KLM(600686) 东吴证券·2024-07-07 09:00Investment Rating - The report maintains a "Buy" rating for the company [1][13]. Core Views - The company reported a June 2024 sales volume of 4,750 units, with month-on-month and year-on-year increases of 13% and 4% respectively. The production volume was 3,959 units, reflecting month-on-month and year-on-year decreases of 8% and 5% respectively. The total sales volume for Q2 2024 reached 13,062 units, with year-on-year growth of 12% and month-on-month growth of 32%, meeting expectations [1]. - The report highlights a significant increase in sales driven by both domestic and export demand for passenger buses, particularly in the second quarter of 2024. The domestic sales of large and medium-sized passenger buses saw a remarkable year-on-year increase of 100% during April and May 2024 [12][21]. - The company is expected to achieve revenue growth of 8% in 2024, 13% in 2025, and 13% in 2026, with net profit forecasts of 3.1 billion, 6.3 billion, and 8.9 billion yuan respectively for the same years [13]. Financial Summary - The company's total revenue for 2024 is projected to be 20,973 million yuan, with a year-on-year growth of 8.11%. The net profit attributable to the parent company is expected to reach 305.24 million yuan, reflecting a substantial year-on-year increase of 306.46% [11][13]. - The earnings per share (EPS) for 2024 is estimated at 0.43 yuan, with a price-to-earnings (P/E) ratio of 17 times [11][13]. - The company's total assets are projected to grow from 26,359 million yuan in 2023 to 30,301 million yuan in 2024, while the total liabilities are expected to increase from 22,270 million yuan to 25,829 million yuan over the same period [19].