Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 8.75 yuan based on a PE ratio of 37.1 for 2024 [19][95]. Core Insights - The company is a leading domestic manufacturer of household water pumps, focusing on R&D, design, manufacturing, and sales since its establishment in 2003. Its main products include submersible pumps and garden pumps, which are the primary revenue sources [63][95]. - The global water pump market is expected to grow steadily, with the market size projected to increase from 8.1 billion USD in 2023 to 13.8 billion USD by 2030, reflecting a compound annual growth rate (CAGR) of 7.9% [3][134]. - The company has established long-term stable business relationships with well-known international brands and retailers, enhancing its competitive advantage [26][95]. Summary by Sections Company Overview - The company has a strong market position in the household water pump sector, with significant exports to Europe and North America, accounting for 96.9% of its revenue in 2023 [58][95]. - The company has a comprehensive product range, including submersible pumps, garden pumps, fountain pumps, and deep well pumps, with over 800 specifications and models [42][46]. Market Growth - The centrifugal pump market is projected to grow from 39.29 billion USD in 2023 to 85.89 billion USD by 2036, with a CAGR of 6.2% [3]. - The household water pump market is characterized by stable demand, with replacement cycles typically every 1-2 years, driven by the essential nature of these products [148]. Financial Performance - The company reported a significant increase in revenue, achieving 850 million yuan in the first three quarters of 2024, a 72.2% year-on-year increase, and a net profit of 60 million yuan, up 49.6% [95][43]. - The forecast for net profit from 2024 to 2026 is 73 million, 92 million, and 122 million yuan, respectively, indicating growth rates of 98.68%, 26.70%, and 32.40% [19][95]. Strategic Initiatives - The company is focused on continuous R&D investment to maintain its technological edge and is exploring opportunities for mergers and acquisitions to enhance its market position [7][28]. - The company has a solid financial foundation, with cash reserves of 717 million yuan, representing 53.3% of its current assets, supporting its expansion and optimization efforts [30][95].

证券代码：603617 证券简称：君禾股份 公告编号：2024-077 2024 年 12 月 12 日，公司将用于暂时补充流动资金的闲置募集资金人民币 2,000 万元提前归还至募集资金专用账户，并及时将上述募集资金的归还情况告 知保荐机构及保荐代表人。其余用于暂时补充流动资金的闲置募集资金将在到期 之前归还，届时公司将及时履行信息披露义务。 特此公告。 君禾泵业股份有限公司董事会 2024 年 12 月 13 日 1 君禾泵业股份有限公司 关于闲置募集资金暂时补充流动资金部分归还的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 君禾泵业股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开公司 第四届董事会第二十三次会议、第四届监事会第二十三次会议，审议通过了《关 于使用闲置募集资金暂时补充流动资金的议案》，同意公司使用闲置募集资金人 民币合计不超过 10,000 万元向公司及公司全资子公司暂时补充流动资金，使用 期限自公司董事会审议通过之日起不超过 12 个月。公司在使用闲置募集资金暂 时补充流动 ...

二、募集资金理财专户注销情况 截至本公告披露日，公司在招商银行宁波分行营业部购买的理财产品已全部 到期赎回，理财专户内资金已转回募集资金专项账户。鉴于公司无继续在上述理 财专户购买理财产品的计划，根据《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》的相关规定，公司于近日办理完毕以上募集资金理财专户的注 销手续。 具体注销的理财专户如下： | 序号 | 开户名称 | 开户机构 | 账号 | | --- | --- | --- | --- | | 1 | 君禾泵业股份有限公司 | 招商银行宁波分行营业部 | 574902922010621 | 证券代码：603617 证券简称：君禾股份 公告编号：2024-076 君禾泵业股份有限公司 关于注销部分募集资金理财专户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金购买理财产品审议情况 君禾泵业股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第四 届董事会第二 ...

证券代码：603617 证券简称：君禾股份 公告编号：2024-075 君禾泵业股份有限公司 关于对泰国孙公司增资暨完成注册资本变更登记的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、对外投资概述 君禾泵业股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第四 届董事会第二十三次会议、第四届监事会第二十三次会议，分别审议通过了《关 于对外投资设立境外子公司及孙公司的议案》，同意公司在新加坡设立全资子公 司 Lanchez Capital Investment Management Pte.Ltd.（以下简称"新加坡子公司"） 及由其全资控股的孙公司 Foting Capital Investment Management Pte.Ltd.（以下简 称"新加坡孙公司"），并由新加坡子公司与新加坡孙公司在泰国共同设立孙公司 Huatai Intelligent Technology（Thailand）Co.,Ltd.（以下简称"泰国孙公司"），泰 国孙公司主要从事泵类产品、清洁工具等的生产、研发、 ...

