YTCO(SH:600066) Soochow Securities·2024-02-04 16:00Investment Rating - The investment rating for Yutong Bus is "Buy" (maintained) [1] Core Views - The sales data for January 2024 exceeded expectations, with a year-on-year increase of 122%, indicating sustained high demand in both domestic and international markets [2] - The company is experiencing a recovery in bus sales, particularly in the public transport sector, with significant deliveries of electric buses [2] - The overall revenue forecast for 2023-2025 shows strong growth, with expected revenues of 267 billion, 347 billion, and 414 billion yuan respectively, and net profits of 16.5 billion, 24.4 billion, and 30.4 billion yuan [2] Summary by Relevant Sections Sales and Production Data - In January 2024, Yutong Bus sold 2,797 units, a year-on-year increase of 122%, and produced 2,997 units, a year-on-year increase of 152% [2] - The sales of large and medium buses accounted for 89% of total sales, with significant increases in their respective sales volumes [2] Financial Forecasts - The forecast for total revenue is 26.725 billion yuan in 2023, 34.733 billion yuan in 2024, and 41.447 billion yuan in 2025, with year-on-year growth rates of 22.60%, 29.97%, and 19.33% respectively [1][2] - The net profit forecast is 1.64952 billion yuan for 2023, 2.4406 billion yuan for 2024, and 3.03595 billion yuan for 2025, with year-on-year growth rates of 117.29%, 47.96%, and 24.39% respectively [1][2] Valuation Metrics - The expected EPS for 2023, 2024, and 2025 is 0.75 yuan, 1.10 yuan, and 1.37 yuan respectively, with corresponding P/E ratios of 20.28, 13.71, and 11.02 [1][2] - The company is identified as a high dividend stock, maintaining a "Buy" rating [2]