编号：2025-020 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 长城证券金瑞，财通证券周逸洲 时间 2025 年 12 月 18 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。 2、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 1 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 2 | | 7、公司今年的冬季测试开始了吗？ | | --- | --- | | ...

Core Viewpoint - Asia Pacific Co., Ltd. has seen a stock price increase of 5.04% on December 19, reaching 13.55 yuan per share, with a total market capitalization of 10.015 billion yuan, indicating a cumulative increase of 4.03% over the past four days [1] Company Overview - Zhejiang Asia Pacific Electromechanical Co., Ltd. is located in Xiaoshan District, Hangzhou, Zhejiang Province, established on December 7, 2000, and listed on August 28, 2009 [1] - The company's main business includes the development, production, and sales of automotive basic braking systems, automotive chassis electronic control systems, wheel hub motors, and drive-by-wire chassis [1] - Revenue composition: automotive basic braking systems account for 69.48%, automotive electronic control systems 27.35%, and others 3.17% [1] Shareholder Insights - Among the top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Prosperity Selected Mixed A (020876), entered the top ten in Q3, holding 4.4205 million shares, representing 0.6% of circulating shares [2] - The fund has realized a floating profit of approximately 2.8733 million yuan today, with a floating profit of 2.2103 million yuan during the four-day increase [2] Fund Performance - China Europe Prosperity Selected Mixed A (020876) has a total asset scale of 1.052 billion yuan, with a year-to-date return of 44.6%, ranking 1189 out of 8098 in its category, and a one-year return of 46.84%, ranking 939 out of 8067 [2] - The fund manager, Zhang Xueming, has been in position for 1 year and 241 days, with the best fund return during his tenure being 62.73% [3] Top Holdings - Another fund under China Europe Fund, the China Europe National Certificate 2000 Index Enhanced A (018663), holds 22,800 shares of Asia Pacific Co., Ltd., accounting for 0.28% of the fund's net value [4] - This fund has achieved a floating profit of approximately 14,800 yuan today, with a floating profit of 11,400 yuan during the four-day increase [4] Additional Fund Manager Insights - The fund managers for China Europe National Certificate 2000 Index Enhanced A (018663) are Qian Yating and Song Ting, with Qian having a tenure of 4 years and 48 days and Song having a tenure of 302 days [5] - The fund has a total asset scale of 5.022 billion yuan, with the best return during Qian's tenure being 60.78% and for Song being 29.9% [5]

Core Viewpoint - The automotive industry is expected to benefit from the acceleration of automotive intelligence and the development of the robotics industry, with the auto parts sector outperforming the vehicle manufacturing sector in 2025 [1][2]. Group 1: Market Performance - From January 1 to December 12, 2025, the CITIC passenger car index decreased by 0.40%, while the CITIC auto parts index increased by 34.76%, indicating a significant outperformance of the auto parts sector compared to the vehicle manufacturing sector [1]. - The vehicle manufacturing sector has shown weakening performance due to intensified price wars and fierce market competition, while the auto parts sector has benefited from opportunities arising from the rapid development of AI and related industries [1]. Group 2: Revenue and Profitability - The passenger car sector experienced revenue growth in the first three quarters of 2025, driven by the "old-for-new" policy, but faced a decline in short-term profitability due to increased competition [1]. - The auto parts sector, on the other hand, has seen continuous performance improvement driven by economies of scale and demand from emerging industries [1]. Group 3: 2026 Outlook - The automotive market in 2026 is expected to see a decline in policies such as the "old-for-new" program, which may affect car purchase demand, while the export of new energy vehicles is projected to grow rapidly, showcasing strong competitiveness in China's new energy vehicle industry [2]. - The penetration rate of new energy vehicles continues to rise, with intelligent and high-end features becoming new growth drivers [2]. Group 4: Technological Advancements - The intelligentization of chassis systems is a key area of focus to ensure the reliability of high-level autonomous driving, with domestic companies actively promoting the implementation of intelligent technologies in suspension, steering, and braking systems [3][4]. - The development of intelligent suspension systems is advancing, with active suspension becoming a necessary choice for intelligent driving vehicles, and domestic parts manufacturers are becoming major players in this field [3]. Group 5: Investment Strategy - The automotive market in 2026 will be influenced by various factors, with the rise in new energy vehicle penetration, exports, and intelligent high-end features expected to be structural highlights [4]. - Companies that continue to focus on automotive intelligence and are positioned to benefit from the mass application of intelligent driving technologies, particularly those involved in active suspension and line control systems, are recommended for investment [5].

