China Automotive Systems Reports Sales Increased by 19.4% in the Third Quarter of 2024

PR Newswire11-13

WUHAN, China, Nov. 13, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced ...

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(NASDAQ: CAAS) (\"CAAS\" or the \"Company\"), a leading power steering components and systems supplier in China, today announced ...</p>\n\n<a href=\"https://finance.yahoo.com/news/china-automotive-systems-reports-sales-110000336.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Automotive Systems Reports Sales Increased by 19.4% in the Third Quarter of 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Automotive Systems Reports Sales Increased by 19.4% in the Third Quarter of 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/china-automotive-systems-reports-sales-110000336.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WUHAN, China, Nov. 13, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) (\"CAAS\" or the \"Company\"), a leading power steering components and systems supplier in China, today announced ...</p>\n\n<a href=\"https://finance.yahoo.com/news/china-automotive-systems-reports-sales-110000336.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CAAS","symbol_name":"中汽系统","start_time":0,"source_url":"https://finance.yahoo.com/news/china-automotive-systems-reports-sales-110000336.html","article_id":"2483907764","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/BtuuEQX9utI3dab0fc7qFA--~B/aD0xNjt3PTE2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/prnewswire.com/1bfb337b7a6584f1f1c22eb52a1a0b55"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/china-automotive-systems-reports-sales-110000336.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2483907764","pubTimestamp":1731495600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"WUHAN, China, Nov. 13, 2024 /PRNewswire/ -- China Automotive Systems, Inc.  , a leading power steering components and systems supplier in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2024.Net sales rose 19.4% year-over-year to $164.2 million from $137.5 million in the third quarter of 2023.Gross profit increased by 6.5% year-over-year to $26.4 million from $24.8 million in the third quarter of 2023; gross margin was 16.0% in the third quarter of 2024 compared to 18.0% in the third quarter of 2023.Net income attributable to parent company's common shareholders was $5.5 million, or diluted earnings per share of $0.18.Gross profit increased by 15.4% year-over-year to $79.7 million, compared to $69.1 million in the first nine months of 2023; gross margin increased to 17.2% in the first nine months of 2024 from 16.6% in the same period last year.\"According to statistics from the China Association of Automobile Manufacturers","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CAAS":"中汽系统"},"translate_title":"中国汽车系统报告2024年第三季度销售额增长19.4%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAAS":0.9},"content_text":"WUHAN, China, Nov. 13, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) (\"CAAS\" or the \"Company\"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2024.\nThird Quarter 2024 Highlights\n\nNet sales rose 19.4% year-over-year to $164.2 million from $137.5 million in the third quarter of 2023.\nGross profit increased by 6.5% year-over-year to $26.4 million from $24.8 million in the third quarter of 2023; gross margin was 16.0% in the third quarter of 2024 compared to 18.0% in the third quarter of 2023.\nIncome from operations was $11.1 million for the third quarter of 2024, a nearly 10.0% increase compared to $10.2 million for the three months ended September 30, 2023.\nNet income attributable to parent company's common shareholders was $5.5 million, or diluted earnings per share of $0.18.