Yutong Bus (600066): Stable sales in August, market share continues to increase
Event description Yutong Bus released its August production and sales report, with monthly sales of 5,349 vehicles, placed at position 0.
82%, of which 2,304 bus sales, an increase of 6 per year.
86%, Chinese passenger sales of 1,936 vehicles, exceeding the level 9.
45%, light passenger sales were 1109, an increase of 0 every year.
Cumulative sales from January to August were 38,494 vehicles, an increase of 14.
45%, of which 15525 are big passenger sales, an increase of 13.
At 08%, the sales volume of Chinese passengers was 17,052, an increase of 17 for the whole year.
73%, light passenger sales were 5,917 units, an increase of 9 per year.
Event comment New energy benefited from the ramp-up volume at the end of the transition period. Passenger car sales in August were stable.
Yutong’s total sales in August were 5,349 units, with each extension being 0.
82%, the overall performance is stable.
1) In terms of new energy buses, May 8 to August 7 this year is a transition period. In August, new energy buses still benefited from rapid installation and volume.
2) For traditional passenger cars, the company’s cumulative sales of 20,000 vehicles from January to July, an increase of about 7%, sales in August are expected to be more than 4,300 vehicles, at least a small margin of about 3%.
The leading advantages are prominent, and the market share continues to increase.
According to the data from China.com, the company ‘s market share of sales from January to July was 37.
8%, a 重庆耍耍网 substantial increase of 4 per year.
7 units; according to the certificate data, the company’s new energy bus production in the first seven months accounted for 30 cities.
7%, a significant increase of 6 per year.
6 per share, the company is expected to continue to increase market share in August.
In the official period after August 7, subsidies for new energy buses will be further reduced, the industry will be reshuffled, the company’s leading advantages will be prominent, and the city’s share will continue to increase.
The high sales volume of new energy in the third quarter provided supplementary support for performance.
In terms of scale, due to overdrafts, the sales of new energy buses in September were only low, but considering that in the third quarter of 2018, the sales of new energy buses were only 3,500.Substantial growth.
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.
10,000 yuan, corresponding to PE is 12.
7X and 11.
8x, 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.