Yituo Shares (00038) rose nearly 10%. As of press release, it rose 9.79% to HK$7.96, with a turnover of HK$21.44,400.
The Zhitong Finance App learned that Yituo Shares (00038) rose more than 10%. As of press release, it had risen 10.07% to HK$7.98, with a turnover of HK$255.16,600.
According to the news, First Tractor Co., Ltd. announced results for the first quarter of 2024, with operating income of about 4.656 billion yuan, up 11.11% year on year; net profit attributable to shareholders of listed companies was about 599 million yuan, up 23.4% year on year; after deducting non-net profit of 596 million yuan, up 24.39% year on year.
The Central Plains Securities Research Report pointed out that after the launch of large-scale equipment renewal and consumer trade-in action plans, local governments have successively introduced corresponding policies and rules, which are expected to drive the stock of old agricultural machinery to speed up scrapping and replacement, and promote the growth in demand in the tractor market. As a leader in the tractor industry, Yituo Co., Ltd. is expected to fully benefit from the trend of large-scale equipment renewal for agricultural machinery.