\n\nFirst Nine Months of 2024 Highlights\n\nNet sales grew by 10.8% year-over-year to $462.2 million, compared to $417.2 million in the first nine months of 2023.\nGross profit increased by 15.4% year-over-year to $79.7 million, compared to $69.1 million in the first nine months of 2023; gross margin increased to 17.2% in the first nine months of 2024 from 16.6% in the same period last year.\nIncome from operations rose by 22.9% year-over-year to $31.6 million compared to income from operations of $25.7 million in the first nine months of 2023.\nNet income attributable to parent company's common shareholders was $20.9 million.\nDiluted earnings per share attributable to parent company's common shareholders was $0.69.\nCash and cash equivalents, and pledged cash were $138.8 million, or approximately $4.60 per share, as of September 30, 2024.\nA special cash dividend of $0.80 per common share was paid to shareholders in August 2024.\n\nMr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"We are pleased to report sales growth for both the third quarter and the nine-month periods. Our third quarter's solid performance was driven by a noteworthy 43.5% year-over-year increase in sales of Electric Power Steering (\"EPS\") products, now accounting for almost 40.0% of our total sales. Additionally, sales of traditional steering products in the domestic Chinese passenger vehicle market climbed by 29.6% year-over-year, despite a slower industry growth environment. We are also pleased to see our commercial vehicle market sales rebounded with a 10.5% increase this quarter. Domestic sales were buoyed by the vehicle replacement cycle and subsidy policies. All business units, with the exception of North America, reported sales growth in the third quarter of 2024.\"\n\"According to statistics from the China Association of Automobile Manufacturers, overall automobile sales in China increased by 2.1% year-over-year in the first nine months of 2024 with passenger car sales up by 3.0% and commercial vehicle sales lower by 1.6%. Sales of new energy vehicles increased by 32.5% and Chinese vehicle exports rose by 27.3% for the first nine months of 2024.\"\n\"Given our recent financial performance and positive outlook, our shareholders were rewarded with a special cash dividend of $0.80 per common share in August of 2024. Also in August 2024, we celebrated the 20th anniversary of our NASDAQ listing,\" Mr. Wu concluded.\nMr. Jie Li, Chief Financial Officer of CAAS, commented, \"We continued to maintain a strong balance sheet with cash and cash equivalents plus pledged cash of $138.8 million, despite spending $9.3 million on cash dividends to shareholders and investing $18.3 million in property, plant and equipment in the first nine months of 2024.  At September 30th, working capital was $156.6 million and positive cash flow from operations increased by almost 54.0% year-over-year in the first nine months of 2024.  We remain well positioned in our markets for long-term growth.\" \nThird Quarter of 2024\nNet sales increased by 19.4% year-over-year to $164.2 million in the third quarter of 2024, compared to $137.5 million in the third quarter of 2023. Net sales of traditional steering products and parts increased by 7.4% year-over-year to $98.6 million for the third quarter of 2024, compared to $91.8 million for the same quarter in 2023. Net sales of EPS products rose 43.5% year-over-year to $65.6 million from $45.7 million for the same period in 2023. EPS product sales grew to 39.9% of the total net sales for the third quarter of 2024, compared to 33.2% for the same period in 2023. Sales of Henglong's passenger vehicle steering systems increased