一拖股份（601038.SH）2024 年中报点评 Q2 业绩超预期，大拖占比持续提升 2024 年 08 月 29 日 ➢ 公司发布 2024 年中报。2024H1：公司实现营收 78.07 亿元，yoy+7.78%， 归母净利润 9.05 亿元，yoy+20.1%，扣非归母净利润 8.78 亿元，yoy+20.9%， 毛利率 17.01%，yoy+1.16pct，净利率 11.78%，yoy+1.23pct；2024Q2：公 司实现营收 31.51 亿元，yoy+3.16%，归母净利润 3.06 亿元，yoy+14.0%，扣 非归母净利润 2.82 亿元，yoy+14.2%，毛利率 16.56%，yoy+0.59pct，净利率 9.93%，yoy+1.15pct。 ➢ 大拖占比提升，营收表现好于销量。2024H1，公司大中型拖拉机实现销售 5.1 万台，同比增长 4.25%，慢于公司上半年营收增速 7.78%，预计主要与高价 值量的大拖市场表现优于中拖有关，大轮拖产品销售占比持续提升。2024 年 3- 7 月我国大拖产量同比+25.9%/+8.8%/+8.1%/+6.2%/+18.3%，远好于整体产 量 ...

来源：公司年报、国金证券研究所 买入（维持评级） 买入（维持评级） 业绩简评 8 月 28 日，公司发布 24 年中报，1H24 公司实现收入 78.1 亿元， 同比+7.7%，归母净利润 9.1 亿元，同比+20.0%。单 Q2 来看，公司 2Q24 实现收入 31.5 亿元，同比+3.2%，实现归母净利润 3.1 亿元， 同比+14.0%。 经营分析 上半年利润略超预期，毛利率同比增长，费用率稍有改善。根据公 司公告，1H24 公司实现毛利率 17.0%，同比+1.2pct，单 Q2 毛利 率 16.6%、同比+0.6pct，上半年公司主导产品综合毛利率同比上 升 1.16pct，我们认为主要系公司大型拖拉机销售占比提升与大宗 原材料价格下降所致，体现了公司产品结构升级的大背景下公司 盈利能力的改善。24H1 公司销售/管理费用率分别 1.1%/2.0%，同 比-0.2pct/-0.2pct，体现了公司继续深化全价值链成本管控带来 的降本增效成果。 7 月大拖产量占比同比继续提升，继续看好拖拉机大型化。根据国 家统计局，2024 年 7 月我国大型拖拉机产量 6205 台，同比增长 15.6%，大型拖拉机 ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 7,806,619,832.72, compared to the same period in 2023[2] - Net profit attributable to shareholders for the same period was RMB 905,349,574.14, with earnings per share of RMB 0.8057[2] - Total operating revenue for the first half of 2024 reached ¥7,806,619,832.72, an increase of 7.67% compared to ¥7,248,544,566.19 in the same period last year[8] - Net profit for the first half of 2024 was ¥919,695,759.54, representing a growth of 20.39% from ¥764,475,408.69 in the previous year[9] - Operating profit increased to ¥1,077,306,515.25, up 31.66% from ¥818,317,831.85 year-over-year[9] - The company reported a total profit of ¥1,080,991,672.89, which is a 31.66% increase from ¥820,998,952.24 in the same period last year[9] - The company’s net current assets increased to RMB 610.65 million from RMB 443.07 million at the beginning of the period[39] - The average return on equity (ROE) was 12.78% before deducting non-recurring gains and losses, and 12.39% after[42] - The comprehensive gross margin of the company's main products increased by 1.16 percentage points year-on-year, indicating enhanced profitability[49] Assets and Liabilities - Current assets as of June 30, 2024, totaled RMB 7,105,460,103.46, an increase from RMB 6,487,671,852.68 as of December 31, 2023[3] - Total assets reached RMB 14,781,260,907.38 as of June 30, 2024, compared to RMB 13,817,261,971.79 at the end of 2023[4] - Total liabilities amounted to RMB 7,013,881,865.81 as of June 30, 2024, up from RMB 6,597,932,308.41 at the end of 2023[6] - Shareholders' equity increased to RMB 7,767,379,041.57 as of June 30, 2024, from RMB 7,219,329,663.38 at the end of 2023[7] - The company's asset-liability ratio decreased to 47.45% from 47.75% at the beginning of the year, a decline of 0.3 percentage points[58] Cash Flow and Expenses - Cash and cash equivalents at the end of the period totaled 2,050,410,254.15, down from 2,769,578,885.96 at the beginning of the period, representing a decrease of approximately 26%[24] - The total depreciation and amortization expense for the current period was 144,442,021.13, slightly down from 148,750,471.58 in the previous period[36] - Current income tax expense was reported at 155,143,830.93, a significant increase from 56,090,677.37 in the prior period, indicating a rise of approximately 176%[37] - The company’s net cash flow from operating activities decreased by 4.16% to ¥914,617,256.70, primarily due to increased tax payments[51] Market and Business Strategy - The company plans to continue expanding its market presence and investing in new technologies[2] - The company is focusing on the development of large power shift and continuously variable transmission tractors, as well as fuel cell wheeled tractors[45] - The company is actively expanding both domestic and international markets, particularly in Central Asia and the Caucasus region, to offset declines in the Russian market[47] - The company plans to enhance product technology leadership and optimize quality control measures, focusing on high-end intelligent agricultural machinery[50] - The company is committed to meeting the demand for high-quality agricultural machinery and is advancing product upgrades to enhance market competitiveness[45] Research and Development - Research and development expenses