证券代码：601038 证券简称：一拖股份 公告编号：临 2024-42 第一拖拉机股份有限公司 关于增资国机财务有限责任公司暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 此次增资尚需经国家金融监督管理总局北京监管局批准。 一、关联交易概述 （一）关联交易基本情况 为促进国机财务公司业务发展，进一步提高资本实力，国机财务公司全体股 东拟对其同比例现金增资 6 亿元。其中，公司出资 8,571.6 万元。本次增资完成 后，国机财务公司注册资本由 17.5 亿元增加至 23.5 亿元，一拖股份计入国机财 务公司注册资本的出资额由 25,000 万元增加至 33,571.6 万元。各股东持股比例 不变，公司仍持有国机财务公司 14.286%股权。 1 交易内容：第一拖拉机股份有限公司（以下简称一拖股份或公司）拟按 股权比例以现金方式向国机财务有限责任公司（以下简称国机财务公 司）增资 8,571.6 万元。本次增资完成后，一拖股份计入国机财务公司 注册资本的出资额由 25,000 万元增加至 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2024－41 第一拖拉机股份有限公司 第九届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （二）《关于中非重工投资有限公司向中工国际工程股份有限公司销售商 品提供服务暨关联交易的议案》 同意公司控股子公司中非重工投资有限公司与中工国际工程股份有限公司 签署《农业机械化中心项目拖拉机设备采购合同》，中工国际工程股份有限公司 将向中非重工投资有限公司采购拖拉机产品及相关技术文件和培训服务用于尼 日利亚农业机械化中心项目，合同金额为人民币 2,215.77 万元（含税）。 第一拖拉机股份有限公司（以下简称公司）第九届董事会第二十六次会议（以 下简称本次会议）于 2024 年 11 月 12 日以通讯方式召开，会议通知及议案资料 已于 2024 年 11 月 8 日以电子邮件方式向全体董事发出。本次会议应出席董事 8 名，实际出席董事 8 名。本次会议的召开符合《公司法》及公司《章程》《董事 会议事规则》等有关规定。 二 ...

Group 1: Market Trends and Competition - The trend towards large-scale agricultural machinery is driven by national policies promoting high-standard farmland construction and land consolidation, leading to increased demand for high-horsepower products [1] - Major agricultural machinery companies are launching larger and smarter products, with industry leaders having a clear competitive advantage due to their technological capabilities [1] Group 2: Financial Performance and Challenges - The company's gross margin has declined due to fluctuations in grain prices affecting user purchasing enthusiasm for agricultural machinery in Q3 [1] - The company has increased promotional efforts in certain regions to boost terminal market sales [1] Group 3: Export Business and Future Strategy - In Q3, the company's export to the Russian market continued to decline, while sales in Central Asia, Southeast Asia, and Africa showed growth, compensating for the drop in Russia [1] - The company aims to enhance its marketing network and talent development to accelerate overseas expansion, which is a key part of its future strategy [1] Group 4: Accounts Receivable and Cash Flow - The increase in impairment provisions is mainly due to the aging of accounts receivable, with seasonal characteristics leading to a temporary rise in receivables at the end of Q3 [1] - The company’s cash flow performance is better than its profit due to timely settlements with distributors and suppliers, with differences arising mainly from the timing of cash receipts and payments [1] Group 5: Taxation - The increase in income tax expenses is attributed to the return to a more conventional tax rate in 2023, following a period of lower rates due to unabsorbed losses and asset write-offs [3]

[Table_StockNameRptType] 一拖股份（601038） 公司点评 一拖股份：业绩短期承压，看好未来长期发展 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-11-08 | | | 570 收盘价（元） | 15.74 | | 近 12 个月最高/最低（元） | 20.49/11.29 | | 总股本（百万股） | 1123.65 | | 流通股本（百万股） | 731.71 | | 流通股比例（ %） | 65.12 | | 总市值（亿元） | 176.86 | | 流通市值（亿元） | 115.17 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 一拖股份 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com ...

2024 年 11 月 01 日 公司研究 评级：买入(维持) | --- | --- | --- | |--------------|-------|---------------------------------------------| | | | | | | | | | 研究所： | | | | 证券分析师： | | 袁冠 S0350524050001 | | | | yuang@ghzq.com.cn | | 联系人 | ： | 张馨月 S0350124070008 zhangxy05@ghzq.com.cn | [Table_Title] 促销导致 Q3 毛利率同比下滑，产品大型化趋势 延续 ——一拖股份（601038）公司点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/31 \n12M | | 一拖股份 | -18.6% | -0.2% | 33.6% | | 沪深 ...

