YTCO(SH:600066) Minsheng Securities·2024-10-29 06:10Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 24.74 yuan on October 28, 2024, corresponding to a PE ratio of 17/14/12 for the years 2024-2026 [5][3]. Core Insights - The company reported a revenue of 24.075 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.04%. The net profit attributable to shareholders was 2.432 billion yuan, up 131.49% year-on-year, with a non-recurring net profit of 2.071 billion yuan, increasing by 164.12% year-on-year [3]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan, which accounts for 45.52% of the net profit for the third quarter of 2024 [3]. - The company is a leader in bus exports, with a total of 9,090 buses exported in the first three quarters of 2024, capturing a market share of 21.54% [3]. - The introduction of new policies for subsidies on the replacement of old buses is expected to boost sales in the fourth quarter [3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 7.739 billion yuan, a decrease of 1.25% year-on-year and a 20.38% decline quarter-on-quarter. The net profit for Q3 was 758 million yuan, up 30.67% year-on-year but down 25.44% quarter-on-quarter [3]. - The net profit margin for Q3 2024 reached 9.98%, an increase of 2.53 percentage points year-on-year, while the gross profit margin was 12.32%, down 10.83 percentage points year-on-year due to warranty costs being included in operating expenses [3]. - The company forecasts revenues of 33.913 billion yuan, 39.642 billion yuan, and 46.181 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.299 billion yuan, 3.949 billion yuan, and 4.602 billion yuan for the same years [4][7].