China Automotive Systems(US:CAAS)2025-03-28 12:11Financial Performance - Net sales for fiscal year 2024 increased by 12.9% to a record $650.9 million, up from $576.4 million in 2023[17] - Gross profit for 2024 was $109.2 million, a 5.2% increase from $103.8 million in 2023, with a gross margin of 16.8% compared to 18.0% in 2023[18] - Operating income for 2024 rose by 2.6% to $40.3 million, compared to $39.2 million in 2023[21] - Net income attributable to parent company's common shareholders was $30.0 million in 2024, down from $37.7 million in 2023, with diluted net income per share of $0.99 compared to $1.25 in 2023[24] - Net income for the year ended December 31, 2024, decreased to $37,899 million from $42,738 million in 2023, representing a decline of approximately 11.5%[42] - Comprehensive income attributable to parent company decreased to $23,457,000 in 2024 from $32,813,000 in 2023, a decline of 28.5%[38] Sales and Production - Electric Power Steering (EPS) sales grew by 29.9% year-over-year, accounting for 38.9% of total sales in 2024, compared to 33.8% in 2023[17] - The subsidiary Jingzhou Henglong reported annual production and sales volume exceeding 5.0 million units, representing an 18.5% year-over-year growth[7] - Net product sales rose to $650,935,000 in 2024, up 12.9% from $576,354,000 in 2023[36] Expenses - Research and development expenses for 2024 were $27.6 million, down from $29.2 million in 2023, representing 4.2% of net sales[21] - Selling expenses increased by 14.4% year-over-year to $17.9 million in 2024, representing 2.7% of net sales[19] - Research and development expenses were $27,649,000 in 2024, down from $29,181,000 in 2023, a decrease of 5.2%[36] - The company reported a depreciation and amortization expense of $20,224 million in 2024, compared to $18,708 million in 2023, an increase of about 8.1%[42] Cash and Liquidity - Total cash and cash equivalents at year-end 2024 were $129.4 million, with a current ratio of 1.3[8] - Cash and cash equivalents decreased to $56,961,000 in 2024 from $114,660,000 in 2023, a decline of 50.3%[33] - Cash, cash equivalents, and pledged cash at the end of 2024 totaled $101,824 million, down from $155,194 million at the end of 2023, reflecting a decrease of approximately 34.4%[42] - Net cash provided by operating activities fell to $9,776 million in 2024, down from $19,906 million in 2023, a decrease of about 50.9%[42] - Net cash used in investing activities significantly increased to $77,931 million in 2024, compared to $28,637 million in 2023, indicating a rise of approximately 172.5%[42] - Net cash provided by financing activities rose to $17,365 million in 2024, up from $6,798 million in 2023, an increase of about 155.5%[42] Assets and Liabilities - Total assets increased to $850,579,000 in 2024 from $766,440,000 in 2023, representing a growth of 11%[33] - Total current liabilities increased to $456,482,000 in 2024, up from $383,739,000 in 2023, marking a rise of 18.9%[33] - Total stockholders' equity increased to $389,789,000 in 2024 from $367,809,000 in 2023, reflecting a growth of 5.9%[34] - The company experienced a significant increase in accounts and notes receivable, which rose to $77,692 million in 2024 from $50,699 million in 2023, an increase of about 53.2%[42] Future Outlook - Management provided revenue guidance for fiscal year 2025 of $700.0 million, based on current operating and market conditions[27] - The company paid dividends of $22,433 million to common shareholders in 2024, marking a new expense compared to no dividends paid in 2023[42] - Proceeds from bank loans increased to $83,357 million in 2024, compared to $64,776 million in 2023, representing a growth of approximately 28.6%[42] - Cash received from property, plant, and equipment sales rose to $20,510 million in 2024, compared to $2,790 million in 2023, an increase of approximately 634.4%[42]