销售费用同比增加21.6%，达到460万美元，略高于上年同期的2.8%。一般和管理费用同比增加40.7%，达到740万美元，主要是由于咨询费、营业税和附加费的增加，高于2023年第二季度的3.9%。In the second quarter, China Automotive Systems achieved a year-on-year growth of 15.4% in revenue, reaching $0.1586 billion.
According to the Futu Securities News app, in the second quarter, China Automotive Systems (CAAS.US) achieved a year-on-year growth of 15.4% in revenue, reaching $0.1586 billion. Compared to the $0.1374 billion in the same period in 2023, it shows steady growth of the company's business. However, despite the revenue growth, net income attributable to common shareholders of the parent company decreased slightly from $10.5 million in the second quarter of 2023 to $7.1 million. Diluted earnings per share also decreased from $0.35 to $0.24.
In the second quarter, China Automotive Systems' gross margin increased by 29.0% year-on-year, from $22.7 million to $29.3 million, and the gross margin rate also increased from 16.5% to 18.5%. This growth is due to the optimization of product mix and cost management, reflecting the company's efforts to improve operational efficiency.
Sales expenses increased by 21.6% year-on-year to $4.6 million, slightly higher than 2.8% in the same period last year. General and administrative expenses increased by 40.7% year-on-year to $7.4 million, mainly due to the increase in consulting fees, business tax and surcharges, higher than 3.9% in the second quarter of 2023.
China Automotive Systems' research and development expenses in the second quarter also showed a year-on-year increase of 23.9%, reaching $8.2 million, reflecting the company's continued investment and commitment to innovation and product development. It is reported that the R&D projects cover many areas such as electrical and hydraulic steering systems, automotive intelligence and software technology, automotive electronics, steering columns, polymer materials, auto parts, manufacturing technology and auto parts.
Mr. Wu Qizhou, CEO of China Automotive Systems, expressed his satisfaction with the company's performance and said: "We are pleased to report strong revenue growth and accelerated profit expansion. In particular, sales of electric power steering (EPS) products increased by 33.7%, accounting for one-third of our total sales."
Mr. Wu Qizhou also announced that based on the company's sound financial performance and good cash position, the company has decided to distribute a special cash dividend of $0.80 per share to shareholders, demonstrating the company's commitment to long-term shareholder value and confidence in future development.
Looking forward, management reiterated the full-year revenue expectation of $0.605 billion in 2024. This expectation is set based on an in-depth analysis of the company's current operating conditions and market environment. At the same time, management also reminded that the revenue target may be adjusted accordingly due to the changing market and operating environment.
