2026 年 01 月 11 日 油箱龙头海外布局成效显著，开拓航空航天与机 器人新赛道 买入(首次) 投资要点 | 分析师：林子健 | S1050523090001 | | --- | --- | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 6-0 1-0 9 | | 当前股价（元） | 25.85 | | 总市值（亿元） | 133 | | 总股本（百万股） | 513 | | 流通股本（百万股） | 513 | | 52 周价格范围（元） | 13.84-29 | | 日均成交额（百万元） | 135.0 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 亚普股份 沪深300 相关研究 —亚普股份（603013.SH）公司动态研究报告 ▌燃油系统全球龙头产商，新能源转型正当时 燃油系统全球第三，向新能源赛道积极转型。亚普股份成立 于 1988 年，是一家专注于汽车储能系统产品和热管理系统产 品的全球化供应商。汽车油箱 是重要的安全件，亚普是我国 成立最早的汽车塑料油箱生产企业，生产了我国第一只汽车 塑料油箱，现为 ...

Investment Rating - The investment rating for the company is "Buy" [9][15]. Core Views - The company reported a revenue of 4.345 billion yuan for the first half of 2025, representing a year-on-year growth of 12.8%, with a net profit attributable to shareholders of 287 million yuan, up 11.8% year-on-year [3][4]. - The company has seen a significant increase in overseas revenue, which reached 1.850 billion yuan, a growth of 17.8% year-on-year, accounting for 42.6% of total revenue, marking a historical high [4]. - The gross margin for the first half of 2025 was 15.0%, with domestic and overseas gross margins at 18.1% and 10.7%, respectively [5]. - The acquisition of a 54.5% stake in WinDouble Technology has been completed, which is expected to enhance the company's core competitiveness in the automotive parts sector [6][8]. Summary by Sections Company Overview - The latest closing price is 23.56 yuan, with a total market capitalization of 12.1 billion yuan [2]. Financial Performance - For the first half of 2025, the company achieved a revenue of 4.345 billion yuan, with a net profit of 287 million yuan, reflecting a year-on-year increase of 12.8% and 11.8%, respectively [3][4]. - The second quarter alone saw a revenue of 2.370 billion yuan, up 18.9% year-on-year, and a net profit of 158 million yuan, an increase of 22.7% [3]. Business Segments - Domestic revenue for the first half of 2025 was 2.495 billion yuan, growing by 9.4%, while the overseas revenue reached 1.850 billion yuan, growing by 17.8% [4]. - The company has expanded its customer base from traditional fuel vehicle manufacturers to include new energy vehicle companies, which has contributed to its revenue growth [4]. Profitability - The gross margin for the first half of 2025 was 15.0%, with domestic operations showing an improvement in gross margin due to a higher sales proportion of high-pressure fuel tanks [5]. Future Outlook - The company has raised its revenue and profit forecasts for 2025-2027, expecting revenues of 8.925 billion yuan, 9.890 billion yuan, and 10.902 billion yuan, respectively, with net profits of 557 million yuan, 621 million yuan, and 712 million yuan [9][11].