南方泵业(300145)2025半年报点评：聚焦泵制造业 液冷&出海提速兑现利润

Core Insights - The company reported a revenue of 2.27 billion yuan for the first half of 2025, representing a year-on-year growth of 3%, and a net profit attributable to shareholders of 170 million yuan, up 2.9% year-on-year [1] - The company is focusing on its core pump manufacturing business and has completed the absorption merger and renaming of the listed company [1] - The proportion of overseas revenue has increased, with Q2 single-quarter profit showing rapid growth [1] Revenue Breakdown - In H1 2025, overseas revenue reached 440 million yuan, accounting for 19% of total revenue, with a year-on-year increase of 16%, while domestic revenue was 1.84 billion yuan, remaining flat year-on-year [1] - The pump business generated approximately 2.03 billion yuan in revenue in H1 2025, representing 89% of total revenue, with a year-on-year growth of 7% [1] - For Q2 2025, the company achieved revenue of 1.22 billion yuan, a year-on-year increase of 4% and a quarter-on-quarter increase of 15%, with a net profit of 100 million yuan, up 36% year-on-year and 53% quarter-on-quarter [1] Profitability and Cost Control - The gross profit margin for H1 2025 was 36.2%, an increase of 0.75 percentage points year-on-year, while the net profit margin was 8.3%, up 0.4 percentage points year-on-year [2] - The expense ratio was 24.9%, a decrease of 0.6 percentage points year-on-year [2] - In Q2 2025, the gross profit margin was 36.0%, a year-on-year increase of 0.7 percentage points, while the net profit margin was 9.3%, up 2.6 percentage points year-on-year [2] Future Outlook - The company expects revenues for 2025-2027 to be 5.43 billion, 5.95 billion, and 6.67 billion yuan, representing year-on-year growth of 7%, 10%, and 12% respectively [3] - The net profit attributable to shareholders is projected to be 340 million, 450 million, and 520 million yuan for the same period, with growth rates of 54%, 34%, and 15% respectively [3] - The company is optimistic about the acceleration of overseas business expansion and the incremental market space for liquid cooling pumps in data centers, maintaining a "buy" rating [3]