证券研究报告 | 2025年08月29日 大元泵业（603757.SH） 优于大市 2025 年中报点评：主业收入修复，液冷等新业务持续成长 营收平稳增长，盈利有所承压。公司 2025H1 实现营收 9.6 亿/+14.6%，归母 净利润 1.0 亿/-28.0%，扣非归母净利润 0.9 亿/-10.7%。其中 Q2 收入 5.8 亿/+3.5%，归母净利润 0.6 亿/-37.9%，扣非归母净利润 0.6 亿/-12.3%。Q2 公司营收在高基数下增长平稳，受去年 Q2 厂房处置收益导致的基数压力影 响，叠加新厂房首年转固产生的折旧费用增加，公司 Q2 利润降幅有所扩大。 家用屏蔽泵收入恢复，热泵配套及节能泵迎反弹。H1 公司家用屏蔽泵收入同 比增长 5.8%至 3.6 亿，其中内销略下滑，外销在去库后需求迎来修复。外销 结构持续改善，外销为主的节能泵产品收入同比增长超 20%至约 1.5 亿；热 泵配套产品收入同比增长 55%至约 0.43 亿。随着海外热泵去库存进入尾声， 预计公司屏蔽泵外销有望实现持续较快增长，并改善公司的盈利能力。 农泵需求复苏，商泵、工业泵延续较快增长。H1 公司积极发力，农泵收入 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and cash flow, driven by strategic partnerships and product innovation in the pump industry, while also exploring new growth avenues through acquisitions in the capacitor film sector [1][2][3][4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 425 million yuan, representing a year-on-year increase of 10.95% - The net cash flow from operating activities reached 71.97 million yuan, showing a substantial year-on-year growth of 218.11% - Domestic revenue saw a remarkable increase of 247.26%, attributed to collaborations with strategic platform clients [1][2] Operational Strategy - The company has implemented a large-scale order acquisition strategy, effectively distributing fixed costs and enhancing production efficiency - The focus on "order acquisition" as a core operational metric has led to improved cost control and operational effectiveness [2] - The product matrix has shown differentiated growth, particularly in energy-saving pumps, which have maintained high gross margins while expanding revenue [2] Strategic Expansion - The company is actively pursuing external growth opportunities, including a strategic acquisition in the capacitor film industry to create a second growth curve - The acquisition aims to enhance the quality and performance of existing pump products while opening a new business growth avenue in capacitor films [3][4] - The capacitor film is crucial for pump motor performance, and controlling this upstream component is expected to strengthen the company's competitive edge [3][4]

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 ...