利通科技 20260227 摘要 公司围绕流体技术、超高压装备、高分子材料形成三大核心业务布局， 高分子材料已建成 2.5 万吨年产能生产线，并延伸至超高压装备及服务 板块，打破国外技术封锁，成为国内首家掌握酸化压裂软管技术的企业。 公司主业毛利率维持在 40%以上，2024 年营收 4.84 亿元，同比持平， 归母净利润小幅下降，因高毛利产品销售波动。2025 年前三季度营收 3.46 亿元，同比小幅增长，归母净利润同比小幅下降，预计后续收入端 稳步增长，利润端有望回暖。 软管总成及配套管件业务占比快速提升，2024 年收入占比达 45.38%。高分子材料自主供给强化成本控制，超高压业务实现订单突 破，有望拓宽盈利边界，增强整体业务协同性。 液压软管下游需求主要来自工程机械、农业机械与煤矿机械三大行业， 受益于大规模设备更新和行业自身更新的双重周期共振，行业有望步入 上行周期，农机和煤炭消费投资也提供稳定需求。 公司全面掌握液压软管核心技术，综合实力行业领先，多次被评为中国 胶管十强企业。"大力神""超级大力神"系列产品具备长寿命、低弯 曲、高压力等特征，支撑公司在中高端市场实现进口替代。 Q&A 力通科技 ...

Summary of the Conference Call for LITONG Technology Company Overview - LITONG Technology's main business segments include Fluid (hydraulic hoses and assemblies, oil drilling hoses, etc., accounting for over 95%), Materials (rubber compounds, etc.), and Equipment (ultra-high pressure cleaning and cutting equipment) [1][3] Core Business Insights - The Fluid segment is the primary revenue source but faces market competition and downstream industry volatility risks [1] - The company is actively expanding its polymer materials business, establishing a research and development base in Qingdao, focusing on general and specialty rubber compounds, with expected revenue of over 18 million yuan in 2024 [1][5] - The ultra-high pressure equipment and services segment is a key future development area, with successful delivery of an ultra-high pressure food sterilization device in 2024, although market promotion faces cost challenges [1][6][9] Financial Performance - In 2024, LITONG Technology achieved revenue of 483 million yuan, remaining stable year-on-year, while net profit decreased to 107 million yuan due to a decline in high-margin oil hose sales and significant expenses from new business expansions [2] Strategic Developments - The company plans to focus on high-value products such as oil hoses (API 17K series), ultra-high pressure resin hoses, and data center liquid cooling hoses in 2025 [1][14] - LITONG aims to localize marine crossover hoses by 2025, having passed API 17K certification, addressing the domestic market's reliance on imports [4][22] Research and Development - R&D is structured across three main segments: Fluid in Luohe, Polymer Materials in Qingdao, and Ultra-high Pressure Equipment in Zhengzhou, with significant improvements in high-end equipment manufacturing capabilities [1][10][11] - The establishment of a new R&D base in Qingdao enhances the company's competitive edge, particularly in polymer materials [11] Market Challenges and Responses - The U.S.-China tariff policies pose challenges, but the company is focusing on improving product quality and expanding into markets like the Middle East and Russia to mitigate impacts [4][16][18] - The company is exploring leasing options for high-value products to alleviate customer uncertainties and accelerate market penetration [21] Future Plans and Innovations - Plans for ultra-high pressure sterilization equipment include establishing small-scale processing service centers to meet customer needs, with potential nationwide expansion based on market response [9][28] - The company is also developing a new device for beverage sterilization that improves production efficiency by eliminating the need for pre-packaging [15] Industry Outlook - The engineering machinery industry is expected to show signs of recovery in 2025, with a projected two-month transmission period for improvements [38] - The nuclear power sector is gradually achieving domestic substitution, with LITONG collaborating with nuclear institutes to develop specialized hoses [26][27] Conclusion - LITONG Technology is strategically positioned to enhance its core business segments while navigating market challenges through innovation and expansion into high-value product areas. The focus on R&D and market diversification is expected to drive future growth and resilience against external pressures.