证券代码：601038 证券简称：一拖股份 公告编号：临 2024-42 第一拖拉机股份有限公司 关于增资国机财务有限责任公司暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 此次增资尚需经国家金融监督管理总局北京监管局批准。 一、关联交易概述 （一）关联交易基本情况 为促进国机财务公司业务发展，进一步提高资本实力，国机财务公司全体股 东拟对其同比例现金增资 6 亿元。其中，公司出资 8,571.6 万元。本次增资完成 后，国机财务公司注册资本由 17.5 亿元增加至 23.5 亿元，一拖股份计入国机财 务公司注册资本的出资额由 25,000 万元增加至 33,571.6 万元。各股东持股比例 不变，公司仍持有国机财务公司 14.286%股权。 1 交易内容：第一拖拉机股份有限公司（以下简称一拖股份或公司）拟按 股权比例以现金方式向国机财务有限责任公司（以下简称国机财务公 司）增资 8,571.6 万元。本次增资完成后，一拖股份计入国机财务公司 注册资本的出资额由 25,000 万元增加至 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－41 第一拖拉机股份有限公司 第九届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （二）《关于中非重工投资有限公司向中工国际工程股份有限公司销售商 品提供服务暨关联交易的议案》 同意公司控股子公司中非重工投资有限公司与中工国际工程股份有限公司 签署《农业机械化中心项目拖拉机设备采购合同》，中工国际工程股份有限公司 将向中非重工投资有限公司采购拖拉机产品及相关技术文件和培训服务用于尼 日利亚农业机械化中心项目，合同金额为人民币 2,215.77 万元（含税）。 第一拖拉机股份有限公司（以下简称公司）第九届董事会第二十六次会议（以 下简称本次会议）于 2024 年 11 月 12 日以通讯方式召开，会议通知及议案资料 已于 2024 年 11 月 8 日以电子邮件方式向全体董事发出。本次会议应出席董事 8 名，实际出席董事 8 名。本次会议的召开符合《公司法》及公司《章程》《董事 会议事规则》等有关规定。 二 ...

Group 1: Market Trends and Competition - The trend towards large-scale agricultural machinery is driven by national policies promoting high-standard farmland construction and land consolidation, leading to increased demand for high-horsepower products [1] - Major agricultural machinery companies are launching larger and smarter products, with industry leaders having a clear competitive advantage due to their technological capabilities [1] Group 2: Financial Performance and Challenges - The company's gross margin has declined due to fluctuations in grain prices affecting user purchasing enthusiasm for agricultural machinery in Q3 [1] - The company has increased promotional efforts in certain regions to boost terminal market sales [1] Group 3: Export Business and Future Strategy - In Q3, the company's export to the Russian market continued to decline, while sales in Central Asia, Southeast Asia, and Africa showed growth, compensating for the drop in Russia [1] - The company aims to enhance its marketing network and talent development to accelerate overseas expansion, which is a key part of its future strategy [1] Group 4: Accounts Receivable and Cash Flow - The increase in impairment provisions is mainly due to the aging of accounts receivable, with seasonal characteristics leading to a temporary rise in receivables at the end of Q3 [1] - The company’s cash flow performance is better than its profit due to timely settlements with distributors and suppliers, with differences arising mainly from the timing of cash receipts and payments [1] Group 5: Taxation - The increase in income tax expenses is attributed to the return to a more conventional tax rate in 2023, following a period of lower rates due to unabsorbed losses and asset write-offs [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 10.736 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.73%. The net profit attributable to the parent company was 1.101 billion yuan, up 1.45% year-on-year [3] - The company is facing short-term pressure on profit margins, with a sales gross margin of 16.37% for the first three quarters of 2024, a decrease of 0.19 percentage points year-on-year. The net profit margin was 10.39%, down 0.27 percentage points year-on-year [3] - The company is expanding its overseas market presence despite short-term challenges, particularly in the Russian market, and is focusing on Central Asia and the Caucasus region to offset declines in sales [3] - The long-term development outlook for the company remains positive, with revised revenue forecasts of 12.011 billion yuan, 13.383 billion yuan, and 14.754 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Summary - For 2024, the company is expected to achieve a net profit of 1.035 billion yuan, with corresponding EPS of 0.92 yuan. The P/E ratios for 2024, 2025, and 2026 are projected to be 17, 15, and 13 respectively [4][5] - The company’s total assets are projected to grow from 13.817 billion yuan in 2023 to 18.318 billion yuan by 2026, indicating a steady increase in financial strength [6] - The gross profit margin is expected to improve gradually from 15.9% in 2023 to 17.3% in 2026, reflecting enhanced operational efficiency [6]

