Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][7]. Core Views - The company has experienced significant growth in both domestic and international markets, with a notable increase in net profit driven by improved sales structure and export performance [5][6]. - The demand for new energy vehicles is showing a recovery trend, which is expected to benefit from domestic policies promoting the replacement of old buses with new ones [6][7]. - The company is well-positioned to enhance its market share in overseas markets due to its competitive advantages and strong order continuity [7]. Summary by Sections Market Data - Closing price: 21.13 CNY - Total shares: 2,213.94 million - Net assets: 12,197.78 million CNY - Total assets: 30,567.03 million CNY - Earnings per share: 5.51 CNY [2]. Financial Performance - In H1 2024, the company reported revenue of 16.34 billion CNY, a year-on-year increase of 47.0% - The net profit attributable to shareholders was 1.67 billion CNY, up 255.8% year-on-year - The average selling price (ASP) increased to 795,000 CNY, reflecting an 8.2% year-on-year growth [5][6]. - In Q2 2024, revenue reached 9.72 billion CNY, with a year-on-year growth of 29.0% and a net profit of 1.02 billion CNY, marking a 190.6% increase year-on-year [5][6]. Sales Performance - Total sales volume for large and medium buses in H1 2024 was 18,300 units, a 41.5% increase year-on-year, outperforming the industry growth rate of 35.6% - Domestic and overseas sales volumes were 11,800 and 6,500 units, respectively, with year-on-year increases of 33.7% and 58.5% [6][7]. Profitability - The gross margin for H1 2024 was 25.6%, up 1.8 percentage points year-on-year - The net profit margin for Q2 2024 was 10.5%, reflecting a year-on-year increase of 5.8 percentage points [6][7]. Future Outlook - The company expects continued growth in the second half of 2024, driven by domestic demand for new energy buses and international projects in the Middle East [6][7]. - Profit forecasts for 2024-2026 have been adjusted to 3.518 billion, 4.135 billion, and 5.058 billion CNY, respectively [7].

Investment Rating - The investment rating for Yutong Bus (600066.SH) is maintained at a "Buy" level, indicating a positive outlook for the stock performance relative to the benchmark index [2]. Core Views - Yutong Bus reported strong financial performance in Q2 2024, with revenue reaching 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit attributable to shareholders of 1.67 billion yuan, up 255.8% year-on-year. In Q2 alone, revenue was 9.72 billion yuan, reflecting a 29.0% increase, while net profit was 1.02 billion yuan, a 190.6% rise year-on-year [2][3]. - The growth in sales is attributed to the continuous recovery in domestic tourism and public transport demand, alongside a significant increase in export sales, which has improved the sales structure and contributed positively to the company's performance [2][3]. - The company outperformed the industry in terms of sales growth, with a 35.8% increase in bus sales, compared to the overall industry growth of 35.6% for large and medium-sized buses [2][3]. - The introduction of policies promoting the replacement of old buses with new energy vehicles is expected to further stimulate domestic demand, alongside the ongoing growth in export orders from countries like Greece, Spain, and Chile [2][3]. Financial Summary - For the first half of 2024, Yutong Bus achieved total revenue of 16.34 billion yuan, with a net profit of 1.67 billion yuan. The company expects net profits to reach 3.4 billion yuan, 4.2 billion yuan, and 4.9 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 14, 11, and 9 times [2][3]. - The gross margin for Q2 2024 was reported at 26.1%, an increase of 2.61 percentage points year-on-year, indicating improved profitability [2][3]. - The company's market share in the new energy bus segment reached 25.2%, with sales of 3,948 units, a 75.2% increase year-on-year [2][3].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066.SH) [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue of 16.3 billion yuan, up 47% year-on-year, and a net profit of 1.7 billion yuan, up 256% year-on-year [1] - The strong performance is attributed to robust export demand and recovering domestic sales, particularly in the tourism bus segment [1] - The company achieved a gross margin of 26.10% in Q2 2024, reflecting improvements from both year-on-year and quarter-on-quarter [1] Financial Performance Summary - For H1 2024, the company reported a revenue of 16.3 billion yuan and a net profit of 1.7 billion yuan, with significant year-on-year growth rates of 47% and 256% respectively [1] - In Q2 2024, the company recorded a revenue of 9.72 billion yuan, a 29% increase year-on-year and a 47% increase quarter-on-quarter, with a net profit of 1.02 billion yuan, up 191% year-on-year and 55% quarter-on-quarter [1] - The overall sales volume in Q2 2024 was 12,800 units, representing a 20% increase year-on-year and a 66% increase quarter-on-quarter [1] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 3.3 billion yuan, 4.0 billion yuan, and 4.8 billion yuan respectively, with corresponding P/E ratios of 14, 11, and 9 [2] - The report indicates that the company is expected to benefit from ongoing export demand and domestic policy support for bus replacements [1][2]

