第一拖拉机：粮食安全 -助力中国农业现代化；首次评级 “买入”

9 December 2025 | 11:24PM HKT Equity Research First Tractor (0038.HK) China's food security - Powering China's agriculture modernization; initiate at Buy | 0038.HK | 12m Price Target: HK$14.00 | Price: HK$7.20 | Upside: 94.4% | | --- | --- | --- | --- | | 601038.SS | 12m Price Target: Rmb21.00 | Price: Rmb12.69 | Upside: 65.5% | We initiate on First Tractor, China's largest manufacturer of agricultural tractors (by 2024 sales revenue), at Buy with our 12-m TPs of HK$14.0/Rmb21.0 for H/A-share implying 91%/6 ...