國內發動機潤滑冷卻泵龍頭，積極推動新能源化轉型
公司是國內發動機潤滑冷卻泵領域的龍頭企業之一，擁有電子油泵、電子水泵、可變排量泵等國內領先、國際先進的核心技術，實現汽車泵類產品全產業鏈覆蓋。據公司23年業績快報披露的數據，2023年公司實現營業收入 194,090.09 萬元，同比增長 19.48%；歸屬於上市公司股東的淨利潤 22,574.52 萬元，同比增長 33.11%。公司近六年持續加大研發投入，積極拓寬新能源市場，新能源業務增長亮眼。
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.
可變排量泵業務持續增長，與混動龍頭比亞迪合作關係穩固
變排量泵技術節省能耗優勢突出，可大幅提升發動機工作效率，是混動汽車動力系統的核心部件之一。公司變排量泵技術上達到國內領先，國際先進水平，已經切入多個海內外衆多客戶，與混動領域龍頭比亞迪進行合作，有望使可變排量泵產品銷量持續增長。比亞迪已憑藉DM-i超級混動技術，實現2023年全年新能源汽車累計銷量超302萬輛，穩居全球新能源汽車銷量第一。看好可變排量泵技術在混動藍海的增值空間，未來有望長效賦能公司成長。
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.
電子油泵需求高速增長，驅動公司未來長遠發展
電驅“三合一”背景下，電子油泵以高能效、集成化、高性價比的優勢，逐漸成爲純電車行業主流熱管理選擇。公司研製的電動機預供油泵、減速器電子泵等電子油泵產品已實現量產，並收穫長安汽車阿維塔系列、東風、一汽、上汽等國內知名客戶。公司電子油泵產品具有關鍵零部件自制、冷卻-潤滑雙功能集成、高效率等優勢，並上馬擴產項目搶佔市場份額，在電驅三合一風口之下，電子油泵未來需求有望持續攀升，將成爲公司業績新的增長點。
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.
