CIMC VEHICLES(SZ:301039)2023-10-30 08:31Group 1: North America Business Performance - In the first three quarters of 2023, the North American business continued to grow, with both revenue and gross margin increasing year-on-year [2] - The company aims to maintain local competitive advantages and seize market opportunities through the "Deep Space Exploration Plan," which includes building a manufacturing network for lighting towers in North America [3] Group 2: Starlink Project Impact - The "Starlink Project" is transforming the domestic semi-trailer market by integrating resources from seven domestic semi-trailer factories, enhancing large-scale delivery capabilities through modular inventory [3] - The implementation of the "Starlink Project" has already improved the gross margin of domestic semi-trailer business, with further investments in the Starlink LTP production line expected to accelerate improvements [4] Group 3: Employee Stock Ownership Plan - The company has established a long-term incentive mechanism under the "Third Entrepreneurship" initiative, launching an employee stock ownership plan with a maximum of four phases from 2023 to 2027 [3] - The first phase of the employee stock ownership plan has been released, aimed at incentivizing and retaining key management and employees [4] Group 4: Third Quarter Profit Decline - The decline in profit for the third quarter was attributed to one-time costs associated with the restructuring and optimization of the organization under the "Starlink Project" [4] - The North American semi-trailer market is gradually stabilizing, with profit contributions and gross margins returning to normal levels [4] - Demand in the Chinese specialized vehicle industry has not fully recovered, but the company is increasing market share in concrete mixers, dump trucks, and tankers, although profitability remains to be restored [4]