YAPP(SH:603013) China Post Securities·2025-05-28 02:25Investment 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].