---
title: "Goldman Sachs first gives First Tractor a \"Buy\" rating, expecting to benefit from agricultural modernization transformation"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/269487393.md"
description: "Goldman Sachs has given First Tractor a \"Buy\" rating for the first time, with a target price of HKD 14. Goldman Sachs believes that the company is well-positioned in the transformation of agricultural modernization in China, expecting market share to concentrate towards industry leaders, with EBIT profit margins doubling over the next five years and the proportion of export revenue to double by 2030. Goldman Sachs anticipates that the tractor downturn cycle will end in 2026, becoming a major catalyst in the near term"
datetime: "2025-12-12T07:42:55.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/269487393.md)
  - [en](https://longbridge.com/en/news/269487393.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/269487393.md)
---

# Goldman Sachs first gives First Tractor a "Buy" rating, expecting to benefit from agricultural modernization transformation

Goldman Sachs recently published a research report, giving First Tractor (00038.HK) its first "Buy" rating with a target price of HKD 14. The report believes that the company is in a favorable position during China's agricultural modernization transformation, able to seize structural growth opportunities in the large-scale and specification upgrades of tractors, while also having long-term export potential.

The firm expects market share to continue concentrating towards industry leaders like First Tractor, which will also lead to its EBIT profit margin doubling over the next five years. Additionally, it anticipates that by 2030, the proportion of export business in revenue will double. Goldman Sachs believes that the downward cycle of tractors, which began in 2023 and will last for three years, will end by 2026, reversing First Tractor's decline, viewing the domestic tractor cycle inflection point as a recent major catalyst

### Related Stocks

- [601038.CN](https://longbridge.com/en/quote/601038.CN.md)
- [00038.HK](https://longbridge.com/en/quote/00038.HK.md)

## Related News & Research

- [First Tractor Affirms Accuracy of Unaudited 2026 First-Quarter Report](https://longbridge.com/en/news/284421088.md)
- [J.B. Hunt Says Freight Rates Are Rising as Capacity Tightens, Not Demand](https://longbridge.com/en/news/286768256.md)
- [Tencent Music completes $2.6 billion acquisition of podcast platform Ximalaya](https://longbridge.com/en/news/286841981.md)
- [16:35 ETLucidSound Introduces LS500 Wireless Gaming Headset, Built for All-Day Comfort and Seamless Play Across Devices](https://longbridge.com/en/news/286963993.md)
- [LucidSound Introduces LS500 Wireless Gaming Headset, Built for All-Day Comfort and Seamless Play Across Devices](https://longbridge.com/en/news/286964121.md)