公司Q2 营收同比+29.8%，其中家用屏蔽泵实现收入约3.9 亿元，同比+64%，主要受益于1）欧洲热泵景气度持续，根据德国热泵协会BWP 数据，2023Q1 德国热泵安装量同比增长122%；2）受益于产业升级机遇，公司节能泵持续放量，且均价高于普通泵；3）有效开拓俄罗斯等新市场、新客户。农业泵受益于国内疫后经济弱复苏+高温干旱天气催化，实现收入3.05 亿元，同比+11%。工业泵方面，公司持续打造中高端工业屏蔽泵品牌定位，持续深化与头部企业的合作，实现营收约1.3 亿元，同可比口径下同比+47%。液冷泵方面，公司不断加强在储能、数据中心等领域新品研发力度，加速市场落地，实现营收约0.3 亿元，同可比口径下同比提升80%以上。Incident review:
On August 27, 2023, the company released its semi-annual report: 2023H1. The company achieved revenue of 904 million yuan, +33.7% year-on-year, achieved net profit of 167 million yuan, an increase of 68.3% over the previous year; realized net profit of 162 million yuan deducted from non-attributable income, an increase of 70.8% over the previous year. In 23Q2, the company achieved revenue of 542 million yuan, +29.8% year on year, achieved net profit of 109 million yuan, an increase of 46.8% year on year; achieved net profit of 104 million yuan after deducting non-return net profit of 104 million yuan, an increase of 47.0% year on year.
Downstream prosperity continues, and revenue continues to grow rapidly:
The company's Q2 revenue was +29.8%, of which household shielded pumps achieved revenue of about 390 million yuan, +64% year-on-year, mainly due to 1) the continued boom in European heat pumps. According to BWP data from the German Heat Pump Association, 2023Q1 German heat pump installations increased 122% year-on-year; 2) Benefiting from industrial upgrading opportunities, the company's energy-saving pumps continued to be released, and the average price was higher than that of ordinary pumps; 3) Effectively developing new markets and customers such as Russia. The agricultural pump benefited from the weak recovery of the domestic economy after the epidemic+catalysis of high temperatures and dry weather, and achieved revenue of 305 million yuan, +11% over the same period last year. In terms of industrial pumps, the company continues to establish a high-end industrial shielded pump brand position, continues to deepen cooperation with leading companies, and achieved revenue of about 130 million yuan, +47% compared to the same caliber. In terms of liquid cooling pumps, the company has continuously strengthened research and development efforts for new products in the fields of energy storage, data centers, etc., to accelerate market implementation, and achieve revenue of about 0.3 billion yuan, an increase of more than 80% over the same period last year.
The product structure continues to be upgraded, and profitability continues to be restored:
The company's Q2 gross profit margin was 33.2%, +4.4 pct year on year, and profitability continued to recover. We believe it mainly benefited from factors such as 1) the continuous upgrading of the product structure, 2) the decline in raw material prices compared to the same period, and 3) the impact of the RMB exchange rate in Q2, which brought considerable exchange earnings. On the cost side, 23Q2, the company's cost rate for the period was +2.3 pct, of which the sales/management/R&D/financial expense ratio was 4.5%/5.2%/3.7%/-2.9%, respectively, and +1.3/0.4/0.6/0.1 pct, respectively. The increase in the sales cost rate was mainly due to the company developing commercial pumps, liquid cooling pumps, etc., and increased cost investment. Under comprehensive influence, the company achieved a net return interest rate of 19.7% in Q2, +2.3 pct over the previous year, and profitability continued to recover.
Investment advice:
The company's main business, such as household shielded pumps and agricultural pumps, continues to gain strength, and new tracks such as commercial pumps and liquid-cooled pumps continue to gain strength. The company's revenue for 2023-2025 is expected to be 20.5/24.6/2.91 billion yuan, up 22%/20%/18% year on year; return net profit is 3.7/44/53 billion yuan, up 42%/19%/19%, corresponding to the current PE 11/19/8 times, maintaining the “recommended” rating.
Risk warning:
Downstream demand falls short of expectations; new business development falls short of expectations; raw material prices fluctuate
