Yutong (600066.CH): Under New Subsidy Policy, It`s Time to Reshuffle and Expand the Industry April 23, 2018

Investment Summary

Due to the change of industry policy, Yutong saw net profit of 2017 decreased by above 20% yoy. The shrink NEV subsidy, the lengthened payback period and the price promotion undermined the company`s profitability. While the company enlarged it market share and the bad debts will be partially reversed, which is helpful to the bottom-up of the FY2018 result.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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