北交所信息更新 2025 年营收同比增长 18.34%，关注新产品耐磨管订单落地与长期成长 ——北交所信息更新 2026 年 03 月 02 日 投资评级：增持（维持） | 日期 | 2026/3/2 | | --- | --- | | 当前股价(元) | 20.84 | | 一年最高最低(元) | 32.59/14.92 | | 总市值(亿元) | 27.53 | | 流通市值(亿元) | 13.02 | | 总股本(亿股) | 1.32 | | 流通股本(亿股) | 0.62 | | 近 3 个月换手率(%) | 107.53 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年营收 7.09 亿元，同比+18.34%，归母净利润 8878 万元，同比-15.31% 公司发布 2025 年业绩快报，经过初步核算，2025 年实现营收 7.09 亿元，同比增 长 18.34%，实现归母净利润 8878 万元，同比下降 15.31%，扣非归母净利润 8570 万元，同比下降 9.32%；受海运费增加、境外公司费用变动等因素影响利润有所 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company has recently secured a new order for wear-resistant pipes worth approximately 48.81 million yuan, indicating market recognition of its products and services [5] - The new product, steel-lined modified polyurethane wear-resistant pipes, is expected to enhance the company's operational performance and contribute positively to its long-term development [5] - The company maintains its profit forecasts for 2025-2027, projecting net profits of 122 million yuan, 147 million yuan, and 171 million yuan respectively, with corresponding EPS of 0.93 yuan, 1.11 yuan, and 1.30 yuan [5] - The current stock price corresponds to a P/E ratio of 23.7, 19.8, and 17.0 for the years 2025-2027 [5] Financial Summary - The company reported a revenue of 668 million yuan in 2023, with a projected increase to 909 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [11] - The gross margin is expected to remain stable around 47.8% to 48.8% over the forecast period [11] - The net profit margin is projected to improve from 19.0% in 2023 to 18.8% in 2027 [11] - Return on equity (ROE) is expected to increase from 17.0% in 2023 to 14.4% in 2027 [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has signed a significant order worth 48.81 million yuan for steel-lined wear-resistant pipes, which is expected to enhance revenue and profit growth in 2026 [7] - The new product, steel-lined modified polyurethane wear-resistant pipes, has entered a growth phase, with applications in various mining and dredging scenarios [7] - The company is expanding its market presence in overseas regions such as the Middle East, South America, and Australia, with a focus on high-end markets [7] - The financial forecasts indicate a steady growth in revenue and net profit from 2025 to 2027, with corresponding P/E ratios decreasing over the years [7] Financial Forecasts - Total revenue is projected to be 599.27 million yuan in 2024, increasing to 910.32 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 19.56% [1] - Net profit attributable to the parent company is expected to decline to 104.83 million yuan in 2024, then recover to 165.31 million yuan by 2027, with a CAGR of 18.79% [1] - The latest diluted EPS is forecasted to rise from 0.79 yuan in 2024 to 1.25 yuan in 2027 [1] - The company’s P/E ratio is projected to decrease from 26.65 in 2024 to 16.90 in 2027, indicating an improving valuation over time [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Insights - The company achieved a revenue of 559 million yuan in the first three quarters of 2025, representing a year-on-year increase of 27.85%. The net profit attributable to shareholders was 76 million yuan, with a slight increase of 0.2% year-on-year [1][4]. - The revenue growth was primarily driven by increased sales in the U.S. and Middle Eastern markets. However, the net profit growth lagged behind revenue growth due to higher customs and shipping costs associated with internal inventory transfers [1][4]. - In Q3 alone, the company reported a revenue of 200 million yuan, marking a year-on-year increase of 35.83% and a quarter-on-quarter increase of 14.29%. The net profit for Q3 was 24 million yuan, showing a year-on-year decline of 39.17% but a quarter-on-quarter increase of 9.09% [1][4]. - The gross profit margin for the first three quarters was 48.41%, which is a slight increase of 0.05 percentage points compared to the same period last year [1][4]. - Operating expenses increased, with sales, management, and financial expense ratios at 15.02%, 10.03%, and 1.18%, respectively, reflecting increases of 3.42, 0.1, and 0.93 percentage points year-on-year. The total expense ratio was 26.22%, up by 4.45 percentage points year-on-year [1][4]. - Research and development expenses were 26 million yuan, a decrease of 1.41% year-on-year, with a research expense ratio of 4.66%, down by 1.41 percentage points [1][4]. - Ongoing investment projects are progressing as planned, including the mass production of modified polyurethane wear-resistant pipes and flexible reinforced thermoplastic composite pipes [1][4]. - The company expects earnings per share of 0.90 yuan and 1.10 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23 times and 19 times [1][4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown a quarter-on-quarter improvement in profits for Q3 2025, with the release of flexible and steel-lined pipe capacities expected by the end of the year, which may help capture market opportunities in the Middle East and other regions [5][7] - The company achieved a revenue of 559 million yuan in the first three quarters of 2025, representing a year-on-year increase of 28%, and a net profit attributable to shareholders of 76.47 million yuan, with a slight year-on-year increase of 0.2% [7] - The company is positioned to benefit from the acceleration of oil and gas development in emerging markets such as the Middle East and South America, leveraging its advanced technology and global presence to capture high-end market shares [7] Summary by Sections Financial Performance - For 2023, the company is projected to have a revenue of 667 million yuan, with a year-on-year growth rate of 9.93%. The net profit attributable to shareholders is expected to be 127 million yuan, reflecting a growth rate of 37.21% [6] - The revenue forecast for 2025 is 736 million yuan, with a year-on-year growth rate of 22.79%, and a net profit of 141 million yuan, indicating a growth rate of 34.25% [6][8] Market Opportunities - The company is focusing on high-performance products in response to the domestic manufacturing upgrade, which is driving demand for high-end, green rubber hoses [7] - The "Belt and Road" initiative is expected to accelerate oil and gas development and infrastructure construction in emerging markets, further expanding the demand for fluid transmission hoses [7] Growth Drivers - The company is transitioning from a single hose supplier to a "fluid transmission system solution provider," with new growth points in flexible and steel-lined pipes expected to be operational by the end of 2025 [7] - The introduction of innovative products such as drone wall-breaking systems and self-luminous fire hoses is part of the company's strategy to enhance its competitive edge [7]

