第一拖拉机股份有限公司（以下简称"公司"）于 2024 年 4 月 9 日参加了 2023 年报沪市主板高端制造集体业绩说明会，并围绕新质生产力、现金分红、 ESG 实践以及公司未来战略发展方向等问题与投资者进行互动交流。有关投资者 问答情况如下： 1、上海证券交易所日前向全沪市企业发出"提质增效"的倡议，其中就提 到要抓住新质生产力带来的新课题与新机遇。作为高端制造代表企业，如何理解 和践行新质生产力？如何抓住产业升级与科技驱动的时代机遇？ 公司回复：我们理解，新质生产力是指通过科技进步、创新和产业升级等方 式，提高生产效率和产品质量,增强企业综合竞争实力的一种新型生产力，它具 有创新性、高效性、可持续性，是推动经济社会发展的重要力量。 证券代码：601038 证券简称：一拖股份 公告编号：临 2024－15 第一拖拉机股份有限公司 2023 年报沪市主板高端制造集体业绩说明会 投资者问答 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。 一拖股份这几年在智能制造、推进新型工业化、培育新质生产力方面，着力 推进实施了生产制造体 ...

财务报表预测和估值数据汇总 [Table_Finance2] 资产负债表（百万元） 利润表（百万元） 会计年度 2022A 2023A 2024E 2025E 2026E 会计年度 2022A 2023A 2024E 2025E 2026E 流动资产 7,882 6,488 7,610 9,202 10,887 营业收入 12,564 11,534 12,985 14,589 16,136 现金 4,364 2,770 3,715 4,918 6,318 营业成本 10,510 9,697 10,877 12,188 13,446 应收票据及应收账款 429 394 444 487 543 营业税金及附加 49 49 54 61 67 其他应收款 27 25 28 31 35 营业费用 222 241 260 296 326 预付账款 215 211 232 261 288 管理费用 395 361 390 444 489 存货 1,191 1,514 1,571 1,828 1,992 研发费用 529 461 519 584 646 其他流动资产 1,657 1,575 1,620 1,677 1,711 ...

深圳 北京 投资评级说明 财务指标 2022A 2023A 2024E 2025E 2026E 证券研究报告 | 公司动态点评 2024 年 03 月 29 日 营业收入（百万元） 12,455 11,528 12,920 14,324 15,766 增长率 yoy（%） 35.3 -7.4 12.1 10.9 10.1 归母净利润（百万元） 681 997 1,143 1,272 1,431 增长率 yoy（%） 55.4 46.4 14.6 11.3 12.5 ROE（%） 9.9 13.7 14.0 13.8 13.7 EPS 最新摊薄（元） 0.61 0.89 1.02 1.13 1.27 P/E（倍） 27.4 18.7 16.3 14.7 13.0 P/B（倍） 3.1 2.8 2.5 2.2 1.9 资料来源：公司财报，长城证券产业金融研究院 行业 机械 稳中求进，有望长期受益于行业发展趋势 稳中求进，拓宽海外市场。 盈利能力方面，2023 年公司销售毛利率为 15.89%，同比提升 0.17pct；销售净利率为 8.58%，同比提升 3.43pct，其 中主要系公司各环节的降本和成本管控，降本 ...

（网址：http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心视频直播和网络互动 证券代码：601038 证券简称：一拖股份 公告编号：临 2024－14 第一拖拉机股份有限公司 关于参加 2023 年报沪市主板高端制造 集体业绩说明会的公告 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。 重要内容提示： 一、说明会类型 第一拖拉机股份有限公司（以下简称"公司"）计划于 2024 年 4 月 9 日（星 期二）14:30-17:00 参加 2023 年报沪市主板高端制造集体业绩说明会，针对公 司 2023 年度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，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 4 月 9 日（星期二）14:30-17:00。 （二）会议召开地点:上海证券交易所上证路演中心 1 会议召开时间：2024 年 4 月 9 日（星期二）14:30-17:00。 会议召开地点:上海证券交易所上 ...

