YTCO(600066) 东吴证券·2025-01-07 23:47Investment Rating - The investment rating for Yutong Bus (600066) is "Buy" (maintained) [1] Core Views - The report indicates that the high demand in December continues, with expectations for production and sales in 2024 to exceed forecasts [1] - The company experienced significant growth in production and sales in December, driven by policies promoting vehicle replacements and a peak in domestic and international deliveries [8] - The report highlights a strong performance in the sales of medium, large, and light buses, with December sales showing substantial year-on-year and month-on-month increases [8] - The new energy bus delivery volume reached a record high in December, showcasing the company's competitive strength in the new energy vehicle market [8] - The revenue and profit forecasts for 2024-2026 have been adjusted upwards due to better-than-expected sales performance [8] Financial Projections - Total revenue is projected to be 34.73 billion yuan in 2024, with a year-on-year growth of 28.44% [1] - The net profit attributable to the parent company is expected to reach 3.55 billion yuan in 2024, reflecting a significant year-on-year increase of 95.58% [1] - The report anticipates earnings per share (EPS) of 1.61 yuan for 2024, with a price-to-earnings (P/E) ratio of 17.21 times [1] - For 2025 and 2026, the revenue is projected to be 41.45 billion yuan and 49.94 billion yuan, respectively, with corresponding net profits of 4.12 billion yuan and 4.97 billion yuan [1][8]