Core Viewpoint - The A-share market showed a strong performance on April 8, with major indices closing in the green, indicating a positive market sentiment driven by significant policy support from government entities [1][2]. Market Performance - The Shanghai Composite Index closed at 3145.55 points, up 1.58% - The Shenzhen Component Index closed at 9424.68 points, up 0.64% - The ChiNext Index closed at 1840.31 points, up 1.83% - Total trading volume in the Shanghai and Shenzhen markets exceeded 1.6 trillion yuan, with over 3200 stocks recording gains [1][2]. Sector Performance - Agricultural stocks surged, with companies like Qiule Seed Industry and Hualu Biology hitting the daily limit - Retail stocks continued their upward trend, with Kid King and Guofang Group also reaching the daily limit - State-owned enterprises and technology innovation stocks were active, with companies like COFCO Technology and Sinotrans both hitting the daily limit - The fruit supply chain sector experienced a collective adjustment, with companies like Luxshare Precision and Dongshan Precision hitting the daily limit - The automotive industry chain saw a decline, with companies like Jinbei Automobile and Asia-Pacific Shares collectively hitting the daily limit [4][5]. Policy Support - On April 8, the Central Huijin, the People's Bank of China, and the National Financial Regulatory Administration collectively announced measures to support the capital market, emphasizing their role as a "national team" [7][10]. - The National Financial Regulatory Administration optimized policies for insurance funds entering the market, increasing the allocation ratio for equity assets, which could potentially bring in an additional 1.66 trillion yuan in market funds [8][10]. - State-owned asset management platforms like China Chengtong and China Guoxin announced significant purchases of central enterprise and technology innovation stocks, creating a strong market support coalition [9][10]. Market Outlook - Analysts believe that the recent policy actions are crucial for maintaining market liquidity and fostering a positive feedback loop for microeconomic entities [10][11]. - The overall valuation of A-shares is considered attractive, with a focus on core assets, as the market is expected to stabilize despite short-term fluctuations [11][15]. - The government is likely to implement further fiscal policies aimed at expanding domestic demand and promoting consumption, with potential measures including accelerated issuance of special bonds and increased subsidies [25][26].

Market Overview - After the Spring Festival and during the Two Sessions, the TMT sector led by Deepseek has initiated a "revaluation of Chinese assets" trend, supported by a relatively stable RMB exchange rate and positive policy expectations[1] - The A-share and Hong Kong technology sectors currently exhibit a high risk appetite, although adjustments have been observed since mid-March due to uncertainties surrounding the new round of "reciprocal tariffs" from the US and concerns over AI "computing power bubbles"[1] - In March, the Shanghai Composite Index, CSI 300 Index, and ChiNext Index recorded gains of +0.45%, -0.07%, and -3.07%, respectively[1] Policy and Economic Outlook - The 2025 Two Sessions emphasized expanding domestic demand and promoting consumption as primary objectives, with a focus on addressing low domestic inflation and external uncertainties[2] - The "Consumption Promotion Action Plan" issued on March 16 aims to enhance consumer capacity and stabilize the stock market, with expectations for new capital market policies to accelerate implementation[2] - The central bank reiterated the need for a moderately loose monetary policy, with potential for reserve requirement ratio (RRR) and interest rate cuts based on economic conditions[2] Investment Recommendations - Focus on large consumption and cyclical industries in Q2, particularly those showing signs of recovery or strong performance[3] - Continue to monitor defensive sectors such as banking and dividend stocks due to external uncertainties[4] - The long-term trend for AI remains positive, with significant investment from major domestic companies, presenting potential short-term investment opportunities during market corrections[5] Selected Stock Portfolio - The recommended portfolio includes stocks from various sectors: China Mobile, Hongri Da, Lu Wei Optoelectronics, Sinovac Biotech, and others, covering telecommunications, pharmaceuticals, machinery, and non-bank financials[5]

亚太股份（002284）公司年报点评 2025 年 04 月 01 日 [Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 9.72 | | --- | --- | | 52 周股价波动（元） | 6.24-10.26 | | 总股本/流通 A 股（百万股） | 739/731 | | 总市值/流通市值（百万元） | 7184/7107 | | 相关研究 | | | [Table_ReportInfo] 《 加 速 海 外 布 局 ， 获 海 外 | EPB 定点》 | 2024.11.05 市场表现 [Table_QuoteInfo] -19.67% -9.67% 0.33% 10.33% 20.33% 30.33% 2024/4 2024/7 2024/10 2025/1 亚太股份 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 8.2 | 21.8 | 19.9 | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 42.6 billion yuan, representing a year-on-year increase of 10.0%, with a net profit attributable to shareholders of 2.1 billion yuan, up 119.6% year-on-year [7] - The gross margin for 2024 is expected to be 18.4%, an increase of 1.8 percentage points year-on-year, with a significant improvement in gross margins driven by economies of scale [7] - The company has a robust order book, having initiated 166 new projects in 2024, including 74 related to automotive electronic control systems, with a notable contract for integrated brake control modules expected to generate total sales of approximately 1 billion yuan [7] - The earnings forecast for 2025-2026 is maintained at 55 billion yuan and 64 billion yuan respectively, with net profit attributable to shareholders adjusted upwards to 3.4 billion yuan and 4.2 billion yuan for the same years [7] Financial Summary - Total revenue for 2023 is reported at 38.74 billion yuan, with a projected increase to 42.6 billion yuan in 2024, and further growth to 55.28 billion yuan in 2025 [1][8] - The net profit attributable to shareholders is expected to rise from 969.5 million yuan in 2023 to 2.1293 billion yuan in 2024, and to 3.3971 billion yuan in 2025 [1][8] - The earnings per share (EPS) is forecasted to increase from 0.13 yuan in 2023 to 0.29 yuan in 2024, reaching 0.46 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 74.25 in 2023 to 33.81 in 2024, and further down to 21.19 in 2025 [1][8]

浙江亚太机电股份有限公司 关于收到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 证券代码：002284 证券简称：亚太股份 公告编号：2025-018 二、对公司的影响 二〇二五年三月三十一日 该项目是公司新开发的国际客户平台项目，该定点为公司进军海外市场奠定 了良好的基础，后续公司会积极地向该客户推广公司的其他相关产品，大力拓展 海外市场，进一步提升公司的国际竞争力。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。 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 年开始量产，整个项目的生产周期较长，市场情况存在不确定性，量产时 间也存在不确定性。实际供货量可能会受到整车企业量产进程、市场接受度、竞 争车型上市情况及国际形势等因素影响，具有不确定性。请广大投资者注意投资 风险。 特此公告。 浙江亚太机电股份有限公司董事会 浙江亚太机电股份 ...

当前，汽车行业转向电动化、智能化，亚太股份主动拥抱变革，积极布局智能网联与新能源产业。据 2024年年报，公司已成功构建了涵盖智能汽车环境感知、主动安全控制及移动互联技术的无人驾驶产业 链，顺利实现了77GHz毫米波雷达与视觉系统（含控制器）的产业化应用。同时，随着新能源汽车市场 的蓬勃发展，公司凭借深厚的技术积累，已掌握了从轮毂电机、逆变器调速模块、中央控制器PCU到整 套系统的综合开发能力，成功研发了多款驱动与制动集成化的轮毂电机产品，为智能驾驶和新能源汽车 的高效、节能、环保提供了有力的技术支撑。 后续，公司将以汽车主动安全技术为基础，布局汽车智能网联产业和新能源汽车产业，打造智能汽车环 境感知+主动安全控制+移动互联的无人驾驶产业链，实现智能驾驶技术和轮毂电机国内率先产业化。 亚太股份是国内少数专业研发生产整套汽车制动系统的一级零部件供应商，是我国汽车制动系统行业的 龙头企业，拥有完整的汽车制动系统主导产品链。公司设有国家认可实验室、院士工作站和博士后科研 工作站。 上市以来，亚太股份高度重视创新研发工作。数据显示，2024年公司研发支出达到3.15亿元，研发支出 占营收比例为7.4%，两项数据均创上 ...

