大元泵业（603757）：公司动态研究报告：赛道景气度持续兑现，技术壁垒筑牢长期价值

Investment Rating - The report maintains a "Buy" investment rating for Dayuan Pump Industry (603757.SH) [2] Core Insights - The company is positioned in high-growth sectors such as liquid cooling, commercial pumps, and heat pumps, aligning with the "dual carbon" goals and emerging industries like energy storage and new energy vehicles. New business segments have achieved significant growth, effectively offsetting fluctuations in traditional business areas [5] - Continuous high R&D investment strengthens the company's technological advantages, with a focus on high-end and customized products. The company has accelerated the import substitution process, increasing its market share in high-end sectors such as chemicals, nuclear power, and semiconductors [6] - The company is expanding its global footprint with new subsidiaries in Southeast Asia, enhancing its manufacturing and sales network. It maintains a high cash dividend policy, with cumulative dividends exceeding the total amount raised during its IPO, thereby boosting investor confidence [7][8] Financial Forecast - The company is projected to achieve revenues of 2.16 billion, 2.46 billion, and 2.87 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.28, 1.45, and 1.72 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 37.0, 32.7, and 27.4 times [9][11]