FIRST TRACTOR(SH:601038)2023-10-27 16:00Financial Performance - The net profit attributable to shareholders for the first three quarters of 2023 increased by 54.45% compared to the same period last year, primarily due to effective cost control and stable operating income [9]. - The net profit attributable to shareholders for the year-to-date period increased by 36.36%, significantly impacted by non-recurring gains and losses from the previous year [9]. - The basic earnings per share for the reporting period was CNY 54.40, driven by the increase in net profit [9]. - Net profit attributable to shareholders for Q3 2023 was CNY 331,049,971.24, an increase of 54.45% from CNY 214,336,546.47 in Q3 2022 [22]. - The net profit excluding non-recurring gains and losses for Q3 2023 was CNY 319,876,246.06, a slight increase of 0.17% compared to CNY 319,318,626.81 in Q3 2022 [22]. - The company's net profit for the first three quarters of 2023 reached CNY 1,092,324,002.62, an increase from CNY 778,505,360.04 in the same period of 2022, representing a growth of approximately 40.2% [48]. - Operating profit for the current period was CNY 1,157,018,048.68, compared to CNY 762,530,546.71 in the previous year, indicating a year-over-year increase of about 52% [48]. - The total profit for the first three quarters was CNY 1,160,188,539.21, up from CNY 765,091,363.31, reflecting a growth of approximately 52.7% [48]. - The total comprehensive income for the current period was CNY 1,096,537,446.61, compared to CNY 783,559,683.20 in the same period last year, marking an increase of approximately 40% [49]. - Basic and diluted earnings per share for the current period were both CNY 0.9658, compared to CNY 0.7082 in the previous year, representing an increase of about 36.3% [49]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period decreased by 59.77%, mainly due to the absence of large fund recoveries from the previous year's financial restructuring [9]. - The company's cash flow from operating activities generated a net amount of CNY 1,500,649,110.70, compared to CNY 3,730,549,350.17 in the previous year, showing a decrease of about 59.9% [51]. - The cash inflow from operating activities totaled CNY 8,534,245,072.80, slightly down from CNY 8,580,439,170.08 in the previous year [51]. - The company’s investment activities resulted in a net cash outflow of CNY -2,124,329,045.16, compared to CNY -1,677,728,129.18 in the previous year, indicating increased investment expenditures [51]. - Cash flow from financing activities totaled $619,032,188.68, with cash inflows from borrowings amounting to $300,000,000.00 [53]. - Net cash flow from financing activities was -$56,712,891.04, indicating a decrease in cash from financing operations [53]. - The ending balance of cash and cash equivalents was $4,149,800,978.12, compared to an initial balance of $2,146,767,725.61 [53]. - The net increase in cash and cash equivalents was $2,003,033,252.51, reflecting significant cash generation during the period [53]. - Cash outflows for debt repayment amounted to $470,300,000.00, highlighting the company's debt servicing obligations [53]. - Dividends and interest payments totaled $196,411,933.58, indicating ongoing returns to shareholders [53]. - The impact of exchange rate changes on cash and cash equivalents was $6,924,922.56, affecting the overall cash position [53]. - Cash inflows from other financing activities were $138,052,188.68, contributing to the overall financing cash flow [53]. - Cash outflows for other financing activities were $9,033,146.14, reflecting additional financing costs [53]. - The company distributed $52,762,144.65 in dividends to minority shareholders, indicating continued commitment to shareholder returns [53]. Market Performance - The company's international market sales increased by 48.82% year-on-year, reflecting successful overseas market expansion efforts [12]. - The sales of the Dongfanghong National IV diesel engine in external markets grew by 14.66% year-on-year, indicating strong product demand [12]. - The company maintained a leading market share in the domestic large and medium-sized tractor market during the first three quarters of 2023 [12]. Assets and Liabilities - The total equity attributable to shareholders of the parent company reached approximately CNY 6.79 billion, an increase from CNY 5.96 billion in the previous year [16]. - The total liabilities and equity amounted to approximately CNY 14.74 billion, up from CNY 12.99 billion in the previous year [16]. - Total assets as of September 30, 2023, were CNY 14,742,704,971.68, reflecting an increase of 13.48% from CNY 12,986,142,323.23 at the end of 2022 [22]. - Total liabilities rose to CNY 7,411,632,293.07 in 2023, up from CNY 6,494,394,605.75 in 2022, marking an increase of about 14.1% [46]. - Short-term borrowings increased significantly to CNY 500,000,000.00 in 2023 from CNY 270,223,055.56 in 2022, representing an increase of approximately 85.0% [46]. - The company's total assets increased to CNY 14,742,704,971.68 in 2023 from CNY 12,991,565,481.68 in 2022, reflecting a growth of approximately 13.5% [46]. - The total equity remained stable at CNY 1,123,645,275.00, unchanged from the previous year [46]. Research and Development - Research and development expenses decreased to CNY 290,167,982.58 in 2023 from CNY 340,517,897.96 in 2022, indicating a reduction of approximately 14.8% [47]. Other Financial Metrics - The company reported a government subsidy of CNY 12,734,023.26 for Q3 2023, with a total of CNY 24,591,234.19 for the year-to-date period [24]. - Non-recurring gains and losses for Q3 2023 totaled CNY 11,173,725.18, compared to CNY 39,265,907.01 for the year-to-date period [24]. - The company has implemented adjustments in financial reporting due to the new accounting standards effective from January 1, 2023, with no significant impact on profits [23]. - The company reported a net investment income of CNY 98,510,105.73 in 2022, which is a significant increase from CNY 44,693,590.42 in the previous year [47]. - The company’s deferred tax assets increased slightly to CNY 141,047,262.73 in 2023 from CNY 138,136,755.38 in 2022, showing a marginal growth [45]. - The company experienced a credit impairment loss of CNY -14,423,992.05, compared to CNY -131,443,947.90 in the previous year, showing an improvement in credit quality [48].