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

Core Viewpoint - The recent approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of advanced autonomous driving technology in China [2][5]. Group 1: L3 Autonomous Driving Approval - Changan Automobile and BAIC BluePark Magna Automotive have submitted applications for L3-level conditional autonomous driving vehicles, which have been approved by MIIT in the 401st batch of announcements [2][3]. - L3 autonomous driving allows for conditional self-driving within a limited operational range, differing fundamentally from L2 assistance systems [2][3]. Group 2: Impact on Intelligent Chassis - The approved vehicles include Changan's Deep Blue product and BAIC's Arcfox Alpha S (L3 version), which features a high-performance redundant sensor system with 34 sensors, including three LiDARs [3][4]. - The commercialization of L3 is expected to accelerate the application of intelligent chassis technologies, such as active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [3][4]. Group 3: Investment Strategy - The approval of L3 vehicles provides policy support for the popularization of high-level autonomous driving, benefiting companies actively engaged in this sector [5]. - Key investment areas include vehicle application, where leading companies are establishing advantages in training data and smart driving ecosystems, and the intelligent chassis sector, which is expected to see rapid mass application by 2026 [5].

Core Viewpoint - The approval of L3-level autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of L3 autonomous driving in China, which is expected to accelerate the adoption of smart chassis technologies [1][2][3]. Group 1: Event Summary - The MIIT has granted conditional approval for Changan Automobile and BAIC BluePark Magna Automotive to produce L3-level autonomous vehicles, following the submission of their applications [2]. - The approval is part of the 401st batch of announcements by the MIIT, indicating a regulatory framework supporting the introduction of L3 autonomous driving products in the market [2][3]. Group 2: L3 Commercialization Impact - L3 autonomous driving allows for conditional self-driving capabilities, where the system controls vehicle movement and responds to environmental stimuli within a limited operational range, requiring driver intervention outside this range [3]. - The vehicles approved include Changan's Deep Blue model and BAIC's Arcfox Alpha S (L3 version), which features a high-performance sensor system with 34 sensors, including three LiDARs, ensuring comprehensive safety and redundancy [4]. Group 3: Smart Chassis Development - The commercialization of L3 driving is expected to drive the mass application of smart chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [4][5]. - Active suspension systems will integrate air springs and variable damping to enhance vehicle handling and comfort, while EMB represents the future direction of braking systems, supported by mandatory national standards set to take effect in 2026 [4][5]. Group 4: Investment Strategy - The approval of L3 vehicles provides policy support for the widespread adoption of advanced autonomous driving technologies, benefiting companies that are actively investing in this sector [6]. - Key investment opportunities include automakers collaborating with Huawei, such as Seres, JAC Motors, BAIC BluePark, SAIC Group, and Changan, as well as companies in the smart chassis supply chain like Baolong Technology and Top Group [6].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [3][19]. Core Insights - The commercial application of L3 level conditional autonomous driving is expected to accelerate, with more vehicles equipped with L3 features likely to receive regulatory approval in the future [1][2]. - The introduction of L3 systems is anticipated to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems, which are crucial for higher levels of autonomous driving [2][9]. - The report highlights the significant advancements in hardware and software for automotive intelligence, suggesting a robust growth trajectory for companies involved in these technologies [2][9]. Summary by Sections Industry Overview - The automotive industry consists of 232 listed companies, with a total market capitalization of approximately 46,540.79 billion and a circulating market value of about 36,782.9 billion [4]. - The average price-to-earnings ratio for the industry stands at 31.78 [4]. Key Developments - The report notes that the recent approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of advanced driving technologies in China [1][2]. - The intelligent chassis is seen as the final piece in the puzzle for L3 and higher-level autonomous driving, with a focus on the upcoming mass production of active suspension, EMB, and SBW systems [2][9]. Investment Strategy - The report suggests focusing on two main areas for investment: the complete vehicle application sector, where leading companies are establishing advantages in training data and ecosystems, and the intelligent chassis sector, which is poised for rapid growth due to regulatory support and technological advancements [2][9].

