国金证券指出，2024年9月以来，受粮食价格下跌与行业库存积压影响，农机行业产销下滑，目前渠道仍处于去库过程中，整体24Q4 表现相对平稳，我们认为农机行业库存去化继续推进，有望为25Q1旺季开门红做好铺垫，建议关注国内大型拖拉机行业龙头一拖股份。First Tractor (00038) is currently up over 3%, as of the time of writing, up 3.44%, priced at 7.21 HKD, with a transaction amount of 6.1755 million HKD.
According to Zhitong Finance APP, First Tractor (00038) is currently up over 3%, with a rise of 3.44% as of the time of writing, at 7.21 Hong Kong dollars, with a trading volume of 6.1755 million Hong Kong dollars.
In terms of news, FIRST TRACTOR announced that tractor product sales for the year 2024 are expected to be approximately 0.0743 million units, a year-on-year increase of 2.71%, with large horsepower tractor sales rising by 12.49%, while medium horsepower and small horsepower tractor sales fell by 4.57% and 52% respectively. Diesel engine product sales are expected to be about 0.146 million units, a year-on-year decrease of 3.32%.
Sinolink pointed out that since September 2024, affected by falling food prices and industry inventory backlog, the Agricultural Machinery industry has seen a decline in production and sales, with channels still in the process of destocking. The overall performance in Q4 2024 is relatively stable. It is believed that the destocking in the Agricultural Machinery industry will continue to progress, potentially paving the way for good performance in Q1 2025. It is recommended to pay attention to the domestic leading company in the large tractor industry, First Tractor.