by 29.6% and sales to Chery Auto rose by 12.4% due to higher demand. Sales to the commercial vehicle markets increased by 10.5%. Export sales to North American customers decreased to $18.7 million in the third quarter of 2024, compared to $27.6 million in the third quarter of 2023. North American sales declined primarily due to decreased demand from one customer. Sales in Brazil were $14.3 million in the third quarter of 2024, compared to $13.3 million in the third quarter of 2023. Net product sales for other entities rose 23.4% to $35.2 million compared to $28.5 million for the third quarter in 2023.\nGross profit grew by 6.5% year-over-year to $26.4 million from $24.8 million in the third quarter of 2023. Gross margin was 16.0% in the third quarter of 2024 compared to 18.0% in the third quarter of 2023. The change in gross margin was mainly due to the changes in the product mix for the three months ended September 30, 2024.   \nGain on other sales was $0.6 million in the third quarter of 2024, compared to $2.2 million in the third quarter of 2023.\nSelling expenses increased by 14.6% year-over-year to $4.4 million compared to $3.8 million in the third quarter of 2023.  This expense increase was primarily due to higher warehouse and logistic costs related to the increased revenue. Selling expenses represented 2.7% of net sales in the third quarter of 2024, compared to 2.8% in the third quarter of 2023.\nGeneral and administrative expenses (\"G&A expenses\") decreased by 17.0% year-over-year to $5.1 million, compared to $6.1 million in the third quarter of 2023, primarily due to the reversal of bad debt provisions for receivables. G&A expenses represented 3.1% of net sales in the third quarter of 2024, compared to 4.4% of net sales in the third quarter of 2023.\nResearch and development expenses (\"R&D expenses\") decreased by 7.1% year-over-year to $6.4 million compared to $6.9 million in the third quarter of 2023. This decrease was related to lower R&D miscellaneous expenses caused by a reduction in R&D activities for new projects. R&D expenses represented 3.9% of net sales in the third quarter of 2024, compared to 5.0% in the third quarter of 2023. \nOther income was $1.3 million for the third quarter of 2024, which is stable compared to $1.2 million for the three months ended September 30, 2023. \nIncome from operations was $11.1 million for the third quarter of 2024, a nearly 10.0% increase compared to $10.2 million for the three months ended September 30, 2023.    \nInterest expense was $0.3 million in the third quarter of 2024 compared to $0.2 million in the third quarter of 2023.\nNet financial expense was $0.2 million in the third quarter of 2024, compared to net financial income of $0.2 million in the third quarter of 2023. The change in net financial expense/income primarily resulted from an increase in the foreign exchange losses due to the foreign exchange volatility. \nIncome before income tax expenses and equity in earnings of affiliated companies was $11.9 million in the third quarter of 2024, compared to income before income tax expenses and equity in earnings of affiliated companies of $11.2 million in the third quarter of 2023.\nIncome tax expense was $4.0 million in the third quarter of 2024 compared to $0.7 million for the third quarter of 2023, primarily due to a one-time income tax expense settlement for the subsidiaries in the PRC and an increase in the Global Intangible Low-Taxed Income (\"GILTI\") tax expenses.\nNet income attributable to parent company's common shareholders was $5.5 million in the third quarter of 2024, compared to net income attributable to parent company's common shareholders of $9.5 million in the third quarter of 2023. Diluted earnings per share was $0.18 in the third quarter of 2024, compared to $0.31 per share in the third quarter of 2023.