YTCO(600066) 东吴证券·2025-04-07 10:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant recovery in production and sales in March, indicating the end of the off-season. The total sales in March reached 4,890 units, with a month-on-month increase of 38% and a year-on-year increase of 211% [8] - The company is expected to continue its growth trajectory, with revenue forecasts for 2025 to 2027 set at 429 billion, 499 billion, and 567 billion RMB, respectively, reflecting year-on-year growth rates of 15%, 16%, and 14% [8] - The company is well-positioned to capture both domestic and international market demands, having secured significant orders for electric buses in China and high-end new energy buses in Norway [8] Financial Projections - Total revenue for 2023 is projected at 27,042 million RMB, with a year-on-year growth of 24.05%. By 2024, revenue is expected to reach 37,218 million RMB, growing by 37.63% [1] - The net profit attributable to the parent company is forecasted to be 1,817 million RMB in 2023, with a remarkable year-on-year increase of 139.36%. This is expected to rise to 4,116 million RMB in 2024, reflecting a growth of 126.53% [1] - The earnings per share (EPS) is projected to increase from 0.82 RMB in 2023 to 1.86 RMB in 2024, with a corresponding P/E ratio decreasing from 30.13 to 13.30 [1]