Yutong Bus (600066) H2 2024 earnings summary

Executive summary

• Achieved annual revenue of ¥37.22 billion, up 37.63% year-over-year; net profit attributable to shareholders reached ¥4.12 billion, up 126.53% year-over-year.

• Sold 46,918 buses, a 28.48% increase year-over-year, with both domestic and export sales rising significantly.

• Net cash flow from operating activities was ¥7.21 billion, reflecting strong cash generation.

Financial highlights

• Gross margin for bus products was 23.12%, with domestic sales margin at 28.34% and overseas at 46.08%.

• Basic and diluted EPS were ¥1.86, up 126.53% year-over-year.

• ROE reached 30.94%, up 17.97 percentage points year-over-year.

• R&D expenses were ¥1.79 billion, accounting for 4.8% of revenue.

• Non-recurring gains totaled ¥6.48 billion, mainly from government subsidies and fair value changes.

Outlook and guidance

• 2025 revenue target set at ¥42.13 billion, with planned cost and expense budget of ¥37.20 billion.

• Plans to invest in factory and equipment upgrades, with new projects totaling ¥743 million.

• Management highlights continued focus on electrification, intelligent networking, high-end, and internationalization strategies.