Yutong Bus (600066): Third Quarterly Report Meets Expected Competitive Advantages

Event: Yutong Bus released the third quarter of 19 results: the first three quarters achieved total operating income of 208.

62 trillion, ten years +7.

68%, net profit attributable to mother 13.

2.5 billion, ten years +10.


Total operating income for the third quarter was 83.

600 million, +13 per year.

59%, net profit attributable to mother 6.

42 trillion, ten years +10.


  Performance was in line with expectations, and market share continued to increase.

The sales volume of Yutong Q3 buses is 16,711, which is +13 per year.

1%, of which 13,997 are large and medium-sized buses, +6 per year.

2%, the market share reached 40.


In the first three quarters, the total market share of large and medium-sized buses reached 38.

09%, an increase of 3 per year.

69%; the market share of various market segments has been expanded and increased, of which the seat market is 47%, every +3.

6%, bus market 28.

54%, ten years +3.

84%, school bus 57%, +2 for ten years.


Affected by the replenishment of new energy buses, bicycles slightly expanded to 50 million, and bicycle profits reached 3 in the third quarter.

840,000 / vehicle, exceeding market expectations, Yutong was able to surpass good cost control capabilities and boosted bicycle profitability again.

  The gross profit margin is stable and good, and the expenses are properly controlled during the period.

The company’s Q3 gross profit margin was 24.

14%, an increase of 2% from the previous month. The improvement from the third quarter was due to the rapid installation of new energy buses in the third quarter.

2%, mainly due to the increase in gross profit driven by the launch of new models in the third quarter of last year, the base is higher.

The expense ratio during Q3 was 14.

06% -2 per year.

35%, of which selling expenses are 7.

84% per year.

37%, mainly due to the increase in the proportion of new energy vehicle sales and related service charges; management expenses 2.

31%, the same as last year; R & D expenditures4.

26% per year -2.

11%; financial expense budget -0.

35%, mainly due to the impact of exchange income and interest income.

Cash flow from operating activities of company Q3 14.US $ 1.7 billion, 深圳桑拿网 an increase from the same period of the previous year, mainly due to the expenditure of the state subsidy. It is expected that the impact of replacement compensation will decrease, and the company’s operating cash flow will continue to improve.

  The price of new energy buses is stable, and new models are exploring overseas markets.

The company’s Q3 new energy bus sales are 6,299 units, +81 per year.

37%, with a market share of 34.

4% a year + 16%.

The company’s new energy bus market share was 31 in the first three quarters.

12%, ten years +6.


Affected by subsidy rush installation, the sales of new energy buses increased sharply in the third quarter, with 4,470 vehicles sold in overseas markets, which continued to improve and decline, mainly due to the sluggish economy of the target market.

At the Belgian 深圳桑拿网 World Bus Show, Yutong launched three new products, U12, T13, and ICE12. U12 and T13 are representative of the high-end and intelligentization of Chinese bus products.

Yutong T13 is a high-end tourist car developed by Yutong based on the European market, trying to drive sales in overseas markets.

  The leading level is stable, maintaining the “overweight” level.

Under the background of the continuous decline of new energy supplements, Yutong Bus’s technological innovation and excellent cost control capabilities, the market share of new energy vehicles has gradually reached our expected steady increase.

The high-end of new models can improve the revenue of bicycles. We expect the company’s EPS to be 1 in 2019-2021.

13 yuan, 1.

18 yuan, 1.

14 yuan, the corresponding estimate is 12.

55, 12.

15, 12.

55 times.

Maintain the “overweight” rating.

  risk warning.

The overall sales of the passenger car industry increased significantly, new energy passenger car sales fell short of expectations, and overseas market expansion exceeded expectations.