Investment Rating - The report assigns a "Buy" rating for Yituo Co., Ltd. (601038.SH) [2][3] Core Views - The company reported a revenue of 11.534 billion yuan in 2023, a decrease of 8.20% year-on-year, while the net profit attributable to shareholders increased by 46.39% to 999.7 million yuan [2] - The agricultural machinery market is expected to experience a recovery in 2024 due to favorable policies and increasing demand, positioning the company to benefit as a leading player in the tractor industry [2][3] - The company has successfully launched National IV compliant products ahead of competitors, enhancing its market competitiveness [2] - The company has optimized its asset structure by focusing on tractor business development, selling off its financial subsidiary, which has impacted cash flow but is expected to benefit overall operations in the long run [2] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 11.534 billion yuan, with a net profit of 999 million yuan, reflecting a significant increase in profitability despite a decline in revenue [2][4] - The forecast for 2024-2026 indicates revenues of 12.779 billion, 14.377 billion, and 16.070 billion yuan respectively, with EPS projected at 1.03, 1.18, and 1.35 yuan [3][4] Market Outlook - The report highlights that the agricultural machinery market is poised for recovery in 2024, driven by government policies supporting equipment upgrades and the replacement of old machinery [2][3] - The company is expected to capture market share due to its early adoption of National IV standards and its strong export performance, with a 43% increase in tractor exports in 2023 [2] Competitive Position - The company maintains a leading market share in the tractor sector, having sold 72,300 units in 2023, and continues to expand its international market presence [2] - The strategic focus on high-quality products and technological advancements positions the company favorably against competitors [2]