证券代码：002284 证券简称：亚太股份 公告编号：2025-016 浙江亚太机电股份有限公司 第八届监事会第十八次会议决议公告 浙江亚太机电股份有限公司（以下简称"公司"）第八届监事会第十八次会议 于 2025 年 3 月 27 日在公司会议室召开，应参加会议的监事五名，实际参加会议 的监事五名，会议由监事会召集人陈宇超先生主持，符合《公司法》及《公司章 程》有关规定。经与会监事认真审议通过了以下议案： 一、会议以 5 票同意，0 票弃权，0 票反对，审议通过了《2024 年度监事会 工作报告》，并同意将该议案提交股东大会审议。 《2024 年度监事会工作报告》详见巨潮资讯网 http://www.cninfo.com.cn。 二、会议以 5 票同意，0 票弃权，0 票反对，审议通过了《2024 年年度报告 全文及摘要》，并同意将该议案提交股东大会审议。 监事会认为：董事会编制和审核浙江亚太机电股份有限公司 2024 年年度报 告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整 地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 五、会议以 5 票同意，0 票弃权 ...

证券代码：002284 证券简称：亚太股份 公告编号：2025-009 浙江亚太机电股份有限公司 一、审议程序 浙江亚太机电股份有限公司（以下简称"公司"）已于 2025 年 3 月 27 日召 开了第八届董事会第二十三次会议及第八届监事会第十八次会议，审议通过了 《2024 年度利润分配预案》，并同意将该议案提交股东大会审议。 二、2024 年度利润分配方案的基本情况 根据天健会计师事务所（特殊普通合伙）出具的《审计报告》（天健审 〔2025〕1151 号），2024 年度母公司实现净利润为 9,240.39 万元，按实现净利 润 10%提取法定盈余公积金 924.04 万元后，剩余利润 8,316.35 万元，加上上年 结转未分配利润 29,158.29 万元，减去其他未分配利润调整 45.45 万元，实际可 供股东分配的利润为 37,429.19 万元。 为积极回报股东，与股东分享公司发展的经营成果，结合公司实际情况， 公司董事会拟定的 2024 年度利润分配预案为：以截至 2024 年 12 月 31 日公司 总股本 739,100,348 股为基数，向全体股东每 10 股派发现金红利 0.5 元（含 ...

Group 1 - The company has approved a capital reduction of 100 million yuan for its wholly-owned subsidiary, Guangde Yatai Automotive Intelligent Brake System Co., Ltd, reducing its registered capital from 700 million yuan to 600 million yuan [1][2] - The capital reduction is part of the company's strategic planning aimed at optimizing resource allocation and improving capital efficiency [2] - The reduction will not change the scope of the company's consolidated financial statements and will not significantly impact the company's financial condition or operating results [2][3] Group 2 - As of September 30, 2024, the company's total assets were approximately 857 million yuan, and net assets were approximately 723 million yuan [2] - The company's operating revenue for the year ending December 31, 2024, was approximately 823 million yuan, with a net profit of approximately 37 million yuan [2]

证券代码：002284 证券简称：亚太股份 公告编号：2025-011 浙江亚太机电股份有限公司 关于向银行申请综合授信额度的公告 浙江亚太机电股份有限公司（以下简称"公司"）已于 2025 年 3 月 27 日召 开了第八届董事会第二十三次会议及第八届监事会第十八次会议，审议通过了 《关于向银行申请综合授信额度的议案》，并同意将该议案提交股东大会审议。 因原授信期限即将届满，为保证公司现金流量充足，满足公司资金需求，公 司及子公司拟继续以土地房产、票据等抵押和第三方担保方式向银行申请总额度 不超过 66.779 亿元人民币的综合授信额度。综合授信内容包括但不限于流动资 金贷款、银行承兑汇票、保函、开立信用证、票据贴现等综合授信业务，期限为 自本年度股东大会审议通过本议案之日起至下一年度股东大会召开之日止。具体 情况预计如下： 1、向中国农业银行股份有限公司萧山分行申请最高不超过 3.759 亿元人民 币的综合授信额度，授信期为一年。 2、向中国工商银行股份有限公司萧山分行申请最高不超过 6 亿元人民币的 综合授信额度，授信期为一年。 3、向中国银行股份有限公司萧山分行申请最高不超过 5 亿元人民币的综合 授 ...