\nThe weighted average number of diluted common shares outstanding was 30,185,702 in the third quarter of 2024, compared to 30,189,363 in the third quarter of 2023.\nFirst Nine Months of 2024 \nNet sales increased by 10.8% year-over-year to $462.2 million in the first nine months of 2024, compared to $417.2 million in the first nine months of 2023 primarily due to an increase in sales of both traditional steering and EPS products. Nine-month gross profit increased by 15.4% year-over-year to $79.7 million from $69.1 million in the corresponding period last year. Nine-month gross margin increased to 17.2% from 16.6% in the first nine months of 2023. Gain on other sales was $2.8 million in the first nine months of 2024, compared to $3.6 million in the corresponding period last year.  Income from operations increased by 22.9% year-over-year to $31.6 million in the first nine months of 2024 from $25.7 million in the first nine months of 2023. \nNet income attributable to parent company's common shareholders was $20.9 million in the first nine months of 2024, compared to net income attributable to parent company's common shareholders of $26.8 million in the corresponding period in 2023. Diluted earnings per share in the first nine months of 2024 were $0.69, compared to diluted earnings per share of $0.89 in the first nine months of 2023.\nBalance Sheet\nAs of September 30, 2024, total cash and cash equivalents, and pledged cash were $138.8 million, total accounts receivable including notes receivable were $314.2 million, accounts payable including notes payable were $271.8 million and short-term loans were $59.7 million. Total parent company stockholders' equity was $388.6 million as of September 30, 2024, compared to $367.8 million as of December 31, 2023.\nBusiness Outlook\nManagement has raised its revenue guidance for the full year 2024 to $630.0 million. This target is based on the Company's current views on operating and market conditions, which are subject to change.\nConference Call\nManagement will conduct a conference call on Wednesday, November 13, 2024 at 8:00 A.M. EST/9:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation. To participate, please see the dial-in information below, enter the call 10 minutes before the call start time and ask to be connected to the \"China Automotive Systems\" conference call:\nPhone Number: +1-888-506-0062 (North America)Phone Number: +1-973-528-0011 (International)Mainland China Toll Free: +86-400-120-3199Code: 546311\nA replay of the call will be available on the Company's website under the investor relations section.\nAbout China Automotive Systems, Inc. \nBased in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com. \nForward-Looking Statements\nThis press release contains statements that are \"forward-looking statements\" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading \"Risk Factors\" in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2024, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.\nFor further information, please contact:\nJie LiChief Financial OfficerChina Automotive Systems, Inc.jieli@chl.com.cn \nKevin TheissAwaken Advisors+1-212-521-4050Kevin@awakenlab.com  \n-Tables Follow -\n\n\n\n\nChina Automotive Systems, Inc. and Subsidiaries \n\n\nCondensed Unaudited Consolidated Statements of Operations and Comprehensive Income \n\n\n(In thousands of USD, except share and per share amounts) \n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30,  \n\n\n\n\n2024 \n\n2023 \n\n\nNet product sales ($13,703 and $8,407 sold to related parties for the three     months ended