Yutong Bus (.SS)_ 3Q Result Beat; Lift FY24 NP to Rmb3.53bn
Berkeley·2024-10-31 02:40
V i e w p o i n t | 28 Oct 2024 09:33:48 ET │ 11 pages Yutong Bus (600066.SS) 3Q Result Beat; Lift FY24 NP to Rmb3.53bn CITI'S TAKE Yutong reported 3Q24 NP of Rmb758mn (+31% YoY), beating market consensus of Rmb630-660mn, which we mainly attribute to top line beat and better-than-expected Opex control. The company reallocated aftersales service items from selling expense to gross profit, weighing 9M24 GPM by 3-4ppt, and if adjusting back, we estimate 3Q24 adjusted GPM around 22.5%, in-line with market conse ...