Company Overview - The company is a leading domestic automotive brake system manufacturer, focusing on becoming a first-class international auto parts enterprise [1] - The company has seen a year-on-year increase in the proportion of sales related to new energy vehicles, correlating positively with the production and sales of new energy vehicles [1] Financial Performance - The gross profit margin has improved due to increased domestic car sales and new international projects, with scale effects becoming evident [2] - The company is actively optimizing product structure and enhancing manufacturing capabilities, contributing to steady performance growth [2] Production Capacity - Current production capacity utilization is high, and production levels are determined by vehicle sales [2] - The company plans to expand production lines based on market demand for specific projects [2] Product Development - The company has received new project approvals for line control braking products, with a total expected sales amount of 1.2 billion yuan over the lifecycle of the projects [2] - The company is gradually narrowing the technology gap with international competitors and offers high cost-performance, good service, and quick response times [2] Future Growth - Future growth points include expanding market coverage and accelerating the promotion of new products such as automotive electronic systems [2] - The company is not currently involved in robotics but is researching related components that may be used in future products [2] International Operations - The Moroccan production base project is progressing smoothly [3]

Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [52]. Core Views - The automotive sector saw a weekly increase of 2.88%, outperforming the CSI 300 index by 0.93 percentage points during the period from June 22 to June 27, 2025 [10][41]. - Retail sales of passenger vehicles in June increased by 24% year-on-year, with a total of 1,008.6 million units sold year-to-date, reflecting an 11% increase compared to the previous year [6][42]. - The new Xiaomi YU7 SUV model launched successfully, achieving over 240,000 pre-orders within 18 hours of its release [3][42]. Summary by Sections Market Review - The automotive sector's performance for the week (June 22-27, 2025) showed a 2.88% increase, with the passenger vehicle segment rising by 0.08% and commercial vehicles by 1.01% [10][41]. - The automotive parts sector increased by 4.62%, while the automotive services sector rose by 4.27%, both outperforming the CSI 300 index [10][41]. Valuation Levels - As of June 27, 2025, the automotive industry's PE-TTM was 25.9, up by 0.72 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.37, 35.87, and 24.46 respectively [11][41]. New Vehicle Launches - A total of 28 new models were launched during the week, including the Xiaomi YU7, which is priced between 25.35 and 32.99 million yuan [38][40]. Investment Recommendations - The report suggests that the automotive sector is expected to continue its upward trend, with specific focus on the performance of electric vehicles and related technologies [41].

证券代码：002284 证券简称：亚太股份 公告编号：2025-032 浙江亚太机电股份有限公司 关于公司控股股东部分股份解除质押及质押的公告 本公司及董事会全体成员保证公告内容真实、准确、完整， 四、备查文件 1、证券解除质押及质押登记相关证明； | 是否为控 | 是否为限 | 是否 | 股股东或 | 质押股 | 占其所 | 占公司 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 售股（如 | 为补 | 质押到 | 质押 | 第一大股 | 份数量 | 持股份 | 总股本 | 起始日 | 质权人 | 称 | 是，注明 | 充质 | 期日期 | 用途 | | 东及其一 | （股） | 比例 | 比例 | 限售类型 | 押 | 致行动人 | | | | | | | | | | | 亚太机 | 办理解 | 杭州银行 | 2025年 | 自身 | 电集团 | 除质押 | 股份有限 | 17,000, | | | | ...

浙江亚太机电股份有限公司（以下简称"公司"）于近日收到国内某头部新 势力品牌主机厂（因保密性要求，无法披露其名称，以下简称"客户"）的定点 通知，公司被定为该客户某平台前后制动钳总成（带 EPB）产品供应商。 根据客户规划，上述项目生命周期 4 年，预计将于 2027 年一季度开始量产， 生命周期销售总金额约为 6.4 亿元。 二、对公司的影响 该项目的定点标志着公司产品的开发实力和质量品牌得到了客户的认可，进 一步巩固和提高了公司的市场竞争力，有利于公司开拓新能源汽车市场。项目量 产后，每年收入将根据该客户当年实际订单情况进行确认，预计对公司本年度的 收入及利润水平暂无重大影响。 证券代码：002284 证券简称：亚太股份 公告编号：2025-031 浙江亚太机电股份有限公司 关于收到制动钳及 EPB 项目定点通知的公告 本公司及董事会全体成员保证公告内容真实、准确、完整， 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 一、定点通知概况 三、风险提示 定点通知并不反映最终的实际采购量，本公告中所述预计销售金额系公司根 据客户提供的预计产量结合预计单价计算而得，存在不确定性。该项目预计于 2027 ...

