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Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. Business Report FY ended Dec. 2024
Financial Overview |
(CNY millions) |
| FY ended Dec. 31, 2024 | FY ended Dec. 31, 2023 | Change | |
| Sales | 4,260.39 | 3,874.40 | 9.96% |
| Operating income | 229.29 | 99.85 | 129.63% |
| Ordinary income | 226.99 | 100.10 | 126.76% |
| Net income | 213.83 | 97.02 | 120.40% |
-In 2024, the Company actively expanded its domestic and international markets, continued to increase R&D investment in new products, enhanced innovation capabilities, optimized product mix, and strengthened the maintenance and development of high-quality domestic and international customers. Secondly, the Company continued to drive internal cost reduction and efficiency improvement, continuously strengthened product quality control, and effectively enhanced manufacturing capabilities.
-In 2024, the Company launched 166 new projects, of which 74 involved automotive electronic control system products. The Company began mass production for 103 projects, including Leapmotor, FAW Hongqi, Chongqing Changan, Geely Automobile, GAC Aion, Great Wall Motor, and SAIC Maxus.
Orders
Major new orders in 2024 are as follows:
| Customer | Product |
| A Major Domestic Automotive Group | The Company will supply rear brake caliper assemblies (with EPB) for a new energy vehicle platform of this customer. According to the customer's plan, the project has a lifecycle of 6 years, with mass production expected to begin in Q2 2026, and a total sales value of approximately RMB 360 million over the lifecycle. |
| A Major Domestic Automotive Group | The Company will supply Integrated Brake Control Module (IBS onebox) products for a new energy vehicle model of this customer. The project has a lifecycle of 4 years, with mass production expected to begin in Q1 2026, and a total sales value of approximately RMB 200 million over the lifecycle. |
| An Overseas New Customer | The Company has been designated as the supplier of front calipers and drum brake products for this customer's new platform. According to the customer's plan, the project has a lifecycle of 7 years, with mass production expected to begin in 2027, and a total sales value of approximately RMB 800 million over the lifecycle. |
| A Major Domestic Automotive Group | The Company will supply Integrated Brake Control Module (IBS onebox) products for two new energy vehicle models of this customer. According to the customer's plan, the project has a lifecycle of 5 years, with mass production expected to begin in Q1 2026, and a total sales value of approximately RMB 1 billion over the lifecycle. |
| An Overseas Brand Customer | The Company has been designated as the front caliper product supplier for two vehicle models on a platform of this customer. According to the customer's plan, the project has a lifecycle of 8 years, with mass production expected to begin in 2026, and a total sales value of approximately RMB 1.5 billion over the lifecycle. |
| An Overseas Brand Customer | The Company has been designated as the EPB product supplier for two vehicle models on a platform of this customer. According to the customer's plan, the project has a lifecycle of 8 years, with mass production expected to begin in 2026, and a total sales value of approximately RMB 3.8 billion over the lifecycle. |
| An Overseas Brand Customer | The Company has been designated as the brake product supplier for a vehicle model of this customer. According to the customer's plan, the project has a lifecycle of 7 years, with mass production expected to begin in Q4 2025, and a total sales value of approximately RMB 230 million over the lifecycle. |
| A Major Domestic Automotive Group | The Company will supply front brake caliper assemblies and electronic parking actuator assemblies for a new energy vehicle model of this customer. According to the customer's plan, the project has a lifecycle of 6 years, with mass production expected to begin in H1 2025, and a total sales value of approximately RMB 590 million over the lifecycle. |
R&D
-The company has a test facility of 6,000 square meters and established proving grounds in Huangshan and Heihe, Heilongjiang.
-The Company's testing centers have been certified as laboratories by FAW-VW, SAIC GM, GM-Wuling, SAIC Group, SAIC Automobile, Jiangling, Geely Automobile, Changan Automobile, etc.
-Zhejiang Brake System Testing Laboratory passed ISO/IEC17025 accreditation by China National Conformity Assessment Service (CNAS).
R&D Expenses |
(CNY millions) |
| FY ended Dec. 31, 2024 | FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | |
| R&D Expense | 315.44 | 236.90 | 194.03 |
| Percent of sales revenue (%） | 7.40 | 6.11 | 5.17 |
-As of Dec. 31, 2024, the Company has 367 R&D staff, accounting for 13.23% of the total staff.
Patents, etc
-As of December 31, 2024, the Company holds 766 patents. Of these, 134 are invention patents, 620 are utility model patents, and 12 are appearance patents.
-The Company has obtained quality system certifications such as QS9000, VDA6.1, ISO/TS 16949, and IATF 16949. The automobile brake system has obtained the product certification of the China Automobile Product Certification Center, as well as QSB and QSB+ certifications of SAIC GM and Dongfeng PSA.
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