September 30, 2024 and 2023) \n\n$ \n164,215 \n\n$ \n137,541 \n\n\nCost of products sold ($7,217 and $6,266 purchased from related parties     for the three months ended September 30, 2024 and 2023) \n\n\n137,859 \n\n\n112,784 \n\n\nGross profit \n\n\n26,356 \n\n\n24,757 \n\n\nGain on other sales \n\n\n553 \n\n\n2,177 \n\n\nLess: Operating expenses \n\n\n\n\n\n\n\n\nSelling expenses \n\n\n4,357 \n\n\n3,803 \n\n\nGeneral and administrative expenses \n\n\n5,070 \n\n\n6,108 \n\n\nResearch and development expenses \n\n\n6,383 \n\n\n6,870 \n\n\nTotal operating expenses \n\n\n15,810 \n\n\n16,781 \n\n\nIncome from operations \n\n\n11,099 \n\n\n10,153 \n\n\nOther income, net \n\n\n1,251 \n\n\n1,155 \n\n\nInterest expense \n\n\n(271) \n\n\n(245) \n\n\nFinancial (expense)/income, net  \n\n\n(167) \n\n\n163 \n\n\nIncome before income tax expenses and equity in earnings of affiliated     companies \n\n\n11,912 \n\n\n11,226 \n\n\nLess: Income taxes  \n\n\n4,042 \n\n\n688 \n\n\nAdd: Equity in earnings of affiliated companies \n\n\n203 \n\n\n706 \n\n\nNet income \n\n\n8,073 \n\n\n11,244 \n\n\nLess: Net income attributable to non-controlling interests \n\n\n2,562 \n\n\n1,749 \n\n\nAccretion to redemption value of redeemable non-controlling interests \n\n\n(7) \n\n\n(7) \n\n\nNet income attributable to parent company's common shareholders \n\n$ \n5,504 \n\n$ \n9,488 \n\n\nComprehensive income: \n\n\n\n\n\n\n\n\nNet income \n\n$ \n8,073 \n\n$ \n11,244 \n\n\nOther comprehensive income: \n\n\n\n\n\n\n\n\nForeign currency translation gain, net of tax \n\n\n6,584 \n\n\n3,580 \n\n\nComprehensive income \n\n\n14,657 \n\n\n14,824 \n\n\nLess: Comprehensive income attributable to non-controlling interests \n\n\n3,287 \n\n\n3,590 \n\n\nAccretion to redemption value of redeemable non-controlling interests \n\n\n(7) \n\n\n(7) \n\n\nComprehensive income attributable to parent company \n\n$ \n11,363 \n\n$ \n11,227 \n\n\n\n\n\n\n\n\n\n\n\nNet income attributable to parent company's common shareholders per     share - \n\n\n\n\n\n\n\n\nBasic \n\n$ \n0.18 \n\n$ \n0.31 \n\n\nDiluted \n\n$ \n0.18 \n\n$ \n0.31 \n\n\n\n\n\n\n\n\n\n\n\nWeighted average number of common shares outstanding - \n\n\n\n\n\n\n\n\nBasic \n\n\n30,185,702 \n\n\n30,185,702 \n\n\nDiluted \n\n\n30,185,702 \n\n\n30,189,363 \n\n\n\n\n\n\n\n\nChina Automotive Systems, Inc. and Subsidiaries \n\n\nCondensed Unaudited Consolidated Statements of Operations and Comprehensive Income \n\n\n(In thousands of USD, except share and per share amounts) \n\n\n\n\n\n\n\nNine Months Ended September 30,  \n\n\n\n\n2024 \n\n2023 \n\n\nNet product sales ($38,613 and $35,177 sold to related parties for the nine     months ended September 30, 2024 and 2023) \n\n$ \n462,217 \n\n$ \n417,194 \n\n\nCost of products sold ($21,874 and $20,592 purchased from related parties     for the nine months ended September 30, 2024 and 2023) \n\n\n382,490 \n\n\n348,101 \n\n\nGross profit \n\n\n79,727 \n\n\n69,093 \n\n\nGain on other sales \n\n\n2,787 \n\n\n3,572 \n\n\nLess: Operating expenses \n\n\n\n\n\n\n\n\nSelling expenses \n\n\n13,044 \n\n\n10,981 \n\n\nGeneral and administrative expenses \n\n\n18,035 \n\n\n16,132 \n\n\nResearch and development expenses \n\n\n19,879 \n\n\n19,866 \n\n\nTotal operating expenses \n\n\n50,958 \n\n\n46,979 \n\n\nIncome from operations \n\n\n31,556 \n\n\n25,686 \n\n\nOther income, net \n\n\n5,389 \n\n\n4,620 \n\n\nInterest expense \n\n\n(712) \n\n\n(770) \n\n\nFinancial (expense)/income, net \n\n\n(869) \n\n\n3,704 \n\n\nIncome before income tax expenses and equity in earnings of affiliated     companies \n\n\n35,364 \n\n\n33,240 \n\n\nLess: Income taxes  \n\n\n7,893 \n\n\n3,004 \n\n\nAdd: Equity in (losses)/earnings of affiliated companies \n\n\n(1,379) \n\n\n359 \n\n\nNet income \n\n\n26,092 \n\n\n30,595 \n\n\nLess: Net income attributable to non-controlling interests \n\n\n5,159 \n\n\n3,799 \n\n\nAccretion to redemption value of redeemable non-controlling interests \n\n\n(22) \n\n\n(22) \n\n\nNet income attributable to parent company's common shareholders \n\n$ \n20,911 \n\n$ \n26,774 \n\n\nComprehensive income: \n\n\n\n\n\n\n\n\nNet income \n\n$ \n26,092 \n\n$ \n30,595 \n\n\nOther comprehensive income: \n\n\n\n\n\n\n\n\nForeign currency translation gain/(loss), net of tax \n\n\n3,390 \n\n\n(8,752) \n\n\nComprehensive income  \n\n\n29,482 \n\n\n21,843 \n\n\nLess: Comprehensive income attributable to non-controlling interests \n\n\n5,659 \n\n\n4,831 \n\n\nAccretion to redemption value of redeemable non-controlling interests \n\n\n(22) \n\n\n(22) \n\n\nComprehensive income attributable to parent company \n\n$ \n23,801 \n\n$ \n16,990 \n\n\n\n\n\n\n\n\n\n\n\nNet income attributable to parent company's common shareholders per     share - \n\n\n\n\n\n\n\n\nBasic \n\n$ \n0.69 \n\n$ \n0.89 \n\n\nDiluted \n\n$ \n0.69 \n\n$ \n0.89 \n\n\n\n\n\n\n\n\n\n\n\nWeighted average number of common shares outstanding - \n\n\n\n\n\n\n\n\nBasic \n\n\n30,185,702 \n\n\n30,185,702 \n\n\nDiluted \n\n\n30,185,702 \n\n\n30,190,660 \n\n\n\n\n\n\n\n\nChina Automotive Systems, Inc. and Subsidiaries \n\n\nCondensed Unaudited Consolidated Balance Sheets \n\n\n(In thousands of USD unless otherwise indicated) \n\n\n\n\n\n\n\nSeptember 30, 2024 \n\nDecember 31, 2023 \n\n\nASSETS \n\n\n\n\n\n\n\n\nCurrent assets: \n\n\n\n\n\n\n\n\nCash and cash equivalents \n\n$ \n98,310 \n\n$ \n114,660 \n\n\nPledged cash \n\n\n40,514 \n\n\n40,534 \n\n\nAccounts and notes receivable, net - unrelated parties \n\n\n295,515 \n\n\n261,237 \n\n\nAccounts and notes receivable, net - related parties \n\n\n18,658 \n\n\n8,169 \n\n\nInventories \n\n\n108,880 \n\n\n112,392 \n\n\nOther current assets \n\n\n28,245 \n\n\n27,083 \n\n\nTotal current assets \n\n\n590,122 \n\n\n564,075 \n\n\nNon-current assets: \n\n\n\n\n\n\n\n\nProperty, plant and equipment, net \n\n\n100,703 \n\n\n101,359 \n\n\nLand use rights, net \n\n\n9,130 \n\n\n9,233 \n\n\nLong-term investments \n\n\n60,236 \n\n\n60,173 \n\n\nOther non-current assets \n\n\n68,841 \n\n\n31,600 \n\n\nTotal assets \n\n$ \n829,032 \n\n$ \n766,440 \n\n\n\n\n\n\n\n\n\n\n\nLIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY \n\n\n\n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\n\n\n\nShort-term loans \n\n$ \n59,744 \n\n$ \n48,005 \n\n\nAccounts and notes payable-unrelated parties \n\n\n259,134 \n\n\n240,739 \n\n\nAccounts and notes payable-related parties \n\n\n12,658 \n\n\n12,839 \n\n\nAccrued expenses and other payables \n\n\n65,253 \n\n\n44,771 \n\n\nOther current liabilities \n\n\n36,718 \n\n\n37,385 \n\n\nTotal current liabilities \n\n\n433,507 \n\n\n383,739 \n\n\nLong-term liabilities: \n\n\n\n\n\n\n\n\nLong-term tax payable \n\n\n— \n\n\n8,781 \n\n\nOther non-current liabilities \n\n\n6,266 \n\n\n5,498 \n\n\nTotal liabilities \n\n$ \n439,773 \n\n$ \n398,018 \n\n\n\n\n\n\n\n\n\n\n\nMezzanine equity: \n\n\n\n\n\n\n\n\nRedeemable non-controlling interests \n\n\n635 \n\n\n613 \n\n\n\n\n\n\n\n\n\n\n\nStockholders' equity: \n\n\n\n\n\n\n\n\nCommon stock, $0.0001 par value – Authorized – 80,000,000 shares; Issued – 32,338,302 and     32,338,302 shares as of September 30, 2024 and December 31, 2023, respectively, including treasury     stock \n\n$ \n3 \n\n$ \n3 \n\n\nAdditional paid-in capital \n\n\n69,722 \n\n\n63,731 \n\n\nRetained earnings- \n\n\n\n\n\n\n\n\nAppropriated \n\n\n12,174 \n\n\n11,851 \n\n\nUnappropriated \n\n\n281,271 \n\n\n284,832 \n\n\nAccumulated other comprehensive income \n\n\n(5,368) \n\n\n(8,258) \n\n\nTreasury