Yutong Bus (600066): Q2 performance is better than expected and gradually out of the valley

Yutong Bus (600066): Q2 performance is better than expected and gradually out of the valley

Key points of the report Description On August 26, Yutong Bus released its 2019 Interim Report and achieved 125 operating income.

05 ppm, a ten-year increase of 4.

06%, achieving net profit attributable to mother 6.

8.3 billion, an increase of 10 in ten years.

78%; Q2 achieved 76 operating 佛山桑拿网 income in a single quarter.

67 ppm, a ten-year increase4.

2%, realizing net profit attributable to mother 3.

72 ppm, an increase of 15 in ten years.


Event comments benefited from the increase in average price, and the second-quarter performance was better than expected.

The company sold 14,850 passenger cars in the second quarter, a slight increase of 0 throughout the year.


With the overall subsidy lower than the same period last year and the decline in the proportion of new energy bus sales in the second quarter, Q2’s bicycle revenue was 51.

630,000 yuan, an increase of 1 every year.

99 million, outstanding performance, we expect to be related to the smooth price increase of new energy bus products.

Net profit of bicycle in Q2 company 2.

510,000 yuan, an increase of 0 every year.

330,000 yuan, mainly due to the increase in gross profit margin.

The company deducted non-net profit in the second quarter 2.

75 ppm, an increase of 10 years.

77%, distorted the trend of deducting non-performance growth in the past year, and gradually came out of the bottom.

The increase in gross profit margin has improved, and the decrease in foreign exchange losses has led to an increase in the financial expense ratio.

Q2’s gross profit margin was 22.

1%, a ten-year increase 1 in the context of a backslope.

Five reductions contributed to the improvement of management. In addition, they also benefited from the effective price increase and cost reduction of new energy sources, as well as the poor gross profit level of the same period last year;

The two totals are mainly due to the transition period from May 8 to August 7, with a supplementary discount of 60%, and the overall subsidy in the second quarter is not as good as that in the first quarter.

Q2 sales expense ratio 9.

1%, a decline of 0 per year.

5 units with a financial expense ratio of 0.

2%, a significant increase every year.

8 units.

Financial expenses are expected to increase mainly due to exchange gains and losses in the same period last year.

Looking into the third quarter, it is expected that the sales of new energy buses will increase significantly, which will continue to support the performance.

Overall, the company’s new energy bus sales in the third quarter of 2018 were only 3,500 units. It is expected that new energy sales will increase significantly in the third quarter of this year.

In terms of bicycle profit, as battery cost reduction and product price increase are more effective in the third quarter, bicycle profit is expected to maintain a good level, benefiting from sales growth, and the company’s performance is expected to remain stable.

As a bus leader with a broad moat, Yutong is expected to achieve steady growth in performance in the medium and long term.

In 2018, the subsidies for new energy buses declined and retracted. Although Yutong’s performance has decreased, its performance is still better than related.

The domestic market has gradually made up for the gradual withdrawal, the industry reshuffle has accelerated, and the company’s market share will continue to increase.In overseas markets, the company’s new energy buses are expected to export to Europe, which will jointly contribute to the steady growth of performance.

It is estimated that the net profit attributable to mothers will be 25 in 2019-2020.

1 and 27.

1 ppm corresponds to PE of 11.

7X and 10.

9X, maintain BUY rating.

Risk Warning: 1.

The profitability of new energy buses exceeded expectations; 2.

The market share of new energy buses increased more than expected.