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tourism market recovery and exports boost listed bus companies

2024-09-03

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recently, major domestic bus listed companies have successively disclosed their semi-annual reports for 2024. overall, many bus listed companies, including yutong bus co., ltd. (600066.sh, hereinafter referred to as "yutong bus"), zhongtong bus co., ltd. (000957.sz, hereinafter referred to as "zhongtong bus"), and anhui ankai bus co., ltd. (000868.sz, hereinafter referred to as "ankai bus"), generally saw sales growth in the first half of the year, driving both revenue and net profit attributable to shareholders.

specifically, yutong bus's revenue was approximately 16.33 billion yuan, a year-on-year increase of 47%, and its net profit attributable to shareholders was 1.67 billion yuan, a year-on-year surge of 255.84%; zhongtong bus's revenue was approximately 2.755 billion yuan, a year-on-year increase of 66.26%, and its net profit attributable to shareholders was 111 million yuan, a year-on-year increase of 114.64%; ankai bus's revenue was 1.148 billion yuan, a year-on-year increase of 53.9%, and its net profit attributable to shareholders was 7.2578 million yuan, a year-on-year increase of 110.97%, turning losses into profits year-on-year.

the financial reports of the above companies generally attributed the performance growth to two major reasons. first, the recovery of the domestic tourism market has led to an increase in demand for road passenger transport and a significant increase in sales of medium and large buses. second, sales in overseas markets have increased, especially by expanding the "belt and road" circle of friends, and many bus companies have accelerated the export of their products to southeast asia, central asia and other markets.

it is worth mentioning that the sales of new energy buses also rebounded in the first half of the year. from january to june this year, the cumulative sales of new energy buses reached 43,300 units, a year-on-year increase of 38.57%. among them, the cumulative sales of new energy buses over 6 meters reached 15,656 units, a year-on-year increase of 1.93%. previously in 2023, the new energy bus market encountered major challenges, and the overall sales volume fell by 40% throughout the year. in that year, the sales of small buses and highway buses under 6 meters became the main sales source of bus companies.