Investment Rating - The report maintains a "Buy" rating for Yituo Co., Ltd. (601038) [1] Core Views - The company's Q3 revenue and profit declined year-on-year due to increased promotional activities leading to a decrease in gross margin [5] - The trend of product large-scale development continues, with an increase in the production of large tractors [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 2.93 billion yuan, a year-on-year decrease of 2.45%, and a net profit attributable to shareholders of 200 million yuan, down 40.9% year-on-year [5] - For the first three quarters of 2024, the company reported total revenue of 10.74 billion yuan, an increase of 4.7% year-on-year, and a net profit of 1.1 billion yuan, up 1.45% year-on-year [4] Market Trends - In the first nine months of 2024, the production of large tractors increased by 9.4% year-on-year, while the production of medium and small tractors decreased by 10.0% and 16.1%, respectively [5] - The proportion of large tractors in total production reached 23.5%, an increase of 3.8 percentage points year-on-year, indicating a continued trend towards larger products [5] Earnings Forecast - The company is projected to achieve revenues of 12.015 billion yuan, 12.927 billion yuan, and 13.853 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.18%, 7.59%, and 7.16% [3] - The net profit attributable to shareholders is expected to be 1.04 billion yuan, 1.21 billion yuan, and 1.379 billion yuan for the same years, with growth rates of 4.29%, 16.40%, and 13.92% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is expected to benefit from long-term growth opportunities driven by the trends of large-scale and high-end agricultural machinery [2] - In Q1-Q3 2024, the company achieved revenue of 10.74 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 1.10 billion yuan, a year-on-year increase of 1.4% [2] - The company’s sales gross margin for Q3 2024 was 14.7%, down 3.6 percentage points year-on-year, primarily due to increased promotional efforts in a declining market [2] - The company is positioned as a leading high-horsepower tractor manufacturer, benefiting from the dual trends of industry large-scale and high-end development, as well as successful overseas market expansion [2] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 2.93 billion yuan, a decrease of 2.4% year-on-year, and a net profit of 200 million yuan, a decrease of 40.9% year-on-year [2] - The company’s revenue forecast for 2024-2026 has been adjusted to 1.061 billion, 1.220 billion, and 1.432 billion yuan respectively, with corresponding P/E ratios of 17, 14, and 12 times [2][8] Market Position - The company is a top player in the high-end large-horsepower tractor market, with a significant increase in the proportion of large tractors sold, indicating a clear trend towards larger machinery in the industry [2] - The company’s overseas revenue has grown at a CAGR of 35.41% from 2019 to 2023, focusing on markets in the Russian-speaking regions, South America, and Asia [2] Future Outlook - The company is expected to benefit from the recent increase in the minimum purchase price for wheat, which may boost market confidence in grain prices [2] - The internal demand structure for large and medium tractors is continuously optimizing, positioning the company to benefit from the ongoing trend towards larger agricultural machinery [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported steady revenue in Q3 2024, but a decline in gross margin negatively impacted net profit [2] - For the first three quarters of 2024, the company achieved operating revenue of 10.736 billion yuan, a year-on-year increase of 4.78%, and a net profit attributable to shareholders of 1.101 billion yuan, a year-on-year increase of 1.45% [1][2] - In Q3 2024, the company recorded operating revenue of 2.930 billion yuan, a year-on-year decrease of 2.45% and a quarter-on-quarter decrease of 7.01%, with a net profit of 196 million yuan, down 40.93% year-on-year and 36.08% quarter-on-quarter [1][2] Summary by Sections Revenue and Profitability - The company’s comprehensive gross margin for the first three quarters of 2024 was 16.37%, a decrease of 0.20 percentage points year-on-year, while the net profit margin was 10.39%, down 0.27 percentage points year-on-year [2] - In Q3 2024, the comprehensive gross margin was 14.65%, a decline of 3.64 percentage points year-on-year and 1.91 percentage points quarter-on-quarter, with a net profit margin of 6.68%, down 4.24 