YTCO(SH:600066) Tai Ping Yang·2025-04-04 03:30Investment Rating - The investment rating for the company is "Buy/Maintain" with a target price based on the last closing price of 27.01 [1] Core Views - The report emphasizes that the company has achieved record-high performance, highlighting its position as a rare high-growth and high-dividend core asset in the global new energy bus market [8] - The company is expected to benefit from domestic and international market growth, particularly in the new energy bus segment, with a forecasted revenue increase from 372.18 billion yuan in 2024 to 518.59 billion yuan by 2027 [8][10] Financial Performance - In 2024, the company reported a revenue of 372.18 billion yuan, a year-on-year increase of 37.64%, and a net profit of 41.16 billion yuan, up 126.53% year-on-year [4] - The gross margin for 2024 was 22.94%, with a net margin of 11.06%, indicating significant improvement in profitability driven by export and new energy bus business growth [5] - The company sold 46,900 buses in 2024, marking a 28.48% increase year-on-year, with a market share of 37.82% in the domestic market [6] Sales and Market Dynamics - The domestic demand for new energy buses is expected to continue growing, supported by government subsidies averaging 80,000 yuan per vehicle [6] - The company’s export sales of large and medium-sized buses reached 13,500 units in 2024, a 32.73% increase year-on-year, capturing a 30.26% market share [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are 408.87 billion yuan, 469.74 billion yuan, and 518.59 billion yuan respectively, with net profits expected to be 44.05 billion yuan, 51.66 billion yuan, and 58.89 billion yuan [8][10] - The report anticipates continued growth in profitability, with earnings per share (EPS) projected to rise from 1.99 yuan in 2025 to 2.66 yuan in 2027 [10]