Yutong Misses on Bottom Line as Government Scales Back on NEV Subsidies; FVE Reduced to HKD 16.8
Yutong posts another disappointing quarter with operating profit coming in at 50% year-over-year decline. Management attributed the majority of the profit slump to the government's cuts in electric-car subsidies, decline in high-margin export sales, and rising manufacturing costs. With the expectation that more reductions in subsidies are to come, and Yutong's margins will suffer, we no longer think the company will achieve bottom line expansion this year. Given a less optimistic outlook, we cut...ZHENGZHOU YUTONG BUS CO.,LTD. is a China-based company principally engaged in the research and development, manufacture and sale of passenger car products. The main products of the Company consist of urban buses, seat coaches, school coaches and other types of passenger cars. The Company also provides ground passenger transportation services. The Company distributes its products within domestic markets and to overseas markets.
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