Core Viewpoint - The company, Asia-Pacific Holdings, has received a notification for a designated project from a leading domestic new energy vehicle manufacturer, marking a significant opportunity for future revenue generation [1] Group 1: Project Details - The company has been selected as the supplier for the front and rear brake caliper assembly (with EPB) for the client's platform [1] - The project is planned to have a lifecycle of 4 years, with mass production expected to commence in the first quarter of 2027 [1] - The total sales amount projected over the lifecycle of the project is approximately 640 million yuan [1]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Views - The company focuses on continuous breakthroughs in brake systems technology and market layout, with a strong revenue base from mechanical brake products and a growing contribution from electronic control systems [1][2][3]. - The company is expanding its global footprint with new subsidiaries in Singapore, Morocco, and Germany, aiming to enhance local production and revenue growth [2][47][48]. - The company is actively developing intelligent new businesses, including integrated solutions for autonomous driving, which positions it well for future market demands [3][45]. Summary by Sections Investment Rating - The company is rated "Outperform" with a target price range of 11.00 to 12.00 CNY, compared to a closing price of 10.46 CNY [5]. Revenue and Profit Forecast - The company expects revenue growth from 38.74 billion CNY in 2023 to 66.09 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 14.62% [51]. - Net profit is projected to increase from 0.31 billion CNY in 2023 to 0.55 billion CNY in 2027, reflecting a CAGR of 33.4% [51]. Business Segments - Mechanical brake systems account for 73% of total revenue, with an expected revenue of approximately 31 billion CNY in 2024 [1][17]. - Electronic control systems, including EPB and ESC, are projected to grow at a CAGR of 32% from 2020 to 2024, contributing significantly to revenue [2][27]. Market Position and Strategy - The company has a strong market presence in the domestic brake system sector, with a focus on expanding its electronic control systems and intelligent solutions for electric vehicles [3][45]. - The company is actively pursuing new projects, with 166 new initiatives launched in 2024, including 74 related to electronic control systems [2][43]. Financial Metrics - The company’s EBIT margin is expected to improve from 3.5% in 2023 to 9.5% by 2027, indicating enhanced profitability [4]. - The projected return on equity (ROE) is expected to rise from 3.5% in 2023 to 14.7% by 2027, reflecting improved financial performance [4].

Core Viewpoint - Asia Pacific Co., Ltd. has received multiple new project approvals, indicating strong market demand and recognition of its product quality, which is expected to enhance its competitive position and facilitate international market expansion [1][2][3] Group 1: New Project Approvals - On June 16, Asia Pacific Co., Ltd. announced it has been designated as a supplier for a foreign brand's EPB products, with a project lifecycle of 5 years and total sales expected to reach approximately 680 million yuan [1] - The company received a notification on February 6 from a large domestic automotive group to supply integrated brake control modules for two new energy vehicle models, with a lifecycle sales total of about 1 billion yuan [1] - On March 31, Asia Pacific Co., Ltd. was selected as a supplier for a foreign client's front calipers and drum brake products, with a project lifecycle of 7 years and expected sales of around 800 million yuan [1] Group 2: Cumulative Sales and Financial Performance - In total, Asia Pacific Co., Ltd. has received five project approvals in 2023, with a cumulative lifecycle sales amounting to 3.04 billion yuan [3] - For the year 2024, the company reported revenue of 4.26 billion yuan, a year-on-year increase of 9.96%, and a net profit of 213 million yuan, up 119.62% [3] - In Q1 2025, the company continued its growth trajectory with revenue of 1.26 billion yuan, a 23.15% increase year-on-year, and a net profit of 100 million yuan, reflecting a 65.35% growth [3] Group 3: Research and Development - Asia Pacific Co., Ltd. places a strong emphasis on innovation and R&D, with R&D expenditures from 2020 to 2024 totaling 1.075 billion yuan [3] - As of the end of 2024, the company employed 367 R&D personnel, accounting for 13.23% of its workforce [3] - The company has achieved significant milestones in core technology, holding a total of 766 valid patents, including 134 invention patents, 620 utility model patents, and 12 design patents [3]

Group 1 - The core viewpoint is that the company, Asia-Pacific Shares, is experiencing significant growth in the electric vehicle (EV) sector, with increasing sales of EV-related products correlating with the rising production and sales of downstream new energy vehicles [1] - The company has established a strong customer base, including major automotive manufacturers such as Geely, Changan, Great Wall, Wuling, FAW, SAIC, GAC, Leap Motor, and Dongfeng, with a sales network covering both domestic and international markets [1] - The improvement in gross margin is attributed to the growth in domestic automobile sales and the ramp-up of new international projects, showcasing economies of scale, optimized product structure, cost reduction, and enhanced manufacturing capabilities [1] Group 2 - The company serves as a supplier for Leap Motor, providing brake products and automotive electronic products, indicating its role in the EV supply chain [1] - The company operates multiple production bases, including those in Xiaoshan, Anhui Guangde, and Huzhou Anji, with ongoing projects in Morocco, highlighting its expanding manufacturing footprint [1] - The company aims to enhance market coverage by exploring global procurement platforms for joint venture brands and mainstream independent brands, while accelerating the promotion of new products in automotive electronic systems [1]

