Financial Performance and Strategy - Despite an increase in sales of extended-range fuel tanks, the company experienced a decline in sales revenue [2] - The company maintains stable financial data due to robust operational strategies, refined management, and a strong customer base [3] - The company's revenue recognition model is based on the point in time when the customer gains control of the product, consistent across domestic and overseas operations [5][6] New Energy Business Development - The company has made significant progress in expanding its new energy business, particularly in hybrid vehicle high-pressure fuel systems, which are in a mature growth phase [4] - Lightweight power battery pack shell products are gaining market acceptance, with some projects entering mass production [4] - The company has secured several new project contracts in the thermal management system market [4] - The company is actively seeking acquisitions that align with its strategic direction and offer synergies with its technology, customers, and business [3] Market and Customer Base - The company has a diversified customer base, including breakthroughs with new clients in the new energy sector and consolidation of existing client relationships [3] - The company's global footprint and diverse product portfolio mitigate operational risks and ensure stable market share and performance [10] - The company is closely monitoring market dynamics and customer credit status to strengthen accounts receivable management, maintaining a reasonable collection rate [10] Shareholder Structure and Governance - The company has a balanced shareholder structure and effective governance, with major shareholders providing stable strategic guidance and resource support [5] - The company is committed to enhancing its core competitiveness and achieving high-quality, sustainable development to increase long-term investment value [9] Supply Chain and Operational Management - The company adheres to principles of fairness, transparency, and integrity in supplier management, with no instances of bribery or improper benefits [7] - The company utilizes an information management system to scientifically arrange production plans based on market demand and order status, ensuring efficiency and quality [7] Challenges and Risks - The company acknowledges the impact of macroeconomic conditions, policy changes, and market sentiment on its stock price, which is currently at a historical low [9] - The company is addressing the decline in traditional fuel tank business and the lack of revenue from new energy projects by focusing on core business development and risk management [9][10]

Company Overview - Company profile, product introduction, customer situation, and global distribution were discussed [1] Fuel System Product Value - Fuel tank products are custom-made with prices ranging from hundreds to over a thousand RMB depending on volume, structure, complexity, and number of parts [2] - Hybrid fuel systems have higher unit value than traditional fuel systems due to more complex storage, supply, and vapor management requirements [2] - High-pressure fuel systems typically have 10%-30% higher unit value compared to traditional fuel systems [3] Competitors and Market Position - Main competitors in the hybrid fuel system field include PO, Kautex, TI, and some metal fuel tank suppliers [3] Production Capacity and Utilization - The company follows strategic clients to establish matching fuel system production capacity nearby and adjusts capacity layout dynamically within the group [3] - Current capacity utilization is generally good, with future global capacity optimization planned based on client needs [4] Pricing and Market Trends - Overseas product prices are generally higher than domestic product prices [4] - The global increase in hybrid vehicle sales is expected to boost the company's business revenue due to the higher complexity and value of hybrid fuel systems [4][5]

证券代码：603013 证券简称：亚普股份 公告编号：2024-040 重要内容提示： 会议召开时间：2024 年 11 月 15 日(星期五) 下午 15:00-16:00 会 议 召 开 地 点 ： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动问答 投资者可于 2024 年 11 月 08 日(星期五) 至 11 月 14 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@yapp.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 亚普汽车部件股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 15 日下午 15:00- 16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 亚普汽车部件股份有限公司 关于召开 2024 年第三季度业绩说明会 ...