证券研究报告·公司点评报告·专用设备 一拖股份（601038） 2024 年三季报点评：业绩短期承压，大型化 高端化逻辑下看好未来成长空间 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 12564 | 11534 | 12762 | 14375 | 16067 | | 同比（ % ） | 34.61 | (8.20) | 10.65 | 12.64 | 11.77 | | 归母净利润（百万元） | 681.05 | 997.02 | 1,060.61 | 1,220.14 | 1,432.03 | | 同比（ % ） | 55.42 | 46.39 | 6.38 | 15.04 | 17.37 | | EPS- ...

[Table_StockInfo] 2024 年 10 月 29 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：17.16 元 一拖股份（601038）机械设备 目标价：——元（6 个月） 2024Q3 收入端稳健，毛利率下滑拖累净利润 [Table_Summary] 事件：公司公布 2024年三季报，2024Q1-Q3公司实现营业收入 107.36亿元， 同比增长 4.78%；实现归母净利润 11.01亿元，同比增长 1.45%。2024Q3公司 实现营业收入 29.30 亿元，同比下降 2.45%，环比下降 7.01%；实现归母净利 润 1.96 亿元，同比下降 40.93%，环比下降 36.08%。 2024 年大拖市场需求相对较好，公司收入端稳健，2024Q3 毛利率下滑拖累净 利润。2024年以来受供需结构以及国际形势等因素影响，粮食价格波动，国内 拖拉机市场整体需求较去年同期相比略有下降。同时，伴随着国内农业生产规 模化水平不断提高，大拖市场表现明显优于中拖，大轮拖产品销售占比持续提 升。根据国家统计局，2024 年 1-9 月小型/中型/大型拖拉机的产量分别为 11.0/18 ...

一拖股份（601038.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 业绩短期承压，期间费用率继续压降 2024 年 10 月 30 日 ➢ 公司发布 2024 年三季报。2024Q1-Q3：公司实现营收 107.36 亿元， yoy+4.78%，归母净利润 11.01 亿元，yoy+1.45%，扣非归母净利润 10.68 亿 元，yoy+2.15%，毛利率 16.37%，yoy+0.19pct，净利率 10.39%，yoy-0.27pct； 2024Q3：公司实现营收 29.30 亿元，yoy-2.45%，归母净利润 1.96 亿元，yoy40.93%，扣非归母净利润 1.91 亿元，yoy-40.44%，毛利率 14.65%，yoy3.64pct，净利率 6.68%，yoy-4.24pct。 ➢ 行业整体需求仍偏弱，大拖占比提升。2024Q3，公司营收出现低个位数下 滑，我们预计主要与行业需求仍偏弱有关。2024Q3，我国拖拉机产量合计为 9.92 万台，同比下滑 11.6%，其中，大/中/小拖拉机产量分别是 2.58/3.10/4.25 万 台，同比分别+7.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 10.74 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 1.1 billion yuan, up 1.4% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 2.93 billion yuan, a decrease of 2.4% year-on-year, and a net profit of 200 million yuan, down 40.9% year-on-year [2]. - The decline in Q3 revenue and profit is attributed to increased promotional efforts, leading to a lower gross margin of 14.6%, down 3.6 percentage points year-on-year [2]. - The company has strong operating cash flow, with a net cash flow from operating activities of 830 million yuan in Q3, significantly higher than the net profit level of 200 million yuan [2]. - The report highlights a positive outlook for demand stabilization due to grain prices nearing minimum purchase prices [2]. Summary by Sections Performance Review - For Q3 2024, the company’s revenue and expenses met expectations, but gross profit was below expectations due to increased promotional activities [2]. - The average cash flow from operations in Q3 was 4.25 times the net profit, indicating good production and sales conditions [2]. Market Trends - The report notes an increase in the production share of large tractors, with large tractor production in September 2024 at 10,433 units, down 3.0% year-on-year, but the share of large tractors rose by 2.0 percentage points to 28.0% [2]. - The trend towards larger tractors remains strong despite a decline in production due to falling grain prices [2]. Profit Forecast and Valuation - The profit forecast for 2024, 2025, and 2026 has been lowered, with expected net profits of 1.01 billion, 1.17 billion, and 1.36 billion yuan respectively, reflecting a downward adjustment of 15% for 2024 and 2025, and 17% for 2026 [2]. - The current price-to-earnings ratio (PE) is projected to be 19, 16, and 15 times for the years 2024, 2025, and 2026 respectively [2].