rose to ¥205,286,144.38, an increase of 13.86% compared to ¥180,333,815.14 in the previous period[8] - The company has increased its R&D investment, focusing on innovative technologies such as power shift and continuously variable transmission, as well as smart driving technology[70] Shareholder Information - The largest shareholder, China Yituo Group Co., Ltd., holds 548,485,853 shares, representing 48.81% of the total shares[77] - HKSCC Nominees Limited is the second largest shareholder with 388,935,309 shares, accounting for 34.61%[77] - The total number of shares held by the top ten shareholders is 1,124,000,000, which constitutes approximately 99.99% of the total share capital[78] - The company will not propose a mid-term dividend for the six months ending June 30, 2024, consistent with the previous year[72] Compliance and Governance - The company has maintained compliance with accounting standards, ensuring accurate financial reporting and transparency in its operations[14] - The company has not made any changes to its accounting policies during the reporting period[23] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[86] - The company has appointed Shinewing Certified Public Accountants as its auditor for the fiscal year 2024[84] Operational Highlights - The company sold 51,000 large and medium-sized tractors, a year-on-year increase of 4.25%, with exports reaching 4,209 units, up 3.09%[47] - The company sold 82,400 diesel engines in the first half of the year, with 39,800 units exported, reflecting a decrease in external sales due to market concentration and a decline in generator exports[48] - The company has a complete manufacturing system for tractors, with self-manufacturing capabilities for key components such as chassis, castings, engines, and gears, supporting product upgrades and quality assurance[70]

经营范围：对成员单位办理财务和融资顾问、信用鉴证及相关的咨询、代理 业务；协助成员单位实现交易款项的收付；对成员单位提供担保；办理成员单位 之间的委托贷款及委托投资；对成员单位办理票据承兑与贴现；办理成员单位之 间的内部转帐结算及相应的结算、清算方案设计；吸收成员单位的存款；对成员 单位办理贷款及融资租赁；从事同业拆借；承销成员单位的企业债券；经批准发 行财务公司债券；对金融机构的股权投资；有价证券投资；成员单位产品的消费 信贷、买方信贷及融资租赁；保险代理业务。（市场主体依法自主选择经营项目， 开展经营活动；依法须经批准的项目，经相关部门批准后依批准的内容开展经营 活动；不得从事国家和本市产业政策禁止和限制类项目的经营活动。） 关于国机财务有限责任公司的风险持续评估报告 第一拖拉机股份有限公司（以下简称"公司"）根据《关于规范上市公司与 企业集团财务公司业务往来的通知》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等要求，审阅了国机财务有限责任公司（以下简称"国 机财务"）的《营业执照》与《金融许可证》等资料及相关财务资料，对国机财 务的经营资质、业务和风险状况进行了评估，具体情况报告如 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－33 第一拖拉机股份有限公司 关于修订公司《章程》《股东会议事规则》《董事会议事规 则》及《监事会议事规则》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法律责任。 第一拖拉机股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开第 九届董事会第二十三次会议，分别审议通过了《关于修订公司<章程>的议案》《关 于修订公司<股东会议事规则>的议案》《关于修订公司<董事会议事规则>的议案》。 同日，公司召开第九届监事会第十三次会议，审议通过了《关于修订公司<监事 会议事规则>的议案》。 具体修订情况如下： 一、修订公司《章程》 | 序号 | 修订前 | 修订后 | | --- | --- | --- | | | 第一条 | 第一条 | | | ……为了符合《公司法》、《管理办 | ……为了符合《公司法》、《管理办 | | | 法》、《上市公司章程指引》（2022 | 法》、《上市公司章程指引》（2023 | | | 年修订），……二零二二年四月十三 | ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 15% growth compared to the same period last year[7]. - The company achieved total operating revenue of 7.807 billion RMB in the first half of 2024, representing a year-on-year increase of 7.78%[13]. - The net profit attributable to shareholders reached 905.35 million RMB, marking a 20.05% increase compared to the same period last year[13]. - The basic earnings per share increased to 0.8057 RMB, reflecting a growth of 20.04% year-on-year[14]. - The weighted average return on net assets rose to 12.78%, an increase of 0.80 percentage points from the previous year[14]. - The company's net assets attributable to shareholders increased by 8.18% to 7.239 billion RMB compared to the end of the previous year[13]. - The company reported a net cash flow from operating activities of 914.62 million RMB, a decrease of 4.16% compared to the previous year[13]. - The company reported a significant increase in accounts receivable, which rose by 340.96% to ¥1,460,470,354.82 due to seasonal sales[28]. - The company reported a total operating cash outflow of ¥5,231,144,725.73, compared to ¥4,778,506,926.84 in the previous year, an increase of about 9.5%[99]. Market Expansion and Strategy - The company has set a future outlook with a revenue target of 2.5 billion RMB for the full year 2024, which would require a 10% increase in sales in the second half[7]. - The company is planning