Core Viewpoint - Company has made significant progress in overseas expansion and is venturing into new sectors such as aerospace and robotics, establishing itself as a leader in the fuel tank industry [1] Group 1: Company Overview - Company has established 27 production bases and 7 engineering technology centers across 11 countries on 4 continents [1] - Major clients include over 60 brands such as Volkswagen, Audi, General Motors, Stellantis, Ford, Mercedes-Benz, Nissan, Toyota, Chery, Changan, and SAIC [1] Group 2: Financial Performance - In 2024, the company's fuel tank revenue is projected to be 7.52 billion yuan, accounting for 93.1% of total revenue [1] - The company is experiencing significant growth in overseas revenue, driven by the mature domestic fuel system market and the booming hybrid vehicle sector [1] Group 3: Strategic Initiatives - Company is accelerating the promotion of hybrid high-pressure fuel systems, battery pack housings, and hydrogen storage systems for fuel cells [1] - The acquisition of global leader Winshang Technology is aimed at expanding into aerospace and robotics sectors [1] - Company is expected to maintain steady growth in performance while actively pursuing investment and mergers in emerging sectors [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first investment recommendation [1]. Core Insights - The company, a global leader in fuel systems, is actively transitioning towards new energy sectors, including aerospace and robotics, with significant overseas expansion [4][11]. - The company is the third largest global manufacturer of fuel systems and has established a strong presence with 27 production bases and 7 engineering centers across 11 countries [4][10]. - The revenue forecast for the company shows a steady growth trajectory, with expected revenues of 90.7 billion, 100.0 billion, and 108.2 billion yuan for 2025, 2026, and 2027 respectively [13]. Summary by Sections Company Overview - Established in 1988, the company specializes in automotive energy storage and thermal management systems, holding a leading position in the domestic market and ranking third globally in fuel systems [4]. - Major clients include over 60 brands such as Volkswagen, Ford, and Toyota, with fuel tank revenue projected to be 75.2 billion yuan in 2024, accounting for 93.1% of total revenue [4]. Product Development - The company is advancing in hybrid high-pressure fuel systems, with orders for these systems surpassing traditional fuel systems for the first time in 2024 [4]. - Development of automotive thermal management systems and battery pack housings is ongoing, with successful trials and new project acquisitions [5]. - The company is also focusing on fuel cell hydrogen storage systems, achieving significant advancements in product certification and market readiness [6][7]. Market Performance - The company’s performance is bolstered by the rising sales of hybrid vehicles, with PHEV sales expected to reach 3.697 million units in 2025, a year-on-year increase of 8.8% [8]. - The export of passenger vehicles is projected to grow significantly, providing structural growth opportunities for the company’s fuel systems business [8]. International Expansion - The company has a well-established overseas production capacity, with significant growth in revenue from international markets, which accounted for 42.6% of total revenue in the first half of 2025 [10]. - The company’s overseas subsidiaries have shown double-digit growth in supply performance, particularly in North America [10]. Acquisition and New Ventures - The acquisition of Winshang Technology, a leader in rotary transformers, for 5.78 billion yuan, aims to expand into aerospace and robotics sectors [11]. - Winshang Technology is recognized for its high-precision rotary transformers, with a projected market growth rate of 15.3% from 2025 to 2031 [11]. Financial Projections - Revenue and net profit forecasts indicate a positive growth outlook, with net profits expected to reach 5.8 billion, 6.5 billion, and 7.2 billion yuan from 2025 to 2027 [13]. - The company maintains a stable gross margin, with slight fluctuations projected over the coming years [9].

Core Viewpoint - The company is actively expanding its customer base and market in the fuel cell hydrogen storage system sector while focusing on the research and development of large-volume IV-type hydrogen storage bottles and elongated IV-type hydrogen storage bottles [2] Group 1: Product Development - The company has mastered various manufacturing processes for gas cylinder liners, including blow molding and injection molding welding, achieving industry-leading product performance [2] - The company has developed and certified 35MPa and 70MPa valve products, including bottle mouth valves, pressure reducing valves, and hydrogen filling valves, with some products already in small-scale market release [2] - The 70MPa bottle mouth valve is the first product in China certified according to the new national standard, addressing critical technical challenges and breaking industry monopolies [2] Group 2: Regulatory Milestones - The company has obtained the Special Equipment Manufacturing License (pressure vessel manufacturing, B3 level) issued by the State Administration for Market Regulation, marking its entry into the strictly regulated special equipment manufacturing sector [2] - This achievement represents a significant step towards the company's transformation into strategic emerging industries such as hydrogen energy [2]

证券日报网1月9日讯，亚普股份（603013）在接受调研者提问时表示，公司收购赢双科技旨在通过产业 资源整合，进一步强化公司在新能源汽车关键零部件领域的布局，助力公司业务转型，同时依托标的公 司和公司在技术、客户资源、生产布局上的互补，助力相关产品国际化业务拓展。 ...

