YTCO(SH:600066) Guohai Securities·2024-10-14 08:12Investment Rating - The report maintains an "Accumulate" rating for Yutong Bus (600066) [1] Core Views - Yutong Bus experienced a recovery in sales in September 2024, with a year-on-year increase of 6.2% and a month-on-month increase of 3.8%, indicating a positive trend in the third quarter [4][5] - The company received government subsidies amounting to 46 million yuan in the third quarter, which is expected to positively impact the net profit attributable to the parent company by 34 million yuan [5] - The forecast for Yutong Bus's revenue and net profit shows significant growth, with projected revenues of 33.01 billion yuan, 35.04 billion yuan, and 38.42 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 22%, 6%, and 10% [5][7] Summary by Sections Sales Performance - In September 2024, Yutong Bus produced 3,878 buses, a year-on-year increase of 13.82%, and sold 3,788 buses, a year-on-year increase of 6.20% [4] - Cumulative sales from January to September 2024 reached 31,346 buses, representing a year-on-year increase of 19.3% [5] Financial Projections - The company is expected to achieve revenues of 33,012 million yuan in 2024, with a year-on-year growth rate of 22% [7] - Net profit attributable to the parent company is projected to be 3,296 million yuan in 2024, reflecting a year-on-year growth of 81% [7] - Earnings per share (EPS) are forecasted to be 1.49 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 13 for 2024, 2025, and 2026 respectively [5][7] Market Position - Yutong Bus is recognized as a leading bus manufacturer, with expectations for continued growth in both domestic and overseas markets, particularly in the new energy bus segment [5]