Yutong's FY17 Result Missed on Weak NEV Sales but Growth Outlook Is Intact; FVE Remains at CNY 24.5
Narrow-moat Zhengzhou Yutong Group, or Yutong, reported a weaker-than-expected 2017 result. The 23% year-on-year net income drop to CNY 3.1 billion missed our forecast by 10%, as margin deteriorated amid weaker-than-expected new energy bus sales. The 7% year-on-year top line decline to CNY 33 billion was as expected. The biggest demand shock appears to be behind us, and we anticipate Yutong’s 2018 net earnings and revenue to rise 15% year on year and 5% year on year, respectively. Longer term, Y...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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