To be honest I don't know exactly as newest version of Asphyre had some changes in it. But based on the dfm file of your main form AsphyreDevice1 component which has been placed on your MainForm has property WindowHandle which is currently set to 0.
I belive that changing this property to Panel.Handle should set Panel as rendering target for Asphyre but I'm not sure. You need to change this property prior the Initialization of the engine.