Revenue and Profit - Revenue for Q3 2024 was CNY 1,821,255,132.22, a decrease of 19.47% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 117,095,391.16, down 24.65% year-on-year[2] - Basic and diluted earnings per share were both CNY 0.23, reflecting a decline of 25.81% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 was CNY 5,673,599,067.45, a decrease of 8.6% compared to CNY 6,211,764,690.10 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was CNY 400,613,206.62, a decrease of 8.2% compared to CNY 436,510,784.65 in 2023[15] - Earnings per share for the first three quarters of 2024 were CNY 0.73, down from CNY 0.80 in the same period of 2023[15] - The company reported a decrease in other comprehensive income, with a net amount of CNY -70,579,621.40 in Q3 2024 compared to CNY 21,482,882.41 in Q3 2023[15] - The total comprehensive income for the first three quarters of 2024 was CNY 330,033,585.22, down from CNY 457,993,667.06 in the same period of 2023[15] Assets and Liabilities - Total assets increased to CNY 6,691,358,196.90, representing a growth of 4.13% from the end of the previous year[4] - As of September 30, 2024, the total current assets amounted to approximately CNY 5.03 billion, an increase of 9.06% from CNY 4.61 billion at the end of 2023[11] - Total liabilities increased to CNY 2,438,249,206.75 in Q3 2024 from CNY 2,264,219,522.04 in Q3 2023, reflecting a growth of 7.7%[14] - Total equity increased to CNY 4,253,108,990.15 in Q3 2024 from CNY 4,162,023,316.75 in Q3 2023, representing a growth of 2.2%[14] - The total liabilities amounted to CNY 1,258,910,881.80, up from CNY 1,209,575,856.54, indicating a growth of 4.1%[20] - The total equity of the company as of the reporting date was CNY 3,715,132,573.60, an increase from CNY 3,696,061,402.04[20] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 751,078,736.98, down 7.08% year-on-year[2] - The total cash inflow from operating activities for the first three quarters of 2024 was approximately ¥5.26 billion, a decrease of about 8.14% compared to ¥5.73 billion in the same period of 2023[16] - The net cash flow from operating activities for the first three quarters of 2024 was approximately ¥751.08 million, down from ¥808.31 million in the same period of 2023, reflecting a decline of about 7.06%[16] - The company's total cash inflow from operating activities was CNY 2,461,494,879.69, compared to CNY 2,869,545,946.19 in the same period last year, a decrease of 14.2%[24] - The net cash flow from financing activities decreased by 32.27% due to reduced cash payments for dividends and loan repayments[8] - The net cash flow from investing activities was -$27,261,110.12, a significant improvement from -$117,909,678.49 in the previous period[25] Expenses - Total operating costs for the first three quarters of 2024 were CNY 5,250,840,383.58, down 8.6% from CNY 5,742,604,523.29 in 2023[14] - Research and development expenses for the first three quarters of 2024 were CNY 200,018,111.82, a decrease of 6.7% compared to CNY 214,302,279.04 in 2023[14] - Sales expenses decreased to CNY 33,318,249.10 in 2024 from CNY 42,781,778.81 in 2023, a reduction of 22.0%[14] - Research and development expenses for the first three quarters of 2024 were CNY 180,731,479.62, a slight decrease from CNY 188,761,244.59 in 2023[22] Investments and Other Financials - The company reported a significant increase in investment income by 273.08% due to higher tax incentives[8] - The company reported a financial income of CNY 6,876,130.55, down from CNY 11,652,093.17 in the previous year, reflecting a decline of 41.0%[22] - The cash outflow for purchasing fixed assets and other long-term assets in the investment activities was approximately ¥107.05 million, compared to ¥101.15 million in the same period of 2023, indicating an increase of about 5.66%[17] Shareholder Information - The company reported no changes in the top ten shareholders or their shareholding status during the reporting period[11] - The company has not disclosed any significant new strategies or product developments in this quarter[11] - The company has not adopted new accounting standards or interpretations for the current fiscal year[25]