Financial Performance - The company's operating revenue for Q3 2024 was approximately ¥10.74 billion, a decrease of 2.45% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was approximately ¥1.10 billion, down 40.93% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥1.07 billion, a decrease of 40.44% compared to the previous year[4]. - The basic earnings per share for the period was ¥0.9798, reflecting a decline of 40.93% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 reached CNY 10,736,379,923.58, an increase of 4.73% compared to CNY 10,251,806,292.67 in the same period of 2023[16]. - Net profit attributable to shareholders of the parent company was CNY 1,100,902,509.20, up from CNY 1,085,194,909.92 in the previous year, reflecting a growth of 1.46%[17]. - The total comprehensive income for the period was CNY 1,115,529,348.54, slightly up from CNY 1,096,537,446.61 in the previous year, indicating a growth of 1.73%[18]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥15.80 billion, an increase of 14.35% compared to the end of the previous year[4]. - The company's total assets reached CNY 15,800,090,626.94, up from CNY 13,817,261,971.79, indicating a growth of 14.31%[15]. - The total liabilities increased to CNY 7,831,296,534.02, compared to CNY 6,597,932,308.41 in the previous year, marking an increase of 18.69%[15]. - The company's current assets totaled approximately RMB 7.89 billion, up from RMB 6.49 billion at the end of 2023, indicating a growth of around 21.6%[13]. - The cash and cash equivalents decreased to approximately RMB 2.32 billion from RMB 2.77 billion, a decline of about 16.3%[12]. - The total liabilities of the company are not specified in the provided documents, but the increase in total assets suggests a potential increase in leverage[12]. Cash Flow - The net cash flow from operating activities for the period was approximately ¥1.74 billion, an increase of 16.27% year-on-year[4]. - The cash flow from operating activities showed a significant improvement, with net cash inflow reported at CNY 1,115,529,348.54 compared to CNY 1,096,537,446.61 in the previous year[18]. - In the first three quarters of 2024, the cash inflow from operating activities reached ¥9,107,655,152.34, an increase of 6.7% compared to ¥8,534,245,072.80 in the same period of 2023[21]. - The net cash flow from operating activities for the first three quarters of 2024 was ¥1,744,781,554.68, up from ¥1,500,649,110.70 in 2023, representing a growth of 16.3%[21]. - The total cash outflow from investing activities in the first three quarters of 2024 was ¥2,204,139,704.69, slightly higher than ¥2,159,793,874.85 in 2023[21]. - The net cash flow from investing activities for the first three quarters of 2024 was -¥1,830,292,014.39, an improvement from -¥2,124,329,045.16 in 2023[21]. - The cash outflow from financing activities in the first three quarters of 2024 totaled ¥394,123,868.94, compared to ¥338,604,648.76 in 2023[22]. - The net cash flow from financing activities for the first three quarters of 2024 was -¥394,123,868.94, worsening from -¥38,604,648.76 in 2023[22]. - The cash and cash equivalents at the end of the third quarter of 2024 amounted to ¥1,744,554,983.94, down from ¥2,865,916,340.18 at the end of the same period in 2023[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,574, with the largest shareholder holding 48.81% of the shares[8]. - The company appointed new non-independent directors during the shareholder meeting held on August 2, 2024, indicating a shift in governance[11]. Investments and Expenses - Research and development expenses for the first three quarters amounted to CNY 317,450,819.65, which is an increase of 9.25% from CNY 290,167,982.58 in the same period last year[16]. - The company completed the acquisition of a 51% stake in ZF (China) Investment Co., Ltd. for a total price of RMB 97.48 million, enhancing its market position[11]. - The company received tax refunds of ¥143,073,680.06 in the first three quarters of 2024, a decrease from ¥230,651,928.16 in 2023[21]. - The company paid ¥867,458,400.34 to employees in the first three quarters of 2024, an increase from ¥800,200,119.24 in 2023, reflecting a growth of 8.4%[21].