Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company is confident in achieving stable revenue growth and boosting profit levels in a stable downstream market environment [27]. - The pump industry is expected to have a stable development trend, and the company, with a comprehensive product line, will benefit from it [28]. - The European heat pump industry has shown signs of recovery, and the company will increase its investment in Europe to seize the opportunity [33]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Dayuan Pump Industry [17]. - Industry: General equipment [17]. - Reception time: May 15, 2025 [17]. - Reception personnel: Company General Manager Wang Lvjun, Company Board Secretary Huang Linxiang, Company Financial Controller Ye Chenchen, and Company Independent Director Lan Caiyou [17]. 3.2. Detailed Research Institutions - Reception object: All investors [20]. - Reception object type: Others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Information - **Future Capital Expenditure Plans**: - The capital expenditure of the Wenling new factory is nearing completion, with only small - scale long - term expenditures remaining [24]. - The Hefei new factory still needs about 100 million yuan in subsequent expenditures and will be transferred to fixed assets in late 2025 or 2026 depending on the relocation [24]. - The Thai production capacity construction plan is currently planned to cost 30 million US dollars, with funds sourced from the company's own or self - raised funds. The construction progress depends on government approvals and market conditions [25]. - These capital expenditures have been comprehensively evaluated, and the company's self - owned funds can cover them without affecting normal operations. The company will balance business development and dividend stability [25]. - **Enterprise Governance and Management Structure**: - The company's directors are responsible for major decision - making. In actual operations, the general managers or principals of four business segments (agricultural pumps, household shielded pumps, and Reike commercial pumps) are professional managers, accounting for nearly 80% of the 2024 revenue. The company will continue to strengthen the professional manager system [26]. - **Business Performance and Outlook**: - In 2024, the company achieved an operating income of approximately 1.909 billion yuan, a year - on - year increase of 1.57%, and a net profit attributable to the parent of approximately 255 million yuan, a year - on - year decrease of 10.55%. In the first quarter of 2025, the operating income was about 380 million yuan, a year - on - year increase of 37.21%, and the net profit attributable to the parent was about 39 million yuan, a year - on - year decrease of 3.95% [31]. - In the first quarter of 2025, the company's overall operating income increased rapidly due to the recovery of the agricultural pump business, the significant year - on - year growth of the liquid - cooling temperature control business and the Reike commercial pump business [29]. - The decrease in net profit in the first quarter of 2025 was mainly due to factors such as the increase in the proportion of new and low - gross - margin businesses, and the increase in R & D investment and amortization and depreciation expenses of fundraising projects. However, as the business matures, the profit level is expected to improve [29]. - **Business Development Strategies**: - For civil products, the company will promote product upgrades to increase market share; for commercial products, it will accelerate product technology iteration and expand new business; for industrial products, it will seize the opportunity of domestic substitution and expand product layout [32]. - The company is integrating and promoting all - category liquid - cooling products, with market and product development as strategic priorities in 2025, and the development of key downstream benchmark customers as an urgent task [33]. - The company injected the stainless - steel pump business into the "Reike" brand in 2022 to improve market share and visibility. In 2024, it acquired an additional 20% of the minority shareholder's equity to promote business development, and the business has grown rapidly on a low base in the past two years [33][34].

Core Viewpoint - Zhejiang Dayuan Pump Industry Co., Ltd. successfully issued 450,000 convertible bonds, raising a net amount of RMB 444.3873 million, with the bonds listed on the Shanghai Stock Exchange on January 4, 2023 [1][2]. Group 1: Company Overview - Company Name: Zhejiang Dayuan Pump Industry Co., Ltd. [2] - Established: January 1998 [2] - Stock Code: 603757 [2] - Registered Capital: RMB 164.746184 million [2] - Legal Representative: Han Yuanping [2] - Actual Controllers: Xu Weijian, Han Yuanfu, Han Yuanping, Wang Guoliang, Han Yuanzai [2] Group 2: Bond Issuance Details - Type of Securities Issued: Publicly issued convertible bonds [2] - Total Bonds Issued: 450,000 [1] - Net Proceeds Raised: RMB 444.3873 million [1] - Listing Date: January 4, 2023 [1] Group 3: Sponsorship and Supervision - Sponsoring Institution: Zheshang Securities Co., Ltd. [2] - Duration of Continuous Supervision: January 4, 2023, to December 31, 2024 [1][2] - Responsibilities of the Sponsoring Institution: Conduct due diligence, coordinate with intermediaries, and ensure compliance with regulations [4]. Group 4: Fund Management and Usage - Fund Replacement: RMB 156.682 million of raised funds were used to replace self-raised funds for investment projects, approved by the board and independent directors [5]. - Project Delay: The company approved a delay for certain investment projects, with no changes to the implementation subject, location, or content [6]. Group 5: Compliance and Reporting - Information Disclosure: The company adhered to disclosure requirements, ensuring all reports were accurate and timely [5][8]. - Fund Usage Compliance: The management of raised funds complied with relevant regulations, with no misuse or alteration of fund purposes [8].

