深度报告：家用水泵龙头，业绩稳健增长可期

投资要点 一、二十余年风雨兼程，铸就家用水泵龙头.................................................................................4 1.家用水泵龙头企业，产品远销欧美等国际市场............................................................................................42.以家用水泵为核心，产品品类丰富..............................................................................................................63.24年业绩高速增长，盈利能力较强...........................................................................................................7 二、全球水泵市场稳健增长，中国逐渐承接全球产能...................................................................9 1.泵：输送流体介质的常用装置，于多经济领域广泛应用.............................................................................92.行业格局：全球泵业呈现高度集聚特点，产业向国内转移.......................................................................113.家用水泵消费相对刚性，全球潜水泵和花园泵市场稳健增长....................................................................13 1.坚持技术领先理念，持续保持研发投入....................................................................................................142.合作欧美知名厂商，公司客户结构稳定....................................................................................................153.构建产业链一体化，发挥各环节协同效应.................................................................................................174.持续关注产业链整合机会，打造第二成长曲线..........................................................................................17 五、风险提示.............................................................................................................................22 ...............................................................................................................................................4........................................................................................................................................4...................................................................................................................................................6..........................................................................................................................7..................................................................................................................................7..............................................................................................................................7..............................................................................................................8..........................................................................................8....................................................................................................................................8.................................................................................................................................................8...........................................................................................................................................9.................................................................................................................................................9..................................................................................................................................................10...............................................................................................................................................10...........................................................................................................................................10....................................................................................................................................13..............................................................................................................................13.................................................................................................................................13 ..............................................................................................................................14.................................................................................................................................14........................................................................................................15.....................................................................................................................................15................................................................................................................................17...........................................................................................................................................19 ................................................................................................................................5.............................................................................................................................................11............................................................