Group 1 - The company, Asia-Pacific Holdings (002284), announced an expected net profit for the first half of 2025 ranging from 190 million to 210 million yuan, representing a growth of 81.97% to 101.13% compared to the same period last year, which was 104 million yuan [1]

Group 1: Company Overview - The company has three main production bases located in Xiaoshan, Anhui Guangde, and Huzhou Anji, with additional bases in Liuzhou, Guangzhou, and Changchun to support local vehicle assembly [1] - The company is also advancing a production base project in Morocco [1] Group 2: Financial Performance - The company's gross profit margin has improved due to increased domestic automobile sales and the launch of new international projects, leading to a steady growth in performance [1] - The gross profit margin has increased year-on-year, driven by internal cost reduction and efficiency enhancement efforts [1] Group 3: Product Development - The company has focused on corner module technology, providing comprehensive solutions that integrate hub motors, electronic mechanical brakes (EMB), steering systems, active suspension, and chassis domain controllers [2] - This technology allows for independent control of vehicle systems, enabling features like in-place steering and lateral movement, thus expanding application scenarios and meeting personalized travel needs [2] Group 4: Production Capacity and Market Strategy - The current production capacity utilization rate is high, and production levels are determined by vehicle sales [2] - The company plans to increase production lines and expand capacity based on market demand for specific projects [2] Group 5: New Projects and Client Advantages - 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 these projects [2] - Domestic component manufacturers are increasingly favored by clients for their cost-effectiveness, service quality, and quick response times, as well as narrowing technology gaps compared to foreign brands [2]

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]