YTCO(SH:600066) Xinda Securities·2024-08-29 08:01Investment Rating - The investment rating for Yutong Bus (600066.SH) is maintained at a "Buy" level, indicating a positive outlook for the stock performance relative to the benchmark index [2]. Core Views - Yutong Bus reported strong financial performance in Q2 2024, with revenue reaching 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit attributable to shareholders of 1.67 billion yuan, up 255.8% year-on-year. In Q2 alone, revenue was 9.72 billion yuan, reflecting a 29.0% increase, while net profit was 1.02 billion yuan, a 190.6% rise year-on-year [2][3]. - The growth in sales is attributed to the continuous recovery in domestic tourism and public transport demand, alongside a significant increase in export sales, which has improved the sales structure and contributed positively to the company's performance [2][3]. - The company outperformed the industry in terms of sales growth, with a 35.8% increase in bus sales, compared to the overall industry growth of 35.6% for large and medium-sized buses [2][3]. - The introduction of policies promoting the replacement of old buses with new energy vehicles is expected to further stimulate domestic demand, alongside the ongoing growth in export orders from countries like Greece, Spain, and Chile [2][3]. Financial Summary - For the first half of 2024, Yutong Bus achieved total revenue of 16.34 billion yuan, with a net profit of 1.67 billion yuan. The company expects net profits to reach 3.4 billion yuan, 4.2 billion yuan, and 4.9 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 14, 11, and 9 times [2][3]. - The gross margin for Q2 2024 was reported at 26.1%, an increase of 2.61 percentage points year-on-year, indicating improved profitability [2][3]. - The company's market share in the new energy bus segment reached 25.2%, with sales of 3,948 units, a 75.2% increase year-on-year [2][3].