证券代码：603013 证券简称：亚普股份 公告编号：2024-038 （1）公司 2024 年第三季度报告的编制和审议程序符合法律、行政法规、《公 司章程》、公司内部管理制度的规定和中国证监会的规定，报告的内容能够真实、 准确、完整地反映公司的实际情况。 （2）公司 2024 年第三季度报告的内容和格式符合中国证监会和上海证券交 易所的各项规定，包含的信息公允、全面、真实地反映了公司本报告期的财务状 况和经营成果等事项，不存在任何虚假记载、误导性陈述或重大遗漏。 亚普汽车部件股份有限公司 第五届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 亚普汽车部件股份有限公司（以下简称公司）于 2024 年 10 月 25 日以电子 邮件方式向公司全体监事发出第五届监事会第十一次会议（以下简称本次会议） 通知及会议材料。本次会议于 2024 年 10 月 30 日以通讯表决方式召开。会议应 参加表决监事 3 名，实际收到 3 名监事的有效表决票。会议由监事会主席尹志锋 先生主持，公司 ...

证券代码：603013 证券简称：亚普股份 公告编号：2024-037 亚普汽车部件股份有限公司 第五届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 亚普汽车部件股份有限公司（以下简称公司）于 2024 年 10 月 25 日以电子 邮件方式向公司全体董事发出第五届董事会第十六次会议（以下简称本次会议） 通知及会议材料。本次会议于 2024 年 10 月 30 日以通讯表决方式召开，会议应 参加表决董事 9 名，实际收到 9 名董事的有效表决票。会议由董事长姜林先生主 持，公司监事、董事会秘书及证券事务代表列席会议。 本次会议的召集、召开和表决符合《公司法》和《公司章程》等有关规定， 程序合法。 公司本次董事会会议所有议案均获得通过，具体表决情况如下： 详见刊登于2024年10月31日上海证券报、中国证券报和上海证券交易所网站 （www.sse.com.cn）的《公司2024年第三季度报告》（公告编号：2024-039）。 二、董事会会议审议情况 1、以9票同意，0票反对， ...

证券代码：603013 证券简称：亚普股份 亚普汽车部件股份有限公司 投资者关系活动记录表 编号：2024-018 | --- | --- | --- | |------------------------|----------------------------|--------------------------------------------| | | | | | 投资者关系活动类别 | √ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | □其他 | | | 参与单位名称 | 中信证券 | | | 时间 | 2024 年 10 月 23 | 日 | | 地点 | 公司会议室 | | | 上市公司接待人员姓名 | 朱磊、崔龙峰、杨琳、尤家康 | | | 投资者关系活动主要内容 | 1 、 | 公司混动燃油系统目前销售及客户情况？ | | 介绍 | | 答：目前，公司已经获得了国内主流客户的插电 | | | | 式混动或增程式混动车型项目。自今年初至现 | | | | 在，公司获得的混动车型 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 17.64 CNY, which corresponds to an 18x dynamic P/E ratio for 2024 [7]. Core Insights - The company is a global leader in plastic fuel tanks for passenger vehicles, with a strong domestic market share and a growing international presence. It has successfully developed and mass-produced hybrid high-pressure fuel tanks and is expanding into new business areas such as thermal management and hydrogen storage systems [1][3][4]. Summary by Sections 1. Global Leader in Plastic Fuel Tanks - The company has over 30 years of experience in the industry and ranks first in domestic market share and third globally. It has established nine overseas production bases and four engineering centers to support its global operations [1][2]. - The company is actively expanding its product offerings to include battery pack housings and thermal management systems for electric vehicles [1][4]. 2. Fuel Tank Business Growth - The traditional fuel tank business is expected to achieve steady growth through product upgrades and international expansion. The global passenger vehicle fuel tank market is projected to maintain a size of approximately 64.1 billion CNY by 2027 [2][25]. - The company has a competitive edge due to its advanced hybrid high-pressure fuel tank technology and a well-established global footprint, which allows for localized support and rapid response [2][3]. 3. Thermal Management Market Expansion - The thermal management market for electric vehicles is expected to grow significantly, with the value of thermal management components per vehicle exceeding 6,000 CNY, which is double that of traditional vehicles. The domestic thermal management market is projected to reach 142 billion CNY by 2027, with a CAGR of 8.4% from 2023 to 2027 [3][4]. - The company is developing new thermal management products and has already secured project approvals for integrated modules, with mass production expected in 2024 [3]. 4. Hydrogen Storage Systems - The hydrogen vehicle market is anticipated to grow rapidly, with the demand for hydrogen storage tanks expected to reach approximately 320,000 units by 2026 and 2.24 million units by 2030, reflecting a CAGR of over 50% from 2022 to 2030 [4][6]. - The company has established partnerships with major commercial vehicle manufacturers and is in the process of certifying key components for its hydrogen storage systems [4][6]. 5. Financial Performance and Forecast - The company has shown stable revenue growth, with projected revenues of 87.2 billion CNY in 2024, 94.8 billion CNY in 2025, and 101.2 billion CNY in 2026, reflecting year-on-year growth rates of 1.6%, 8.7%, and 6.8% respectively [7][20]. - The net profit is expected to be 5.0 billion CNY in 2024, 5.2 billion CNY in 2025, and 5.8 billion CNY in 2026, with corresponding growth rates of 7.3%, 4.4%, and 10.2% [7][20].

