利通科技：季报点评：一季度业绩略有下滑，石油钻采等新业务提供增长动力

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% against the CSI 300 index within the next six months [7][34]. Core Insights - The company reported a slight decline in Q1 performance, with revenue of 101 million yuan, down 4.24% year-on-year, and a net profit of 19.15 million yuan, down 26.52% year-on-year. The decrease in performance is attributed to a decline in downstream demand and changes in revenue structure [9][32]. - New business segments, particularly in oil drilling and acid fracturing hoses, have shown significant growth, with revenue from these segments increasing by 73.76% year-on-year, becoming a major driver of the company's performance [11][24]. - The company is expected to benefit from a recovery in downstream demand, particularly in the construction machinery sector, due to recent supportive policies in the real estate market [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 101 million yuan, a decrease of 4.24% year-on-year, and a net profit of 19.15 million yuan, down 26.52% year-on-year. The decline is attributed to a decrease in orders for hydraulic hoses and changes in revenue structure [9][32]. - The company's gross margin for Q1 2024 was 40.18%, down 6.89 percentage points year-on-year, and the net profit margin was 18.98%, down 5.74 percentage points year-on-year [32]. Business Segments - The company's main products include various types of rubber hoses and assemblies, primarily used in engineering machinery, agricultural machinery, and mining machinery. The recent decline in the real estate market has negatively impacted demand in these sectors [9][1]. - The company has actively expanded into new business areas, particularly in oil drilling hoses, which have seen rapid growth and are expected to continue driving future performance [11][24]. Market Outlook - The report highlights a potential recovery in demand for construction machinery, driven by recent government policies aimed at stimulating the real estate market. This is expected to positively impact the company's traditional business segments [1]. - The company is also focusing on developing high-pressure hoses and exploring new markets, which could provide additional growth opportunities [11].