湘油泵: 乘用车业务实现逆势增长,混动业务成长空间广阔

（以下内容从天风证券《湘油泵: 乘用车业务实现逆势增长,混动业务成长空间广阔》研报附件原文摘录）
　　Hunan Oil Pump (603319 CH) 乘用车业务实现逆势增长，混动业务成长空间广阔 Passenger cars business bypassed C19 onslaught on auto supply markets in H1; hybrid EVs add growth potential TP: RMB46.58 BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：2022年8月30日，公司发布了2022年半年度报告。2022年上半年，公司实现营业收入7.45亿元，同比下降13.14%，实现归母净利润0.48亿元，同比下降49.22%；归属于上市公司股东的扣除非经常性损益的净利润0.41亿元，同比下降53.77%；毛利率为22.8%，同比下降5.57pct，环比提升1.37pct。 点评：看好新能源和自动化浪潮下，公司在发动机泵类产品、变速箱泵类、电子泵类、真空泵、电机等产品的核心竞争力，电子泵和可变排量泵为公司发展的重要增长点。 22H1 net profit down 49% yoy on C19; post-pandemic prospects look good Hunan Oil Pump (HOP) released 22H1 earnings results recently, with revenue at RMB745m, down 13.14% yoy. Net profit for the half-year arrived at RMB48m, down 49.22% yoy, while ex-nonrecurring net profit came to RMB41m, down 53.77% yoy. H1 gross margin was 22.8%, down 5.57ppt yoy but up 1.37ppt hoh. We continue to like HOP’s growth prospects amid the rise of application markets like new energy and automation. Its competitive products include engine, gearbox, electronic, vacuum, motor and other types of pumps; and we see electronic and variable displacement pumps (VDP) as its major growth drivers. 疫情冲击汽车行业产业链，公司乘用车市场呈现逆势增长。上半年，公司实现营业收入7.45亿元，同比下降13.14%，归属于母公司净利润同比下降49.22%。第二季度公司实现营业收入3.46亿元，同比下降19.2%，环比下降13.15%，实现归母净利润0.16亿元，同比下降66.02%，环比下降47.56%。公司主营业务中，应用于商用车的柴油机机油泵业务占比较大，又因为商用车行业市场规模小于乘用车行业，因此公司在商用车行业市场占比相对较大，柴油机机油泵业务的经营情况与商用车行业整体情况有较强相关性。2022年上半年，吉林、上海等地区新冠疫情加重，对我国汽车产业链造成严重冲击，因此公司商用车市场下滑较大，而随着疫情缓解，商用车行业市场恢复，柴油机机油泵业务有望恢复增长。在乘用车方面，公司在汽油机机油泵销售收入同比实现逆势增长，我们认为主要是由于公司在乘用车机油泵类产品领域取得突破，弥补了下游供应链冲击。 Commercial vehicles business badly dented; passenger cars bucked the trend HOP generated RMB745m revenue in H1, down 13.14% yoy, while net profit fell 49.22% yoy. Q2 revenue was RMB346m, down 19.2% yoy and down 13.15% qoq; net profit was RMB16m, down 66.02% yoy and down 47.56% qoq. Diesel engine oil pumps, which are used in commercial vehicles, account for a large share of HOP’s business. As commercial vehicles are a smaller market than passenger cars, this gives HOP a relatively large share of the commercial vehicle industry. Diesel engine oil pump operational trends correlate strongly with those of the overall commercial vehicle market. The automotive supply chain was seriously impacted by Covid-19 controls in Jilin, Shanghai and other regions in H1 and HOP’s commercial vehicle business had a sharp decline. As pandemic effects ease and commercial vehicles recover, we expect the diesel engine oil pump business to resume growth. The relatively unscathed passenger car market led HOP to achieve yoy sales growth in gasoline engine oil pumps. We attribute this to HOP’s product breakthrough in this category, which mitigated the downstream market impact. 持续推进新能源领域市场拓展，电子泵获得比亚迪和松芝定点。新能源和自动化浪潮下，公司为实现“电动化、新能源化”的战略目标，加大电子泵类产品的开发应用，产品范围涵盖汽车电子水泵及电子油泵两大品类，在上半年取得比亚迪和松芝定点。