Investment Rating - The investment rating for Yutong Bus (600066) is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2024, with a net profit attributable to shareholders of 1.02 billion yuan, representing a year-on-year increase of 190.6% and a quarter-on-quarter increase of 54.7%. The company's profitability is expected to further improve due to the implementation of the vehicle replacement policy and continued growth in exports [2][6] - The domestic tourism market is recovering, and there is strong demand for buses overseas. In H1 2024, the wholesale volume of large and medium buses reached 49,800 units, a year-on-year increase of 35.6%, with significant growth in seat buses [6] - The company is expected to benefit from the new round of subsidies for replacing old buses with new energy buses, which could stimulate demand for 20,000 to 30,000 buses [6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit of 1.67 billion yuan, a year-on-year increase of 255.8%. Q2 revenue was 9.72 billion yuan, up 29.0% year-on-year and 46.9% quarter-on-quarter [6] - The company’s gross margin in Q2 reached 26.1%, up 2.6 percentage points year-on-year, and the net margin was 10.5%, up 5.9 percentage points year-on-year [6] Sales and Market Share - In H1 2024, the company sold 18,300 large and medium buses, a year-on-year increase of 41.5%, with a market share increase of 1.5 percentage points. Q2 sales were 11,400 units, up 19.8% year-on-year and 63.2% quarter-on-quarter [6] - The export volume in H1 2024 was 21,800 units, a year-on-year increase of 48.5%, accounting for 43.8% of total sales, an increase of 3.8 percentage points year-on-year [6] Future Projections - The company is projected to achieve revenues of 34.36 billion yuan, 40.93 billion yuan, and 44.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% [6] - The net profit attributable to shareholders is expected to be 3.47 billion yuan, 4.28 billion yuan, and 4.86 billion yuan for the same years, with growth rates of 90.8%, 23.5%, and 13.5% [6]

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - Yutong Bus achieved strong performance in 2024Q2, driven by both volume growth and product mix improvement [1] - The company's profitability improved significantly, with gross margin reaching 26.10% (+2.61pct YoY) and net margin at 10.53% (+5.85pct YoY) in 2024Q2 [4] - Export business contributed substantially to performance, with export volume reaching 0.39k units (+42% YoY) and accounting for 30.4% of total sales in 2024Q2 [4] - New energy vehicle exports grew 79% YoY in H1 2024, outperforming industry average, with significant orders from Europe and South America [4] Financial Performance - 2024H1 revenue reached RMB 16.34 billion (+46.99% YoY), with net profit of RMB 1.67 billion (+255.84% YoY) [3] - 2024Q2 revenue was RMB 9.72 billion (+28.95% YoY, +46.91% QoQ), with net profit of RMB 1.02 billion (+190.63% YoY, +54.74% QoQ) [3] - Export revenue per vehicle reached RMB 758k (+7.5% YoY), with gross profit per vehicle at RMB 197.8k (+19.5% YoY) [4] Market Outlook - Domestic market benefited from tourism recovery and new energy bus replacement policy, with potential replacement demand of 36k-55k units [2] - Export market expected to maintain strong growth, especially in new energy vehicle segment [4] - Revenue forecast for 2024-2026: RMB 31.91 billion (+18%), RMB 35.59 billion (+12%), RMB 38.99 billion (+10%) [5] - Net profit forecast for 2024-2026: RMB 3.44 billion (+89%), RMB 3.97 billion (+15%), RMB 4.57 billion (+15%) [5] Valuation Metrics - 2024E P/E: 13.74x, 2025E P/E: 11.90x, 2026E P/E: 10.32x [6] - 2024E P/B: 3.32x, 2025E P/B: 3.13x, 2026E P/B: 2.86x [6] - 2024E ROE: 24%, 2025E ROE: 26%, 2026E ROE: 28% [6]

Investment Rating - The report maintains an "Outperform" rating for Yutong Bus (600066.SH) [1][14]. Core Views - Yutong Bus has demonstrated strong financial performance with a significant increase in net profit driven by both domestic recovery and export growth. The company reported a 55% quarter-on-quarter increase in net profit for Q2, with a total revenue of 9.72 billion yuan, representing a year-on-year growth of 29% [1][5]. - The company is expected to benefit from ongoing domestic market recovery and increasing export volumes, particularly in the new energy vehicle segment. The forecast for 2024 anticipates a revenue of 32.9 billion yuan, reflecting a year-on-year growth of 21.8% [1][14]. Summary by Sections Financial Performance - In H1 2024, Yutong Bus achieved sales of 20,555 buses, a year-on-year increase of 35.82%. The total revenue reached 16.336 billion yuan, up 46.99% year-on-year, and the net profit was 1.674 billion yuan, marking a 255.84% increase [5][12]. - The gross margin for Q2 2024 was reported at 26.1%, an increase of 2.6 percentage points year-on-year, attributed to improved order quality and scale effects [1][10]. Market Dynamics - The domestic bus market is expected to continue its recovery in 2024, supported by policies encouraging the replacement of old buses. The tourism market is also showing signs of stable recovery, contributing to increased demand [12][14]. - Yutong Bus is expanding its export market, with a focus on new energy vehicles, leveraging its competitive advantages in technology and service [12][14]. Future Outlook - The company is positioned to benefit from both cyclical recovery and growth opportunities, with expectations of sustained performance in both domestic and international markets. The forecasted net profits for 2024-2026 are 3.16 billion, 4.03 billion, and 4.75 billion yuan, respectively [1][14].

