On June 6th, Guolonghui reported that Yutong Bus Co., Ltd. (600066.SH) is the leader in the bus industry. The company achieved a cumulative sales of 36,518 buses in 2023, a year-on-year increase of 20.93%; among them, overseas sales reached 10,200 units, a year-on-year increase of 79%. According to Yutong Bus's 2023 annual report, the company's overseas sales have covered six major regions including Europe, the Commonwealth of Independent States, the Americas, Africa, Asia Pacific, and the Middle East. Currently, the company has formed a virtuous cycle of industrial achievement transformation and technology innovation. In addition, Yutong's leading position in new energy buses is stable and has cultivated core component enterprises such as Jingyeda and Colina. It has fully utilized the advantages of domestic industrial chain clusters. Considering the company as the industry leader with strong certainty and reference to comparable companies, giving the company a 2024 PE ratio of 21-23 times and a reasonable value range of 27.23-29.83 yuan. First coverage, with a rating of "outperforming the market."
研报掘金丨海通证券：首予宇通客车“优于大市”评级，新能源客车领先地位稳固
Research reports show that Haitong Securities has given Yutong Bus Co., Ltd. an "outperform" rating for the first time, thanks to its leading position in new energy buses.
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