证券代码：603013 证券简称：亚普股份 公告编号：2024-036 每股分配比例 A 股每股现金红利 0.05 元 一、 通过分配方案的股东大会届次和日期 亚普汽车部件股份有限公司 2024 年半年度权益分派实施公告 本次利润分配方案经公司 2024 年 9 月 19 日的 2024 年第二次临时股东大会审议通过。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/15 | － | 2024/10/16 | 2024/10/16 | 差异化分红送转： 否 2. 自行发放对象 公司股东国投高科技投资有限公司、华域汽车系统股份有限公司所持股份的现金红利由 公司自行发放。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 ...

Investment Rating - The report upgrades the investment rating to "Buy" [2][4] Core Views - The company, Yapu Co., Ltd., is a leading supplier in the automotive energy storage sector, maintaining a strong market position with a focus on overseas expansion and high dividend potential [3][4] - The growth drivers include an increase in core product prices and ongoing expansion in overseas markets, with a strategic shift towards hybrid fuel systems and new business areas such as battery pack housings and hydrogen storage systems [3][4][39] - The company has a solid track record of cash dividends since its listing, with a cumulative cash dividend of 1.642 billion yuan from 2018 to 2023, and a projected dividend yield of 4.85% for 2024 [3][4][41] Summary by Sections Company Overview - Yapu Co., Ltd. has established itself as a pioneer in the automotive energy storage field, producing China's first plastic fuel tank and maintaining the largest market share domestically and third globally in fuel storage systems [10][15] - The company has a stable revenue scale, with annual revenues exceeding 8 billion yuan and a consistent overseas revenue contribution of around 40% [3][15][21] Growth Drivers - The company benefits from regulatory upgrades that drive up the prices of fuel tanks, with significant advancements in technology such as the YNTF® two-piece blow molding process [25][26] - The rise of hybrid vehicles presents an opportunity for the company to optimize its customer structure and enhance sales, with expectations of significant new product volumes in the coming years [27][28] - The company is actively developing new business lines, including battery pack housings and thermal management systems, to adapt to the evolving automotive market [39][40] Dividend Potential - Yapu Co., Ltd. has maintained a high dividend payout ratio, with an average dividend rate of 61.1% since its IPO, supported by increasing cash reserves and manageable capital expenditures [41][43] - The company’s cash flow situation is robust, with a significant increase in cash reserves from 613 million yuan in 2018 to 2.1 billion yuan in 2024 [43][44] Earnings Forecast and Investment Recommendations - The forecast for operating revenue from 2024 to 2026 is 8.706 billion yuan, 9.235 billion yuan, and 9.704 billion yuan respectively, with corresponding net profits of 542 million yuan, 613 million yuan, and 712 million yuan [4][45] - The current stock price reflects a price-to-earnings ratio of 12.6, 11.2, and 9.6 for the years 2024, 2025, and 2026 respectively, indicating strong investment value [4][45]