Core Viewpoint - The automotive smart corner module is a next-generation technology that integrates driving, braking, steering, and suspension systems into each wheel of the vehicle, enabling a fundamentally different driving experience. This technology is crucial for the intelligent upgrade of new energy vehicles and is expected to drive the automotive industry towards a new ecosystem characterized by "hardware modularization + software definition" as costs decrease and standardization accelerates [2]. Market Size and Trends - The global market size for automotive smart corner modules is projected to reach $49.63 million in 2024, with a compound annual growth rate (CAGR) of 17.16% from 2020 to 2025. By 2031, the market is expected to grow to $101.50 million, with a CAGR of 8.35% from 2025 to 2031 [4]. Industry Development Characteristics - The integration of electric motors, reducers, brake actuators, and sensors in smart corner modules allows for intelligent collaborative control of torque, braking force, and steering angle, providing a core execution basis for electric chassis and intelligent driving [8]. - High technical barriers exist in manufacturing and supply chain, requiring high-precision electromechanical coupling and complex thermal management, with leading companies primarily being Tier 1 manufacturers with chassis and intelligent control system expertise [8]. - Costs are decreasing while reliability is improving due to advancements in semiconductor integration, motor miniaturization, and electronic braking, creating conditions for large-scale production [8]. Favorable Factors for Industry Development - The global demand for new energy vehicles is steadily increasing, with a rising penetration rate and a shift towards electric and drive-by-wire systems, making smart corner modules essential components of intelligent electric chassis [10]. - The development of autonomous driving and intelligent chassis technologies is closely linked, with smart corner modules being key execution units for independent control of vehicle posture, torque distribution, braking, and steering, thus expanding their application space as the penetration of L3 and above autonomous driving increases [10]. - Government policies are increasingly supportive, promoting the development of key technologies for intelligent connected vehicles and modular electric drive systems, providing a favorable regulatory environment for the industrialization of smart corner modules [11]. Unfavorable Factors for Industry Development - The long verification cycle for safety and reliability of smart corner modules, which must meet ASIL-D standards, poses challenges for mass production due to strict testing requirements [13]. - The lack of unified industry standards and interface specifications among manufacturers hinders interoperability and collaboration within the supply chain, affecting large-scale manufacturing [13]. - Market acceptance of modular chassis architectures is still developing, with some manufacturers cautious about the long-term reliability and maintenance of smart corner modules, slowing the market adoption pace [13].

Core Viewpoint - The China Securities 2000 ETF managed by Huaxia Fund has experienced a decline of 1.40% as of the midday close on December 16, with a trading volume of 11.59 million yuan [1] Group 1: Fund Performance - The China Securities 2000 ETF (562660) reported a return of 64.81% since its inception on September 6, 2023 [1] - The fund has experienced a negative return of 2.44% over the past month [1] Group 2: Major Holdings Performance - Tian'ao Electronics saw a decline of 2.87% [1] - Guoen Co. dropped by 1.86% [1] - Asia-Pacific Co. increased by 2.17% [1] - Baosheng Co. fell by 2.49% [1] - Green Power decreased by 0.58% [1] - Spring Autumn Electronics declined by 2.67% [1] - Optoelectronics Co. dropped by 5.02% [1] - Micron Technology fell by 2.09% [1] - Jepter Co. decreased by 3.36% [1] - Daon Co. declined by 2.68% [1]

Investment Rating - The report rates the automotive parts industry as "Positive" (First Time) [1] Core Viewpoints - The loosening of regulations is expected to accelerate the mass production of electronic mechanical brakes (EMB) and steer-by-wire (SBW), leading to a significant market expansion [3] - The domestic market for line-controlled chassis is projected to exceed 100 billion by 2030, driven by advancements in high-level autonomous driving [3][30] - The report emphasizes the importance of focusing on high-quality Tier 1 suppliers and upstream components such as motors and lead screws [4][9] Summary by Relevant Sections Line-Controlled Chassis - The pursuit of human-machine decoupling in line-controlled chassis is fundamental for achieving L3/L4 autonomous driving [9] - The market for line-controlled braking systems is expected to reach 50 billion by 2030, with EMB projected at 16.4 billion [3][30] - The line-controlled steering market is anticipated to reach 50 billion by 2030, with SBW projected at 21.5 billion [3][30] Regulatory Developments - Regulations allowing EMB to be implemented in vehicles will officially take effect on January 1, 2026 [3][26] - New policies regarding SBW are expected to be catalyzed within the year, although specific certification details remain unclear [3][26] Market Dynamics - The report highlights that the penetration rate of line-controlled chassis is expected to rise from 5% in 2025 to 30% by 2030 [31] - The overall market for intelligent chassis in China is projected to exceed 100 billion by 2030, with a compound annual growth rate (CAGR) of 37% from 2025 to 2030 [30][29] Key Companies to Watch - The report suggests focusing on leading Tier 1 suppliers with comprehensive platform capabilities, such as NEXTEER, ZF, and others [4][9]