Group 1 - The core point of the news is that Yapu Co., Ltd. experienced a stock price increase of 5.08%, reaching 25.22 CNY per share, with a total market capitalization of 12.928 billion CNY [1] - Yapu Co., Ltd. specializes in the research, development, manufacturing, sales, and service of energy storage systems and thermal management systems, with its main business revenue composition being 94.27% from fuel tanks, 4.03% from materials, aftermarket parts, and tooling sales, and 1.70% from fuel pipes and urea tanks [1] Group 2 - According to data, a fund under Bank of China holds a significant position in Yapu Co., Ltd., with 253,400 shares, accounting for 2.59% of the fund's net value, making it the eighth largest holding [2] - The fund, Zhongyin Zhongzheng Central Enterprise Dividend 50 Index A (020251), has a total scale of 49.5865 million CNY and has achieved a year-to-date return of 0.78% [2] - The fund's performance over the past year shows a return of 12.99%, ranking 3732 out of 4198 in its category [2]

Group 1 - The SW auto parts index increased by 2.91% this week, ranking first in the SW automotive sector, with a year-to-date increase of 42.58% since the beginning of 2025 [2][3] - The latest trading day PE (TTM) for the SW auto parts index is at the 79.44% historical percentile, while the PB (LF) is at the 75.50% historical percentile [3] - The robot index rose by 3.73% this week, with a year-to-date increase of 62.08% since the beginning of 2025, outperforming the SW auto parts index by 0.83% [2][3] Group 2 - Key companies' weekly changes include Silver Wheel Co., which invested 380 million yuan in Sichuan Silver Wheel for capacity construction of water-cooled plates and front-end modules, expected to reach production capacity by 2029 [3] - Huada Technology announced a mid-term dividend plan for 2025, proposing a cash dividend of 0.15 yuan per share (tax included), totaling 70.46 million yuan [3] - Fuda Co. completed the transfer of 25% equity in Guilin Fuda Alfin for 48 million yuan [3] Group 3 - The top five companies by weekly increase are Xinquan Co. (+14.05%), Beite Technology (+11.64%), Top Group (+8.26%), Daimai Co. (+8.01%), and New Coordinates (+7.97%) [4] - Investment recommendations for auto parts focus on product-oriented companies and those entering high-value sectors, prioritizing potential leaders with production capacity in Europe, North America, and Southeast Asia [4] - For the robotics sector, the focus is on certainty opportunities, with the Optimus V3 expected to launch in Q1 2026, and attention on domestic applications from companies like Xiaopeng, Yushu, and Zhiyuan [4]

格隆汇1月4日丨亚普股份(603013.SH)公布，截至2025年12月末，公司已累计回购股份437.97万股，占公 司总股本的比例为 0.85%，购买的最高价为23.93元/股、最低价为16.48元/股，已支付的总金额为 100,015,473.00元(不含交易费用)。 ...

一、回购股份的基本情况 证券代码：603013 证券简称：亚普股份 公告编号：2025-086 亚普汽车部件股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/17，由董事长提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 29 4 | 日~2026 | 年 | 月 | 28 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | √减少注册资本 | | | | | | 回购用途 | □用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 437.97万股 | | | | | | 累计已回购股数占总股本比例 | 0.85% | | | | | | 累计已回购金额 ...

Group 1 - Company obtained the Special Equipment Manufacturing License (Pressure Vessel Manufacturing, B3 level) from the State Administration for Market Regulation, marking a significant step towards transitioning into strategic emerging industries such as hydrogen energy [1][2] - The approval process for the Special Equipment Manufacturing License is stringent, requiring high standards in quality management systems, process control capabilities, and safety compliance [1] - The company has developed a hydrogen storage bottle that successfully passed all type tests conducted by the China Special Equipment Inspection and Research Institute, validating the product's safety and technological maturity [1] Group 2 - The acquisition of the license enables the company to enter the hydrogen energy storage and transportation equipment market, demonstrating its proactive layout and strong capabilities in the context of the national "dual carbon" strategy [2] - With the intensification of hydrogen energy industry policies, companies with B3-level manufacturing qualifications will gain a first-mover advantage in the high-end pressure vessel sector [2] - The company plans to continue driving transformation and upgrading through innovation, aiming to integrate into the national energy transformation landscape and create long-term value for shareholders while contributing to the high-quality development of China's hydrogen energy industry chain [2]

亚普汽车部件股份有限公司 第五届董事会第三十一次会议决议公告 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。 证券代码：603013 证券简称：亚普股份 公告编号：2025-085 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 2025 年 12 月 24 日以电子 邮件方式向公司全体董事发出第五届董事会第三十一次会议（以下简称本次会议） 通知及会议材料。本次会议于 2025 年 12 月 29 日以通讯表决方式召开，会议应 参加表决董事 11 名，实际收到 11 名董事的有效表决票，会议由董事长丁后稳先 生主持，公司董事会秘书、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。 二、董事会会议审议情况 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： 2、以10票同意，0票反对，0票弃权，1票回避（赵政先生为本议案之关联 董事），审议并通过了《关于公司高级管理人员业绩考核和薪酬事项的议案》。 依据公司相关规定，同意公司高级管理人员年度业绩考核和 ...