Revenue**: 483 million CNY, a year-on-year increase of 9.46% [3][16] - **Net Profit**: 86.91 million CNY, a year-on-year increase of 4.25% [3][17] - **Gross Margin**: 41.26%, an increase of 0.43 percentage points [16] - **Earnings Per Share**: 1.33 CNY, up 2.31% year-on-year [16] - **Total Assets**: 1.081 billion CNY, a year-on-year increase of 30.73% [16] Key Business Segments - **Pixel New Materials**: Revenue of 267 million CNY, a year-on-year increase of 3.43% [18] - **Coal Mine Auxiliary Transportation Equipment**: Revenue of 165 million CNY, a year-on-year increase of 15.62% [18] - **Maintenance Services**: Revenue of 29.8 million CNY, a year-on-year increase of 46.11% [18] - **Other Mining Accessories**: Revenue of 7.51 million CNY, a year-on-year decrease of 31% [18] Strategic Initiatives - **Innovation Focus**: The company aims to enhance technological innovation capabilities and build higher market barriers in the pixel new materials industry [3][17] - **Military Collaboration**: The company has established partnerships with numerous military enterprises and research institutions, with military product revenue increasing by 30.88% [2][17] - **Customer Base Expansion**: Added 24 new civilian customers and 12 military customers in 2024 [19] R&D and Technological Advancements - **R&D Investment**: 27.17 million CNY in 2024, with 92 R&D personnel [6][22] - **Patents**: 18 valid patents, including 4 invention patents [22] - **Product Development**: New models of support transport vehicles and sealing products for various applications [14][28] Market Trends and Future Outlook - **Demand Growth**: The demand for sealing components and hydraulic hoses is expected to grow due to increased mechanization in coal mining and military modernization [25][28] - **Government Policies**: Support for equipment upgrades and smart mining initiatives will drive market growth [26][27] - **Competitive Advantage**: The company emphasizes understanding customer needs and providing customized solutions [15][29] Additional Insights - **Financial Health**: Cash reserves increased by 226.51% due to fundraising activities, while short-term borrowings decreased by 68.07% [20][21] - **Production Efficiency**: Continuous improvements in production processes have led to a 10% increase in efficiency [21] - **Market Position**: Kelong New Materials is positioned as a high-end brand in the sealing component sector, recognized for quality and reliability [15][16] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic direction, and market context.