公司第九届董事会审核委员会： 黄绮汶（主席）、苗雨、徐立友 公司第九届董事会提名委员会： 王书茂（主席）、赵维林、黄绮汶 公司第九届董事会薪酬委员会： 徐立友（主席）、杨建辉、王书茂 公司第九届董事会战略投资及可持续发展委员会： 赵维林（主席）、魏涛、方宪法、徐立友 特此公告。 第一拖拉机股份有限公司董事会 2025 年 4 月 11 日 第一拖拉机股份有限公司 关于调整第九届董事会专门委员会委员的公告 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。 第一拖拉机股份有限公司（以下简称公司）于 2025 年 4 月 10 日召开第九 届董事会第三十四次会议，审议通过《关于调整公司第九届董事会专门委员会 委员的议案》，同意增补黄绮汶女士为公司第九届董事会审核委员会委员、第 九届董事会提名委员会委员，并担任董事会审核委员会主席；同意增补徐立友 先生为第九届董事会薪酬委员会委员，并担任主席。上述人员任期至公司第九 届董事会完成换届之日止。除上述调整外，公司第九届董事会专门委员会其他 成员保持不变。本次调整完成后，第九届董事会各专 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而刊發。 第一拖拉機股份有限公司（「本公司」）的董事（「董事」）會（「董事會」）宣佈將於二零 二五年四月二十八日舉行董事會會議，以審議及批准（當中包括）本公司截至二零 二五年三月三十一日止三個月的第一季度業績以作刊發之用，以及處理任何其他事 項。 承董事會命 第一拖拉機股份有限公司 于麗娜 公司秘書 中國 • 洛陽 二零二五年四月十日 於本公告日期，董事會成員包括執行董事趙維林先生（董事長）及魏濤先生；非執行 董事方憲法先生、楊建輝先生及苗雨先生；以及獨立非執行董事王書茂先生、徐立 友先生及黃綺汶女士。 董事會會議召開日期 * 僅供識別 ...

2025 年 4 月 2 日 公司研究 利润端阶段承压，看好拖拉机大型化与高端化趋势 ——一拖股份（601038.SH）2024 年年报点评 要点 事件： 3 月 28 日，公司发布 2024 年年度报告。2024 年公司实现营业收入 119.0 亿元，同比增长 3.3%；实现归母净利润 9.2 亿元，同比下降 7.5%；公司销售毛 利率为 14.8%，同比下降 1.1pct；归母净利率为 7.8%，同比下降 0.9pct。单 Q4 来看，公司 24Q4 实现收入 11.7 亿元，同比下降 8.9%、环比下降 60.1%， 24Q4 实现归母净利润-1.8 亿元，环比由盈转亏，同比亏损扩大，24Q4 单季度 销售毛利率为 0.17%。 需求不振导致业绩不及预期，利润端短期承压。 2024 年我国全年拖拉机产量 48.9 万台，同比下降 11.3%，其中大拖产量 11.2 万台、中拖产量 23.7 万台、小托产量 14.1 万台，整体来看，2024 年拖拉机产 量为近三年来最低水平，农机市场较为疲软。公司利润端阶段性承压，主要系为 提高农业机械的市场份额，加大促销力度导致毛利率有所下降，分产品来看，农 业机械业 ...