stock – 2,152,600 and 2,152,600 shares as of September 30, 2024 and December 31, 2023,     respectively \n\n\n(7,695) \n\n\n(7,695) \n\n\nTotal parent company stockholders' equity \n\n\n350,107 \n\n\n344,464 \n\n\nNon-controlling interests \n\n\n38,517 \n\n\n23,345 \n\n\nTotal stockholders' equity \n\n\n388,624 \n\n\n367,809 \n\n\nTotal liabilities, mezzanine equity and stockholders' equity \n\n$ \n829,032 \n\n$ \n766,440 \n\n\n\n\n\n\n\n\nChina Automotive Systems, Inc. and Subsidiaries \n\n\nCondensed Unaudited Consolidated Statements of Cash Flows \n\n\n(In thousands of USD unless otherwise indicated) \n\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30,  \n\n\n\n\n2024 \n\n2023 \n\n\nCash flows from operating activities: \n\n\n\n\n\n\n\n\nNet income \n\n$ \n26,092 \n\n$ \n30,595 \n\n\nAdjustments to reconcile net income from operations to net cash provided by     operating activities: \n\n\n\n\n\n\n\n\nDepreciation and amortization \n\n\n14,574 \n\n\n13,666 \n\n\nReversal of credit losses \n\n\n(903) \n\n\n(450) \n\n\nDeferred income taxes \n\n\n— \n\n\n(1,017) \n\n\nEquity in earnings/(losses) of affiliated companies \n\n\n1,379 \n\n\n(359) \n\n\nLoss on property, plant and equipment disposals \n\n\n1,133 \n\n\n79 \n\n\n(Increase)/decrease in: \n\n\n\n\n\n\n\n\nAccounts and notes receivable \n\n\n(40,350) \n\n\n(24,315) \n\n\nInventories \n\n\n4,653 \n\n\n6,070 \n\n\nOther current assets \n\n\n874 \n\n\n(1,391) \n\n\nOther non-current assets \n\n\n(874) \n\n\n(517) \n\n\nIncrease/(decrease) in: \n\n\n\n\n\n\n\n\nAccounts and notes payable \n\n\n12,996 \n\n\n(6,198) \n\n\nAccrued expenses and other payables \n\n\n4,945 \n\n\n849 \n\n\nLong-term taxes payable \n\n\n(7,025) \n\n\n(5,268) \n\n\nOther current liabilities \n\n\n(952) \n\n\n(1,004) \n\n\nNet cash provided by operating activities \n\n\n16,542 \n\n\n10,740 \n\n\nCash flows from investing activities: \n\n\n\n\n\n\n\n\nCash received from property, plant and equipment sales \n\n\n1,359 \n\n\n664 \n\n\nPayments to acquire property, plant and equipment (including $4,597 and $6,414     paid to related parties for the nine months ended September 30, 2024 and 2023,     respectively) \n\n\n(18,268) \n\n\n(12,184) \n\n\nPayments to acquire intangible assets \n\n\n(383) \n\n\n(2,437) \n\n\nInvestments under the equity method \n\n\n(2,283) \n\n\n(7,729) \n\n\nPurchase of short-term investments \n\n\n(58,472) \n\n\n(55,290) \n\n\nProceeds from maturities of short-term investments \n\n\n25,373 \n\n\n48,281 \n\n\nCash received from long-term investments \n\n\n1,396 \n\n\n3,115 \n\n\nNet cash used in investing activities \n\n\n(51,278) \n\n\n(25,580) \n\n\nCash flows from financing activities: \n\n\n\n\n\n\n\n\nProceeds from bank loans \n\n\n64,461 \n\n\n42,828 \n\n\nRepayments of bank loans \n\n\n(54,394) \n\n\n(48,147) \n\n\nDividends paid to the common shareholders \n\n\n(9,318) \n\n\n— \n\n\nCash received from capital contributions of a non-controlling interest \n\n\n15,504 \n\n\n— \n\n\nNet cash provided by/(used in) financing activities \n\n\n16,253 \n\n\n(5,319) \n\n\nEffects of exchange rate on cash, cash equivalents and pledged cash \n\n\n2,113 \n\n\n(3,671) \n\n\nNet decrease in cash, cash equivalents and pledged cash \n\n\n(16,370) \n\n\n(23,830) \n\n\nCash, cash equivalents and pledged cash at beginning of the period \n\n\n155,194 \n\n\n158,951 \n\n\nCash, cash equivalents and pledged cash at end of the period \n\n$ \n138,824 \n\n$ \n135,121 \n\n\n\n\n View original content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-sales-increased-by-19-4-in-the-third-quarter-of-2024--302303613.html\nSOURCE China Automotive Systems, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483907764"}