证券代码：603013 证券简称：亚普股份 公告编号：2025-033 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 预计回购金额 10,000万元~20,000万元 √减少注册资本 □用于员工持股计划或股权激励 回购用途 □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 0股 累计已回购股数占总股本比例 0% 累计已回购金额 0元 实际回购价格区间 0元/股~0元/股 一、 回购股份的基本情况 亚普汽车部件股份有限公司（以下简称公司）于 2025 年 4 月 16 日召开第五 届董事会第二十次会议，于 2025 年 4 月 29 日召开 2024 年年度股东大会，审议通 过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金 通过集中竞价交易方式回购公司股份。本次回购股份用于注销并减少注册资本， 回购金额不低于人民币 1 亿元（含）且不超过人民币 2 亿元（含），回购股份的价 格不超过 24.36 元/股，实施期限为自公司股东大会审议通过回购方案之日起 12 个 月内。 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， ...

二、回购股份的进展情况 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 | 年 月 2025 4 | 4 | 月 | 29 | 日~2026 | 年 | 日 28 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | | 回购用途 | √减少注册资本 □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 | 0股 | | | | | | | | 累计已回购股数占总股本比例 | 0% | | | | | | | | 累计已回购金额 | 0元 | | | | | | | | 实际回购价格区间 | 0元/股~0元/股 | | | | | | | 一、回购股份的基本情 ...

Core Viewpoint - The company Yapu Co., Ltd. is accelerating its industrial transformation by acquiring approximately 54.50% of Shanghai Yingshuang Electric Technology Co., Ltd. for about 578 million yuan, aiming to enhance its strategic layout in key automotive components [1][4][10] Group 1: Acquisition Details - The acquisition price represents a significant premium, with Yingshuang Technology valued at approximately 1.205 billion yuan, reflecting an increase of 139.62% [2][10] - Yingshuang Technology is a high-tech enterprise specializing in the research and production of rotary transformers and special motor products, which are critical components in electric vehicle drive systems [4][10] - The acquisition is intended to leverage synergies between Yapu and Yingshuang, enhancing both companies' technological capabilities and market reach [5][11] Group 2: Financial Performance - Yapu has faced growth bottlenecks, with annual revenues stabilizing around 8 billion yuan and net profits around 500 million yuan from 2020 to 2024 [2][9] - As of March 2023, Yapu's debt-to-asset ratio was 33.63%, indicating a relatively healthy financial position [3] - In the first quarter of 2024, Yapu reported revenues of 1.975 billion yuan and net profits of 129 million yuan, showing year-on-year growth of 6.23% and 0.90% respectively [9] Group 3: Strategic Importance - The acquisition aligns with Yapu's strategic goal of enhancing its core competitiveness in the automotive parts sector, particularly in the context of increasing domestic competition and technological challenges [4][5][10] - Yingshuang's technology addresses critical sensor technology gaps in the electric vehicle market, which is essential for Yapu's transformation and growth [4][10] - The partnership is expected to create significant synergies, improving manufacturing processes and expanding market opportunities through Yapu's established global customer base [5][11]

Group 1 - China Energy Construction won a major coal-fired power project with a bid amount of approximately 14.586 billion yuan, involving six 660 MW supercritical coal-fired generating units and supporting environmental facilities, with a total construction period of about 36.5 months [1] - Taiji Industry plans to repurchase company shares with a total amount not less than 1 billion yuan and not exceeding 1.2 billion yuan, with a maximum repurchase price of 10.38 yuan per share [1] - Youxun Technology won a project from State Grid with a bid amount of approximately 176 million yuan, accounting for 17.44% of the company's audited revenue for 2024 [2] Group 2 - Daili New Materials established an investment fund with a total subscribed capital of 163.3 million yuan, with Daili contributing 10 million yuan, accounting for 6.12% of the fund [4] - Wanyi Technology received a government subsidy of 2.3475 million yuan, which has been confirmed and classified according to relevant accounting standards [6] - Anke Biotech received a drug registration certificate for Acetate Atosiban Injection, which is used for treating preterm labor [7] Group 3 - Renfu Pharmaceutical received a drug registration certificate for Progesterone Soft Capsules, which are used to treat functional disorders caused by progesterone deficiency [9] - Linyang Energy is a recommended candidate for a major contract with State Grid, with a total expected bid amount of approximately 165 million yuan [11] - Hongtian Technology plans to invest 200 million to 300 million yuan to establish a wholly-owned subsidiary in Gansu Province [28] Group 4 - Hunan Xiang Electric received a total of 40 million yuan in government subsidies, which accounts for 16.07% of the company's audited net profit for 2024 [44] - Nengke Technology plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 20 million yuan, with a maximum repurchase price of 43.00 yuan per share [46] - Xiamen XGMA received 10 million yuan in historical debt repayment, which is expected to increase the company's net profit for 2025 by 3.186 million yuan [48]

