报告名称：Asia-Pacific Mechanical and Electronic(002284)Proactive deployment in AFVs &
报告类型：点评报告
报告日期：2016-01-08
研究机构：中金公司
股票名称：亚太股份
股票代码：002284
页数：18
简介：Investment positives
As China’s largest supplier of brake systems, Asia-PacificMechanical and Electronic (APG) has proactively deployed insmart driving and AFVs through the acquisition of stakes inForward Innovation, Tima Networks and Elaphe.
Successfully entered the supply chain of JV-brandedOEMs. With years of independent R&D, APG is now a supplier toJV brands, securing steady cash flow for the future.
The operation of auto electronic brake products like ESCwill push forward product upgrades. APG’s auto electronicproducts (including ABS, EPB, EABS and ESC) are the essentialhardware for Advanced Driver Assistance Systems (ADAS). APGwill benefit from the wave of intelligent driving.
To deploy in the full value chain for smart driving viastakes in Forward Innovation and Tima Networks.
Forward Innovation focuses on camera-based algorithms, whileTima focuses on an IoV platform. APG’s stakes in the abovecompanies and the establishment of JVs will bring first-moveradvantages in the full value chain for smart driving.
To deploy in in-wheel motors for AFVs and integratedbrakes via a stake in Elaphe. By acquiring a stake in Elapheand the setup of a JV in China, APG will integrate the two parties’advantages in in-wheel motors & brakes for AFVs, thusbenefiting from the rapidly growing AFV market in China.
Financials
We forecast 2015/16/17e net profit to grow 2.1%/20.1%/36.6%to Rmb179mn/215mn/294mn, implying diluted EPS ofRmb0.24/0.29/0.40.
Valuation and recommendation
Considering the rarity of listcos that are in the business of ADAS,We initiate coverage with a BUY rating and a TP ofRmb26, implying 90x 2016e P/E.
Risks
Electronic stability controls fail to start operation as scheduled.

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