YTCO(600066) 国盛证券·2024-12-06 00:51Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][6]. Core Views - In November 2024, Yutong Bus achieved a sales volume of 3,736 units, representing a year-on-year increase of 14% and a month-on-month increase of 16%. The company is expected to benefit from a strong year-end delivery season [2]. - The company has a solid order backlog, and the overseas demand for its products is increasing, with exports in October 2024 reaching 176 units, a year-on-year increase of 487% [2][3]. - The "old-for-new" subsidy policy is expected to boost domestic demand for new energy buses, with significant purchases recorded in the first ten months of 2024 [3]. Financial Summary - Revenue for 2024 is projected to be 33,257 million yuan, with a year-on-year growth rate of 23% [5]. - The net profit attributable to the parent company is expected to reach 3,317 million yuan in 2024, reflecting a year-on-year growth of 82.6% [5]. - The earnings per share (EPS) for 2024 is forecasted at 1.50 yuan, with a price-to-earnings (P/E) ratio of 15.7 times [5][11].