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 - Operating revenue for the third quarter was CNY 2,929,760,090.86, a decrease of 2.45% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 195,552,935.06, down 40.93% year-on-year[5]. - Basic earnings per share decreased by 40.93% to CNY 0.1740[5]. - The weighted average return on net assets was 2.66%, a decrease of 2.34 percentage points compared to the same period last year[5]. - Total revenue for the first three quarters of 2024 reached RMB 10,736,379,923.58, an increase of 4.73% compared to RMB 10,251,806,292.67 in the same period of 2023[25]. - The net profit for the first three quarters of 2024 reached ¥1,115,315,214.65, a slight increase from ¥1,092,324,002.62 in the same period of 2023, representing a growth of approximately 2.1%[27]. - Total revenue from operating activities amounted to ¥9,107,655,152.34 in the first three quarters of 2024, compared to ¥8,534,245,072.80 in 2023, indicating an increase of about 6.7%[32]. - The operating profit for the first three quarters of 2024 was ¥1,305,114,623.98, up from ¥1,157,018,048.68 in 2023, reflecting a growth of approximately 12.8%[26]. - Basic earnings per share for the first three quarters of 2024 were ¥0.9798, compared to ¥0.9658 in 2023, showing an increase of about 1.9%[30]. - The total comprehensive income attributable to the parent company's owners for the first three quarters of 2024 was ¥1,115,529,348.54, compared to ¥1,096,537,446.61 in 2023, marking a growth of approximately 1.7%[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,800,090,626.94, an increase of 14.35% from the end of the previous year[5]. - Total assets as of September 30, 2024, amounted to RMB 15,800,090,626.94, compared to RMB 13,817,261,971.79 at the end of 2023, indicating a growth of 14.3%[21]. - The total liabilities increased to RMB 7,831,296,534.02 from RMB 6,597,932,308.41, marking a rise of 18.7%[23]. - The company's equity attributable to shareholders rose to RMB 7,440,324,374.61 as of September 30, 2024, compared to RMB 6,691,690,666.55 at the end of 2023, an increase of 11.2%[24]. Cash Flow - Net cash flow from operating activities for the year-to-date was CNY 1,744,781,554.68, an increase of 16.27% year-on-year[5]. - 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, reflecting a growth of about 16.3%[34]. - Cash inflow from operating activities increased to ¥9,107,655,152.34 in 2024 from ¥8,534,245,072.80 in 2023, representing a rise of about 6.7%[32]. - Cash outflow for purchasing goods and services was ¥5,889,702,280.20 in 2024, compared to ¥5,659,505,167.91 in 2023, indicating an increase of approximately 4.1%[34]. - The company's cash and cash equivalents decreased to RMB 2,317,864,928.67 as of September 30, 2024, down from RMB 2,769,578,885.96 at the end of 2023, a decline of 16.3%[20]. - The ending balance of cash and cash equivalents as of September 2024 was approximately $1.74 billion, down from $2.87 billion at the end of September 2023[37]. Shareholder Information - The total number of shareholders at the end of the reporting period was 19,574, with 48.81% of shares held by the largest shareholder, China Yituo Group Co., Ltd.[12]. - The top 10 shareholders hold a total of 548,485,853 unrestricted circulating shares, with HKSCC NOMINEES LIMITED holding 389,025,309 shares, representing 70.8% of the total[15]. - The largest shareholder, 富国基金－中國人壽保險股份有限公司－分紅險, holds 7,671,241 shares, accounting for 0.68% of the total shares[16]. - The total number of shares held by the basic pension insurance fund is 3,898,699, which represents 0.35% of the total shares[16]. - The top 10 unrestricted shareholders include several investment funds, with 招商銀行股份有限公司－南方 holding 2,617,000 shares, representing 0.23%[14]. - The report indicates that there are no known relationships among the top shareholders that would classify them as acting in concert under the regulations[17]. - The company has not disclosed any information regarding the participation of the top shareholders in margin financing and securities lending[17]. Strategic Initiatives - The company plans to expand its market presence through strategic acquisitions and partnerships, as evidenced by the recent acquisition of ZF's equity[19]. - The company acquired 51% equity of ZF (China) Investment Co., Ltd. for a total price of 97,476,149 RMB, which will be consolidated into the company's financial statements[19]. - The company announced the resignation of three board members, including the chairman, and appointed new non-independent directors during the 2024 first extraordinary shareholders' meeting[18]. - The company will continue to monitor and adapt its strategies in response to market conditions and shareholder dynamics[18]. Expenses and Income - Operating costs for the first three quarters of 2024 were RMB 9,670,238,422.90, up from RMB 9,239,404,972.71 in 2023, reflecting a year-over-year increase of 4.66%[25]. - Research and development expenses for the first three quarters of 2024 were RMB 317,450,819.65, up from RMB 290,167,982.58 in 2023, reflecting a growth of 9.4%[25]. - The company reported a financial income of RMB 38,287,439.33 for the first three quarters of 2024, compared to RMB 45,931,429.25 in the same period of 2023, a decrease of 16.7%[25]. - Investment income for the first three quarters of 2024 was ¥122,315,342.61, compared to ¥98,510,105.73 in 2023, showing an increase of approximately 24.2%[26]. Inventory and Receivables - Accounts receivable increased significantly to RMB 1,498,823,037.09 from RMB 331,205,994.88, representing a growth of 352.5%[20]. - The inventory decreased to RMB 1,226,171,260.62 from RMB 1,514,190,377.68, representing a decline of 19.0%[20].

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－40 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 特此公告。 第一拖拉机股份有限公司董事会 2024 年 10 月 30 日 1 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"）， 并于 2023 年 12 月 27 日在上海证券交易所网站披露《第一拖拉机股份有限公司 重大资产出售预案》。 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 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－37 第一拖拉机股份有限公司 关于增加综合服务及房屋租赁日常关联交易 2024 年预计上限金额的公告 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： 第一拖拉机股份有限公司（以下简称公司，连同控股子公司以下合称本 集团）拟将与控股股东中国一拖集团有限公司（以下简称中国一拖，连同本集团 以外的其他控股子公司及其等持有30%以上表决权的受控公司及其附属公司，合 称中国一拖集团）签署的《综合服务协议》2024年日常关联交易上限金额由20,000 万元增加至25,000万元。 公司拟将与中国一拖签署的《房屋租赁协议》2024年日常关联交易上限 金额由800万元增加至1,000万元。 本次增加2024年日常关联交易上限金额合计5,200万元，除已经股东大会 审批的关联交易事项外，公司连续12个月与同一关联方发生的关联交易金额（包 括此次增加的交易金额）为11,785万元，未达到公司股东大会审议标准，该事项 无需提交股东大会审议。 本次增加《综合服务 ...