YTCO(600066)2024-11-18 02:32Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong sales performance in October 2024, with total bus sales of 3,221 units, representing a year-on-year increase of 43.2% and a month-on-month decrease of 15.0%. The sales of medium and large buses were 2,782 units, up 40.4% year-on-year and down 17.0% month-on-month. Cumulatively, from January to October, total bus sales reached 34,567 units, a year-on-year increase of 21.2%, with medium and large bus sales at 30,460 units, up 23.0% year-on-year [2][5][7]. - The company is benefiting from a global and high-end strategy, with exports maintaining a high level. In October, the export volume of medium and large buses was approximately 1,100 units, with nearly 200 units being new energy buses. The domestic market is expected to see a recovery in sales due to the natural replacement cycle of buses and the implementation of subsidy policies [5][7]. - The company has a strong cash flow and is expected to continue high dividend payouts, with a dividend of 0.5 yuan per share (including tax) for the first three quarters of 2024, totaling 1.11 billion yuan and a dividend payout ratio of 45.5% [7]. Summary by Sections Sales Performance - In October 2024, the company sold 3,221 buses, a year-on-year increase of 43.2% and a month-on-month decrease of 15.0%. Medium and large bus sales were 2,782 units, up 40.4% year-on-year [2][5]. - From January to October, total bus sales reached 34,567 units, a year-on-year increase of 21.2% [5]. Export and Market Strategy - The company’s export strategy is showing positive results, with medium and large bus exports maintaining high levels. The export share is increasing, with nearly 200 new energy buses exported in October [5][7]. - The company is expanding its direct sales and service model, which is expected to enhance service quality and efficiency [6]. Financial Outlook - The company is projected to achieve net profits of 3.51 billion, 4.21 billion, and 5.02 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 14.5X, 12.1X, and 10.2X [7].