YTCO(SH:600066) Guoxin Securities·2024-10-29 10:41Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][15] Core Views - The company has demonstrated robust profitability, with a significant increase in net profit by 132% year-on-year for the first three quarters of 2024, driven by both domestic and international sales [2][3] - The company is expected to benefit from the recovery of domestic demand and the expansion of export markets, particularly in the context of new energy vehicles [12][15] - The company has announced a mid-term dividend plan, proposing a cash dividend of 0.5 yuan per share, totaling 1.11 billion yuan, reflecting a dividend payout ratio of 45.5% [2][8] Financial Performance Summary - Revenue for the first three quarters of 2024 reached 24.08 billion yuan, up 27.0% year-on-year, while net profit was 2.44 billion yuan, up 131.5% year-on-year [2][3] - The company’s earnings per share (EPS) for 2024 is projected to be 1.51 yuan, with net profits expected to grow to 3.34 billion yuan in 2024, 4.05 billion yuan in 2025, and 4.76 billion yuan in 2026 [1][15] - The gross margin for Q3 2024 was reported at 23.9%, reflecting a year-on-year increase of 0.8 percentage points [2][8] Market Outlook - The domestic bus market is anticipated to recover in 2024, supported by policies encouraging the replacement of old vehicles [12][15] - The export market is expected to see growth, with the company leveraging its "technology + service export" model to capture opportunities in the new energy vehicle sector [12][15] - The company aims to achieve a revenue target of 32.9 billion yuan in 2024, representing a year-on-year increase of 21.8% [15]