to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[7]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 30%[7]. - The company is actively expanding into Central Asia and the Caucasus to compensate for the decline in the Russian market due to increased scrapping taxes[24]. - The company plans to enhance its marketing capabilities and after-sales service management to boost sales growth in response to intensified industry competition[36]. Product Development and Innovation - New product development includes the launch of a next-generation tractor model, expected to contribute an additional 300 million RMB in sales by the end of 2024[7]. - The company continues to invest in technology research and development, focusing on advanced agricultural machinery and intelligent driving technologies[20]. - The company is focusing on the development of high-end intelligent agricultural machinery, including 240 and 320 horsepower continuously variable tractors and 220 horsepower hybrid tractors[26]. - The company has initiated a project to enhance the capabilities of intelligent multi-purpose tractors and is advancing the smart manufacturing of high-efficiency low-emission diesel engines[24]. - The company has invested 100 million RMB in research and development for new technologies aimed at improving fuel efficiency by 15%[7]. Financial Management and Risks - The company has maintained a strong balance sheet with total assets of 3 billion RMB and a debt-to-equity ratio of 0.5[7]. - Management has highlighted potential risks including fluctuations in raw material prices, which could impact profit margins in the upcoming quarters[7]. - The company has reduced sales expenses by 10.02% and management expenses by 3.49% compared to the previous year[26]. - The company reported a significant increase in short-term borrowings, with accounts payable rising to CNY 2,924,771,888.45 from CNY 2,315,345,789.04, an increase of approximately 26%[84]. Environmental and Social Responsibility - The company has two units listed as key pollution discharge units in Luoyang, with the company itself being a key environmental risk control unit for 2024[45]. - The company and its subsidiary, Fuleige, have implemented the "three simultaneous" system for environmental protection facilities, ensuring compliance with environmental regulations[46]. - The company was recognized as a "Green Factory" for 2024 by the Henan Provincial Industrial and Information Technology Department, following the completion of a green factory evaluation report[50]. - The company actively engaged in rural revitalization efforts, conducting market research to understand local agricultural needs and enhancing agricultural mechanization and smart agriculture services[51]. - The company is committed to fulfilling its social responsibilities by promoting consumption assistance activities during the "Double Festival" period, supporting the sale of local agricultural products[51]. Shareholder and Corporate Governance - The company appointed Li Xiaoyu as the chairman and Yang Jianhui and Miao Yu as directors during the 2024 first extraordinary shareholders' meeting held on August 2, 2024[41]. - Zhao Qingliang was appointed as the deputy general manager on January 31, 2024, with a term until the end of the ninth board's term[41]. - The company has made commitments regarding shareholding, ensuring that major shareholders will not reduce their holdings during the restructuring process, with compliance confirmed[52]. - The company has committed to not engaging in competitive practices that could harm its business interests, ensuring fair market conditions[54]. - The company is focused on enhancing its operational management without interference from major shareholders, ensuring the protection of company interests[54]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance and reflects its financial status accurately as of June 30, 2024[117]. - The group determines the scope of consolidated financial statements based on control, including all subsidiaries controlled by the company[124]. - The group recognizes financial assets or liabilities when it becomes a party to the financial instrument contract[132]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes in other comprehensive income[135]. - The corporate income tax rate is set at 25%, with a reduced rate of 15% applicable to certain entities[181].

