YTCO(SH:600066) Founder Securities·2025-03-07 07:30Investment Rating - The report maintains a "Recommended" rating for Yutong Bus (600066) [1] Core Views - In February 2025, Yutong Bus achieved a bus sales volume of 1,571 units, representing a year-on-year increase of 13.4% and a month-on-month decrease of 38.4%. The production volume was 1,578 units, with a year-on-year increase of 19.1% and a month-on-month decrease of 38.4% [3][4] - The company is expected to see a peak in deliveries in March due to the concentration of domestic and international orders, supported by the ongoing domestic bus replacement policy [4] - Yutong Bus has successfully delivered a batch of customized models to Greece, enhancing its recognition in the overseas market. The new electric buses are expected to significantly reduce operational costs for local bus companies [5] - The company has integrated its existing cockpit system with the DeepSeek reasoning model, enhancing the intelligent interaction experience for drivers and positioning itself as a leader in the smart vehicle sector [6] Financial Forecast - Revenue projections for Yutong Bus are as follows: 2024 expected revenue of 357.0 billion, 2025 at 422.7 billion, and 2026 at 465.5 billion. The net profit attributable to the parent company is forecasted to be 41.7 billion, 50.0 billion, and 57.7 billion for the same years respectively [6][7] - The earnings per share (EPS) is projected to increase from 0.82 in 2023 to 2.60 in 2026, indicating strong growth potential [7][8] - The report highlights a significant improvement in return on equity (ROE), expected to rise from 13.05% in 2023 to 19.70% in 2026 [7][8]