公司报告 | 半年报点评 大元泵业（603757） 证券研究报告 家用板块修复，液冷泵放量在即 事件： 2025 年 8 月 25 日，大元泵业发布半年报。2025H1 公司实现营业收入 9.6 亿元，同比+14.6%，归母净利润 1.0 亿元，同比-28.0%，扣非归母净利润 0.9 亿元，同比-10.7%。2025Q2 公司实现营业收入 5.8 亿元，同比+3.5%， 归母净利润 0.6 亿元，同比-37.9%，扣非归母净利润 0.6 亿元，同比-12.3%。 2025 年半年度拟每 10 股派发现金红利 5 元（含税），分红比例 81.7%。 点评： 各板块发展向好，新业务开始起量。1）上半年农泵主要产品实现收入约 3.4 亿元，同比增长约 17.6%；2）家用屏蔽泵实现收入约 3.6 亿元，同比增 长约 5.8%，以外销为主的节能泵产品实现销售收入接近 1.5 亿元，同比增 长超过 20%；热泵相关产品实现销售收入约 0.43 亿元，同比增长约 55%， 欧洲热泵市场经过 2024 年的深度调整后需求开始出现复苏迹象；3）工业 泵实现收入共计约 1.8 亿元，同比增长超过 20%；4）商泵同比增长超过 ...

每经记者｜黄海 每经编辑｜魏官红 8月25日晚间，因"液冷服务器"概念近日录得6连板的"牛股"大元泵业（603757.SH，股价54.63元，市值 90亿元）披露2025年半年度报告。 报告期内，公司实现营收9.65亿元，同比增加14.55%；实现归母净利润1.01亿元，同比减少27.99%；扣 非净利润9300.93万元，同比减少10.67%。 对于净利润下滑，大元泵业解释称，主要原因是上年同期处置温岭市泽国镇丹崖工业区的厂房产生资产 处置收益金额较大，而本期没有。对于扣非净利润的减少，公司则解释称，主要原因是温岭市新厂房刚 转固首年，固定资产折旧费用及可转债利息费用较上年同期明显增加。《每日经济新闻》记者注意到， 当期大元泵业新增折旧3287.94万元，较上年同期增加近千万元。 此外，大元泵业称，公司产品在报告期内快速实现了在比特大陆矿机算力液冷项目上的突破，实现了新 场景的从0到1。在数据中心算力业务方面，上半年公司已与英维克、维谛技术、同飞股份、曙光数创、 中兴通讯、中航光电等下游客户共同推进屏蔽式液冷方案的迭代与创新。 民用系列产品仍是营收主力 在新能源、数据中心液冷等项目吸引外界关注的另一面，传统 ...

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].