Core Viewpoint - China Automotive Systems, Inc. reported strong financial results for the third quarter and the first nine months of 2024, highlighting significant sales growth driven by Electric Power Steering (EPS) products and traditional steering products in the domestic market [2][3][4]. Financial Performance - **Third Quarter 2024 Highlights** - Net sales increased by 19.4% year-over-year to $164.2 million from $137.5 million [2] - Gross profit rose by 6.5% year-over-year to $26.4 million, with a gross margin of 16.0% compared to 18.0% in Q3 2023 [2][7] - Income from operations was $11.1 million, a nearly 10.0% increase from $10.2 million in Q3 2023 [2][12] - Net income attributable to common shareholders was $5.5 million, with diluted earnings per share of $0.18 [2][16] - **First Nine Months of 2024 Highlights** - Net sales grew by 10.8% year-over-year to $462.2 million from $417.2 million [3][18] - Gross profit increased by 15.4% year-over-year to $79.7 million, with a gross margin of 17.2% [3][18] - Income from operations rose by 22.9% year-over-year to $31.6 million [3][18] - Net income attributable to common shareholders was $20.9 million, with diluted earnings per share of $0.69 [3][19] Sales Performance - **Product Sales Growth** - EPS product sales surged by 43.5% year-over-year, accounting for nearly 40.0% of total sales [4][6] - Traditional steering products saw a 7.4% increase in sales, reaching $98.6 million [6] - Sales to the commercial vehicle market increased by 10.5% [4] - Domestic sales were supported by vehicle replacement cycles and subsidy policies [4] Market Context - **Industry Trends** - Overall automobile sales in China increased by 2.1% year-over-year in the first nine months of 2024, with passenger car sales up by 3.0% [4] - Sales of new energy vehicles rose by 32.5%, and Chinese vehicle exports increased by 27.3% [4] Financial Position - **Balance Sheet Strength** - As of September 30, 2024, cash and cash equivalents, along with pledged cash, totaled $138.8 million [5][20] - Working capital was reported at $156.6 million, with positive cash flow from operations increasing by almost 54.0% year-over-year [5] Future Outlook - **Revenue Guidance** - Management has raised its revenue guidance for the full year 2024 to $630.0 million based on current operating and market conditions [21]

Core Viewpoint - China Automotive Systems, Inc. will release its unaudited financial results for Q3 2024 on November 13, 2024, before market opening, followed by a conference call to discuss the results [1]. Company Overview - China Automotive Systems, Inc. is a leading supplier of power steering components and systems in China, operating through eight Sino-foreign joint ventures [3]. - The company offers a comprehensive range of steering system parts for both passenger automobiles and commercial vehicles, with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses [3]. - Its customer base includes major automotive manufacturers such as China FAW Group, Dongfeng Auto Group, BYD Auto, Beiqi Foton, Chery Automobile, Stellantis N.V., and Ford Motor Company [3].

CAAS announces the conference call and webcast information for the Annual Meeting of Stockholders to be held on Tuesday, September 24, 2024 at 9:00 AM local time, or 9:00 PM EDT on Monday, September 23, 2024WUHAN, China, Sept. 16, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that the Annual Meeting of Stockholders of China Automotive Systems, Inc. will be held on Tuesday, Septe ...

Exhibit 99.1 China Automotive Systems Reports Income From Operations Increased by 38.7% in the Second Quarter of 2024 WUHAN, China, August 13, 2024 -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2024. Second Quarter 2024 Highlights · Net sales rose 15.4% year-over-year to $158.6 million from $137.4 million in the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 Or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-33123 China Automotive Systems, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0885775 (Sta ...

WUHAN, China, Aug. 13, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2024.Second Quarter 2024 HighlightsNet sales rose 15.4% year-over-year to $158.6 million from $137.4 million in the second quarter of 2023.Gross profit increased by 29.0% year-over-year to $29.3 million from $22.7 million in th ...

WUHAN, China, Aug. 2, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that it will issue unaudited financial results for the second quarter ended June 30, 2024, on Tuesday, August 13, 2024, before the market opens. Management will conduct a conference call on August 13th at 7:00 A.M. EDT/7:00 P.M. Beijing Time to discuss these results. A question and answer session will follow man ...

Sergii Petruk/iStock via Getty Images Investment Thesis China Automotive Systems (NASDAQ:CAAS) is one of the largest suppliers of power steering systems and components to China's automotive industry. CAAS poses an interesting, deep value play. The stock is currently trading at 5.4x EBIT (2025), and a 74% discount to its fully diluted book value of $392MM. CAAS is set to benefit from strong tailwinds from the rise in electric vehicle demand and its exclusive electric power steering products. I see decent ups ...

- Celebrating 20th Anniversary of NASDAQ Listing -WUHAN, China, July 19, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that the Board of Directors has declared a special cash dividend of US$0.80 per common share.  The special cash dividend is payable on or about August 22, 2024 to shareholders of record as of the close of business on Tuesday, July 30, 2024. The aggregate amount ...

Signs of a recovery in the world’s second largest economy continue to emerge. The Chinese housing sector continues to rebound. That alone bodes well for the Chinese economy. Meanwhile, signs of potential rate cuts in the U.S. continue to emerge. Weaker than expected payroll data in May increases the likelihood that the Federal Reserve will cut rates in the coming months. The overall result is that Chinese penny stocks look particularly interesting at the moment.The combination of exposure to the Chinese eco ...