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 ...

Group 1: Company Performance and Market Trends - In the first half of 2024, the company sold 51,000 large and medium tractors, with large tractors accounting for 45%, an increase of over 6 percentage points year-on-year [3] - The average price of the company's products has increased due to the higher sales proportion of large tractors [3] - The company exported 4,209 units in the first half of 2024, representing a year-on-year growth of 3.09% [3] Group 2: Industry Impact and Product Development - The recent government initiative to promote the replacement of old agricultural machinery is expected to positively impact user upgrades [1] - The agricultural machinery market is influenced by factors such as grain prices, operational income, subsidy policies, and machinery ownership [1] - The company focuses on upgrading products in two main areas: high-end large horsepower intelligent agricultural machinery and small machinery suitable for hilly areas [1] Group 3: Competitive Advantages and Challenges - The company maintains a leading market share, reliable product quality, and a strong brand reputation [3] - The company has a comprehensive manufacturing capability for core components and continuous R&D innovation [3] - Seasonal demand for tractors necessitates a reliable after-sales service network to maintain competitive advantages [3] Group 4: Financial Management and Future Outlook - The company has managed to maintain stable gross margins despite a decline in sales volume in 2023, due to effective cost control and asset quality improvement [3] - The company plans to continue a stable dividend policy, with a payout ratio exceeding 35% of net profit for 2022 and 2023 [4] - Future R&D and capital expenditures will focus on high-end intelligent agricultural machinery and improvements in diesel engine manufacturing capabilities [4]

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].

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]