Core Viewpoint - The acquisition of approximately 54.50% of Shanghai Winshun Electric Technology Co., Ltd. by Yapu Co., Ltd. for about 578 million yuan is aimed at enhancing Yapu's competitiveness in the automotive parts sector and leveraging synergies between the two companies [1][2]. Group 1: Acquisition Details - Yapu plans to use its own funds to acquire shares from various stakeholders of Winshun Technology, with a total transaction price of approximately 578 million yuan [1]. - The acquisition will make Yapu the controlling shareholder of Winshun Technology, which specializes in the research and production of rotary transformers and special motor products [1][2]. - The estimated valuation of Winshun Technology is approximately 1.06 billion yuan, based on an asset appraisal report that indicates a net asset value of 503 million yuan and an assessed value of 1.205 billion yuan, reflecting a 139.62% increase [2]. Group 2: Financial Performance - Winshun Technology reported revenues of 312 million yuan and 74.44 million yuan for the years 2024 and Q1 2025, respectively, with net profits of 54.72 million yuan and 14.10 million yuan for the same periods [3][4]. - Yapu's total revenue for 2024 was 8.076 billion yuan, a decrease of 5.91% year-on-year, while net profit increased by 7.29% to 500 million yuan [5][6]. - In Q1 2025, Yapu's revenue was 1.975 billion yuan, a 6.23% increase compared to the same period last year, with a net profit of 129 million yuan, reflecting a 0.90% increase [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company plans to acquire a 54.5% stake in Winshang Technology for 578 million yuan, which will enhance its growth trajectory and diversify its business [5][7]. - Winshang Technology is a leading domestic supplier of rotary transformers, crucial for the electric drive systems in new energy vehicles, with a market share exceeding 50% in 2022 [6]. - The acquisition is expected to create synergies between the two companies, leveraging Winshang's technical expertise and the company's established global customer base [7]. Financial Projections - Revenue forecasts for the company are projected at 8.67 billion yuan for 2025, 9.65 billion yuan for 2026, and 10.24 billion yuan for 2027, with corresponding net profits of 537 million yuan, 609 million yuan, and 672 million yuan respectively [8][10]. - The company's earnings per share (EPS) are expected to grow from 1.05 yuan in 2025 to 1.31 yuan in 2027, reflecting a positive growth trend [10][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 18.1 in 2025 to 14.4 in 2027, indicating potential value appreciation [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 10 months [15]. Core Insights - The company plans to acquire a 54.5% stake in Winshang Technology for 578 million yuan, which will enhance its growth trajectory and diversify its business [5][7]. - Winshang Technology is a leading domestic supplier of rotary transformers, crucial for the electric drive systems in new energy vehicles, with a market share exceeding 50% in 2022 [6]. - The acquisition is expected to create synergies between the two companies, leveraging Winshang's technical expertise and the company's established global customer base [7]. Financial Summary - As of May 2025, the company's latest closing price is 18.94 yuan, with a total market capitalization of 9.7 billion yuan [4]. - Revenue projections for 2025-2027 are 8.67 billion, 9.65 billion, and 10.24 billion yuan, respectively, with corresponding net profits of 537 million, 609 million, and 672 million yuan [8][10]. - The company's PE ratios for the next three years are projected to be 18.1, 16.0, and 14.4 times [8][10].