浙商证券股份有限公司 关于浙江大元泵业股份有限公司 2022 年公开发行可 转换公司债券之保荐总结报告书 经中国证券监督管理委员会《关于核准浙江大元泵业股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2022〕2369 号）核准，浙江大元泵业股 份有限公司（以下简称"大元泵业"、"发行人"、"公司"）于 2022 年 12 月 5 日公 开发行了 45 万手可转换公司债券（以下简称"大元转债"、"可转债"），每张面值 100 元，发行总额 4.50 亿元，扣除发行费用人民币 561.27 万元（不含税金额） 后，实际募集资金净额人民币 44,438.73 万元。立信会计师事务所（特殊普通合 伙）（以下简称"立信"）已对本次发行的募集资金到位情况进行审验，并出具了 信会师报字〔2022〕ZF11366 号《验证报告》。本次大元转债于 2023 年 1 月 4 日 在上海证券交易所上市。 浙商证券股份有限公司（以下简称"保荐人"、"保荐机构"或"浙商证券"） 作为大元泵业 2022 年公开发行可转换公司债券的持续督导保荐机构，持续督导 期为 2023 年 1 月 4 日至 2024 年 12 月 31 日 ...

浙江大元泵业股份有限公司 2024 年年度股东大会会议资料 浙江大元泵业股份有限公司 2024 年年度股东大会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 2025 年 5 月 20 日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为 2025 年 5 月 20 日 9:15-15:00。 现场会议时间：2025 年 5 月 20 日下午 13:00 开始 现场会议地点：浙江省台州市温岭市泽国镇西城路 689 号浙江大元泵业股份 有限公司办公楼 5 楼会议室 网络投票时间： 会议召集人：浙江大元泵业股份有限公司董事会 会议议程： 1、宣布会议开始 2、介绍会议基本情况，推选监票人、计票人 3、审议各项议案、听取独立董事年度述职报告 4、股东或股东代表提问 5、现场记名投票表决各项议案，统计现场投票表决结果 6、现场会议休会，等待网络投票结果 7、合并统计现场投票和网络投票 8、宣布各项议案表决结果及本次会议决议 9、律师宣读《法律意见书》 10、宣布会议结束 浙江大元泵业股份有限公司 2024 年年度股东大会会议资料 议 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Domestic Aircraft Manufacturing**: Focus on the C919 aircraft and its potential to replace Boeing's market share in Europe [2][3] - **Military Trade**: Insights into the military trade dynamics between India and Pakistan, and the implications for Chinese military exports [4][5][6] - **Pharmaceuticals**: Discussion on the global sales of semaglutide and its impact on the obesity treatment market [8][9] - **Chemical Industry**: Analysis of the price movements in the chemical sector, particularly ethylene glycol and its derivatives [12][13][14] - **Textiles**: Overview of the textile industry, particularly the impact of U.S.-China trade relations on exports [15] - **Technology and Automation**: Developments in automated equipment and smart transportation solutions [20][21] Core Points and Arguments Domestic Aircraft Manufacturing - The C919 aircraft is expected to capture part of Boeing's market share in Europe due to potential tariffs on Boeing products [2] - China Commercial Aircraft Corporation (COMAC) plans to increase C919 production capacity significantly from 75 to 200 aircraft by 2029, a 33% increase compared to 2027 [2] - The Airbus Tianjin assembly line exemplifies successful Sino-European aviation cooperation [2] Military Trade - The escalation of armed conflict between India and Pakistan has implications for military trade, with Pakistan being a major recipient of Chinese military exports [4] - China’s military products have gained a significant market share globally, with Pakistan accounting for over 50% of China's military exports from 2017 to 2024 [4] - Key companies involved in military trade include Aerospace Changfeng and other defense contractors [4][5][6] Pharmaceuticals - Semaglutide has surpassed K drug in global sales, indicating a strong market for obesity treatments [8] - Novo Nordisk reported a 19% increase in net sales, with semaglutide sales growing by 85% [8] - Related companies include Changshan Pharmaceutical and Jin Kai Biotechnology, which are involved in the production of similar drugs [9] Chemical Industry - Ethylene glycol prices have risen by 1.47%, driven by supply constraints and increased demand [12] - Danhua Technology is a key player in the ethylene glycol market, with a production capacity of 132,000 tons [12] - The chemical sector is experiencing a surge due to rising prices of various chemical products [13][14] Textiles - The U.S. Treasury's comments on trade relations may ease the impact of tariffs on textile exports [15] - Huafang Co. has a significant share of the global market for lyocell fabrics, with a focus on sustainable production [15] - The company reported that 40% of its business is linked to the U.S. market, highlighting its international exposure [15] Technology and Automation - Maiwei Co. has developed automated wafer-level hybrid bonding equipment, marking a significant advancement in manufacturing technology [20] - The company is positioned to benefit from the growing demand for advanced packaging solutions in the semiconductor industry [20] - Dayang Group's recent announcement regarding the lifting of an investigation by the U.S. Department of Commerce is expected to positively impact its export orders [21] Other Important but Possibly Overlooked Content - The potential for increased cooperation between China and Russia in various sectors, including military and technology, was mentioned [18] - The impact of geopolitical tensions on supply chains and market dynamics was highlighted, particularly in the context of the India-Pakistan conflict [10][11] - The importance of maintaining accurate and up-to-date information in rapidly changing market conditions was emphasized throughout the documents [4][5][6][12][15]

