YAPP(SH:603013) China Post Securities·2026-03-31 09:28Investment 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 six months [10][16]. Core Insights - The company achieved a revenue of 9.133 billion yuan in 2025, representing a year-on-year growth of 13.09%. The net profit attributable to shareholders was 528 million yuan, up 5.62% year-on-year [5][10]. - The company’s global strategy is entering a harvest phase, with overseas sales significantly boosting revenue. In 2025, domestic and overseas revenues were 5.202 billion yuan and 3.606 billion yuan, respectively, with overseas revenue growth of 27.96% [6]. - The gross margin for 2025 was 15.10%, slightly down by 0.23 percentage points year-on-year, while the net margin was 6.45%, down by 0.24 percentage points [7]. - The company completed a controlling acquisition of 54.5% in Ying Shuang Technology, which is expected to enhance its product diversification and profitability [8][9]. Company Overview - The latest closing price of the company is 19.06 yuan, with a total market capitalization of 9.7 billion yuan. The company has a total share capital of 508 million shares [4]. - The company’s main business remains automotive fuel tanks, generating 8.412 billion yuan in revenue, which accounts for approximately 92% of total revenue [6]. - The company ranks first in domestic market share and third globally in fuel tank shipments, with a total of 10.7954 million units sold in 2025 [6]. Financial Projections - Revenue projections for 2026 to 2028 are 9.592 billion yuan, 10.604 billion yuan, and 11.949 billion yuan, respectively, with corresponding net profits of 577 million yuan, 648 million yuan, and 754 million yuan [10][12]. - The expected earnings per share (EPS) for 2026, 2027, and 2028 are 1.13 yuan, 1.28 yuan, and 1.48 yuan, respectively, with price-to-earnings (P/E) ratios of 16.8, 14.9, and 12.8 [10][12].