YTCO(SH:600066) Guohai Securities·2024-08-08 01:30Investment Rating - The investment rating for Yutong Bus (600066) is maintained at "Buy" [1] Core Views - The report indicates that July sales experienced seasonal fluctuations, but the overall sales outlook for the year remains positive [1][5] - Yutong Bus's July production was 2,600 units, down 31.18% year-on-year, while sales were 3,355 units, down 8.71% year-on-year [3] - The company is expected to benefit from the "old-for-new" policy, which is likely to boost the bus market [5] Financial Performance and Forecast - Yutong Bus is projected to achieve revenues of 31.91 billion, 35.59 billion, and 38.99 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18%, 12%, and 10% [4][8] - The net profit attributable to shareholders is expected to be 3.44 billion, 3.97 billion, and 4.57 billion yuan for the same years, with growth rates of 89%, 15%, and 15% [4][8] - Earnings per share (EPS) are forecasted to be 1.55, 1.79, and 2.07 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 13, 11, and 10 times [4][8] Market Position and Trends - Yutong Bus holds over 20% market share in the domestic bus market as of the first half of 2024 [5] - The report highlights that the demand for overseas buses, particularly in the new energy sector, is expected to grow [4]