亚太股份：IBS获得新定点，客户持续突破

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth projections and market expansion opportunities. Core Insights - The company has received a new project notification from a major domestic automotive group to supply integrated brake control modules (IBS onebox) for two new energy vehicle models, with a total sales amount of approximately 1 billion yuan over a project lifecycle of 5 years, starting mass production in Q1 2026 [1]. - The company is actively expanding its product offerings in electronic control systems, having initiated 75 new projects in the first half of 2024, with 37 related to automotive electronic control systems [2]. - The company is also making strides in international markets, having been selected as a supplier for EPB products for a foreign brand, with a project lifecycle of 8 years and an estimated sales amount of 3.8 billion yuan, starting mass production in 2026 [2]. - The company expects a significant increase in net profit for 2024, projected between 190 million to 220 million yuan, representing a year-on-year growth of 96% to 127% due to market expansion and cost reduction efforts [2]. - Profit forecasts indicate a continued upward trend in net profit from 205 million yuan in 2024 to 295 million yuan in 2026, with corresponding EPS increasing from 0.28 yuan to 0.40 yuan [2]. Financial Summary - Total revenue is projected to grow from 3.874 billion yuan in 2023 to 5.712 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 14.3% [3]. - The gross profit margin is expected to improve from 16.7% in 2023 to 17.9% in 2026, indicating enhanced profitability [3]. - The return on equity (ROE) is forecasted to rise from 3.5% in 2023 to 10.0% in 2026, reflecting improved financial performance [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 68.46 in 2023 to 22.51 in 2026, suggesting that the stock may become more attractive as earnings grow [3].