YTCO(SH:600066) Xin Lang Cai Jing·2025-04-08 02:36Core Viewpoint - The company reported significant growth in both revenue and net profit for 2024, driven by strong domestic and export demand in the bus industry [1][2][4]. Financial Performance - The company achieved a total revenue of 37.22 billion yuan in 2024, representing a year-on-year increase of 37.6%, and a net profit attributable to shareholders of 4.12 billion yuan, up 126.5% year-on-year [1]. - In Q4 2024, revenue reached 13.14 billion yuan, a year-on-year increase of 62.4% and a quarter-on-quarter increase of 69.8%, with net profit of 1.68 billion yuan, up 119.7% year-on-year and 122.2% quarter-on-quarter [1]. Industry Trends - The industry saw a total of 115,000 medium and large buses sold in 2024, a year-on-year increase of 31.33%, with domestic sales of 71,000 units (up 61.5%) and overseas sales of 44,000 units (up 38.5%) [2]. - The company’s bus sales reached 47,000 units in 2024, a year-on-year increase of 28.5%, with 40,000 medium and large buses sold, reflecting a 27.0% increase [2]. Sales and Profitability - In Q4 2024, the company exported 4,000 medium and large buses, a year-on-year increase of 48.3%, with export sales accounting for 34.7% of total sales [3]. - The average revenue per vehicle in Q4 was 844,000 yuan, up 6.8% year-on-year, while the profit per vehicle was 108,000 yuan, reflecting a year-on-year increase of 44.5% [3]. Future Outlook - The company expects continued growth in domestic demand for buses, supported by government subsidies for replacing older vehicles, which will likely enhance average selling prices [4]. - The company has initiated a mid-term dividend distribution of 1.107 billion yuan, with a payout ratio of 45.5%, marking the first mid-term dividend in nearly 20 years [4]. Investment Projections - Revenue projections for 2025-2027 are 42.7 billion, 47.2 billion, and 51.1 billion yuan, with year-on-year growth rates of 14.8%, 10.5%, and 8.3% respectively [5]. - Net profit forecasts for the same period are 4.49 billion, 5.11 billion, and 5.72 billion yuan, with corresponding growth rates of 9.1%, 13.8%, and 11.9% [5].