YTCO(SH:600066) Guolian Securities·2024-10-29 06:41Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's Q3 revenue reached 7.74 billion yuan, a year-on-year decrease of 1% and a quarter-on-quarter decrease of 20%. However, the net profit attributable to the parent company was 760 million yuan, showing a year-on-year increase of 31% and a quarter-on-quarter decrease of 25%. The company maintains stable profitability [2][6] - The company announced a mid-term dividend plan, proposing a cash dividend of 0.5 yuan per share, totaling 1.107 billion yuan, which corresponds to a dividend payout ratio of 45.5%. This marks the first mid-term dividend in nearly 20 years, reflecting the company's commitment to enhancing shareholder returns [6][7] Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 24.07 billion yuan, a year-on-year increase of 27%, and a net profit of 2.43 billion yuan, a year-on-year increase of 131.5%. Q3 sales volume of large and medium buses was 9,344 units, a year-on-year decrease of 4.8% and a quarter-on-quarter decrease of 17.8% [6][7] - The Q3 single vehicle revenue was 717,000 yuan, a year-on-year increase of 14,000 yuan, while the single vehicle net profit was 70,000 yuan, a year-on-year increase of 18,000 yuan [6][7] Market Outlook - The bidding data for buses has been increasing, with over 8,800 units bid in August and September combined. The company expects a significant increase in domestic demand in Q4, supported by policy incentives and the peak season for exports [7] - The company forecasts revenues of 34.36 billion yuan, 40.93 billion yuan, and 44.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% [7][8]