ZTBH(SZ:000957) Xinda Securities·2025-04-27 09:58Investment Rating - The investment rating for Zhongtong Bus (000957.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [2]. Core Viewpoints - The company reported a significant increase in profitability, with 2024 revenue reaching 5.73 billion, a year-on-year increase of 35.1%, and a net profit attributable to shareholders of 250 million, up 258.1% year-on-year [2]. - In Q1 2025, the company achieved revenue of 1.69 billion, a year-on-year increase of 32.1% and a quarter-on-quarter increase of 12.9%, with a net profit of 80 million, up 80.5% year-on-year and 41.7% quarter-on-quarter [2]. - The company has seen a continuous high-speed growth in performance, with a notable reduction in expense ratios [2]. Summary by Relevant Sections Financial Performance - In 2024, Zhongtong Bus achieved a gross margin of 18.6%, down 5.3 percentage points year-on-year, and a net profit margin of 4.3%, up 2.7 percentage points year-on-year [2]. - For Q1 2025, the gross margin was 15.1%, down 0.2 percentage points year-on-year and down 8.8 percentage points quarter-on-quarter, while the net profit margin was 4.5%, up 1.3 percentage points year-on-year and up 0.9 percentage points quarter-on-quarter [2]. Market Dynamics - The domestic market for new energy buses continues to benefit from subsidy policies, with a significant recovery in the travel group market. In 2024, domestic revenue reached 2.52 billion, a year-on-year increase of 34.1% [2]. - The Chinese bus industry is experiencing a notable recovery, with sales of buses over 6 meters reaching 126,000 units, a year-on-year increase of 33.4%, the highest since 2020 [2]. International Expansion - The overseas market demand is high, with the company’s export sales increasing by 35.9% year-on-year. The Middle East market has shown remarkable performance, with significant orders from Saudi Arabia and the UAE [2]. - The company has successfully developed high-end electric and fuel models for markets in Europe, Russia, and Singapore, enhancing its brand influence and market competitiveness [2].