证券代码：603617 证券简称：君禾股份 公告编号：2024-074 君禾泵业股份有限公司 关于 2023 年限制性股票激励计划预留授予结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、限制性股票授予情况 君禾泵业股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日分别召开了 第五届董事会第五次会议和第五届监事会第四次会议，审议通过了《关于调整 2023 年 限制性股票激励计划预留授予价格的议案》及《关于向 2023 年限制性股票激励计划 激励对象预留授予限制性股票的议案》。根据公司 2023 年限制性股票激励计划（以 下简称"激励计划"）的规定和公司 2023 年第一次临时股东大会授权，公司董事会已 完成激励计划预留授予部分的授予登记工作，限制性股票的授予登记情况如下： （一）限制性股票实际授予的具体情况 1、授予日：2024 年 10 月 30 日； 5、股票来源：公司从二级市场回购的公司 A 股普通股股票。 （二）激励对象名单及授予情况 1 限制性股票登记日：2024 年 1 ...

证券代码：603617 证券简称：君禾股份 公告编号：2024-073 君禾泵业股份有限公司 关于股份性质变更暨 2023 年限制性股票激励计划预留授予部分 权益授予的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司股权激励管理办法》《君禾泵业股份有限公司 2023 年限制性股 票激励计划》（以下简称"本次激励计划"）的相关规定以及君禾泵业股份有限公司 （以下简称"公司"）2023 年第一次临时股东大会的授权，公司于 2024 年 10 月 29 日召开第五届董事会第五次会议、第五届监事会第四次会议，审议通过《关于向 2023 年限制性股票激励计划激励对象预留授予限制性股票的议案》，同意确定以 2024 年 10 月 30 日为本次激励计划预留授予日，以 4.32 元/股的授予价格向 13 名激励对象 授予 1,490,000 股限制性股票。具体内容详见公司于 2024 年 10 月 30 日在上海证券 交易所网站披露的《君禾股份关于向 2023 年限制性股票激励计划激励对象预留授予 限制性股票的公告》 ...

Group 1: Financial Performance - The company's revenue for the first three quarters of 2024 increased by 72.18% year-on-year, while net profit rose by 49.62% [2] - The growth in revenue and profit is attributed to favorable trends in overseas markets and increasing demand from target customer groups [2] - The company has significantly increased its orders compared to the previous year, enhancing product sales volume and gross profit margin [2] Group 2: Strategic Initiatives - The company is actively seeking to acquire quality assets to create a second growth curve for shareholder returns [1] - There is a focus on integrating core areas of the industry chain through mergers and investments during the current policy window [1] - The company emphasizes the importance of sharing development dividends with shareholders while ensuring long-term growth [2] Group 3: Operational Challenges and Responses - Short-term borrowings have increased compared to the beginning of the year due to a rise in business orders and the need for working capital [2] - The company employs strategies such as futures trading to mitigate risks from raw material price fluctuations [3] - An integrated supply chain has been established to ensure timely supply of core components and maintain product quality [3] Group 4: Product Development - The company continues to innovate and launch new products, with over 60,000 units of a newly developed high-power lithium battery cleaner sold in the first half of the year, generating sales of over 15 million yuan [3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥299,823,952.26, representing a year-on-year increase of 109.55%[2] - The net profit attributable to shareholders for Q3 2024 was ¥23,282,764.54, a decrease of 11.03% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥19,990,620.89, an increase of 208.81% year-on-year[2] - The company reported a significant increase in operating revenue for the year-to-date, with a growth rate of 72.18%[6] - The net profit attributable to shareholders for the year-to-date increased by 49.62%, driven by higher sales and improved gross margins[6] - The company experienced a substantial increase in net profit after deducting non-recurring gains and losses for the year-to-date, with a growth rate of 153.06%[7] - Total operating revenue for the first three quarters of 2024 reached ¥847,932,756.97, a significant increase of 72.2% compared to ¥492,461,229.32 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was ¥61,803,866.50, representing a 49.7% increase from ¥41,308,765.84 in the previous year[18] - The total profit before tax was ¥77,369,253.97, compared to ¥50,271,737.39 in the same period last year, showing a growth of 53.9%[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,287,432,981.34, an increase of 8.22% compared to the end of the previous year[3] - Total current assets as of September 30, 2024, amount to ¥1,345,949,080.34, an increase from ¥1,224,471,104.71 at the end of 2023[13] - Total assets as of September 30, 2024, are ¥2,287,432,981.34, up from ¥2,113,676,027.08[14] - The company's total liabilities increased to ¥812,135,599.25 from ¥707,524,933.01, marking a rise of 14.8%[17] - Total current liabilities increased to ¥792,438,010.43 from ¥685,843,726.55[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,737[8] - The largest shareholder, Ningbo Junhe Holding Group Co., Ltd., holds 123,640,055 shares, accounting for 31.62% of total shares[8] Cash Flow - The cash flow from operating activities for the year-to-date was ¥26,244,240.29, reflecting a decrease of 31.93% compared to the previous year[3] - In the first three quarters of 2024, the company generated cash inflows from operating activities amounting to CNY 876,396,297.15, an increase of 39.4% compared to CNY 628,713,966.33 in the same period of 2023[19] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 26,244,240.29, down 31.9% from CNY 38,554,471.46 in 2023[19] - Cash inflows from investment activities totaled CNY 131,458,091.88, a significant decrease of 81.9% compared to CNY 726,341,784.62 in the previous year[20] - The net cash flow from investment activities was negative at CNY -198,185,724.63, contrasting with a positive CNY 306,735,129.19 in the same period of 2023[20] - Cash inflows from financing activities increased to CNY 782,032,000.00, up from CNY 488,660,000.00 in 2023, marking a growth of 60%[20] - The net cash flow from financing activities was CNY 68,833,456.94, recovering from a negative CNY -65,419,061.79 in the previous year[20] - The company's cash and cash equivalents at the end of the period stood at CNY 665,284,623.55, slightly down from CNY 672,539,110.33 at the end of 2023[20] Expenses - Total operating costs amounted to ¥776,534,972.04, up from ¥470,610,595.88, reflecting a year-over-year increase of 64.8%[17] - Research and development expenses for the first three quarters were ¥20,855,790.57, an increase of 45% from ¥14,410,266.38 in the previous year[17] - The company paid CNY 114,330,639.23 to employees, which is an increase of 32.5% compared to CNY 86,285,545.18 in the same period last year[19] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 1.60%, a decrease of 0.24 percentage points from the previous year[3] - The basic earnings per share for Q3 2024 was ¥0.06, a decrease of 14.29% year-on-year[3] - Earnings per share for the first three quarters of 2024 were ¥0.16, compared to ¥0.11 in the same period of 2023[18] - The company reported a financial income of ¥17,300,455.19, down from ¥28,554,255.46, reflecting a decrease of 39.2%[17] - Deferred income decreased to ¥19,697,588.82 from ¥21,681,206.46, a decline of 9.1%[17] - The company received CNY 64,092,316.29 in tax refunds, which is an increase of 87.5% compared to CNY 34,185,859.90 in the previous year[19]

