Yutong Bus (600066) 2018 Annual Report Commentary: New Growth of Low-profile Storage Capacity in Accordance with Expectations

Yutong Bus (600066) 2018 Annual Report Commentary: 杭州桑拿网 New Growth of Low-profile Storage Capacity in Accordance with Expectations

The profit in 2018 increased by 26%, the performance was in line with expectations of 2018 revenue of 31.7 billion (-4%), net profit attributable to mothers was 2.3 billion (-26%), and net profit attributable to non-mothers was reduced by 17.

800 million (-36%), and passenger car sales were 6.

10,000 vehicles (-9.

5%), slightly better than the industry average (industry sales of more than 7 meters -10%).

In the fourth quarter, the single-quarter revenue was 124% (-13%), and the net profit attributable to the parent was 11% (-10%). We believe that in the context of the new energy compensation decline of 40% in 2018, Yutong’s annual report performance basically met expectationsRevenue and profit growth in the fourth quarter improved compared with the third quarter.

The gross profit margin decreased slightly, and the intensity of R & D expansion further increased the proportion of Yutong Bus’s four fees in 201817.

23%, an increase of 2 over the same period last year.

5pct, of which selling expenses cost 7.

91%, an increase of 0.

83 points, administrative expenses 2.

43%, an increase of 0.

22pct, financial expenses1.

02%, down 0.

53 points; R & D expenses 5.

87%, an increase of 1.

72 points.

The company’s gross profit margin is 25.

33%, a decrease of 0 per year.

99 points.

In 2019, the new energy public bus decline policy has not been finally announced, but the passenger car industry under constant decline has continued to be under pressure.

Against this background, Yuhangtong actively adjusted its product structure. In 2018, the overall average price of Yutong buses was 480,000 yuan, an increase of 2 from the previous 17 years.

30,000 yuan, of which pure electric bus bicycles fell by 27%, and bicycle revenue still maintained a 2% increase.

The report summarizes that the company’s new energy transportation products have completed the lightweight and comprehensive upgrade. The T7 competition of high-end commercial vehicles has become more prominent. Overseas high-end tourism products have been listed on the market normally. High-end buses have made certain progress and their high-end product realization capabilities have been further improved.

The focus is on the introduction of CL6 and CL7 product series that are upgraded to meet customer needs. The 11-12m road car products have been fully replaced and listed. The competitiveness of mid-range products has continued to expand and lead the competition.

At the same time, in 2018, Yutong realized the sale of fuel cells for the first time (promoted and applied in batches in Zhengzhou, Zhangjiakou and other places); intelligent network-connected pure electric buses were delivered to customers in batches, and they assumed the responsibility of transportation services for the first China International Import Expo;Chile set a new record for the company ‘s largest export of new energy buses.

Risk warning: The magnitude of the compensation decline is higher than expected, and the upstream costs have fallen more than expected.

Investment suggestion: Wait for dawn and maintain BUY rating.

At present, Yutong has confirmed the “three horizontal and five vertical” R & D layout, and developed three plug-in, pure electric, and fuel cell power systems. In the future, it is optimistic about mid-to-high-end product upgrades, overseas exports and fuel cell buses.

We expect the EPS in 19/20/21 to be 1, respectively.

05/1.

23/1.

44 yuan, corresponding PE is 13/11 / 10x, maintain BUY rating.