Workflow
宇通客车(600066):7月销量同环比下降,淡季加库或为后续放量做库存准备勘误版

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - July sales showed a month-on-month decline, which is expected during the traditional off-season, and the company is likely building inventory for future demand [8] - The company reported a total sales volume of 3,219 units in July, reflecting a month-on-month decrease of 4% and a year-on-year decrease of 46% [8] - The company is adopting a "sales-driven production" model, indicating that the short-term inventory increase may be a preparation for future order fulfillment [8] - The report forecasts revenue growth for 2025-2027, with expected revenues of 429 billion, 499 billion, and 567 billion yuan, representing year-on-year growth rates of 15%, 16%, and 14% respectively [8] - The net profit attributable to the parent company is projected to be 46.3 billion, 55.2 billion, and 66.8 billion yuan for the same period, with year-on-year growth rates of 12%, 19%, and 21% respectively [8] Financial Projections - Total revenue for 2023 is projected at 27,042 million yuan, with a year-on-year growth of 24.05% [1] - The diluted EPS for 2023 is expected to be 0.82 yuan per share, with a P/E ratio of 31.28 [1] - The company’s total assets are projected to reach 43,273 million yuan by 2025, with a debt-to-asset ratio of 62.76% [9]