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－30 第一拖拉机股份有限公司 关于重大资产出售的进展公告 二、交易进展情况 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。 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 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 市公司重大资产重组管理办法》规定的重大资产出售（以下简称"本次交易"）， 并 ...

第一拖拉机股份有限公司 董事会议事规则 （2024年8月修订） 第一章 总则 第一条 为了进一步规范本公司董事会的议事方式和决策程序， 促使董事和董事会有效地履行其职责，提高董事会规范运作和科学决 策水平，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司治理准则》（以下简称"《治理准则》"）、《第一拖拉机股份有 限公司章程》（以下简称"公司章程"）及其他有关法律法规规定， 制订本规则。 第二章 董事会的组成和产生 第二条 公司设董事会，董事会由 7-9 名董事组成，设董事长 1 人，可根据实际需要设副董事长 1 人。公司董事会中应包括不少于 二分之一的外部董事（指不在公司内部任职的董事）。外部董事应有 足够的时间和必要的知识能力以履行其职责。外部董事履行职责时， 公司必须提供必要的信息。外部董事包括不少于全体董事三分之一以 上的独立董事，其中至少一名独立董事为会计专业人士（独立董事是 指不在公司担任除董事外的其他职务，并与公司及公司主要股东、实 际控制人不存在直接或间接利害关系，或者其他可能影响其独立客观 判断关系的董事；会计专业人士应 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－31 第一拖拉机股份有限公司 第九届董事会第二十三次会议决议公告 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 第一拖拉机股份有限公司（以下简称"公司"）第九届董事会第二十三次会 议（以下简称"本次会议"）于 2024 年 8 月 28 日在河南省洛阳市建设路 154 号 公司营业地以现场表决方式召开。会议通知已于 2024 年 8 月 14 日通过电子邮件 方式发送给各位董事。本次会议应出席董事 8 名，亲自出席董事 7 名，黎晓煜董 事长因公务无法参会，委托魏涛董事代为出席并表决。经过半数董事共同推举， 会议由魏涛董事主持，公司监事、部分高级管理人员列席会议。本次会议召开符 合《公司法》及公司《章程》《董事会议事规则》等有关规定。 二、董事会会议审议情况 （一）《公司 2024 年半年度报告及摘要、公司 2024 年中期业绩公告》 同意公司2024年半年度报告及摘要、公司2024年中期业绩公告，并授权公司 董事会秘书根据公司上市地 ...

第一拖拉机股份有限公司 监事会议事规则 第二章 监事会的组成和产生 第四条 公司设监事会。监事会由 3-5 名监事组成，其中 1 人出任监事会主席。监事 任期 3 年，可以连选连任。监事会主席的任免由全体监事过半数表决通过。 第五条 监事会成员由股东代表和公司职工代表组成，其中公司职工代表的比例不得 低于三分之一。股东代表由股东会选举及罢免，职工代表由公司职工民主选举和罢免。 第六条 公司董事、总经理或其他高级管理人员（包括但不限于公司的财务负责人） 不得兼任监事。 第七条 监事会设立办事机构，处理监事会日常事务。 监事会办事机构设秘书，负责保管监事会印章、文件记录及日常工作事务。监事会主席 可以要求其他人员协助其处理监事会日常事务。 （2024 年 8 月修订） 第一章 总 则 第一条 为规范公司监事会的议事方法和程序，保证监事会工作效率，行使监事会的 职权，发挥监事会的监督作用，根据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、《上市公司治理准则》（以下简称《治理准则》）、 《第一拖拉机股份有限公司章程》（以下简称《公司章程》）及其他有关法律法规规定，制 ...