China Automotive Systems(CAAS) Prnewswire·2025-03-28 10:00Core Viewpoint - China Automotive Systems, Inc. (CAAS) reported strong financial results for the fiscal year 2024, with record annual revenue and significant growth in electric power steering (EPS) sales, despite modest economic growth in China [1][2]. Financial Performance - Net sales for fiscal year 2024 increased by 12.9% to 576.4 million in 2023 [11]. - In the fourth quarter of 2024, net sales rose by 18.6% to 159.2 million in the same quarter of 2023 [4]. - Gross profit for 2024 was 103.8 million in 2023, with a gross margin of 16.8% compared to 18.0% in 2023 [12]. - Operating income for 2024 was 39.2 million in 2023 [16]. Product Performance - EPS sales increased by 29.9% year-over-year, representing 38.9% of total revenue in 2024, compared to 33.8% in 2023 [11]. - The subsidiary Jingzhou Henglong reported production and sales volume exceeding 5.0 million units in 2024, an 18.5% year-over-year growth [2]. Expenses and Profitability - Selling expenses rose by 14.4% year-over-year to 27.7 million in 2024, accounting for 4.3% of net sales [15]. - Research and development expenses decreased to 29.2 million in 2023, representing 4.2% of net sales [16]. Cash Flow and Financial Position - Total cash and cash equivalents, pledged cash, and short-term investments reached 4.29 per share [3]. - Net cash provided by operating activities was 700.0 million, based on current views on operating and market conditions [21].