percentage points year-on-year and 3.25 percentage points quarter-on-quarter [2] Cost Management - The company demonstrated excellent cost control in Q3 2024, with a period expense ratio of 7.96%, down 0.38 percentage points year-on-year [3] - The sales expense ratio was 1.70%, down 0.26 percentage points year-on-year, while the management expense ratio was 2.71%, down 0.41 percentage points year-on-year [3] Future Outlook - The company is expected to achieve net profits of 1.068 billion, 1.274 billion, and 1.489 billion yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 0.95, 1.13, and 1.33 yuan, indicating a compound annual growth rate of 14% in net profit over the next three years [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for Q1-Q3 2024 reached 10.736 billion yuan, a year-on-year increase of 4.78%, with a net profit attributable to shareholders of 1.101 billion yuan, up 1.45% year-on-year [1]. - In Q3 2024, the company reported revenue of 2.930 billion yuan, a decrease of 2.45% year-on-year, while the net profit attributable to shareholders was 196 million yuan, an increase of 40.93% year-on-year [1]. - The overall industry demand remains weak, but the company's market share in large tractors is increasing, driven by the aging population and the demand for high-standard farmland construction [2]. - The company continues to optimize its expense ratio, with a combined expense ratio decrease of 0.39 percentage points for Q1-Q3 2023 [2]. - Short-term export disruptions are noted, but the company has significant long-term growth potential, especially in markets along the Belt and Road Initiative [2]. - Other income benefited from VAT deductions, with an increase of 93 million yuan year-on-year [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 16.37% and a net margin of 10.39% [1]. - The company forecasts net profits of 1.036 billion yuan for 2024, 1.438 billion yuan for 2025, and 1.700 billion yuan for 2026, with corresponding valuations of 17x, 12x, and 10x [2][3]. Industry Insights - The tractor production in China for Q3 2024 was 99,200 units, down 11.6% year-on-year, with large tractors showing a positive growth trend [2]. - The company is focusing on expanding its market presence in Central Asia and the Caucasus to offset declines in the Russian market [2]. Expense Management - The company has successfully reduced its sales, management, and R&D expense ratios, indicating a commitment to cost control [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 10.74 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 1.1 billion yuan, up 1.4% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 2.93 billion yuan, a decrease of 2.4% year-on-year, and a net profit of 200 million yuan, down 40.9% year-on-year [2]. - The decline in Q3 revenue and profit is attributed to increased promotional efforts, leading to a lower gross margin of 14.6%, down 3.6 percentage points year-on-year [2]. - The company has strong operating cash flow, with a net cash flow from operating activities of 830 million yuan in Q3, significantly higher than the net profit level of 200 million yuan [2]. - The report highlights a positive outlook for demand stabilization due to grain prices nearing minimum purchase prices [2]. Summary by Sections Performance Review - For Q3 2024, the company’s revenue and expenses met expectations, but gross profit was below expectations due to increased promotional activities [2]. - The average cash flow from operations in Q3 was 4.25 times the net profit, indicating good production and sales conditions [2]. Market Trends - The report notes an increase in the production share of large tractors, with large tractor production in September 2024 at 10,433 units, down 3.0% year-on-year, but the share of large tractors rose by 2.0 percentage points to 28.0% [2]. - The trend towards larger tractors remains strong despite a decline in production due to falling grain prices [2]. Profit Forecast and Valuation - The profit forecast for 2024, 2025, and 2026 has been lowered, with expected net profits of 1.01 billion, 1.17 billion, and 1.36 billion yuan respectively, reflecting a downward adjustment of 15% for 2024 and 2025, and 17% for 2026 [2]. - The current price-to-earnings ratio (PE) is projected to be 19, 16, and 15 times for the years 2024, 2025, and 2026 respectively [2].