Investment Rating - The report maintains a "Recommend" rating for Yutong Bus (600066 SH) [1][2] Core Views - Yutong Bus achieved strong Q2 2024 results with revenue of 16 34 billion yuan (+46 99% YoY) and net profit of 1 67 billion yuan (+255 84% YoY) [1] - Overseas market expansion accelerated with 6 500 buses exported in H1 2024 (+58 27% YoY) ranking first in the industry [1] - Domestic new energy bus demand is expected to be stimulated by the new replacement policy offering subsidies of 80 000 yuan per vehicle [1] - The company is projected to achieve revenue of 33 91 39 64 and 46 18 billion yuan in 2024 2025 and 2026 respectively with net profits of 3 30 3 95 and 4 60 billion yuan [1][2] Financial Performance - Q2 2024 revenue reached 9 72 billion yuan (+28 95% YoY +46 91% QoQ) driven by strong overseas sales [1] - Q2 2024 net profit was 1 02 billion yuan (+190 63% YoY +54 74% QoQ) with a net profit margin of 10 53% [1] - Gross margin improved to 26 10% in Q2 2024 (+2 61pct YoY +1 26pct QoQ) [1] - R&D expenses accounted for 4 41% of revenue in Q2 2024 focusing on intelligent and high-end fields [1] Market Position - Yutong Bus is the leader in bus exports with operations in over 40 countries and regions [1] - The company exported over 6 000 new energy buses in H1 2024 [1] Valuation - The stock is trading at 14x 12x and 10x PE for 2024 2025 and 2026 respectively based on the closing price of 21 13 yuan on August 26 2024 [1][2] - The dividend yield is 7 10% based on 2023's dividend payout of 1 5 yuan per share [1] Growth Projections - Revenue is expected to grow at a CAGR of 16 5% from 2024 to 2026 [2][4] - Net profit is projected to grow at a CAGR of 16 5% from 2024 to 2026 [2][4] - EPS is forecasted to increase from 1 49 yuan in 2024 to 2 08 yuan in 2026 [2][4]

公 司 报 告 汽车 2024 年 08 月 27 日 宇通客车(600066.SH) 出口表现超预期，各项费用控制进一步优化 推荐（维持） 股价：21.13 元 主要数据 行业 汽车 公司网址 www.y utong.com 大股东/持股 郑州宇通集团有限公司/37.70% 实际控制人 汤玉祥 总股本(百万股) 2,214 流通 A 股(百万股) 2,214 流通 B/H 股(百万股) 总市值（亿元） 468 流通 A 股市值(亿元) 468 每股净资产(元) 5.51 资产负债率(%) 59.6 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 WANGGENHAI964@pingan.com.cn 公 司 半 年 报 点 评 证 券 研 究 报 告 事项： 公司发布 2024 年中期财报，2024 年上半年实现营业收入 163 亿元（同比+47%）, 实现归母净利润 17 亿元（同比+256%），扣非归母净利润达 14 亿元（同比 +332%）。 平安观 ...

C o m p a n y U p d a t e m 2024 年 08 月 27 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 汽车 | | A 股价(2024/8/26) | | 21.13 | | 上证指数(2024/8/26) | | 2855.52 | | 股价 12 个月高/低 | | 28.47/11.42 | | 总发行股数(百万) | | 2213.94 | | A 股数(百万) | | 2213.94 | | A 市值(亿元) | | 467.81 | | 主要股东 | | 郑州宇通集团 | | | | 有限公司 | | | | (37.70%) | | 每股净值(元) | | 5.51 | | 股价/账面净值 | | 3.84 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | --- | --- | |-----------|------- ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-037 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宇通客车股份有限公司（以下简称"公司"）第十一届董事 会第七次会议于2024年8月14日以邮件等方式发出通知，2024年8 月24日以通讯方式召开，应参会董事9名，实际参会董事9名，符 合《公司章程》及有关法律法规的规定。 会议审议并通过了以下议案： 1、9票同意，0票反对，0票弃权；审议通过了《2024年上半 年主要经营情况和下半年工作计划》。 2、9票同意，0票反对，0票弃权；审议通过了《2024年半年 度报告及摘要》。 具体详见公司于同日披露的2024年半年度报告及摘要。 3、4票同意，0票反对，0票弃权；审议通过了《关于郑州宇 通集团财务有限公司的风险评估报告》。 宇通客车股份有限公司 第十一届董事会第七次会议决议公告 具体详见公司于同日披露的《关于对外捐赠的公告》。 特此公告。 宇通客车股份有限公司董事会 二零二四年八月二十六日 1 本议案所涉及关联董事汤玉祥先生、李盼盼先生、王文韬先 生、董晓坤先 ...