Yutong Bus (600066): Sales and profit both rise to the top
Performance has grown steadily, 深圳桑拿网 and operating cash flow has improved.
The company’s Q3 achieved operating income of 84 million U.S. dollars, an increase of 14% for the year;
4 ‰, an annual increase of 10%; gross profit margin of 24.
14%, net interest rate 7.
78%, which decreases by 3 each year.
13 and 0.
Cumulative revenue in the first three quarters was USD 1.3 billion, an annual increase of 11%; net profit attributable to mothers was USD 1.3 billion, an annual increase of 11%; gross and net profit margins were 0.
22 and up 0.
19 single; net operating cash flow of 1.6 billion, an annual increase of 224%.
The leading level is solid, showing strong cost control capabilities.
In the first three quarters, the cumulative sales volume was 40,000 units, an annual increase of 7%, of which large and medium-sized light passenger cars 夜来香体验网 increased by 2%, 12%, and 5%, respectively.
The company’s leading position is highly stable, and its market share is steadily increasing, which is the basis for excellent performance potential.
At the same time, the company has budgeted cost control capabilities, and its net interest rate has steadily increased in the first three quarters.
After August, the replacement of new energy buses with downhill replacements will have a significant impact on the company’s profitability.
The volume of export orders can be expected, which opens up the medium and long-term growth space.
The company is actively planning overseas markets. In Asia, Africa, Latin America and other regions with poor infrastructure and public transportation, the export demand for large and medium-sized buses has shown a growth trend. In Europe and the United States, new energy buses have gradually expanded their market share.Energy buses all have global competitive advantages, and exports are expected to accelerate in the future.
Investment suggestion: We estimate that the company’s net profit attributable to mothers in 2019 and 2020 will be US $ 2.5 billion and US $ 2.6 billion, respectively. The current overall corresponding dynamic estimates are 12, and 12 times, respectively. Maintain the “Buy” rating.
Risk warning: new energy supplements withdraw significantly; overseas export orders exceed expectations.