格隆汇1月12日｜华鑫证券研报指出，亚普股份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。公司已在全球4大洲11个国家建立了27生产基地和7个工程技术中心。公司主要客户包括大众、奥 迪、通用、斯泰兰蒂斯、福特、奔驰、日产、丰田、奇瑞、长安、上汽等60多家客户品牌。2024年，公 司油箱收入为75.2亿元，占比为93.1%。同时，公司正在加快混合动力高压燃油系统、电池包壳体和燃 料电池储氢系统的推广应用，推进热管理系统产品研发。目前我国燃油系统市场较为成熟，混动汽车蓬 勃发展，汽车出海趋势明显，所以公司业绩主要受两方面推动，海外营收增速显著，全球布局持续深 化；此外，收购全球旋变龙头赢双科技，开拓航天与机器人赛道。公司是全球油箱龙头企业，业绩有望 持续稳步增长，同时积极开展投资并购，布局航空航天和机器人等新兴赛道，给予"买入"投资评级。 ...

Summary of the Conference Call for Yapu Co., Ltd. Industry Overview - The automotive industry investment is focusing on the certification and testing sector, which is less correlated with sales, and the components sector benefiting from consumption upgrades and overseas expansion, such as modification, aftermarket, and overseas factory enterprises [2][5] Company Insights - Yapu Co., Ltd. is an automotive fuel tank supplier with potential in the extended range and plug-in hybrid vehicle markets, generating approximately 8 billion RMB in annual revenue, with over 40% coming from localized production overseas [2][6] - The company has established localized production capacity in seven countries, mitigating tariff risks and benefiting from local policy incentives [7] - Yapu Co., Ltd. acquired Yingfang Technology, a leading domestic supplier of rotary transformers with over 50% market share, which will diversify Yapu's business [2][8] Financial Performance - Yapu Co., Ltd. has a strong financial position with a historical average dividend payout ratio exceeding 55%, and the major shareholder is increasing stock holdings while the company is repurchasing shares to reduce circulation and enhance earnings per share [3][12] - The projected net profit for 2025 is approximately 530 million RMB, increasing to 600 million RMB in 2026, indicating a reasonable valuation at 15 times earnings [3][13] Strategic Plans - The company plans to optimize existing production capacity and consider new facilities in India, the United States, and assess feasibility in Central Asia, Southeast Asia, and North Africa [9] - Yapu Co., Ltd. aims to continue pursuing acquisition opportunities to enhance business diversification and overall competitiveness [9] Market Outlook - The overall sentiment towards the automotive sector is cautiously optimistic, with attention to the impact of demand and supply on terminal prices and the potential pressure on company performance due to high depreciation and amortization from previous investments [4] Investment Opportunities - Investment opportunities are identified in three areas: automotive testing and certification sectors, automotive components related to new consumption trends, and overseas manufacturing to avoid tariffs and trade barriers [5] Shareholder Influence - The major shareholder, Guotou Group, may allocate more project resources to support Yapu Co., Ltd.'s multi-asset layout, providing additional development opportunities and resource support [11]