Sealand securities: yutong bus buy rating

2022-06-10 0 By

Space Architecture overview overview Overview Overview Overview Overview Overview Overview Overview Overview Overview Overview Overview Overview Overview OverviewYutong Bus (600066) Event: Yutong Bus released 2021 annual report: in 2021, the company achieved operating revenue of 23.233 billion yuan, +7.04%;Net profit attributable to shareholders of listed companies is 614 million yuan, +18.95% year-on-year;Net profit attributable to shareholders of listed companies after deduction is 300 million yuan, +646.09% year-on-year.Investment points: the cost reduction strategy has been effective, and the gross profit margin has been significantly improved.In Q4, 2021, the company achieved operating revenue of 7.571 billion yuan, year-on-year -6.42%, sequential +29.26%;Net profit of 352 million yuan, year-on-year -2.04%, sequential +200.85%;Gross margin 21.17%, + 6.76PCt year-on-year, + 0.33PCt quarter-on-quarter, mainly due to the effectiveness of the company’s cost reduction strategy and enhanced cost control ability.The overseas market continued to expand.The company created the “Yutong model”, which is made in China and exported, and its products have been sold in batches to more than 30 countries and regions in the world.By the end of 2021, the company has exported more than 80,000 buses, forming an export layout covering the Americas, Africa, Asia-Pacific, THE United States, the Middle East, Europe and other six regions.In 2021, 55 Yutong E12 pure electric buses will be exported to Denmark, 10 Yutong BRT pure electric buses will be exported to Mexico City, and 9 Yutong E10 pure electric buses will be put into operation in Poland for the first time.In addition, the CKD plant with an annual capacity of 1000 vehicles jointly built by Yutong and Kazakhstan will officially start operation in June 2021, further expanding the market in Kazakhstan and the cis.At present, the company has completed the planning and layout of overseas U series products and the development and listing of new products of 12-meter pure electric road in Europe. The company’s performance is expected to continue to grow with the promotion of the whole series of pure electric bus products in the overseas market in 2022.Product optimization and upgrading, intelligent electric power.The company closely follows the development trend of intelligent electric products, in-depth layout of key technologies of automatic driving and intelligent network, fuel cell technology and “three power” technology, and complete the development and upgrade of a number of products, and continue to make efforts on intelligent electric products.In 2021, the company will complete the 10-18 meter yuwei full series pure electric bus product layout and 12 meter new energy road products on the market, and launch E6S microcycle minibus for community travel.In addition, L4 autonomous bus Xiaoyu 2.0 has carried out trial ride activities for citizens in Qingdao, and will conduct demonstration operation in Xiongan and other places in the future to expand application scenarios.Profit forecast and investment rating by the bus travel demand downward and raw material prices of factors affecting the company’s earnings forecast.However, as the domestic bus leader, the company actively expand overseas markets, layout of intelligent electric new business, and the domestic market pattern is expected to optimize, we are optimistic about the company’s future development.It is estimated that the main business revenue of the company will reach 27.1, 300.5 and 33.1 billion yuan from 2022 to 2024, with year-on-year growth rates of 17%, 13% and 8%.Net profit of 932, 1.325 and 1.597 billion yuan, with year-on-year growth of 52%, 42% and 21%;Corresponding EPS of 0.41, 0.59, 0.71 yuan, the current price of PE corresponding to 20, 14, 12, reasonable valuation, maintain the “buy” rating.The risk suggests that the domestic epidemic is not improving as expected;Overseas exports fell short of expectations;Risk of exchange rate fluctuations;Smart electric new business development is less than expected;Upstream raw material prices continue to rise.Securities star data center according to the research data published in the past three years, Guotai Junan Zhao level research team on the stock is more in-depth, the average accuracy of forecast in the past three years is 44.42%, its forecast of 2022 ascribe net profit of 2.442 billion, according to the current price conversion forecast PE is 7.62.The latest earnings forecast details are as follows: the unit in the recent 90 days a total of 7 institutions to give ratings, buy rating 5, overweight rating 1, neutral rating 1;The average institutional price target over the past 90 days is 12.71.According to the securities Star valuation analysis tool, Yutong Bus (600066) has a good company rating of 3 stars, a good price rating of 3 stars and a comprehensive valuation rating of 3 stars.(Rating range: 1 ~ 5 stars, maximum 5 stars) The above content is collated by Securities Star according to public information, if you have any questions, please contact us.