证券代码：601038 证券简称：一拖股份 公告编号：临 2024－35 第一拖拉机股份有限公司 关于重大资产出售的进展公告 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、交易概述 1 一拖柴油机已于 2023 年 12 月 28 日开始在北京产权交易所正式公开挂牌转 让标的股权，截至本公告披露日，尚未征集到意向受让方。 三、风险提示 公司根据《上市公司重大资产重组管理办法》《上海证券交易所上市公司自 律监管指引第 6 号—重大资产重组》规定，在披露本次交易预案后但尚未发出审 议本次交易相关事项的股东大会通知前，每 30 日发布一次交易的进展公告。鉴 于本次交易尚存在不确定性，敬请广大投资者理性投资，注意投资风险。 特此公告。 第一拖拉机股份有限公司董事会 2024 年 9 月 28 日 第一拖拉机股份有限公司（以下简称"公司"）控股子公司一拖（洛阳）柴 油机有限公司（以下简称"一拖柴油机"）公开挂牌转让所持中原银行股份有限 公司（以下简称"中原银行"）0.8827%股权（以下简称"标的股权"）构成《上 市公司重大资产重 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company is a leading player in the agricultural machinery sector, with a focus on enhancing profitability and operational efficiency [3]. - The agricultural machinery industry has a broad outlook, supported by government policies and increasing demand for modern agricultural practices [3]. - The company is accelerating its overseas expansion and building core competitiveness through self-manufacturing of key components and optimizing its sales network [3]. Summary by Sections Company Overview - The company has a history of nearly 70 years and has transformed from a government-led enterprise to a market-oriented leader in the agricultural machinery industry [1][3]. - The company has a stable shareholding structure, with the controlling shareholder being a state-owned enterprise [11][15]. Financial Performance - The company reported a revenue of 11,534 million yuan in 2023, with a projected growth to 12,846 million yuan in 2024, reflecting a year-on-year growth of 11.4% [2]. - The net profit attributable to the parent company for 2023 was 997 million yuan, expected to rise to 1,168 million yuan in 2024, indicating a growth of 17.2% [2]. - The company's gross margin is projected to improve from 15.9% in 2023 to 16.4% in 2024 [2]. Industry Outlook - The agricultural machinery market is expected to grow significantly, with the domestic market projected to expand to 610 billion yuan in 2024 [1]. - The global agricultural machinery market size is anticipated to increase from 128 billion USD in 2017 to an estimated 170.8 billion USD in 2023 [1]. Competitive Position - The company has established a comprehensive manufacturing system for tractors, from complete machines to core components, enhancing its competitive edge [3]. - The brand "Dongfanghong" has become a well-known national brand, recognized for its influence and innovation in the industry [16]. Investment Recommendations - The company is expected to achieve revenues of 128.46 billion yuan in 2024, with a net profit of 11.68 billion yuan, reflecting a growth trajectory in the coming years [1][3].

证券代码：601038 证券简称：一拖股份 第一拖拉机股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 19.85 CNY per share [2] Core Views - The company is a leader in China's tractor industry with a dominant market share and is in the early stages of international expansion [2] - The company's net profit margin has steadily increased from 2.2% in 2019 to 8.6% in 2023 due to management reforms and cost control [2] - The company has a competitive advantage in product quality, brand recognition, and distribution channels, with 100% self-production capability for core tractor components [2] - Domestic demand for tractors has stabilized, with growth driven by the increasing proportion of high-horsepower tractors [2] - The company's overseas revenue reached 985 million CNY in 2023, a 38.54% YoY increase, with significant growth potential in non-US markets [2] Financial Performance - Revenue is expected to grow from 12.78 billion CNY in 2024E to 16.21 billion CNY in 2026E, with a CAGR of 12.2% [4] - Net profit is forecasted to increase from 1.17 billion CNY in 2024E to 1.53 billion CNY in 2026E, with a CAGR of 12.4% [4] - The company's ROE is expected to remain stable at around 14.8% from 2024E to 2026E [4] Domestic Market Analysis - China's tractor market is stable, with annual production around 550,000 units, and demand is shifting towards high-horsepower models [2][53] - The company holds a 25% market share in China, ranking first in the 140-200 horsepower segment [2] - The company benefits from policy support, including subsidies for high-horsepower and advanced transmission tractors [62] International Expansion - The company's overseas revenue grew 38.54% YoY in 2023, reaching 985 million CNY, with a focus on Asia, Africa, and Latin America [2] - The global tractor market outside North America, Europe, and China is estimated at 47.9 billion USD, offering significant growth potential [2] - The company's YTO brand has gained recognition in overseas markets, with products tailored to local conditions [44] Competitive Advantages - The company has a strong R&D capability, with a 4% R&D expense ratio, leading to advanced technologies such as continuously variable transmission (CVT) tractors [22][32] - The company's distribution network covers all 31 provinces in China, with a focus on county-level markets, providing a competitive edge over international brands [48] - The company's self-production of core components allows for better cost control and higher profitability compared to competitors [28]

第 一拖拉机股份有限公司 FIRST TRACTOR COMPANY LIMITED* (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 0038.HK 601038.SH 2024 中期業績報告 造供鐵別 重要提示 1 第一拖拉機股份有限公司 2024 中期報告 重要提示 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 未出席董事情況 未出席董事職務 未出席董事姓名 未出席董事的原因說明 被委託人姓名 董事長 黎曉煜 因公務 魏濤 三、 本半年度報告未經審計。 四、 公司負責人黎曉煜、主管會計工作負責人康志鋒及會計機構負責人（會計主管人員）蔣靜媛聲明：保證半年度 報告中財務報告的真實、準確、完整。 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 無 六、 前瞻性陳述的風險聲明 本報告涉及的本公司發展戰略、經營計劃等前瞻性陳述不構成本公司對投資者的實質承諾，敬請投資者注意 風險。 七、 是否存在被控股股東及其他關聯方非經營性佔用資金情況? 否 八、 是否存在違反規 ...