Financial Performance - The comprehensive gross margin for the equipment manufacturing industry was 15.89%, an increase of 0.17 percentage points compared to the same period last year[12]. - The gross margin for the agricultural machinery business was 14.50%, up by 0.45 percentage points year-on-year[12]. - The gross margin for the power machinery business was 11.97%, a decrease of 0.54 percentage points year-on-year[12]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15%[40]. - The total operating revenue for 2023 was approximately ¥11.53 billion, a decrease of 8.20% compared to ¥12.56 billion in 2022[82]. - The net profit attributable to shareholders for 2023 was approximately ¥997 million, representing an increase of 46.39% from ¥681 million in 2022[82]. - The company's total assets increased by 6.36% to approximately ¥13.82 billion in 2023, up from ¥12.99 billion in 2022[82]. - The net assets attributable to shareholders rose by 12.31% to approximately ¥6.69 billion in 2023, compared to ¥5.96 billion in 2022[82]. - The basic earnings per share for 2023 was ¥0.8873, an increase of 46.39% from ¥0.6061 in 2022[82]. - The total revenue for Q1 2023 was approximately CNY 4.19 billion, while Q2 and Q3 revenues were CNY 3.05 billion and CNY 3.00 billion, respectively, with Q4 revenue at CNY 1.28 billion[86]. - The net profit attributable to shareholders for Q1 2023 was CNY 485.73 million, decreasing to CNY 268.41 million in Q2, and increasing to CNY 331.05 million in Q3, but showing a loss of CNY 88.17 million in Q4[86]. Shareholder Information - The top ten shareholders held a total of 1,124,000,000 shares, representing 100% of the total shares[2]. - HKSCC Nominees Limited held 548,485,853 shares, accounting for 48.81% of the total shares[2]. - China Construction Bank's shareholding decreased by 17,399,662 shares, leaving it with 8,117,112 shares, which is 0.72%[2]. - The company has a total of 137,795,275 restricted shares at the end of the year, with no shares released or added during the year[74]. Cost Management and Expenses - The company plans to strengthen cost control across all processes, which has led to significant cost reduction results[12]. - The company has implemented strict expense management to control spending effectively[12]. - The total expenses for the year were CNY 1,017,359,639.69, a decrease of 7.88% compared to the previous year[60]. - The company reported a decrease in management expenses by 8.75%, totaling CNY 360,636,115.92 compared to the previous year[60]. - Operating costs decreased by 7.63% to CNY 9,696,630,033.53 from CNY 10,497,058,564.32 year-on-year[129]. - Research and development expenses decreased by 12.75% to CNY 461,344,381.32 from CNY 528,782,269.55 in the previous year[129]. Cash Flow and Investments - The company reported a net cash flow from operating activities decreased by RMB 254.575 million compared to the same period last year, primarily due to the restructuring of the financial company and the gradual cessation of financial operations[24]. - The net cash flow from investing activities decreased by RMB 86.28 million year-on-year, mainly due to the payment for equity investment in the financial company in the previous year[24]. - The net cash flow from financing activities increased outflow by RMB 20.582 million year-on-year, attributed to a decrease in the net inflow from loan guarantees and an increase in dividend payments[24]. - The cash flow from operating activities for 2023 was approximately ¥1.06 billion, a decrease of 70.68% from ¥3.60 billion in 2022[82]. - The net cash flow from operating activities for the current period is ¥1,056,261,600.78, a decrease of ¥2,545,745,716.57 or 70.68% compared to the same period last year[149]. Research and Development - The company has invested 50 million RMB in research and development for advanced agricultural machinery technologies[40]. - The company's R&D expenses for the period amounted to CNY 461,344,381.32, representing 4.00% of operating revenue, with no capitalized R&D expenses[64]. - The company has a total of 1,093 R&D personnel, accounting for 15.94% of the total workforce[147]. - The age structure of R&D personnel shows that 432 are aged between 30-40 years, while 260 are under 30 years old[147]. - The educational background of R&D personnel includes 1 PhD, 173 Master's degrees, and 819 Bachelor's degrees[147]. - The company has enhanced its R&D capabilities, launching new products such as the LF2204-E and LW3204 tractors, filling multiple domestic technology gaps[119]. Market Expansion and Sales - User data indicates that the company has expanded its customer base by 20%, reaching a total of 500,000 active users[40]. - The company projects a revenue growth of 10% for the next fiscal year, aiming for a target of 1.32 billion RMB[40]. - New product development includes the launch of a next-generation tractor model, expected to increase market share by 5%[40]. - The company is actively pursuing market expansion strategies, targeting Southeast Asia for new sales opportunities[40]. - The company sold 72,300 large and medium tractors in 2023, maintaining a leading market share, with tractor product exports increasing by 43% year-on-year[120]. - The company sold 151,100 diesel engines in 2023, with external sales reaching 82,500 units, a year-on-year growth of 7.69%[123]. Related Party Transactions - The company has classified a previously wholly-owned subsidiary as an other related party due to its bankruptcy liquidation[11]. - The company recovered 4.27 million RMB from a related party during the reporting period[11]. - The company has not engaged in any significant related party transactions during the reporting period[20]. - The company has established a procurement framework agreement with a related party, with an expected transaction amount of CNY 5,800,000, and an actual transaction amount of CNY 4,943,000, representing 0.43% of the total[67]. Compliance and Governance - There were no significant litigation or arbitration matters reported for the year[19]. - The company has taken corrective measures in response to accounting errors that led to inaccurate disclosures in the third quarter of 2022, receiving warning letters from regulatory bodies[19]. - The company has maintained a good integrity status, with no significant debts or court judgments unfulfilled during the reporting period[19]. - The company has not faced any delisting risks or bankruptcy restructuring matters during the reporting period[18]. - The company has committed to not transferring shares acquired through non-public issuance for 36 months from the issuance date[74]. Strategic Partnerships - The company has established a strategic partnership with a leading technology firm to innovate in smart farming solutions[40]. - The company signed a procurement contract with Luoyang Intelligent Agricultural Equipment Research Institute for a total amount of ¥87.19 million in 2023[70]. Financial Integration - The financial integration of Yituo Financial Company with Guoji Financial Company has been completed, with Yituo Financial Company undergoing liquidation[115]. - The company reported a maximum daily deposit limit of RMB 200 million with Guoji Financial Company, with a total deposit amount of RMB 6,936,716.06 during the reporting period[101].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 11,533,786,779.44, compared to the previous year's revenue[3] - Net profit attributable to shareholders for the same period was RMB 997,022,699.99, with earnings per share of RMB 0.8873[3] - Total operating revenue for the year was RMB 11,533,786,779.44, a decrease of 8.2% from RMB 12,563,780,344.92 in the previous year[9] - Net profit for the year reached RMB 989,027,297.80, representing an increase of 54.1% compared to RMB 641,958,134.10 in the previous year[10] - Operating profit increased to RMB 996,266,250.37, up 69.4% from RMB 588,018,899.85 in the previous year[10] - The company achieved a total profit of RMB 1,003,085,973.63, an increase of 63.9% from RMB 611,897,862.07 in the previous year[10] - The company reported a basic earnings per share of RMB 0.8873, an increase from RMB 0.6061 in the previous year[12] - The company’s total comprehensive income for the year was RMB 984,994,466.66, up from RMB 647,435,549.64 in the previous year[12] Assets and Liabilities - Current assets decreased to RMB 6,487,671,852.68 from RMB 7,882,202,099.51 in the previous year, representing a decline of approximately 17.66%[4] - Cash and cash equivalents dropped to RMB 2,769,578,885.96 from RMB 4,363,742,346.01, a decrease of about 36.4%[4] - Total non-current assets increased to RMB 7,329,590,119.11 from RMB 5,109,363,382.17, reflecting a growth of approximately 43.3%[5] - Total assets reached RMB 13,817,261,971.79, up from RMB 12,991,565,481.68, indicating an increase of about 6.4%[5] - Total liabilities amounted to RMB 6,597,932,308.41, compared to RMB 6,494,394,605.75 in the previous year, showing a rise of approximately 1.6%[7] - Shareholders' equity attributable to the parent company increased to RMB 6,691,690,666.55 from RMB 5,958,084,951.83, marking an increase of about 12.3%[8] Cash Flow and Investments - The net cash flow from operating activities decreased by 70.68% to CNY 1,056,261,600.78, reflecting a decline in tractor sales during the reporting period[73] - The net cash flow from investing activities showed a slight decrease of ¥86,278,388.48, totaling -¥2,009,731,546.47, primarily due to increased purchases of structured deposits and large time deposits[88] - The net cash flow from financing activities increased outflow by ¥205,816,759.89, with a net outflow of -¥346,343,393.83, attributed to reduced loan guarantee recoveries and higher dividend payments[88] - Investment income significantly rose to RMB 122,157,792.20, compared to RMB 7,287,769.45 in the previous year[9] Research and Development - Research and development expenses were RMB 461,344,381.32, down 12.7% from RMB 528,782,269.55 in the previous year[9] - The company has a strong R&D team with extensive experience in agricultural machinery, focusing on market demand-driven product improvements[50] - The company emphasizes a "quality first" management philosophy, continuously optimizing quality management models to enhance product reliability[55] Market and Sales - The company plans to focus on market expansion and new product development in the upcoming year[3] - The company sold 72,300 large and medium tractors in 2023, maintaining a leading market share, with tractor exports increasing by 43% year-on-year[59] - The company sold 151,100 diesel engines in 2023, with external sales reaching 82,500 units, a year-on-year growth of 7.69%[59] - The company is actively expanding its international market presence, particularly in Russian-speaking regions and South America, to enhance product adaptability and service support[59] Corporate Governance and Compliance - The company has completed the preparation of the 2023 Environmental, Social, and Governance report, which will be published on the company and stock exchange websites in April 2024[97] - The board of directors has proposed a profit distribution plan for the 2023 fiscal year, pending approval at the annual general meeting[99] - The company’s auditor has agreed that the preliminary performance announcement figures for the year ending December 31, 2023, are consistent with those to be published in the annual report[100] - There were no changes in the shareholdings of the board members during the reporting period, confirming compliance with the trading code[98] Future Outlook - The company plans to continue its strategic focus on advanced agricultural equipment in 2024, aiming to become a world-class enterprise in the agricultural machinery sector[64] - The company anticipates a gradual recovery in market demand as the impact of the National IV transition diminishes and agricultural product prices stabilize[62] - In 2024, the company will focus on innovation-driven development, targeting large-scale, intelligent, and energy-saving agricultural machinery, with an emphasis on core product technology breakthroughs[66]

