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China Automotive Systems, Inc. (NASDAQ: CAAS), based in Jingzhou, China, is a leading supplier of power steering systems and components to the Chinese automotive industry. Through its subsidiaries, CAAS provides a comprehensive range of auto parts used in steering systems for both passenger cars and commercial vehicles. The company offers over 310 models of power steering systems, including rack and pinion power steering, integral power steering, electronic power steering, and manual steering, along with steering columns, oil pumps, and hoses.
CAAS operates through eight Sino-foreign joint ventures and has a significant market presence with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses. The company's key customers include major automotive manufacturers such as China FAW Group Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Co., Ltd., Beiqi Foton Motor Co., Ltd., and Chery Automobile Co., Ltd. in China, as well as Stellantis N.V. and Ford Motor Company in North America.
In recent financial results, CAAS reported substantial revenue growth with net sales reaching $576.4 million in 2023, up by 8.8% from 2022. This growth was driven by a 24.6% increase in sales of electric power steering (EPS) products, which now constitute 33.8% of total net sales. The company also observed a 22.9% rise in sales in Brazil, balancing the 8.5% decline in North American sales. CAAS maintained a strong financial position with cash, cash equivalents, and pledged cash totaling $135.8 million as of March 31, 2024.
CAAS continues to invest in research and development, focusing on enhancing both traditional steering products and its EPS portfolio. The company is also advancing its capabilities in Advanced Driver Assistance Systems (ADAS) through collaborations with partners like Sentient AB. Despite market fluctuations, CAAS remains optimistic about future growth in both domestic and international markets, setting a revenue guidance target of $605 million for 2024.
For more information, please visit: http://www.caasauto.com.
China Automotive Systems (CAAS) announced a share repurchase program of up to $5 million for its outstanding common shares over the next 12 months. The program, aimed at boosting shareholder value, will see repurchases at market prices not exceeding $4.00 per share. The company reported a 19.2% sales growth in 2021, with net sales of $498.0 million and operating income of $5.5 million. CAAS emphasized that its stock valuation does not reflect its strong financial position, which includes $161.3 million in cash and equivalents, approximately $5.23 per share.
China Automotive Systems (NASDAQ: CAAS) reported its financial results for Q4 and FY 2021. Q4 net sales decreased by 5.3% to $138.8 million. However, net income attributable to shareholders improved to $5.0 million, compared to a loss of $3.2 million in Q4 2020. FY 2021 net sales rose 19.3% to $498.0 million, driven by strong demand in domestic and North American markets. The company expects revenue of $510 million for FY 2022. CAAS's EPS revenue surged 86.0%, now comprising 23.2% of total revenue, reflecting a strategic shift towards electric power steering systems.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q4 2021 on March 30, 2022, prior to market opening. A conference call is scheduled for the same day at 8:00 A.M. EDT to discuss the results, followed by a Q&A session. The company, based in Wuhan, is a major supplier of power steering components in China and serves various automotive manufacturers both domestically and internationally. It operates ten joint ventures and has a production capacity of over 6 million steering components annually.
China Automotive Systems, Inc. (CAAS) has announced a strategic agreement with SCANIA AB to develop eRCB steering systems for trucks and buses. This collaboration leverages CAAS' proprietary technology, including its advanced driver-assistance systems (ADAS) platform, AP04. The eRCB steering system is set to be the world's first mass-produced fully electric intelligent power steering system for commercial vehicles, enhancing CAAS' position in the market.
CAAS aims to capitalize on the shift away from traditional hydraulic systems, offering environmentally friendly and efficient solutions.
China Automotive Systems, Inc. (Nasdaq: CAAS) reported its third quarter and nine months results for 2021, showing a 5.4% decline in net sales to $108.2 million compared to Q3 2020. However, electric power steering (EPS) sales surged by 76.0% to $29.4 million. Gross profit increased 23.5% to $16.8 million, with a gross margin up to 15.5%. For the nine months, net sales rose 32.4% to $359.2 million, and net income was $6.1 million, reversing a $1.8 million loss from last year. The company maintains a strong cash position with $115 million as of September 30, 2021.
China Automotive Systems, Inc. (CAAS) will release its unaudited financial results for Q3 2021 on November 12, 2021, before market open. A conference call is scheduled for 8:00 A.M. EST on the same day, followed by a Q&A session. The company is a leading supplier of power steering components in China and operates through ten joint ventures, serving major automotive manufacturers. Their production capacity exceeds 6 million steering system parts annually. Investors are encouraged to participate in the call for insights into the company's performance.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported a strong financial performance for Q2 2021, with net sales rising 45.0% to $120.6 million. Gross profit saw a remarkable increase of 102.6% to $15.8 million, resulting in a gross margin of 13.1%. The company shifted from an operational loss of $5.2 million in Q2 2020 to a small income of $0.1 million in Q2 2021. Net income was $3.2 million, recovering from a net loss of $4.1 million the previous year. For the first half of 2021, net sales grew 60.1% to $250.9 million, prompting management to raise its full-year revenue guidance to $495 million.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q2 2021 on August 12, 2021, before market opening. A conference call will follow at 8:00 A.M. EDT, where management will discuss the results and answer questions. The company, a key player in China's power steering components market, operates via ten joint ventures and has an annual production capacity of over 6 million steering systems. Major clients include leading automotive manufacturers in China and North America.
China Automotive Systems, Inc. (Nasdaq: CAAS) will hold its Annual Meeting of Stockholders on July 28, 2021, at 9:00 AM local time in Wuhan, China. Shareholders can join via a WebEx conference call scheduled for July 27, 2021, at 9:00 PM at Henglong USA Corporation, Michigan. The meeting will discuss key business developments, including the company's standing as a leading supplier of power steering components in China, with an annual production capacity exceeding 6 million steering system parts.
China Automotive Systems, Inc. (CAAS) announced that its subsidiary, Hubei Henglong Automotive Systems Group, achieved SGS TÜV ISO26262:2018 ASIL-D certification. This certification signifies that Henglong meets the highest safety standards for functional safety product development in automotive systems. The ISO26262:2018 standard addresses safety for electrical and electronic systems in vehicles throughout their lifecycle. CEO Qizhou Wu emphasized this certification enhances their product quality and sets them apart from competitors amidst the newly introduced GB17675-2021 standard in China.
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