北交所策略专题报告 2025 年 07 月 06 日 海洋经济迎来新机遇，关注北交所化工材料利通科技、科隆新材等 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 国内海洋经济迎来高质量发展新机遇，相关标的有望受益 7 月 1 日，在中央财经委员会第六次会议上指出推进中国式现代化必须推动海洋 经济高质量发展，走出一条具有中国特色的向海图强之路。加强顶层设计，加大 政策支持力度，鼓励引导社会资本积极参与发展海洋经济。要提高海洋科技自主 创新能力，强化海洋战略科技力量，培育发展海洋科技领军企业和专精特新中小 企业。化工新材料是高端装备、航空航天、新能源、电子信息、节能环保、生物 技术等战略新兴产业的重要物质基础与支撑。北交所化工新材行业拥有多个海洋 经济标的，相关产品涉及海上风电、大型船舶制造、海上油气开采等多个领域。 利通科技持续推进石油软管技术升级，设计生产的超高压大长度酸化压裂软管总 成可配套海上油田压裂船，用于海上油气开采；科隆新材生产的耐高压软管可用 于大型船舶舰艇制造、橡胶减震件用于船上精密仪器的减震保护；吉林碳谷是 ...

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].

2025Q1 实现营收 1.24 亿元（+23.14%），归母净利润 0.36 亿元（+86.13%） 2025 年一季度公司实现营收 1.24 亿元，同比增长 23.14%，归母净利润 3564.1 万元，同比增长 86.13%，扣非归母净利润 2729.94 万元，同比增长 54.49%。公 司积极向核电软管拓展，我们维持 2025 年盈利预测，上调 2026 年盈利预测，新 增 2027 年盈利预测，预计 2025-2027 年公司归母净利润分别为 1.22/1.47（原 1.42） /1.75 亿元，对应 EPS 分别为 0.96/1.16/1.38 元/股，对应当前股价 PE 分别为 19.6/16.2/13.6 倍，我们看好公司积极拓展超高压装备及服务板块+核电软管，维 持"增持"评级。 北交所信息更新 2025 年 05 月 13 日 投资评级：增持（维持） | 日期 | 2025/5/12 | | --- | --- | | 当前股价(元) | 18.81 | | 一年最高最低(元) | 19.91/7.00 | | 总市值(亿元) | 23.87 | | 流通市值(亿元) | 15.57 | ...

北交所信息更新 2025 年 05 月 13 日 投资评级：增持（维持） | 日期 | 2025/5/12 | | --- | --- | | 当前股价(元) | 18.81 | | 一年最高最低(元) | 19.91/7.00 | | 总市值(亿元) | 23.87 | | 流通市值(亿元) | 15.57 | | 总股本(亿股) | 1.27 | | 流通股本(亿股) | 0.83 | | 近 3 个月换手率(%) | 357.75 | 北交所研究团队 API 17K 新品布局+多款核电软管试制，2025Q1 归母净利润同比+86% ——北交所信息更新 诸海滨（分析师） | zhuhaibin@kysec.cn | | --- | | 证书编号：S0790522080007 | 2025Q1 实现营收 1.24 亿元（+23.14%），归母净利润 0.36 亿元（+86.13%） 2025 年一季度公司实现营收 1.24 亿元，同比增长 23.14%，归母净利润 3564.1 万元，同比增长 86.13%，扣非归母净利润 2729.94 万元，同比增长 54.49%。公 司积极向核电软管拓展，我们维持 2 ...

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].