YAPP(SH:603013) China Post Securities·2025-05-28 03:00Investment 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].