研报掘金丨华鑫证券：予亚普股份“买入”评级，开拓航空航天与机器人新赛道

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]