YTCO(600066)2024-07-11 09:30Investment Rating - The report maintains a "Buy" rating for Yutong Bus [8] Core Views - The company's fundamentals are improving, with Q2 2024 earnings exceeding expectations, projecting a net profit of 1.55-1.79 billion yuan for H1 2024, representing a year-on-year increase of 230%-280% [2] - The industry is experiencing high growth in sales driven by both export and domestic demand, with wholesale sales of large and medium buses increasing by 50.3% year-on-year from January to May 2024 [3] - The sales structure is continuously optimizing, with significant growth in export sales contributing to the company's performance, particularly in the high-margin new energy bus segment [4] - The company has maintained strong cash flow over the long term, supporting a high dividend policy, with dividends increasing from 1.1 billion yuan in 2017 to 3.3 billion yuan in 2023 [5] Financial Forecasts - Revenue projections for 2024-2026 are 34.36 billion, 40.93 billion, and 44.64 billion yuan, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% respectively [6] - Expected net profits for the same period are 3.47 billion, 4.28 billion, and 4.86 billion yuan, with growth rates of 90.8%, 23.5%, and 13.5% respectively [6] - Earnings per share (EPS) are forecasted to be 1.57, 1.93, and 2.19 yuan per share for 2024, 2025, and 2026 [6]