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 专用机械 中报稳健增长，受益农机设备更新及海外 市场开拓 ——一拖股份(601038)中报点评 | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

关于召开 2024 年半年度业绩说明会的公告 证券代码：601038 证券简称：一拖股份 公告编号：临 2024－34 第一拖拉机股份有限公司 第一拖拉机股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日在《中 国证券报》《上海证券报》及上海证券交易所网站发布公司《2024 年半年度报 告》，为使广大投资者更全面深入地了解公司 2024 年半年度经营业绩，公司计 划于 2024 年 9 月 10 日（星期二）16:00-17:00 以视频直播和网络互动形式召开 2024 年半年度业绩说明会，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 9 月 10 日（星期二）16:00-17:00 1 会议召开时间：2024 年 9 月 10 日（星期二）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：http://roadsh ow.sseinfo.com） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 9 月 4 日（星期三）至 2024 年 9 月 9 日（星期一） 16:00 ...

证券代码：601038 证券简称：一拖股份 第一拖拉机股份有限公司 7-8 月投资者关系活动记录表 | --- | --- | --- | |------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 动类别 | □特定对象调研 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 | √分析师会议 | | 参与单位名称 及人员姓名 | | 中信证券、民生证券、浙商证券、国金证券、长江证券、中泰证 券、富国基金、江源资 ...

Investment Rating - The report assigns a "Buy" rating for Yituo Co., Ltd. (601038) with a target price of 18.60 CNY over the next six months [1][18]. Core Insights - Yituo Co., Ltd. has shown robust growth in sales of medium and large tractors, with a net profit growth rate exceeding expectations. The company achieved a revenue of 7.807 billion CNY in H1 2024, a year-on-year increase of 7.78%, and a net profit of 905 million CNY, up 20.05% year-on-year [1][8]. - The company is positioned as a leader in the domestic medium and large tractor market, benefiting from a historical high in agricultural machinery purchase subsidies totaling 24.6 billion CNY in 2024, which is expected to stimulate demand further [1][15]. Summary by Sections Financial Performance - In H1 2024, Yituo Co., Ltd. reported a revenue of 7.807 billion CNY, with a year-on-year growth of 7.78%. The net profit for the same period was 905 million CNY, reflecting a 20.05% increase year-on-year. In Q2 2024, the revenue was 3.151 billion CNY, showing a 3.22% year-on-year growth but a 32.33% decline quarter-on-quarter [1][8]. - The company's gross margin improved to 17.01% in H1 2024, up 1.17 percentage points year-on-year, while the net profit margin reached 11.78%, an increase of 1.23 percentage points year-on-year [1][10]. Market Position and Strategy - Yituo Co., Ltd. is recognized as a leading player in the medium and large tractor market in China, with a market share increasing from 21% in 2017 to 24% in 2022. The company has been actively expanding its high-end product offerings and international market presence [1][15]. - The company has seen a steady increase in sales of medium and large tractors, with H1 2024 sales reaching 51,000 units, a 4.25% increase year-on-year, including 4,209 units exported, which is a 3.09% increase year-on-year [1][8]. Profitability Forecast - The report forecasts Yituo Co., Ltd.'s net profit for 2024-2026 to be 1.200 billion CNY, 1.396 billion CNY, and 1.611 billion CNY, respectively, with corresponding PE ratios of 14, 12, and 11 times [2][18]. - The company is expected to benefit from a recovery in the agricultural machinery market, with projected sales growth rates for medium and large tractors of 12%, 10%, and 10% for 2024, 2025, and 2026, respectively [15][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The tractor business of the company has seen both volume and price increases, leading to improved profitability [2][3]. - The company reported a revenue of 7.807 billion yuan for the first half of 2024, representing a year-on-year growth of 7.78%, and a net profit attributable to shareholders of 905 million yuan, which is a 20.05% increase year-on-year [2][3]. Summary by Relevant Sections Business Performance - The tractor market concentration is increasing, with the company's products experiencing simultaneous volume and price growth. The agricultural production scale is rising, with large tractors outperforming medium tractors, leading to a continuous increase in market share [3]. - In H1 2024, the agricultural machinery segment achieved revenue of 7.093 billion yuan, with export revenue increasing by 9.6% year-on-year. The sales volume reached 51,000 units, up 4.3% year-on-year, and the average price was 139,100 yuan, reflecting a 5.1% increase year-on-year [3]. Market Expansion - The company is expanding into overseas markets, with H1 2024 overseas revenue reaching 564 million yuan, accounting for 7.2% of total revenue. The tractor export sales were 4,209 units, a year-on-year increase of 3.1%. The company is exploring markets in Central Asia and the Caucasus to offset sales losses from the Russian market due to increased scrappage taxes [3]. Profitability and Financial Forecast - The company has improved its cost control, leading to a steady increase in profitability. The gross profit margin for H1 2024 was 17.01%, up 1.16 percentage points year-on-year. The net profit margin attributable to shareholders was 11.60%, an increase of 1.20 percentage points year-on-year [3]. - The company forecasts revenues of 12.680 billion yuan, 13.824 billion yuan, and 15.024 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.94%, 9.02%, and 8.68%. The net profits attributable to shareholders are projected to be 1.174 billion yuan, 1.359 billion yuan, and 1.567 billion yuan for the same years, with growth rates of 17.78%, 15.77%, and 15.25% respectively [3][5].