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 ...

MarioGuti/iStock via Getty Images A Stock in Drive China Automotive Systems, Inc. (NASDAQ:CAAS) stock is a victim of China's New Electric Vehicle and automotive sales industry success. This small company with a $108.97M market cap has been unnoticed for too long. The stock hit a high of $9.61 per share in early 2023. Subsequently, bad news disappointed investors in the EV industry, compounded by political and economic headwinds that undercut the stock's momentum. 12 months later, CAAS shares closed just abo ...

Financial Data and Key Metrics Changes - Gross profit increased by 11.6% year-over-year, with a gross margin of 17.3% in Q1 2024 [6][13] - Income from operations rose by 26% due to cost controls, with operating expenses growing by only 2.8% [6][15] - Net income attributable to common shareholders was $8.3 million in Q1 2024, compared to $6.8 million in Q1 2023, with diluted income per share increasing by 17.4% to $0.27 [17][18] Business Line Data and Key Metrics Changes - Net sales decreased by 2% to $139.4 million, with traditional steering products sales declining by approximately $2.4 million [7][12] - Electric power steering (EPS) product sales were approximately $47.4 million, remaining consistent at around 34% of total sales [7][12] - Sales in Brazil grew by 17.6% year-over-year, primarily due to higher volumes from Fiat [7][13] Market Data and Key Metrics Changes - Sales of both passenger and commercial vehicles in China increased by approximately 10% in Q1 2024 [8][10] - New energy vehicles (NEVs) accounted for approximately 30% of total vehicle sales in China [8][10] - Automobile exports from China increased by 33.2% year-over-year [9][10] Company Strategy and Development Direction - The company is focusing on expanding its EPS product line and coordinating R&D with OEM customers to meet their requirements [9][10] - Management is optimistic about the long-term prospects of the company, particularly in the NEV market [10][11] - The company aims to maintain gross margins between 17% to 18% for the remainder of 2024, supported by cost management and a favorable product mix [28] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the global market and the long-term prospects of their driverless technology subsidiary, Sentient [20] - The company is closely monitoring the impact of US-China tensions on the potential for Chinese vehicles in North America, while remaining confident in other international markets [30] - The outlook for the Chinese automobile industry remains positive, driven by new promotional sales policies and affordable vehicle introductions [11] Other Important Information - Total cash, cash equivalents, and short-term investments were $135.8 million as of March 31, 2024 [18][19] - The company reiterated its revenue guidance for the full year 2024 at $605 million [19] Q&A Session Summary Question: Update on activities in Europe, especially with Sentient - Management provided insights on Sentient's focus on driverless technology and ongoing collaboration with Volvo [20] Question: Outlook for R&D spending in 2024 - Management clarified that R&D expenses decreased due to reclassification but overall spending remains stable at 4% to 5% of total costs [22][23] Question: Outlook for gross margin in 2024 - Management indicated that gross margins are expected to be maintained between 17% to 18% due to efficiency improvements and favorable market dynamics [28] Question: Benefits from the growth of Chinese EVs in international markets - Management acknowledged the competitive pricing and technological advancements of Chinese EVs but expressed uncertainty regarding the US market due to geopolitical tensions [30]

Exhibit 99.1 China Automotive Systems Reports 17.4% Increase in Earnings Per Share in the First Quarter of 2024 WUHAN, China, May 14, 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 first quarter ended March 31, 2024. First Quarter 2024 Highlights ● Net sales were $139.4 million ● Gross profit increased by 11.6% to $24.1 million with a gross margin of 17. ...

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 March 31, 2024 Or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|------------------|-------|--------------------------------------------- ...