一、停复牌 1、渤海汽车：拟购买海纳川持有的北汽模塑51%股权、廊坊安道拓51%股权、智联科技100%股权和莱 尼线束50%股权，股票明日复牌。 2、邦基科技：拟通过向Riverstone Farm Pte. Ltd.发行股份及支付现金的方式购买其持有的北溪农牧、瑞 东伟力、鑫牧农牧、瑞东农牧（利津）、瑞东农牧（山东）、威力牧业（滨州）100%股权及派斯东 80%股权，股票复牌。 二、并购重组 1、泰禾智能：拟不超过5000万收购阳光优储100%股权，拓展工商业用户侧储能业务。 1、江波龙：子公司与闪迪签署合作备忘录，Sandisk（闪迪）系全球知名的存储解决方案提供，拥有领 先的存储技术和丰富的系统设计经验。 2、美的集团：拟以50亿元至100亿元回购股份。 3、东方盛虹：控股股东一致行动人拟5亿元-10亿元增持公司股份。 2、大族数控：发行境外上市股份备案申请材料获中国证监会接收。 3、三达膜：拟发行H股并在香港联交所上市。 4、兴齐眼药：盐酸利多卡因眼用凝胶Ⅲ期临床试验首例受试者入组。 5、善水科技：拟投资60亿元建设化工新材料项目。 6、飞龙股份：获得两家客户大功率数据中心专用电子水泵订单。 7、亚太 ...

Group 1 - Banqiao Qiancheng signed a significant contract with Mango Film and Television for a total amount of 372 million yuan, accounting for 50.65% of the company's audited main business income for 2024 [1] - The contract allows Mango Film and Television to use the new media and traditional media broadcasting rights for related film and television works globally, positively impacting Banqiao Qiancheng's financial status and operating performance in 2025 and beyond [1] - Jingwei Huikai plans to sell its wholly-owned subsidiary Changsha Yushun for 112 million yuan, which will no longer be included in the consolidated financial statements after the transaction [1] Group 2 - Minsheng Health's subsidiary received a patent for a strain of lactic acid bacteria that significantly improves sarcopenic obesity, although it has not yet been applied to the company's products [2] - Dafu Technology intends to transfer 27% of its subsidiary Shenzhen Peitian Intelligent Manufacturing Equipment Co., Ltd. for 192 million yuan, maintaining a controlling stake post-transaction [3] - Feilong Co. received orders for high-power electronic water pumps for data centers from a well-known global power electronics provider [4] Group 3 - Yatai Co. was selected as a supplier for a foreign brand's EPB project, with a total sales amount of approximately 680 million yuan over a five-year lifecycle [5] - Gansu Energy's 1 million kilowatt wind-solar integrated project has received approval, representing over 10% of the company's installed capacity by the end of 2024 [6] - Jilin Aodong's subsidiary received approval for a drug supplement application for "Tang Le Capsule," used to treat symptoms related to diabetes [7] Group 4 - Shanshui Technology plans to invest 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [8] - Dazhu CNC's H-share issuance application has been accepted by the China Securities Regulatory Commission [9] - Zhujiang Beer announced the resignation of its chairman due to retirement age, with a new chairman elected on the same day [10] Group 5 - Longkun Technology won a bid for a waste collection service project worth 21.57 million yuan, with a service period of one year [11] - Zhongnan Culture plans to provide financial support of up to 20 million yuan to its subsidiary for daily operational needs [12] - Shangfeng Cement's investment in a company applying for an IPO on the Sci-Tech Innovation Board has been accepted [13] Group 6 - Chuanheng Co. received a patent for a system and method for harmless treatment of phosphorus tailings [14] - Toukeng Life's seven medical device registration applications have been accepted, covering various diagnostic fields [15] - Xingqi Eye Medicine's clinical trial for a new eye gel has commenced with the first subject enrolled [16] Group 7 - Jiebang Technology plans to provide financial support of up to 60 million yuan to its subsidiary for operational needs [17] - Shenzhen Airport reported a passenger throughput of 5.54 million in May, a year-on-year increase of 15.67% [18] - Wan'an Technology received a cash dividend of 30 million yuan from its wholly-owned subsidiary [19] Group 8 - Jiuchuan Bio received a medical device registration certificate for a cystatin C assay kit [20] - Hongqiang Co. obtained a safety production license for its subsidiary, marking the official production of a new project [21] - Xiangtan Electric plans to issue convertible bonds totaling 487 million yuan [22] Group 9 - Guangwei Composite signed a supplementary material procurement contract worth 658 million yuan [23] - Jichuan Pharmaceutical announced a comprehensive tender offer starting June 18, with a price of 26.93 yuan per share [24] - Aerospace Rainbow plans to distribute cash dividends of 0.60 yuan per share [25] Group 10 - Industrial Bank plans to distribute cash dividends of 1.06 yuan per share, totaling 22.433 billion yuan [26] - China Automotive Research will repurchase and cancel 230,800 restricted shares due to the retirement of original incentive objects [27] - Annie Co. announced abnormal stock trading fluctuations but confirmed no significant changes in its operations [28] Group 11 - Giant Network confirmed no undisclosed significant matters following abnormal stock trading fluctuations [29]