Before the US stock market on March 28, China Automobile Systems announced results for the fourth quarter ending December 31, 2023 and the full year of fiscal year 2023.
The Zhitong Finance App learned that before the US stock market on March 28, China Automobile Systems (CAAS.US) announced results for the fourth quarter ending December 31, 2023 and the full year of fiscal year 2023. Boosted by record annual net sales, the company's stock price once rose more than 10% before the US stock market. According to performance data, the company's net sales for the fourth quarter increased 23.6% year over year to reach US$159.2 million, while gross profit for the fourth quarter increased from US$25 million in the same period of the previous year to US$34.7 million, up 38.8% year over year, and gross margin increased from 19.4% in the same period last year to 21.8% in the fourth quarter.
Fourth-quarter results data also showed that the company's operating profit reached about US$13.6 million, compared with the operating loss of US$2.6 million in the fourth quarter of 2022; the company's net profit attributable to common shareholders of the parent company grew by 153.5% in the fourth quarter, reaching US$10.9 million, or US$0.36 per diluted share, while net profit for the fourth quarter of 2022 was only US$4.3 million, or $0.14 per diluted share.
In addition, China Automobile Systems also announced a record annual net sales scale. Performance data showed that the company's net sales for the full year of fiscal year 2023 reached a record high of US$576.4 million, up 8.8% year on year; compared with US$83.4 million in 2022, the company's annual gross profit for fiscal year 2023 increased 24.5% to reach US$103.8 million, and annual gross margin rose from 15.7% in 2022 to 18.0%; compared with just US$8 million in 2022, the annual operating profit increase of 390.0 million US dollars in fiscal year 2023 %, reaching US$39.2 million; the company's diluted net profit per share in 2023 was US$1.25, up 81.2% from US$0.69 in 2022.
By the end of 2023, the total cash and cash equivalents, pledged cash, and short-term investments of the China Automobile System was approximately US$166.3 million; the net cash flow from operating activities in fiscal year 2023 was approximately US$19.9 million.
In terms of performance expectations, the company's management provided guidance estimates of up to $605 million for the entire 2024 fiscal year. The company said this goal is based on the company's current views on operations and market conditions, which may change in the future.