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China's leading maker of agricultural tractors and farm machinery, under the YTO brand.
China's leading maker of agricultural tractors and farm machinery, under the YTO brand.
Sells tractors through dealers to farmers and agricultural cooperatives, with government subsidies for farm machinery shaping demand year to year. It is the Hong Kong listing of the company also quoted as 601038.SS, and state-owned YTO Group is the controlling shareholder.
In one line: China's Deere & Company equivalent for tractors.
Moat: narrow (brand, scale, distribution). Leading domestic tractor brand with an extensive dealer/service network built over decades.
Headquarters: Luoyang, China · Founded: 1955 · Employees: 7,011
Size First Tractor (0038.HK) is a Hong Kong Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.93B, the 424th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$8.03 on 6 Nov 2026.
Performance Over six months the shares fell 12.5%, against -11.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 18.4% over the last twelve months (peer median +11.1%); the operating margin is 6.2% (peer median 6.9%).
Valuation It trades at 8.5× forward earnings against a peer median of 11.5× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (6.8% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$13.9B | HK$11.7B | HK$12.9B | HK$12.7B | HK$14.6B |
| Revenue growth | — | -9% | +1% | -13% | — |
| Gross profit | HK$2.37B | HK$1.68B | HK$1.79B | HK$1.80B | HK$2.23B |
| EBITDA | n/a | HK$1.00B | HK$1.16B | HK$1.16B | HK$1.25B |
| Net income | HK$1.00B | HK$881M | HK$1,000M | HK$1.10B | HK$792M |
| Free cash flow | HK$2.43B | HK$935M | HK$1.24B | HK$1.11B | HK$4.11B |
| Capital expenditure | HK$467M | HK$209M | HK$121M | HK$98.5M | HK$110M |
| Total debt | HK$5.38B | HK$3.41B | HK$3.13B | HK$2.76B | HK$2.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| First Tractor 0038.HK | $1.93B | -12% | +18% | 6% | 8.5× | -1.8% |
| Deere & DE | $181B | +17% | +8% | 20% | 32.0× | 16.2% |
| CNH Industrial CNH | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% |
| Zoomlion Heavy Industry Science & Technology 000157.SZ | $7.61B | -22% | +14% | 7% | 11.2× | 2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0038.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | -2.8% | 8th lowest of 21 |
| 6-month return | -12.5% | -11.0% | 11th highest of 21 |
| Distance from 52-week high | -24.3% | -33.1% | 6th highest of 21 |
| Revenue growth (TTM) | +18.4% | +11.1% | 3rd highest of 21 |
| Operating margin | 6.2% | 6.9% | 9th lowest of 21 |
| Forward P/E | 8.5× | 11.5× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | 2.9% | 7th least demanding of 17 |
| Growth delivered (Del g) | +6.7% | +6.6% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -8.6 pp | -2.3 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +1.0 pp | -1.5 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Tractor 0038.HK | Hong Kong | $1.93B | -12% | +18% | 6% | 8.5× | -1.8% | +6.7% |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | n/a | n/a | n/a |
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% | -11.3% |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% | +1.9% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 5% | 11.4× | 19.8% | +9.5% |
| BEML BEML.NS | India | $1.72B | -2% | +13% | 6% | 39.1× | n/a | n/a |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 17% | 22.8× | 22.1% | +6.1% |
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 12% | n/a | 36.1% | +4.4% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 15.4× | 2.2% | +12.3% |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 7% | 13.4× | 1.5% | +6.6% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Alamo ALG | United States | $1.63B | -18% | +2% | 7% | 11.6× | 7.0% | +6.6% |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 19% | 9.9× | -3.1% | +10.1% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |