ZTBH(SZ:000957) Xin Lang Cai Jing·2025-04-29 02:38Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, indicating strong operational performance and market recovery in the bus industry [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.73 billion, a year-on-year increase of 35.1%, and a net profit attributable to shareholders of 250 million, up 258.1% year-on-year [1][2]. - For Q1 2025, the company reported revenue of 1.69 billion, a year-on-year increase of 32.1% and a quarter-on-quarter increase of 12.9%. The net profit attributable to shareholders was 80 million, reflecting an 80.5% year-on-year increase and a 41.7% quarter-on-quarter increase [1][2]. Profitability Metrics - The gross margin for 2024 was 18.6%, down 5.3 percentage points year-on-year, while the net profit margin was 4.3%, up 2.7 percentage points year-on-year [2]. - In Q1 2025, the gross margin was 15.1%, down 0.2 percentage points year-on-year and down 8.8 percentage points quarter-on-quarter. The net profit margin was 4.5%, up 1.3 percentage points year-on-year and up 0.9 percentage points quarter-on-quarter [2]. Expense Ratios - For 2024, the expense ratios were as follows: sales 5.2%, management 2.7%, R&D 4.1%, and financial expenses -0.6%, all showing a decrease compared to the previous year [2]. - In Q1 2025, the expense ratios were: sales 4.3%, management 1.4%, R&D 3.2%, and financial expenses -0.8%, with decreases in sales and management expenses year-on-year and quarter-on-quarter [2]. Market Trends - The domestic new energy bus subsidy policy continues to support the market, and the travel group market is showing a clear recovery trend. The company has successfully adjusted its structure, leading to rapid growth in medium and large seating vehicles [2]. - The Chinese bus industry is experiencing a significant recovery, driven by the "old-for-new" policy, the release of tourism demand, and growth in overseas exports. Sales of buses over 6 meters reached 126,000 units, a year-on-year increase of 33.4%, marking a new high since 2020 [3]. International Expansion - The company has seen a surge in overseas market demand, with export sales increasing by 35.9% year-on-year. Notable achievements in the Middle East, particularly in Saudi Arabia and the UAE, have drawn industry attention [4]. - The company has successfully developed high-end pure electric and fuel models for markets in Europe, Russia, and Singapore, achieving bulk sales. Additionally, it has introduced several pure electric buses that cater to the "large to small" and "aging-friendly" trends, enhancing the competitiveness of its school bus products [4].