Core Insights - The company reported a revenue of 359 million yuan for the first half of 2025, representing a year-on-year growth of 23.81%, and a net profit attributable to shareholders of 52.61 million yuan, up 41.84% year-on-year [1] R&D and Innovation - The company emphasizes R&D innovation as a core driver of development, building a solid and experienced R&D team despite market challenges [2] - The company has successfully mastered several core technologies, including high-pressure RTP connection technology and steel fiber pre-impregnation technology, enhancing product performance and quality [2] - New product development focuses on flexible reinforced thermoplastic composite pipes and steel-lined modified polyurethane wear-resistant pipes, enriching the product line to meet diverse market demands [2] Technological Advancement - The company has achieved significant results in technology R&D, converting innovations into production capabilities that drive industry upgrades and product iterations [3] - By introducing advanced production equipment and processes, the company has improved production efficiency and product quality, solidifying its leading position in the industry [3] - The company has developed a series of high-performance products with independent intellectual property rights in the polymer fluid transmission hose sector, gaining recognition in both domestic and international markets [3] Global Expansion - The company has made notable progress in its global layout, establishing production bases in locations like Saudi Arabia, leveraging local resource advantages and cost benefits [4] - The company’s overseas revenue reached 287 million yuan, reflecting a year-on-year growth of 45.33%, showcasing the success of its international market expansion strategy [4] - Future strategies include continuing to enhance R&D investment and technological innovation while deepening international cooperation to become a global leader in fluid transmission solutions [4]

Group 1: Strategic Initiatives - The company aims for long-term stable development and scale growth through a multi-dimensional and systematic approach [3] - New product initiatives include flexible reinforced thermoplastic composite pipes and steel-lined modified polyurethane wear-resistant pipes to meet diverse customer needs [4] - The company is expanding into emerging markets in South America, the Middle East, and Australia while steadily developing the domestic market [4] Group 2: Technological Advancements - The company possesses core technologies such as one-step co-extrusion technology and ultra-high-strength fiber weaving technology, enhancing production efficiency and reducing costs [6][8] - Recent product innovations include a steel-lined modified polyurethane wear-resistant pipe with superior wear resistance and low friction coefficient, suitable for various industrial applications [6] - Collaborative R&D efforts with universities have led to advancements in high-performance special fiber reinforced flexible composite hoses [6] Group 3: Talent Development - The company is focused on building an international, professional, and youthful talent pool through the establishment of the Zhongyu Academy and partnerships with several universities [5] - Ongoing collaborations with research institutions aim to enhance talent training and technological cooperation [5] Group 4: Market Expansion and Competition - The company is actively exploring new business areas and expanding its presence in emerging markets while maintaining a competitive edge through continuous innovation [7][8] - The company’s strategy includes developing new products and comprehensive solutions to meet specific customer needs across various scenarios [8]

Group 1: Financial Performance - The company's 2024 revenue decreased due to reduced order quantities in the US and Middle East markets, and a shift in demand from high-pressure hoses to lower-priced lightweight hoses [4] - The net profit for 2024 declined primarily due to decreased revenue, increased shipping costs, and higher operational expenses from ongoing setups in UAE and Saudi Arabia [4] Group 2: Market Expansion Strategies - In 2025, the company plans to increase market share by investing resources in growing markets, enhancing brand awareness through industry events, and adjusting product features based on local market research [5] - The company aims to expand its product offerings and applications in various sectors, including shale oil and gas extraction, municipal pipelines, and emergency rescue [7] Group 3: Operational Developments - The Saudi subsidiary commenced operations in December 2024, focusing on local production of high-pressure hoses, with plans for further equipment installation and production in 2025 [6] - The company is progressing with its fundraising projects, including the establishment of a production line for modified polyurethane wear-resistant pipes, expected to be completed by December 2025 [12] Group 4: Market Conditions and Challenges - The company has established a competitive advantage in the US market through a wholly-owned subsidiary, allowing for better service despite potential tariff impacts [8] - In the Middle East, favorable policies and local presence enhance the company's ability to respond to customer needs and reduce transportation times [9] Group 5: Profitability Insights - The gross profit margin for domestic sales in 2025 is projected at 40.66%, while for international sales it is 53.21%, attributed to differences in product specifications and customer purchasing scales [14]

证券简称： 中裕科技 证券代码： 871694 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中裕软管科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 1-1-1 保荐人（主承销商 江苏省苏州工业园区星阳街 5 号 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发行人及全体董事、监事、高级管理人员承诺招股说 ...

证券简称： 中裕科技 证券代码： 871694 江苏省泰州市姜堰经济开发区开阳路 88 号 中裕软管科技股份有限公司 中裕软管科技股份有限公司招股说明书（申报稿） 本招股说明书申报稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书全 文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 1-1-1 江苏省苏州工业园区星阳街 5 号 保荐人（主承销商 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 ...