\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 066 Yutong Bus Co.Ltd(600066) )
In the first quarter, the revenue decreased slightly year-on-year, and the performance was under pressure in the short term Yutong Bus Co.Ltd(600066) released the first quarter report of 2022, and the company achieved a revenue of 3.526 billion yuan in Q1 of 2022, a year-on-year increase of – 2.84%; The net profit attributable to the parent company was -1.64 billion yuan on a year-on-year basis.
The gross profit margin increased slightly and the net profit margin decreased slightly. The gross profit margin of Q1 in 2022 was 14.96%, with a year-on-year increase of 0.56pct, and the net profit margin was – 3.34%, with a year-on-year decrease of 0.3pct.
R & D expenses increased significantly, and the expense rate increased year-on-year. In 2022, the fourth rate of Q2 company was 25.61%, with a year-on-year increase of 4.63pct, of which the rates of sales / management / R & D / finance expenses were 9.50/6.89/10.89 / – 1.67pct respectively, with a year-on-year change of + 1.43 / + 0.99 + / 2.49 / – 0.27pct, of which the R & D expenses changed greatly, with a year-on-year increase of 25.9%.
The revenue of single vehicle increased significantly year-on-year, and the net profit decreased slightly. In terms of single vehicle, Q2 single vehicle revenue in 2022 was 713000 yuan, an increase of 207000 yuan year-on-year; The net profit of single vehicle was – 23000 yuan, a year-on-year decrease of 8000 yuan.
Large and medium-sized customers are leading, and the industry has entered a weak recovery. With the digestion of China Shanxi Guoxin Energy Corporation Limited(600617) overdraft effect and the bottom of the epidemic, the suppressed demand will continue to release, and the industry is expected to usher in an inflection point. Under “carbon neutralization”, the export market space of overseas electric buses is large; With the large-scale application of 5g and the expansion of business model, the urban microcirculation public transport market is expected to expand. In the short term, as the industry stabilizes, the company’s profitability is expected to recover. The electric vehicles of the company have global competitiveness and are optimistic about the export business in the medium and long term; In the long run, we are optimistic about the expansion of the four-dimensional profit model evolved by the bus industry from production manufacturers to integrated solution providers.
Risk tip: subsidies continue to decline, the sales volume of the bus industry does not meet expectations, and the appreciation of RMB affects the export price competitiveness of buses
Investment advice: maintain the profit forecast and maintain the “buy” rating. We maintain the company’s profit forecast. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be RMB 8.8/11.8/1.77 billion, and maintain the target price. It is expected that the reasonable price range in 2023 will be RMB 10.4-13.0 respectively, maintaining the “buy” rating. In the medium and long term, with the intelligent business model everywhere, the urban microcirculation bus market is expected to expand and the company’s valuation center is expected to improve.
