APG(SZ:002284) 车中旭霞·2025-06-26 13:57Core Viewpoint - The company focuses on continuous breakthroughs in braking systems technology and market layout, with a significant portion of its revenue derived from mechanical and electronic braking products [1][3][4]. Group 1: Revenue and Growth - The company's revenue from basic braking systems is approximately 3.1 billion yuan in 2024, accounting for 73% of total revenue, with a sales volume of 23.07 million units, reflecting a 3% year-on-year growth [2][15]. - The electronic control systems, including EPB, ESC, and IBS, have shown a compound annual growth rate (CAGR) of 32% from 2020 to 2024, with 2024 revenue expected to reach 1.02 billion yuan [3][37]. - The overall revenue growth from 2020 to 2024 is projected at a CAGR of 9.87%, with net profit growth at 91.03% [3][37]. Group 2: Product Development and Market Expansion - The company has initiated 166 new projects in 2024, with 74 related to electronic control systems, and has started mass production for 103 projects, including collaborations with major automotive brands [3][41]. - The company is expanding its global footprint, with new subsidiaries in Singapore, Morocco, and Germany, aiming to enhance local production and increase overseas revenue, which currently stands at about 3% [4][46]. - The company is actively developing intelligent new businesses, including integrated solutions for autonomous driving, which encompass various advanced technologies [5][44]. Group 3: Market Position and Competitive Landscape - The domestic market for disc brakes is still dominated by foreign companies, with a significant opportunity for domestic brands to increase their market share, as local companies like the company are rapidly emerging [16][36]. - The penetration rate of electronic parking brakes (EPB) is nearing 90% in 2023, with the market expected to reach nearly 27 billion yuan by 2025 [26][30]. - The company has established a broad customer base, covering major domestic and international automotive manufacturers, and has entered procurement platforms of global brands [44][46].