YTCO(SH:600066) INDUSTRIAL SECURITIES·2024-08-29 13:15Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][7]. Core Views - The company has experienced significant growth in both domestic and international markets, with a notable increase in net profit driven by improved sales structure and export performance [5][6]. - The demand for new energy vehicles is showing a recovery trend, which is expected to benefit from domestic policies promoting the replacement of old buses with new ones [6][7]. - The company is well-positioned to enhance its market share in overseas markets due to its competitive advantages and strong order continuity [7]. Summary by Sections Market Data - Closing price: 21.13 CNY - Total shares: 2,213.94 million - Net assets: 12,197.78 million CNY - Total assets: 30,567.03 million CNY - Earnings per share: 5.51 CNY [2]. Financial Performance - In H1 2024, the company reported revenue of 16.34 billion CNY, a year-on-year increase of 47.0% - The net profit attributable to shareholders was 1.67 billion CNY, up 255.8% year-on-year - The average selling price (ASP) increased to 795,000 CNY, reflecting an 8.2% year-on-year growth [5][6]. - In Q2 2024, revenue reached 9.72 billion CNY, with a year-on-year growth of 29.0% and a net profit of 1.02 billion CNY, marking a 190.6% increase year-on-year [5][6]. Sales Performance - Total sales volume for large and medium buses in H1 2024 was 18,300 units, a 41.5% increase year-on-year, outperforming the industry growth rate of 35.6% - Domestic and overseas sales volumes were 11,800 and 6,500 units, respectively, with year-on-year increases of 33.7% and 58.5% [6][7]. Profitability - The gross margin for H1 2024 was 25.6%, up 1.8 percentage points year-on-year - The net profit margin for Q2 2024 was 10.5%, reflecting a year-on-year increase of 5.8 percentage points [6][7]. Future Outlook - The company expects continued growth in the second half of 2024, driven by domestic demand for new energy buses and international projects in the Middle East [6][7]. - Profit forecasts for 2024-2026 have been adjusted to 3.518 billion, 4.135 billion, and 5.058 billion CNY, respectively [7].