YAPP(SH:603013) China Post Securities·2025-11-04 05:53Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The company achieved a revenue of 6.616 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 16.62%. The net profit attributable to shareholders was 417 million yuan, up 11.58% year-on-year [5]. - The gross margin for Q3 2025 improved both year-on-year and quarter-on-quarter, primarily due to the increased revenue share from high-value hybrid fuel systems [6]. - The demand for hybrid vehicles is strong, and the company has enhanced its competitiveness in its main business through a well-established global layout [7]. - The company has completed the acquisition of a 54.50% stake in Winshang Technology, a leader in the production and R&D of rotary transformers, which are core components of electric drive systems for new energy vehicles [8]. Financial Performance - The projected revenues for 2025-2027 are 8.925 billion, 9.890 billion, and 10.902 billion yuan, respectively, with net profits expected to be 556.57 million, 621.13 million, and 711.79 million yuan [9][11]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 21.81, 19.54, and 17.05, respectively [11].