China Automotive Systems, Inc (NASDAQ:CAAS) reported a significant increase in its fourth-quarter FY23 sales, with a 23.6% growth year-on-year to $159.20 million. The company's gross profit margin expanded by 240 basis points to 21.8%, and its gross profit rose by 38.8% to $34.7 million. Operating income for the quarter was $13.6 million, compared to an operating loss of $(2.6) million in the same quarter of the previous year. Net income attributable to common shareholders increased by 153.5% to $10.9 million. The company expects FY24 revenue of $605 million, above the estimate of $593.11 million. CAAS shares surged 7.12% to $3.61 in premarket trading.