智通财经APP获悉，第一拖拉机股份(00038)续涨超4%，截至发稿，涨4.44%，报6.11港元，成交额3999.42万港元。
消息面上，第一拖拉机股份近日发布2025年第一季度业绩，该集团期内取得营业收入45.57亿元人民币，同比减少2.13%；归母净利润5.29亿元，同比减少11.66%。此外，公司公告称，公司提请股东会给予董事会回购公司H股股份之一般性授权，其中回购股份总数不超过公司已发行H股总股本的10%，回购资金包括公司的自有资金和自筹资金，回购H股股份将予以注销，并相应减少注册资本。
国金证券认为，H股回购有望大幅改善公司的股东回报机制。另外，根据国家统计局，3月大/中/小拖产量分别为1.62/3.36/1.33万台，同比分别+5.5%/-1.7%/-18.8%；大拖产量占比25.7%，同比+2.7pct。3月最亮眼的数据是中拖企稳，这表明24年粮食价格下跌对于拖拉机需求的拖累已接近尾声，预计下游需求将在一段时间内保持稳定，相关公司的核心矛盾变成自身的经营周期。而公司收入、毛利率降幅企稳，或说明公司整体经营周期触底。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.