[Table_StockNameRptType] 一拖股份（601038） 公司点评 盈利端短期承压，坚定看好出海+行业大型高端化 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-02 | | 570 收盘价（元） | 13.75 | | 近 12 个月最高/最低（元） | 20.49/13.03 | | 总股本（百万股） | 1123.65 | | 流通股本（百万股） | 731.71 | | 流通股比例（%） | 65.12 | | 总市值（亿元） | 154.50 | | 流通市值（亿元） | 100.61 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 一拖股份 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 ⚫ 投资建议 1.《国内农机领军者，立足中国，放眼 世界》2024-09-26 2.《业绩短期承压，看好未来长期发展》 2024-11-08 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 11.90 billion yuan for 2024, a year-on-year increase of 3.21%, while the net profit attributable to shareholders was 0.92 billion yuan, a decrease of 7.52% [4] - The company is focusing on enhancing its overseas market presence and high-end product offerings, despite short-term pressure on profitability [6][7] Financial Performance Summary - For 2024, the company achieved a revenue of 11.90 billion yuan, with a year-on-year growth of 3.21% [4] - The net profit attributable to shareholders was 0.92 billion yuan, reflecting a decline of 7.52% year-on-year [4] - The gross margin and net margin for 2024 were 14.78% and 7.82%, respectively, both showing a decrease [5] - The company sold 74,300 large and medium-sized tractors in 2024, marking a 2.73% increase year-on-year [6] - The company expects revenues of 12.56 billion yuan, 13.84 billion yuan, and 15.25 billion yuan for 2025, 2026, and 2027, respectively [7] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 0.99 billion yuan, 1.09 billion yuan, and 1.20 billion yuan, respectively [7] Cost Management and Profitability - The company has optimized its cost management, with sales, management, and R&D expense ratios at 1.31%, 2.98%, and 4.34%, respectively [5] - The increase in R&D expense ratio is attributed to investments in high-end, intelligent, and green technology projects [5] Market Position and Strategy - The company is enhancing its product lineup and market competitiveness, particularly in the tractor segment [6] - The company is expanding its overseas market strategy, including a contract for supplying 301 tractors to Nigeria [6]

Summary of China Yituo's Conference Call Company Overview - **Company**: China Yituo - **Fiscal Year**: 2024 - **Industry**: Agricultural Machinery Key Financial Performance - **Revenue**: CNY 11.904 billion, up 3.26% year-on-year [3] - **Total Profit**: CNY 1.052 billion, up 4.85% year-on-year [3] - **Net Profit**: CNY 922 million, down 7.52% year-on-year due to increased tax expenses [3] - **Sales Volume of Tractors**: 74,300 units, up 2.73% year-on-year [3] - **Large Tractors**: 34,700 units, up 12% [3] - **Medium Tractors**: 39,500 units, down approximately 5% [3] - **Gross Margin**: 13.58%, slightly down [3] Product Performance - **Export of Tractors**: 7,100 units, up 8.23% year-on-year, with significant decline in the Russian market due to scrappage tax policy [3][5] - **Diesel Engine Sales**: 146,000 units, with a 6% decline in external sales [6] - **Market Trends**: Shift from quantity expansion to quality improvement in the agricultural machinery industry [7] Future Outlook - **New Product Launches**: Introduction of power shift, electronic control, and CET products in 2025, expected to increase costs and prices [8] - **International Strategy**: New chairman focusing on channel and product layout to enhance internationalization and technological innovation [9][10] - **Dividend Policy**: Plans to maintain a stable dividend rate around 36% despite high capital expenditure [13][15] Challenges and Market Conditions - **Market Demand**: Continued insufficient demand into 2025, with farmers hesitant to purchase due to low grain prices [12] - **Competition**: Small enterprises using older machinery impacting mainstream market [12] - **Product Acceptance**: New products may face initial resistance from users, requiring strategic pricing and promotions [22][40] Investment and Capital Expenditure - **2025 Capital Expenditure**: Estimated at CNY 500 million, focusing on high-end products and international market expansion [35][36] - **Long-term Investment Strategy**: Maintaining investment intensity to support technological upgrades and capacity expansion [36] Export and International Trade - **Export Goals for 2025**: Targeting at least 20% growth in exports, with opportunities in South America, Africa, and Central and Eastern Europe [42] - **International Trade Initiatives**: Strengthening overseas market development and increasing trade personnel [41] Conclusion - **Industry Position**: China Yituo is navigating a challenging agricultural machinery market with a focus on innovation, international expansion, and maintaining shareholder value through stable dividends and strategic investments [44][47]

[Table_Tag] [投Table_Summary] 资要点 ◼ 事件：2025 年 3 月 27 日，公司发布 2024 年年度报告。 ◼ 促销导致业绩略低于预期，看好粮价回暖带动行业景气度上行 证券研究报告·公司点评报告·专用设备 一拖股份（601038） 2024 年报点评：业绩略低于市场预期，长期 看好行业大型化、高端化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11534 | 11904 | 13176 | 14457 | 15914 | | 同比（%） | (8.20) | 3.21 | 10.68 | 9.72 | 10.08 | | 归母净利润（百万元） | 997.02 | 922.02 | 1,022.25 | 1,122.68 | 1,254.70 | | 同比（%） | 46.39 | (7.52) | 10.87 | 9.82 | 11.76 | | EPS-最新摊薄（元/股） ...

