Yutong Bus (600066) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached RMB 24.07 billion, up 27.04% year-over-year, driven by higher sales volume.

• Net profit attributable to shareholders was RMB 2.43 billion, a 131.49% increase year-over-year.

• Basic and diluted EPS for the period were RMB 1.10, up 131.49% year-over-year.

Financial highlights

• Operating cash flow for the first nine months was RMB 4.54 billion, down 12.40% year-over-year due to increased procurement payments.

• Gross margin improved as net profit and operating income grew faster than revenue.

• Total assets at quarter-end were RMB 30.42 billion, down 1.42% from year-end 2023.

• Shareholders' equity was RMB 12.98 billion, a 6.73% decrease from year-end 2023.

Outlook and guidance

• Management attributes strong profit growth to increased sales volume in the first three quarters.