Financial Performance - The company's operating revenue for Q3 2024 was approximately ¥10.74 billion, a decrease of 2.45% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was approximately ¥1.10 billion, down 40.93% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥1.07 billion, a decrease of 40.44% compared to the previous year[4]. - The basic earnings per share for the period was ¥0.9798, reflecting a decline of 40.93% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 reached CNY 10,736,379,923.58, an increase of 4.73% compared to CNY 10,251,806,292.67 in the same period of 2023[16]. - Net profit attributable to shareholders of the parent company was CNY 1,100,902,509.20, up from CNY 1,085,194,909.92 in the previous year, reflecting a growth of 1.46%[17]. - The total comprehensive income for the period was CNY 1,115,529,348.54, slightly up from CNY 1,096,537,446.61 in the previous year, indicating a growth of 1.73%[18]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥15.80 billion, an increase of 14.35% compared to the end of the previous year[4]. - The company's total assets reached CNY 15,800,090,626.94, up from CNY 13,817,261,971.79, indicating a growth of 14.31%[15]. - The total liabilities increased to CNY 7,831,296,534.02, compared to CNY 6,597,932,308.41 in the previous year, marking an increase of 18.69%[15]. - The company's current assets totaled approximately RMB 7.89 billion, up from RMB 6.49 billion at the end of 2023, indicating a growth of around 21.6%[13]. - The cash and cash equivalents decreased to approximately RMB 2.32 billion from RMB 2.77 billion, a decline of about 16.3%[12]. - The total liabilities of the company are not specified in the provided documents, but the increase in total assets suggests a potential increase in leverage[12]. Cash Flow - The net cash flow from operating activities for the period was approximately ¥1.74 billion, an increase of 16.27% year-on-year[4]. - The cash flow from operating activities showed a significant improvement, with net cash inflow reported at CNY 1,115,529,348.54 compared to CNY 1,096,537,446.61 in the previous year[18]. - In the first three quarters of 2024, the cash inflow from operating activities reached ¥9,107,655,152.34, an increase of 6.7% compared to ¥8,534,245,072.80 in the same period of 2023[21]. - The net cash flow from operating activities for the first three quarters of 2024 was ¥1,744,781,554.68, up from ¥1,500,649,110.70 in 2023, representing a growth of 16.3%[21]. - The total cash outflow from investing activities in the first three quarters of 2024 was ¥2,204,139,704.69, slightly higher than ¥2,159,793,874.85 in 2023[21]. - The net cash flow from investing activities for the first three quarters of 2024 was -¥1,830,292,014.39, an improvement from -¥2,124,329,045.16 in 2023[21]. - The cash outflow from financing activities in the first three quarters of 2024 totaled ¥394,123,868.94, compared to ¥338,604,648.76 in 2023[22]. - The net cash flow from financing activities for the first three quarters of 2024 was -¥394,123,868.94, worsening from -¥38,604,648.76 in 2023[22]. - The cash and cash equivalents at the end of the third quarter of 2024 amounted to ¥1,744,554,983.94, down from ¥2,865,916,340.18 at the end of the same period in 2023[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,574, with the largest shareholder holding 48.81% of the shares[8]. - The company appointed new non-independent directors during the shareholder meeting held on August 2, 2024, indicating a shift in governance[11]. Investments and Expenses - Research and development expenses for the first three quarters amounted to CNY 317,450,819.65, which is an increase of 9.25% from CNY 290,167,982.58 in the same period last year[16]. - The company completed the acquisition of a 51% stake in ZF (China) Investment Co., Ltd. for a total price of RMB 97.48 million, enhancing its market position[11]. - The company received tax refunds of ¥143,073,680.06 in the first three quarters of 2024, a decrease from ¥230,651,928.16 in 2023[21]. - The company paid ¥867,458,400.34 to employees in the first three quarters of 2024, an increase from ¥800,200,119.24 in 2023, reflecting a growth of 8.4%[21].