湘油泵: 電子油泵系重要新趨勢,公司深度佈局核心客戶

（以下内容从天风国际证券《湘油泵: 電子油泵系重要新趨勢,公司深度佈局核心客戶》研报附件原文摘录）
　　Hunan Oil Pump (603319 CH) 电子油泵系重要新趋势，公司深度布局核心客户 HOP’s potential growth leverages tech leadership, strong key customer ties and rising market demand TP:RMB28.52 BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 国内发动机润滑冷却泵龙头，积极推动新能源化转型 公司是国内发动机润滑冷却泵领域的龙头企业之一，拥有电子油泵、电子水泵、可变排量泵等国内领先、国际先进的核心技术，实现汽车泵类产品全产业链覆盖。据公司23年业绩快报披露的数据，2023年公司实现营业收入 194,090.09 万元，同比增长 19.48%；归属於上市公司股东的净利润 22,574.52 万元，同比增长 33.11%。公司近六年持续加大研发投入，积极拓宽新能源市场，新能源业务增长亮眼。 Chinese engine lubrication and cooling pump leader adds NEV coverage Hunan Oil Pump (HOP) is a Chinese market leader in engine lubrication and cooling pumps. The company covers the full supply chain in automotive pump products and advanced core technology holds the edge in the domestic and global electronic oil and water pump markets, as well as variable displacement pumps. It posted revenue of RMB1.94bn in 2023, up 19.48%; with net profit up 33.11% to RMB225.75m. HOP has increased R&D investments over the past six years to grow its new energy business, which has resulted in strong growth. 可变排量泵业务持续增长，与混动龙头比亚迪合作关系稳固 变排量泵技术节省能耗优势突出，可大幅提升发动机工作效率，是混动汽车动力系统的核心部件之一。公司变排量泵技术上达到国内领先，国际先进水平，已经切入多个海内外衆多客户，与混动领域龙头比亚迪进行合作，有望使可变排量泵产品销量持续增长。比亚迪已凭藉DM-i超级混动技术，实现2023年全年新能源汽车累计销量超302万辆，稳居全球新能源汽车销量第一。看好可变排量泵技术在混动蓝海的增值空间，未来有望长效赋能公司成长。 Hybrid EV leader BYD partnership drives variable displacement pump business Global tech leader: HOP’s variable displacement pump products are core components in the hybrid EV power system and its technology has energy-saving and engine efficiency advantages. Its advanced variable displacement pump technology leads the Chinese and international markets, and won over many customers around the world. BYD: HOP’s collaboration with BYD, the hybrid EV leader, could drive up its variable displacement pump product sales. BYD’s DM-i super hybrid technology is behind its sales of more than 3.02m new energy vehicles (NEV) in 2023, the highest in the world. We anticipate HOP’s variable displacement pump technology will bring value-added growth, catalyzed by the blue ocean market potential of hybrid EVs, and spur the company’s long-term growth. 电子油泵需求高速增长，驱动公司未来长远发展 电驱“三合一”背景下，电子油泵以高能效、集成化、高性价比的优势，逐渐成爲纯电车行业主流热管理选择。公司研制的电动机预供油泵、减速器电子泵等电子油泵产品已实现量产，并收获长安汽车阿维塔系列、东风、一汽、上汽等国内知名客户。公司电子油泵产品具有关键零部件自制、冷却-润滑双功能集成、高效率等优势，并上马扩产项目抢占市场份额，在电驱三合一风口之下，电子油泵未来需求有望持续攀升，将成爲公司业绩新的增长点。 Rapid demand rise for electronic oil pumps drives HOP’s long-term growth Amid a growing market for three-system electric drives, electronic oil pumps have become the mainstream thermal management option for pure EVs. Their advantages include energy efficiency, and integration and cost performance. HOP’s proprietary electronic oil pumps, including pre-oil supply pumps and reducer pumps, have achieved mass production and its well-known Chinese customers include Avatr Technology (backed by Changan Auto, CATL and Huawei), Dongfeng, FAW and SAIC. HOP’s advantages include proprietary key components, dual-function integration of cooling and lubrication, and high efficiency. The company started a production expansion project to help increase market share. We expect the three-system electric drive market will push up demand for electronic oil pumps and become a new profit growth driver for HOP. 投资建议/Investment Ideas 盈利预测与投资建议： 公司在新能源领域业务快速扩张+估值从较低的传统燃油车切换至更强的新能源领域的双重逻辑下有望迎来戴维斯双击。公司与比亚迪等龙头车企的合作也有望爲公司打开混动市场空间，与阿维塔等纯电车品牌绑定将进一步打开公司电子泵业务增长新曲线。我们预测23/24/25年公司归母净利润分别爲2.26/2.57/3.10亿元，给予湘油泵2024年23X PE，目标价格28.52元，维持“买入”评级。 Valuation and risks Summary: we believe the Davis double-growth effect will drive dual catalysts of a rapid NEV business expansion and the valuation premium of switching from the ICE cars to NEVs. Meanwhile, HOP’s partnerships with auto leaders like BYD expand its hybrid EV business potential, while ties with pure EV brands such as Avatr support further growth of its electronic pump business. Valuation: we forecast net profit of RMB226m/257m/310m in 2023/24/25E. We assign to HOP a 23x PE in 2024E, with our target price at RMB28.52. We maintain our BUY rating on the stock. 风险提示：技术应用进度不及预期；市场竞争加剧；新能源汽车行业复甦不及预期；原辅材料价格波动风险；可转债募集项目建设不及预期；23年业绩快报是初步测算结果，具体财务数据以公司披露年报爲准。 Risks include: slower-than-expected tech application progress; intensifying competition; slower-than-expected recovery of the NEV market; price fluctuations in raw and auxiliary materials; and weaker-than-expected fundraising of the convertible bond project. Note: the 2023 performance report details preliminary estimates and is subject to actual data in the company’s release of its final 2023 results report. 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