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亚普股份(603013)新股询价报告

Yap Co., Ltd. (603013) IPO Quotation Report

華鑫證券 ·  Apr 17, 2018 00:00  · Researches

Company profile

The company is an auto parts enterprise specializing in the design, development, manufacture and sale of automotive fuel systems. Its products are mainly plastic fuel tanks and fuel pipes for passenger cars. The company is currently the largest automobile plastic fuel tank manufacturer. It is also the first independent brand enterprise in China to export plastic fuel tank assemblies to foreign countries, export plastic fuel tank manufacturing technology and build plastic fuel tank production plants overseas. It has a world-class automotive fuel system research and development center, which has complete testing capabilities such as fuel system vibration resistance, mechanical strength resistance, fuel filling, evaporation emissions, dynamic ventilation, acoustics, and fire durability. In 2017, the company and its holding subsidiaries sold a total of 9.5037 million plastic fuel tanks at home and abroad, of which 7,543 million plastic fuel tanks were sold in China, accounting for 30.41% of the total passenger car fuel tank market in China.

Company highlights

(1) After years of development, the company has formed long-term and stable cooperative relationships with many large domestic automobile manufacturers and internationally renowned automobile manufacturers. The company's customers include German (Volkswagen, Audi, Mercedes-Benz), American (GM, Ford, Chrysler), Japanese (Honda, Nissan, Toyota, Mazda), French (Peugeot, Citroen, Renault) and national brand cars (SAIC, FAW, Great Wall, Changan, Chery). At the same time, with the stable customer base of overseas subsidiaries and the increase in supporting models, overseas subsidiaries are expected to become an important growth point for the company's performance.

(2) In order to meet customer needs, shorten the transportation radius, and speed up the reaction speed, the company has set up production plants close to major customer locations. Currently, the company has its headquarters in Yangzhou and seven branches in Shanghai, Changchun (branch, branch 2), Yantai, Chengdu, Changsha and Tianjin, and has set up subsidiaries in Wuhu, Foshan, Kaifeng, Ningbo, Chongqing, India, Russia, Australia, the Czech Republic, Germany, the United States, Mexico and Brazil. The company is currently the only domestic fuel system supplier in China that has set up branches abroad and exported fuel tank production technology to foreign countries.

(3) The company has a world-class automotive fuel system research and development center, has a complete set of testing equipment for automotive fuel systems, and can independently complete product design and simulation analysis, such as structural strength simulation, modal simulation, fluid simulation, acoustic simulation, manufacturability simulation, etc. The research and development center laboratory has been certified by ISO/IEC17025 laboratory capacity countries. The CNAS accreditation mark, which has been mutually recognized by certification bodies in nearly 70 countries and regions, and the ILAC-MRA/CNAS international mutual recognition joint mark can be used in the test reports issued by the laboratory.

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