Core Viewpoint - The company has observed a recovery in downstream demand during the European trade shows in March, attributed to the stabilization of the European economy and interest rate cuts [1] Group 1: Company Insights - The company identifies the European market as one of its primary export markets [1] - The company anticipates that further deepening of cooperation between China and Europe will create favorable external conditions for business development [1] Group 2: Industry Context - The European economy is showing signs of stabilization and recovery, which is positively impacting demand in related sectors [1]

Core Viewpoint - The company is utilizing part of its idle raised funds for cash management, specifically through structured deposits, to enhance the efficiency of fund usage and generate higher returns for the company and its shareholders [4][5][6]. Group 1: Cash Management Overview - Previous cash management involved the redemption of principal amounting to RMB 25 million, yielding interest of RMB 43,200 [2]. - The current cash management trustee is Industrial Bank Co., Ltd., with an investment amount of RMB 25 million in a structured deposit product [3]. - The investment product has a term from May 6, 2025, to May 30, 2025, and was approved in the board meetings held on December 5, 2024 [3][8]. Group 2: Fund Utilization and Investment Purpose - The investment aims to utilize temporarily idle raised funds without affecting the normal investment plans, thereby improving fund usage efficiency [4][5]. - The total raised funds from the public offering of convertible bonds amounted to RMB 450 million, with a net amount of RMB 444.39 million after deducting fees [5][6]. Group 3: Investment Risk and Control Measures - The structured deposit product is characterized as a principal-protected floating return type, ensuring high safety and liquidity [9]. - The company has established internal control processes to regulate the investment behavior and ensure compliance with prudent principles [9]. Group 4: Financial Position and Impact - As of March 31, 2025, the company's monetary funds totaled RMB 411.62 million, with a debt-to-asset ratio of 40.37%, indicating no significant debt burden while engaging in large-scale financial products [10]. - The use of idle funds for cash management will not impact the normal operations of the company or its main business development [9].

| 证券代码：603757 | 证券简称：大元泵业 | 公告编号：2025-020 | | --- | --- | --- | | 债券代码：113664 | 债券简称：大元转债 | | 浙江大元泵业股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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个别及连带责任。 重要内容提示： ●前次现金管理到期赎回情况：到期赎回本金人民币 2,500 万元，取得利息 人民币 4.32 万元。 ●本次现金管理受托方：兴业银行股份有限公司台州温岭支行 ●本次投资种类：结构性存款 ●本次投资金额：人民币 2,500 万元 ●本次投资产品名称：兴业银行企业金融人民币结构性存款产品（产品编号： CC35250429065-00000000） ●本次投资产品期限：自 2025 年 5 月 6 日至 2025 年 5 月 30 日 ●履行的审议程序：浙江大元泵业股份有限公司（以下简称"公司"）于2024 年12月5日召开的第四届董事会第五次会议和第四届监事会第四次会议审议通过 ...

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The household segment has returned to growth, although profitability is under short-term pressure. In 2024, the company achieved operating revenue of 1.91 billion yuan, a year-on-year increase of 1.57%, while net profit attributable to the parent company was 260 million yuan, a decrease of 10.55% [1][3]. - New businesses and scenarios are experiencing rapid growth, with traditional business showing fluctuations. The agricultural pump business is expected to generate approximately 600 million yuan in revenue, a decline of about 3.8%, while the household segment's main products are projected to generate around 720 million yuan, down about 6.5% [2][4]. - The liquid cooling pump market is anticipated to grow significantly, driven by the expansion of AI computing power and the need for efficient cooling solutions in data centers and electric vehicles [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 29.7%, down 1.5 percentage points year-on-year. The first quarter of 2025 saw a gross margin of 27.0%, a decrease of 8.9 percentage points year-on-year [3][5]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 32.95 million yuan, which represents 45% of the net profit attributable to the parent company for 2024 [1][5]. Revenue and Profit Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 268.37 million yuan, 325.16 million yuan, and 381.47 million yuan, respectively [5][6]. - The expected revenue growth rates for the upcoming years are 14.81% for 2025, 14.50% for 2026, and 13.76% for 2027 [5][6]. Market Position and Strategy - The company is positioned as a leader in the domestic shielding pump market, with a comprehensive product matrix including household, industrial, and liquid cooling pumps. It is expected to leverage its technological advantages and market expansion capabilities [4][6]. - The company has a dividend payout plan for 2025-2027, committing to distribute no less than 20% of the distributable profits in cash each year, contingent on meeting cash dividend conditions [1][5].