APG(SZ:002284) Zheng Quan Zhi Xing·2025-06-17 00:14Group 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]