证券研究报告·公司点评报告·专用设备 一拖股份（601038） 2024 年报点评：业绩略低于市场预期，长期 看好行业大型化、高端化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11534 | 11904 | 13176 | 14457 | 15914 | | 同比（%） | (8.20) | 3.21 | 10.68 | 9.72 | 10.08 | | 归母净利润（百万元） | 997.02 | 922.02 | 1,022.25 | 1,122.68 | 1,254.70 | | 同比（%） | 46.39 | (7.52) | 10.87 | 9.82 | 11.76 | | EPS-最新摊薄（元/股） | 0.89 | 0.82 | 0.91 | 1.00 | 1.12 | | P/E（现价&最新摊薄） | 15.55 | 16.82 | 15.17 | 13.81 | 12.36 | [Table ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected profit growth for the upcoming years [4]. Core Insights - The company reported a revenue of 11.9 billion RMB for 2024, a year-on-year increase of 3.2%, while the net profit attributable to the parent company was 0.92 billion RMB, a decrease of 7.5% compared to the previous year [1]. - In Q4 2024, the company achieved a revenue of 1.17 billion RMB, a decline of 8.9% year-on-year, and a net profit of -0.18 billion RMB, which represents an increase in losses by 102.9% [1]. - The overall industry demand remains weak, with a notable increase in inventory destocking urgency [2]. Summary by Sections Performance Review - The company's comprehensive gross margin in the equipment manufacturing sector was 14.78%, down by 0.36 percentage points year-on-year, primarily due to increased promotional efforts to enhance market share [2]. - The production of large tractors in China decreased by 12.7% year-on-year in Q4 2024, while medium-sized tractors saw a significant increase of 23.4% [2]. Market Position and Policy Impact - The company has increased its market share in large tractors, with sales reaching 34,800 units in 2024, a 12.5% increase year-on-year, and the proportion of large tractors sold rose from 42.8% in 2023 to 46.8% in 2024 [3]. - The new national agricultural machinery purchase subsidy policy has widened the subsidy gap between advanced tractors and ordinary tractors, which is expected to drive product upgrades in the agricultural machinery industry and enhance the profitability of leading companies [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is 1.03 billion RMB in 2025, 1.16 billion RMB in 2026, and 1.29 billion RMB in 2027, reflecting year-on-year growth rates of 11.6%, 12.2%, and 11.6% respectively [4]. - The current price-to-earnings (P/E) ratios are projected to be 16, 14, and 13 for the years 2025, 2026, and 2027 respectively [4].

Group 1 - The company reported a revenue of 11.904 billion yuan for 2024, representing a year-on-year increase of 3.26%, while the net profit attributable to shareholders decreased by 7.52% to 922 million yuan [1] - The company sold 74,300 large and medium-sized tractors in 2024, achieving a year-on-year growth of 2.73%, maintaining its leading position in the industry [1] - The company’s diesel engine sales reached 145,900 units, with exports accounting for 77,600 units, reflecting a year-on-year decline of 5.98% due to a decrease in external market demand [1] Group 2 - The company’s R&D investment for 2024 was 516 million yuan, an increase of 11.93% year-on-year, focusing on high-end agricultural machinery and new platform development [3] - The company is enhancing its overseas market development, with tractor exports increasing by 8.23% to 7,100 units in 2024 [1] - The company is addressing the challenges in the traditional machinery market by increasing R&D investments to promote structural upgrades and differentiate its products [2]