1）电子水泵：公司于2022年6月获得柳州松芝汽车空调有限公司热管理系统之电子水泵项目定点，预计于2022年10月开始量产。松芝是国内汽车热管理相关产品的领导企业之一，具备优质客户资源优势，需求较大且稳定；2）电子油泵：公司于2022年4月获得比亚迪新产品定点，为比亚迪纯电动车配套电子油泵产品，预计于2022年9月量产，下游比亚迪需求旺盛。2022年上半年，比亚迪销售638157辆新能源汽车，同比增长324.84%，超越特斯拉成为全球新能源汽车销冠。 BYD and SONGZ designated supplier; NEVs drive electronic pump business In line with the rising new energy and automation markets and HOP’s electrification and new energy strategic focus, it is driving electronic pump product development and applications. HOP’s two major product categories are automotive electronic water pumps and electronic oil pumps, and it is the designated supplier for BYD and SONGZ as of H1. ·Electronic water pumps: in June 2022, the company won a project with SONGZ Automobile Air Conditioning to supply electronic water pumps for thermal management systems. Mass production is slated to begin in October 2022. SONGZ is one of the leading companies in China’s automotive thermal management product market. It has quality customer resources and enjoys large and stable demand. ·Electronic oil pumps: HOP was designated to supply to BYD’s new products in April 2022 and its electronic oil pumps will be deployed in BYD’s pure EVs. Mass production is slated to roll out in September 2022 and the prospects are good in view of BYD’s strong downstream demand. BYD sold 638,157 NEVs in 22H1, a yoy increase of 324.84%, overtaking Tesla as the NEV global market leader. 可变排量泵技术领先，开拓未来混动汽车蓝海。公司以“节能化、集成模块化”的丰富生产经验和优秀技术工艺，实现可变排量泵技术在发动机变排量泵和定量泵上的规模化应用。传统燃油车和混动车采用的可变排量泵技术相同，公司可凭借领先的可变排量泵技术，实现从传统燃油车到混动车优势的无缝切换。目前，混动车领域龙头企业比亚迪为公司客户，且公司今年新取得理想汽车全可变排量机油泵产品定点，理想计划在2025年实现20%中国智能电动车市场份额的目标，为公司带来较大的潜在市场空间。 VDP tech edge provides entryway to blue ocean potential of hybrid EVs HOP’s production experience and tech prowess drives an integrated modularization business model and enables energy savings. This has helped the company achieve large-scale application of its VDP technology in engine VDP and quantitative pumps. The same VDP tech is used in both internal combustion engines (ICE) and hybrid EVs. Its market-leading VDP technology has the advantage of switching seamlessly from ICE to hybrid EV. Its customers include hybrid leader BYD as well as Li Auto, to which it will supply full-range oil VDPs this year. Li Auto targets a 20% share of China’s smart EV market by 2025E, indicating large market potential for HOP. 投资建议/Investment Ideas 投资建议：因受上半年疫情对汽车供应链的不利影响，将公司2022-2024年归母净利润预测由此前的2.50/3.27/4.26亿元下调至2.03/3.26/4.25亿元，维持“买入”评级。 Forecast and risks Due to the adverse impact of the pandemic on the automotive supply chain in 22H1, we downgrade our net profit forecast to RMB203m/326m/425m (previously RMB250m/327m/426m) in 2022/23/24E. We maintain our BUY rating. 风险提示：新能源车渗透率不及预期、产能扩张不及预期、下游客户渗透不及预期 Risks include: less NEV penetration than expected; below-expectation capacity expansion; and less downstream customer penetration than expected. 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