DAYUAN PUMP(SH:603757) HUAXI Securities·2024-09-09 06:03Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 842 million yuan for the first half of 2024, a year-over-year decrease of 6.8%, with a net profit attributable to shareholders of 140 million yuan, down 16% year-over-year [1] - In Q2 2024, total revenue was 565 million yuan, showing a year-over-year increase of 4.3%, while net profit attributable to shareholders was 99 million yuan, down 7.1% year-over-year [1] - The report highlights improvements in heat pump export data, with a notable recovery in the export amounts of related equipment and components in the first seven months of 2024 [1] Revenue and Profitability - The company achieved a gross margin of 31% in H1 2024, a decrease of 2.4 percentage points year-over-year, and a net profit margin of 16%, an increase of 2 percentage points year-over-year [3] - For Q2 2024, the gross margin was 28%, down 5 percentage points year-over-year, while the net profit margin was 17%, up 2 percentage points year-over-year [3] Business Segments - In H1 2024, the company generated approximately 305 million yuan in revenue from civil pumps, maintaining overall stability, while industrial pumps achieved sales of about 130 million yuan, remaining flat year-over-year [1] - The sales revenue from liquid cooling pumps reached approximately 28 million yuan, representing a year-over-year growth of about 48% [1] Financial Forecast - The company is expected to generate revenues of 1.89 billion yuan, 2.16 billion yuan, and 2.44 billion yuan for 2024, 2025, and 2026 respectively, with net profits attributable to shareholders projected at 279 million yuan, 299 million yuan, and 340 million yuan for the same years [6][8] - The earnings per share (EPS) are forecasted to be 1.67 yuan, 1.79 yuan, and 2.04 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [6][8]