YTCO(SH:600066) GOLDEN SUN SECURITIES·2024-08-29 00:23Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066.SH) [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue of 16.3 billion yuan, up 47% year-on-year, and a net profit of 1.7 billion yuan, up 256% year-on-year [1] - The strong performance is attributed to robust export demand and recovering domestic sales, particularly in the tourism bus segment [1] - The company achieved a gross margin of 26.10% in Q2 2024, reflecting improvements from both year-on-year and quarter-on-quarter [1] Financial Performance Summary - For H1 2024, the company reported a revenue of 16.3 billion yuan and a net profit of 1.7 billion yuan, with significant year-on-year growth rates of 47% and 256% respectively [1] - In Q2 2024, the company recorded a revenue of 9.72 billion yuan, a 29% increase year-on-year and a 47% increase quarter-on-quarter, with a net profit of 1.02 billion yuan, up 191% year-on-year and 55% quarter-on-quarter [1] - The overall sales volume in Q2 2024 was 12,800 units, representing a 20% increase year-on-year and a 66% increase quarter-on-quarter [1] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 3.3 billion yuan, 4.0 billion yuan, and 4.8 billion yuan respectively, with corresponding P/E ratios of 14, 11, and 9 [2] - The report indicates that the company is expected to benefit from ongoing export demand and domestic policy support for bus replacements [1][2]