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Chinese maker of automotive fuel tank systems and plastic fuel-system components, supplying global automakers.
Chinese maker of automotive fuel tank systems and plastic fuel-system components, supplying global automakers.
Paid per tank over a platform's production life, so orders are won years before launch and sales follow how many vehicles that platform sells. Plastic tanks are favoured for hybrid cars because their fuel systems are held under pressure.
Moat: narrow (customer qualification, process know-how). Fuel system parts are safety-qualified into vehicle platforms, creating switching friction.
Headquarters: Yangzhou, China · Founded: 1993 · Employees: 4,902
Size YAPP Automotive Systems (603013.SS) is a China Industrials company (Industrial Machinery) with a market value of $1.16B, the 2044th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.29 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -23.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 1.0% over the last twelve months (peer median +15.7%); the operating margin is 7.5% (peer median 3.7%).
Valuation It trades at 12.0× forward earnings against a peer median of 33.5× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.8 points above its cost of capital (7.5% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.93B | CN¥9.12B | CN¥8.07B | CN¥8.56B | CN¥8.43B |
| Revenue growth | — | +13% | -6% | +2% | — |
| Gross profit | CN¥1.67B | CN¥1.30B | CN¥1.18B | CN¥1.25B | CN¥1.25B |
| EBITDA | n/a | CN¥914M | CN¥831M | CN¥921M | CN¥936M |
| Net income | CN¥548M | CN¥528M | CN¥500M | CN¥466M | CN¥501M |
| Free cash flow | CN¥1.61B | CN¥1.49B | CN¥580M | CN¥787M | CN¥598M |
| Capital expenditure | CN¥418M | CN¥433M | CN¥198M | CN¥144M | CN¥180M |
| Total debt | CN¥139M | CN¥155M | CN¥171M | CN¥299M | CN¥312M |
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| Measure | 603013.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | -19.6% | 3rd highest of 21 |
| 6-month return | -25.1% | -23.0% | 10th lowest of 21 |
| Distance from 52-week high | -44.0% | -43.7% | 11th highest of 21 |
| Revenue growth (TTM) | -1.0% | +15.7% | 3rd lowest of 21 |
| Operating margin | 7.5% | 3.7% | 7th highest of 21 |
| Forward P/E | 12.0× | 33.5× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -9.1% | 22.0% | least demanding of 10 |
| Growth delivered (Del g) | +0.7% | +10.5% | lowest of 10 |
| Hurdle (Req g minus delivered) | -9.7 pp | +10.0 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +7.8 pp | -4.9 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| YAPP Automotive Systems 603013.SS | China | $1.16B | -25% | -1% | 7% | 12.0× | -9.1% | +0.7% |
| KSB KSB.NS | India | $1.16B | -30% | +8% | 10% | 38.8× | 35.3% | +17.5% |
| Shenzhen Xinyichang Technology 688383.SS | China | $1.16B | -25% | +34% | -9% | 56.3× | n/a | n/a |
| Shanghai Step Electric 002527.SZ | China | $1.16B | -21% | 0% | -2% | 78.3× | n/a | n/a |
| Jiangsu Bide Science & Technology 605298.SS | China | $1.16B | -30% | -4% | 15% | n/a | 40.4% | +10.1% |
| Jiangsu Rongtai Industry 605133.SS | China | $1.15B | -17% | +51% | 6% | 33.5× | n/a | n/a |
| Guangdong Lyric Robot Automation 688499.SS | China | $1.17B | -15% | +37% | 1% | 51.7× | n/a | n/a |
| Suzhou Gyz Electronic Technology 688260.SS | China | $1.17B | +96% | +56% | -13% | n/a | n/a | n/a |
| Shenzhen iN-Cube Automation 301312.SZ | China | $1.18B | -43% | +18% | 6% | 78.2× | n/a | n/a |
| EFORT Intelligent Robot 688165.SS | China | $1.18B | -18% | +12% | -48% | n/a | n/a | n/a |
| Jingjin Equipment 603279.SS | China | $1.13B | -28% | +6% | 9% | 14.0× | -8.4% | +11.9% |
| Hunan Meihu Intelligent Manufacturing 603319.SS | China | $1.13B | -42% | +13% | 3% | 40.4× | n/a | n/a |
| Guangdong Anda Automation Solutions 688125.SS | China | $1.19B | -55% | +56% | 2% | 41.0× | n/a | n/a |
| SVG 300331.SZ | China | $1.19B | -42% | +6% | 2% | n/a | 46.0% | +8.1% |
| Zhejiang Dayuan Pumps Industry 603757.SS | China | $1.12B | -19% | -8% | 3% | 30.0× | 45.8% | +6.5% |
| Nanfang Pump Industry 300145.SZ | China | $1.12B | -19% | +9% | 4% | 21.8× | 12.7% | +4.6% |
| AA Industrial Belting (Shanghai) 603580.SS | China | $1.12B | +193% | +98% | 0% | n/a | n/a | n/a |
| Ariston ARIS.MI | Italy | $1.20B | -17% | +5% | 6% | 8.8× | 0.1% | +10.5% |
| Neway CNC Equipment (Suzhou) 688697.SS | China | $1.11B | -7% | +31% | 10% | 18.6× | 19.5% | +19.9% |
| Gudeng Precision Industrial 3680.TWO | Taiwan | $1.11B | -34% | +19% | 15% | 21.0× | n/a | n/a |
| Union Tool 6278.T | Japan | $1.20B | -41% | +40% | 25% | 14.8× | 22.0% | +12.0% |