YAPP(603013)2024-12-13 07:35Group 1: Fuel System Insights - The unit value of fuel systems ranges from hundreds to over a thousand yuan, depending on factors such as volume, structure, complexity, and component count [2][3] - The company maintains a good overall capacity utilization rate and plans to optimize production layout globally based on customer demand [3] - The average selling price of fuel systems overseas is generally higher than that of domestic products [3][4] Group 2: Hydrogen Storage System Development - The company has developed a mature hydrogen storage system applied in various commercial vehicles, with successful deliveries to over ten domestic clients [4] - The self-developed IV-type hydrogen bottle has passed internal and external validation, achieving industry-leading key indicators [4] - The company has completed third-party certification for its hydrogen valves, which have replaced imported products, reducing overall costs [4] Group 3: Overseas Market Performance - The improvement in overseas market performance is attributed to smart upgrades in factories, enhanced management of overseas subsidiaries, and a favorable environment for fuel system business due to lower electric vehicle market share compared to domestic markets [5] - The company has seen a significant increase in new project approvals for plug-in hybrid and range-extended hybrid models from mainstream domestic clients [6] Group 4: Future Outlook on Hybrid Vehicles - The complexity of fuel storage and supply in hybrid vehicles leads to higher unit values compared to traditional fuel systems, indicating potential revenue growth from this market segment [6] - The increasing market share of hybrid vehicles is expected to positively impact the company's related business revenue [6]