注：本计划激励对象不包括独立董事、监事及单独或合计持有公司5%以上股份的股东或实际 控制人及其配偶、父母、子女。 二、核心技术/业务人员名单 君禾泵业股份有限公司 | 序号 | 姓名 | 职位 | | --- | --- | --- | | 1 | 宋铁军 | 核心技术/业务人员 | | 2 | 郭浩杰 | 核心技术/业务人员 | | 3 | 张琳 | 核心技术/业务人员 | | 4 | 徐建红 | 核心技术/业务人员 | | 5 | 王乐 | 核心技术/业务人员 | | 6 | 洪利兵 | 核心技术/业务人员 | | 7 | 洪威博 | 核心技术/业务人员 | | 8 | 申韦 | 核心技术/业务人员 | | 9 | 陈文达 | 核心技术/业务人员 | | 10 | 朱可蔚 | 核心技术/业务人员 | | 11 | 包军伟 | 核心技术/业务人员 | | 12 | 王林群 | 核心技术/业务人员 | | 13 | 麻焕军 | 核心技术/业务人员 | 2023 年限制性股票激励计划预留授予激励对象名单 君禾泵业股份有限公司董事会 2024年10月30日 一、2023年限制性股票预留授予激励对象名单及拟授出权益 ...

证券代码：603617 证券简称：君禾股份 公告编号：2024-071 君禾泵业股份有限公司 对于存在客观证据表明存在减值，以及其他适用于单项评估的应收票据、应 收账款、其他应收款、应收款项融资、合同资产及长期应收款等单独进行减值测 试，确认预期信用损失，计提单项减值准备。对于不存在减值客观证据的应收票 据、应收账款、其他应收款、应收款项融资、合同资产及长期应收款或当单项金 融资产无法以合理成本评估预期信用损失的信息时，本公司依据信用风险特征将 应收票据、应收账款、其他应收款、应收款项融资、合同资产及长期应收款等划 分为若干组合，在组合基础上计算预期信用损失。 （二）资产减值损失 441.22 万元 1、存货跌价损失 243.37 万元 本公司于资产负债表日按成本与可变现净值孰低计量，存货成本高于其可变 现净值的，计提存货跌价准备，计入当期损益。在确定存货的可变现净值时，以 取得的可靠证据为基础，并且考虑持有存货的目的、资产负债表日后事项的影响 等因素。 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任 ...