1. People's Republic of China Stocks

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    Industrials

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    Industrial - Machinery
First Tractor Company Limited

First Tractor Company Limited

0038.HK
First Tractor Company LimitedHK flagHong Kong Stock Exchange
7.10
HKD
-0.13
- -
13.56BMarket Cap
First Tractor Company Limited
0038.HK
(Hong Kong Stock Exchange)

Recent

price

7.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
12.14
13.83
12.84
11.1
9.06
9.7
8.92
7.31
5.62
5.82
7.59
8.37
11.08
10.26
10.59
9.63
10.76
Revenue per Share
0.64
0.52
0.36
0.23
0.17
0.14
0.22
0.06
-1.32
0.06
0.28
0.39
0.61
0.89
0.82
0.72
1.02
Basic EPS, GAAP
-0.03
-0.12
-0.06
-0.62
-0.58
0.23
1.88
-0.86
-0.66
0.08
1.18
0.47
3.12
0.86
0.98
-0.17
-0.11
Free Cash Flow per Basic Share
0.33
0.16
0.12
0.3
0.17
0.18
0.16
0.21
0.2
0.14
0.15
0.1
0.18
0.24
0.33
0.37
0.33
Dividend per Share
1.57
2.03
2.11
2.02
2.08
2.15
2.3
2.29
1.5
1.54
1.81
2.01
2.37
2.97
3.4
3.7
3.46
Book Value per Share
3.94
3.75
4.57
4.32
4.39
4.5
4.63
4.63
3.87
4.05
4.27
4.76
5.13
5.79
6.3
6.75
6.3
Tangible Book Value per Share
846
846
896
996
996
996
995
988
986
985
986
1,100
1,124
1,124
1,124
1,124
1,124
Basic Weighted Avg Shares
10,266
11,703
11,508
11,058
9,027
9,655
8,871
7,219
5,541
5,737
7,481
9,209
12,455
11,528
11,904
10,823
12,092
Sales/Revenue/Turnover
4.99
4.93
3.86
4.26
1.6
3.94
3.68
-1.64
-21.25
-2.27
5.26
5.75
6.51
6.87
7.57
6.75
8.73
Operating Margin (%)
128
151
190
256
298
314
333
328
334
88
87
83
84
78
69
58
- -
Depreciation Expense
543
440
325
227
168
135
223
57
-1,300
61
280
433
681
997
922
812
1,148
Net Income, GAAP
13.01
14.17
15.41
21.3
22.5
37.27
19.35
32.73
- -
30.72
8.58
5.85
- -
1.4
11.49
8.16
9.41
Effective Tax Rate (%)
5.29
3.76
2.82
2.05
1.86
1.4
2.52
0.78
-23.46
1.07
3.74
4.71
5.47
8.65
7.75
7.5
9.5
Profit Margin (%)
1,303
344
1,204
1,973
921
328
1,621
669
349
108
568
1,805
1,754
443
927
2,169
611
Working Capital
600
186
618
1,574
1,539
1,521
1,506
689
868
139
115
112
74
210
87
434
201
LT Debt
3,544
3,952
4,943
5,258
5,321
5,399
5,504
5,439
4,656
4,784
4,976
5,982
6,497
7,219
7,778
8,231
7,767
Total Equity
11.55
10.4
6.85
5.63
1.46
2.89
3.14
-0.93
- -
-1.15
5.03
6.66
- -
8.8
8.07
6.27
10.2
Return on Invested Capital (%)
25.08
12.58
8.38
5.48
4.53
3.22
4.86
2.79
- -
2
7.44
9.68
- -
17.7
13.65
10.37
18.56
Return on Capital (%)
46.18
28.91
18.01
11.63
8.21
6.42
10.1
2.49
-69.56
4.11
17
21.72
27.95
33.2
25.75
20.37
32.38
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
ST Debt
2,184
1,682
2,028
LT Borrowings
208
200
200
LT Finance Leases
2
2
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,124
1,124
1,124
Market Capitalization
5,066
6,330
7,729

Working Capital

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
Total Current Assets
6,488
7,775
7,105
Cash, Cash Equivalents & STI
3,849
3,527
3,458
Accounts Receivable, Net
331
1,690
1,460
Inventories
1,514
1,427
1,108
Total Current Liabilities
6,045
6,976
6,495
Payables & Accruals
- -
- -
- -
ST Debt
2,184
1,682
2,028
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.67%
10.7%
5.82%
Free Cash Flow
212.58%
70.04%
-117.47%
Net Income, GAAP
-202.04%
27.75%
-11.94%
Sales/Revenue/Turnover
2.9%
9.02%
-9.09%
Total Cash Common Dividend
13.18%
27.64%
14.68%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
4,190
3,049
3,009
1,276
11,528
2024
4,656
3,151
- -
- -
11,904
2025
- -
- -
- -
- -
10,823

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.43
- -
- -
- -
0.89
2024
0.53
- -
- -
- -
0.82
2025
- -
- -
- -
- -
0.72

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.24
2024
- -
- -
- -
- -
0.33
2025
- -
- -
- -
- -
0.37
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Business
First Tractor Company Limited (0038.HK) manufactures and sells agricultural machinery, power machinery, and related components in China and internationally. Founded in 1955 and headquartered in Luoyang, Henan Province, China, the company produces medium- and large-sized wheeled and crawler tractors ranging from 25 to 450 horsepower; off-road diesel engines for tractors, harvesters, engineering machinery, ships, and generator sets; and precision components including castings, forgings, gears, axles, transmissions, covers, fuel injection pumps, and nozzles. It operates through three main divisions—agricultural machinery, power machinery, and finance—serving domestic farmers, agribusinesses, and export markets in over 30 countries across Southeast Asia, Africa, and Latin America, with a comprehensive in-house manufacturing system for core tractor parts. The company maintains industry-leading technology in high-horsepower tractors and advances intelligent, green upgrades, including batch sales of high-end smart tractors in regions like Xinjiang and Northeast China, as well as initial market applications of hilly and mountainous tractors in Gansu Province. Recent developments encompass the orderly rollout of strategic products such as large power shift tractors, continuously variable transmission (CVT) tractors, and fuel cell wheeled tractors; implementation of the Intelligent Multi-Purpose Tractor Capacity Improvement Project (Phase I) and high-efficiency, low-emission YTN3 diesel engine intelligent manufacturing; and a signed 2025-2027 Financial Service Cooperation Agreement with SINOMACH FINANCE CO., LTD. to support operations. In the first half of 2024, it sold 51,000 units of high- and medium-horsepower tractors, up 4.25% year-over-year, with exports rising 3.09%, while investing approximately CNY 500 million in R&D for efficiency and emissions reductions.