利通科技（832225）：年报点评：盈利能力下滑业绩短期承压，新产品持续创新突破保障长期成长

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [18]. Core Views - The company reported a slight decline in revenue and profitability for 2024, with total revenue of 483 million yuan, down 0.32% year-on-year, and a net profit of 107 million yuan, down 19.82% year-on-year [5]. - Despite the short-term pressure on performance, the company is expected to benefit from a recovery in downstream demand, particularly in the engineering machinery sector, which has shown signs of improvement [5][7]. - The company is actively innovating and expanding into new business areas, such as oil drilling hoses, which are anticipated to provide significant growth potential in the future [5]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.26%, a decrease of 4.58 percentage points year-on-year, and a net profit margin of 22.16%, down 5.39 percentage points year-on-year [5]. - The main revenue sources were the assembly hoses and associated fittings, generating 220 million yuan and 137 million yuan, respectively, with year-on-year growth of 2.85% and a decline of 7.85% [5]. Market Outlook - The engineering machinery industry in China has ended a three-year downturn, with a 4.5% increase in sales of key products in 2024, indicating a potential recovery in demand for the company's products [5][7]. - The company’s traditional products are primarily used in engineering machinery, agricultural machinery, and mining machinery, which are expected to see continued demand growth [5]. New Business Development - The company has made significant advancements in its oil drilling hose business, particularly with the development of high-pressure, long-length acid fracturing hoses, which have been successfully tested and accepted by clients [5]. - The company is also focusing on the domestic production of nuclear power hoses, with 43 types successfully trialed and meeting performance requirements [5].