GLONGHUI August 4 | Cinda Securities Research Report pointed out that Dayuan Pump (603757.SH) had impressive Q2 revenue growth, and all sectors achieved steady growth. According to estimates, net profit of 104 million yuan after deduction of non-return parents is expected in the second quarter, +46.95% over the same period, reflecting strong growth strength. In the household shielding pump sector, domestic wall-mounted furnaces and coal-to-electricity projects recovered significantly from a low base in 2022. At the same time, significant progress was made in developing new markets, contributing well to both the company's revenue and profit. Looking ahead, the company believes that in terms of household energy-saving pumps, downstream application scenarios continue to expand. At the same time, the share of the company's products in industrial demand is still low, and there is still plenty of room for improvement in the future. In terms of civilian pumps, the recovery rate is expected to continue to increase in the second half of the year, while commercial pumps and new energy liquid cooling pump products and projects continue to advance, and the overall development trend is quite clear. The bank estimates that the company's operating income for 23-25 years will be 21.08/2624/3.24,32.47 billion yuan respectively, +25.6%/+24.5%/+23.7%, respectively; net profit of the return mother is 3.49/4.51/586 billion yuan, +34.0%/+30.0%, respectively, corresponding to PE of 12.82/9.93/7.64 times. Maintain a “buy” rating.