YTCO(600066) 东吴证券·2025-02-18 10:23Investment Rating - The report maintains a "Buy" rating for Yutong Bus (宇通客车) [1] Core Views - The January production and sales data showed a decline due to the impact of the Spring Festival, but a recovery in sales is expected with policy support and market demand resuming post-holiday [8] - The demand for medium and large buses has adjusted, while light buses have shown strong growth, indicating the company's adaptability and product diversity [8] - The implementation of the "old-for-new" policy is anticipated to boost domestic bus sales, providing new growth momentum for the company [8] - Revenue forecasts for 2024-2026 are set at 365 billion, 429 billion, and 499 billion RMB respectively, with year-on-year growth rates of +35%, +18%, and +16% [8] Financial Projections - Total revenue for 2022 was 21,799 million RMB, with projections of 27,042 million RMB for 2023, 36,481 million RMB for 2024, 42,920 million RMB for 2025, and 49,941 million RMB for 2026 [1] - Net profit attributable to the parent company is forecasted to be 1,817.08 million RMB in 2023, 4,061.99 million RMB in 2024, 4,626.61 million RMB in 2025, and 5,553.46 million RMB in 2026, reflecting significant growth [1] - The latest diluted EPS is projected to be 0.82 RMB for 2023, 1.83 RMB for 2024, 2.09 RMB for 2025, and 2.51 RMB for 2026 [1]