Core Viewpoint - The company Yapu Co., Ltd. plans to acquire approximately 54.50% of Shanghai Yingshuang Electric Technology Co., Ltd. for about 578 million yuan, aiming to enhance its competitiveness in the automotive parts sector and support its strategic goals in key automotive components [1][2][6]. Group 1: Acquisition Details - Yapu Co., Ltd. announced the acquisition of Yingshuang Technology, which specializes in the research and production of rotary transformers and special motor products [2]. - The acquisition does not require shareholder approval, and the company's chairman or general manager is authorized to handle related matters [2]. - The estimated valuation for the acquisition is approximately 1.06 billion yuan, based on a revenue-based assessment, with an assessed value of about 1.2 billion yuan and a value increase of 700 million yuan, resulting in a 139.62% increase [6]. Group 2: Financial Performance of Yingshuang Technology - In 2024, Yingshuang Technology achieved an operating income of approximately 310 million yuan and a net profit of about 50 million yuan, with net assets around 500 million yuan as of March this year [6]. - The company has seen its market share in the domestic rotary transformer market for electric vehicles increase from 21.32% in 2020 to 50.25% in 2022, indicating a successful domestic substitution of previously imported products [8]. Group 3: Market Context - The rotary transformer is a critical component in the electric drive systems of electric vehicles, with high technical barriers and significant pressure for domestic substitution due to foreign monopolies [2][8]. - The acquisition is expected to strengthen Yapu's core competitiveness and market position in the automotive parts industry, aligning with the growing demand for domestic alternatives in the electric vehicle sector [8].

Core Viewpoint - The acquisition of approximately 54.50% of Shanghai Yingshuang Electric Technology Co., Ltd. by Apogee Co., Ltd. for about 578 million yuan is aimed at enhancing Apogee's business in the automotive key components sector, particularly in electric drive systems for new energy vehicles [1][4]. Group 1: Acquisition Details - Apogee Co., Ltd. plans to acquire a controlling stake in Yingshuang Electric, which specializes in the research and production of rotary transformers and special motors [1][3]. - The transaction involves multiple stakeholders, with Shanghai Feichi holding 33.10% of Yingshuang Electric prior to the acquisition [3]. - After the acquisition, Apogee will hold 54.5% of Yingshuang Electric, while Shanghai Feichi's stake will decrease to 23.68% [3]. Group 2: Financial Assessment - As of March 31, 2024, Yingshuang Electric reported total assets of 592 million yuan and net assets of 507 million yuan [4]. - The assessed value of Yingshuang Electric is approximately 1.06 billion yuan, reflecting a 139.62% increase in value based on the net asset assessment [4]. - Yingshuang Electric's revenue for 2024 is projected at 312 million yuan, with a net profit of approximately 54.72 million yuan [7]. Group 3: Market Position and Challenges - Yingshuang Electric previously attempted to list on the Sci-Tech Innovation Board but withdrew its application due to concerns over market competitiveness and financial documentation [5][6]. - The company has faced challenges such as high accounts receivable and a concentrated customer base, with over 98% of revenue coming from rotary transformers [5][7]. - Despite a steady increase in revenue from 46 million yuan in 2020 to 352 million yuan in 2022, recent performance shows no significant growth compared to previous years [7].

Mergers and Acquisitions - Antong Holdings has decided to terminate the issuance of shares for asset acquisition and related transactions, which included plans to acquire 100% of China Foreign Container Transport Co., Ltd. and 70% of Guangzhou Merchants Roll-on Roll-off Transport Co., Ltd. from China Merchants Energy Transportation Co., Ltd. [1] - Yapu Co., Ltd. plans to purchase approximately 54.50% of shares in Shanghai Yingshuang Electric Technology Co., Ltd. for about 578 million yuan using its own funds [2] Shareholding Changes - Shareholder Zhou Xin of Zhixin Precision plans to reduce his holdings by up to 3% of the total shares, which amounts to a maximum of 1.6 million shares, within three months starting from 15 trading days after the announcement [3] - Wuhu Gaoxin Yida intends to reduce its holdings in Focase Technology by up to 2.9494% of the total shares, equating to a maximum of 250,220 shares, within three months starting from 15 trading days after the announcement [4] - Qin Guangxia, a major shareholder and senior management of Shuyupingmin, plans to reduce her holdings by up to 3% of the total shares, which is a maximum of 12.07 million shares, between June 19, 2025, and September 18, 2025 [5] Risk Matters - Jinghua Laser has experienced a significant stock price increase of 46.44% over four consecutive trading days, but the company acknowledges that its cultural and creative business has considerable unpredictability and volatility [6] - Youfu Co., Ltd. has reported that there have been no significant changes in its recent operating conditions or external business environment, despite its stock price deviating by over 20% in three consecutive trading days [7] - KJ Intelligent has confirmed that its recent daily operations are normal, with no significant changes in market conditions or industry policies, despite its stock price deviating by over 30% in three consecutive trading days [8]