YTCO(SH:600066) Zhongyuan Securities·2024-09-06 11:08Investment Rating - The report maintains a "Buy" investment rating for the company [1][4]. Core Views - The company experienced a month-on-month increase in production and sales in August 2024, with production and sales reaching 4,189 and 3,648 units respectively, showing a month-on-month growth of 61.1% and 8.7% [1]. - The company has a strong order backlog and is expected to see continued sales growth in September 2024 [1]. - The company has successfully entered the Mongolian market, delivering 600 buses in August, contributing to a 45.1% year-on-year increase in exports [4]. - New government policies are expected to boost demand for public buses, particularly in the new energy sector, benefiting the company as a leading player in this market [4]. - The company is projected to achieve revenues of 344.24 billion, 398.64 billion, and 465.21 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.45, 1.89, and 2.19 yuan [4]. Summary by Sections Production and Sales Data - In August 2024, the company produced 4,189 buses and sold 3,648 buses, with year-on-year changes of +3.3% and -6.4%, and month-on-month changes of +61.1% and +8.7% respectively [1]. - Cumulative sales from January to August 2024 reached 27,558 units, representing a year-on-year increase of 21.4% [1]. Export Performance - The company exported 7,133 buses from January to July 2024, marking a 45.1% year-on-year increase, leading the industry [4]. - The company has set higher export targets following its entry into the Mongolian market [4]. Financial Projections - Revenue projections for the company are as follows: 344.24 billion yuan in 2024, 398.64 billion yuan in 2025, and 465.21 billion yuan in 2026 [4]. - The expected EPS for the same years are 1.45 yuan, 1.89 yuan, and 2.19 yuan respectively [4]. - The report indicates a PE ratio of 14.24 for 2024, decreasing to 9.42 by 2026 [4][6].