YTCO(SH:600066) Soochow Securities·2024-07-10 11:00Investment Rating - The investment rating for Yutong Bus is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.55 to 1.79 billion yuan in the first half of 2024, representing a year-on-year increase of 230% to 280% [3] - The strong performance in Q2 2024 is attributed to significant export growth and economies of scale, with a projected net profit of 660 million yuan for Q2, up 190% year-on-year [3] - Yutong is recognized as a rare asset with strong export characteristics, high growth, and high dividend features, with expectations for continued high growth in bus exports [3] Financial Forecasts and Valuation - Revenue forecasts for 2024 to 2026 are set at 34.73 billion yuan, 41.45 billion yuan, and 49.94 billion yuan, respectively, with year-on-year growth rates of 28%, 19%, and 20% [4] - The net profit attributable to shareholders for 2024 to 2026 is adjusted to 3.31 billion yuan, 4.11 billion yuan, and 4.96 billion yuan, with corresponding EPS of 1.50, 1.86, and 2.24 yuan [4] - The P/E ratios for the same periods are projected at 17, 14, and 11 times [4] Market Data - The closing price of Yutong Bus is 25.40 yuan, with a market capitalization of approximately 56.23 billion yuan [6] - The stock has a price-to-book ratio of 3.86 [6] Basic Data - The company's net asset per share is 6.57 yuan, with a debt-to-asset ratio of 54.25% [7] - The total share capital is approximately 2.21 billion shares [7]