关于第一拖拉机股份有限公司 2023 年度涉及财务公司关联交易的 存款、贷款等金融业务的 专项说明 | 蒙引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 2023 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表 | 1-2 | 胖系曲话· 言永中和会计师事务所| 北京市东城区朝阳门北大街 关于第一拖拉机股份有限公司 2023 年度涉及财务公司关联交易的存款、贷款等金融业务的 专项说明 XYZH/2024BJAA3F0561 1 专项说明(续) XYZH/2024BJAA3F0561 第一拖拉机股份有限公司 本专项说明仅供一拖股份公司2023年度报告披露之目的使用,未经本事务所书面同 意，不得用于其他任何目的。 第一拖拉机股份有限公司 第一拖拉机股份有限公司董事会: 我们按照中国注册会计师审计准则审计了第一拖拉机股份有限公司(以下简称一拖 股份公司)2023年度财务报表,包括2023年12月31日的合并及母公司资产负债表、2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表, 以及相关财务报表附注,并于2024年3月27日出具了XYZH/2 ...

内部控制审计报告 索引 第一拖拉机股份有限公司 2023 年 12 月 31 日 审计报告 1-2 . 联系电话: 和会计师事务所 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 certified nublic accountants 9/F. Block A. Fu Hua Mar No.8. Chaovangmen Donachena District. Beiji 内部控制审计报告 页码 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的 变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 XYZH/2024BJAA3B0335 第一拖拉机股份有限公司 第一拖拉机股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了第一拖拉机股份有限公司(以下简称一拖股份公司)2023年12 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－11 第一拖拉机股份有限公司 关于续聘审计机构的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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： 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合伙） （以下简称"信永中和"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 机构名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 截至 2023 年 12 月 31 日合伙人数量：245 人 截至 2023 年 12 月 31 日注册会计师人数：1,656 人，其中：签署过证券服 务业务审计报告的注册会计师人数超过 660 人。 信永中和涉及的主要行业包括制造业，信息传输、软件和信息技术服务 业，电力、热力、燃气及水生产和供应业，交通运输、仓储和邮政业，批发和 零售业等。 2022 年度业务总收入： 39.35 亿元， ...