证券代码：002284 证券简称：亚太股份 浙江亚太机电股份有限公司投资者关系活动记录表 编号：2025-012 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑现场参观 □其他 （线上会议调研） 参与单位名称及 人员姓名 华创证券李昊岚 时间 2025 年 07 月 08 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书邱蓉 证券办 李琼婷 投资者关系活动 主要内容介绍 一、公司情况介绍 二、公司情况交流 1、公司毛利率提升的原因主要有哪些？ 答：受益于国内汽车销量的增长及公司国际市场新项目的上 量，规模效应逐渐显现；同时公司持续优化产品结构，推动内 部降本增效、工艺优化等工作，有效提升制造能力，产品毛利 率同比提升，推动公司业绩稳步增长。 2、公司除了萧山本部这边，其他地方有生产基地吗？ 答：公司目前主要有萧山本部、安徽广德和湖州安吉三大生产 基地，公司在柳州、广州、长春等各地也有生产基地便于为整 车就近配套，同时公司的摩洛哥生产基地项目目前也正在有序 推进中。 1 | 3、公司的角模块产品能介绍一下吗？ | | | | | | ...

1 部降本增效、工艺优化等工作，有效提升制造能力，产品毛利 率同比提升，推动公司业绩稳步增长。 3、公司产能方面今年会考虑扩产吗？ 答：公司目前的产能利用率维持在较高水平，公司产品的产量 情况由整车销售情况决定，公司会根据定点项目的市场销量情 况增加产线、扩大产能以满足客户需求。 4、公司的线控制动产品何时放量？ 答：公司的线控制动产品目前已新增了项目定点，如于 2025 年 02 月 06 日、2025 年 06 月 04 日分别披露的《关于收到新 能源汽车定点通知的公告》，上述两个项目预计生命周期销售 总金额为 12 亿元，公司会根据客户的量产时间积极推进。 5、公司与国际零部件公司相比，优势有哪些？ 答：公司作为国内汽车制动系统行业的龙头企业，始终定位于 争创国际一流汽车零部件企业。公司的产品可以根据整车厂的 具体车型和具体参数定制开发，与外资品牌相比，国内自主零 部件企业具有性价比高、服务好、反应速度快等方面的优势， 同时技术差距也在逐步缩小。国内外整车企业也在国内积极开 发新的供应商，加大本土化采购力度，这也给自主零部件企业 带来良好的发展机遇。 6、公司未来两年的业绩增长点有哪些？ 答：未来公司将 ...

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]

二、对公司的影响 证券代码：002284 证券简称：亚太股份 公告编号：2025-030 浙江亚太机电股份有限公司 关于收到 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 浙江亚太机电股份有限公司（以下简称"公司"）于近日收到某国外品牌客 户（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 EPB 产品供应商。 根据客户规划，上述项目生命周期 5 年，预计将于 2027 年三季度开始量产， 生命周期销售总金额约为 6.8 亿元。 二〇二五年六月十六日 该项目的定点标志着公司电子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，有利于公司开拓国际市场。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。 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 年三季度开始量产， ...

Core Viewpoint - The company has been designated as a supplier for a foreign brand's EPB products, with production expected to commence in Q3 2027, and a total sales value of approximately 680 million yuan over a 5-year lifecycle [1] Group 1 - The project is anticipated to enhance the company's development capabilities and brand quality in electronic products, thereby strengthening its market competitiveness [1] - There is no significant impact on the company's revenue and profit expected for the current fiscal year [1]