YTCO(600066) 东吴证券·2024-12-08 23:45Investment Rating - The report maintains a "Buy" rating for Yutong Bus [4] Core Views - In November 2024, Yutong Bus sold 3,726 units, with month-on-month increases of 14% and 16%, while production reached 4,665 units, reflecting month-on-month growth of 40% and 31% [2] - The company is expected to see a strong performance in December, driven by increased demand for public buses due to the vehicle replacement policy and a surge in export orders [2][3] - The light commercial vehicle segment has shown significant growth, with a 254% year-on-year increase in sales for light buses in November 2024 [2] Financial Forecasts and Valuation - The projected total revenue for Yutong Bus is 34.733 billion yuan in 2024, with a year-on-year growth of 28% [4] - The forecasted net profit attributable to shareholders is 3.314 billion yuan in 2024, representing an 82% year-on-year increase [4] - The report anticipates a price-to-earnings (P/E) ratio of 15.50 for 2024, decreasing to 10.36 by 2026 [4]