China Automotive Systems Announces Share Repurchase Program Up To $5 Million

Core Viewpoint - China Automotive Systems, Inc. (CAAS) announced a share repurchase program of up to $5 million, reflecting confidence in its stock valuation and commitment to shareholder value [1][2]. Financial Performance - For the first nine months of 2024, CAAS reported net sales of$462.2 million and net income of $20.9 million attributable to common shareholders [2]. - The company had total cash and cash equivalents of$138.8 million, approximately $4.60 per share, as of September 30, 2024 [2]. - Net cash flow from operating activities was$16.5 million for the same period [2]. Shareholder Value Initiatives - The share repurchase program will be executed at prevailing market prices not exceeding $5.50 per share through November 15, 2025 [1]. - CAAS paid a cash dividend of$0.80 per share in August, demonstrating its commitment to supporting shareholder value [2]. Market Position and Growth - CAAS has seen a 43.5% growth in Electric Power Steering (EPS) sales, which accounted for nearly 40% of total sales in the first nine months of 2024 [2]. - The company serves a diverse customer base, including leading automakers in China and North America, and operates through eight Sino-foreign joint ventures [3]. Product Development - The company is enhancing its steering products, including improvements to hydraulic steering systems and the development of advanced driver-assistance systems [2]. - CAAS aims to attract new customers and better serve existing ones through technological advancements in its product offerings [2].