KLM(600686) 东吴证券·2024-10-15 06:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's sales in Q3 2024 reached 9,990 units, with a year-on-year decline of 4% and a quarter-on-quarter decline of 24%. Production was 11,057 units, showing a year-on-year increase of 14% [2] - The demand for buses is expected to increase in Q4 due to the implementation of a vehicle replacement policy, which includes subsidies for new energy city buses and battery replacements [2] - The company has significantly increased its inventory in Q3 2024, indicating a strong order backlog that is likely to be released in Q4 [2] Financial Forecasts - The company is projected to achieve total revenue of 20,973 million yuan in 2024, with a year-on-year growth of 8%. The net profit attributable to the parent company is expected to reach 305.24 million yuan, representing a year-on-year increase of 306% [3] - The report forecasts earnings per share (EPS) of 0.43 yuan for 2024, with a price-to-earnings (P/E) ratio of 28 times [3] - For 2025 and 2026, the company is expected to generate revenues of 23,754 million yuan and 26,757 million yuan, respectively, with net profits of 625.44 million yuan and 890.91 million yuan, reflecting growth rates of 105% and 42% [3] Market Data - The closing price of the company's stock is 11.86 yuan, with a market capitalization of 8,504.18 million yuan [5] - The stock has a price-to-book (P/B) ratio of 2.68 [5] Basic Data - The company's total assets are projected to reach 30,301 million yuan in 2024, with a debt-to-asset ratio of 85.24% [6][10] - The company has a total share capital of 717.05 million shares, with a net asset value per share of 4.75 yuan [6][10]