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Yutong Bus Co (600066) Fair Value & Analysis

Industrials · CN · Market cap 70.9B CNY

YB Yutong Bus Co 600066 · SHG
Price¥32.33
Fair Value¥42.00
Upside+29.9%
Quality73/100
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Mixed Growth
Solidly profitable · 13.3% net margin
Low debt · generates free cash flow
7.86% dividend yield
Ranks above peers (11/15)
Wide moat 69/100
Evidence: High Range ¥24.71 – ¥56.60 Share as image

Fair value as of: Aug 6, 2026

From 26 valuation models · updated yesterday

Share price +11.2% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (¥24.71 to ¥56.60) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥38.25 ¥6.31 Fair Value ¥42.00 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range ¥6.31 – ¥38.25 · fair‑value band ¥24.71 – ¥56.60 · the ¥32.33 price screens below the ¥42.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Yutong Bus Co (600066) currently trades at ¥32.33, while our model-based Fair Value estimate is ¥42.00, implying the stock looks roughly 29.9% undervalued today. We read business quality at 73/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Yutong Bus Co generated revenue of 40.9B CNY at a net margin of 13.3%. Revenue declined 7.9% year over year. It earns a return on equity of 35.7%. The balance sheet holds a net cash position of 8.6B CNY. Fundamentals as of Aug 6, 2026

Our scenario range runs from ¥24.71 (bear case) to ¥56.60 (bull case); at ¥32.33, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 30%, 600066 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥17.75 ¥30.18 ¥52.07 80
Residual Income ¥15.98 ¥20.18 ¥107.54 76
Rev-Margin DCF ¥24.00 ¥42.92 ¥68.40 74
All 26 models by family
DCF Models
FCF DCF ¥18.02 ¥32.05 ¥57.77 38
Owner Earnings ¥36.89 ¥68.40 ¥126.17 31
5Y Revenue Exit ¥24.00 ¥43.81 ¥71.83 39
5Y EBITDA Exit ¥26.04 ¥48.18 ¥77.06 41
5Y P/E Exit ¥31.90 ¥60.73 ¥95.19 38
10Y Revenue Exit ¥21.09 ¥39.52 ¥70.01 36
10Y EBITDA Exit ¥23.32 ¥42.79 ¥74.56 37
10Y P/E Exit ¥27.26 ¥52.20 ¥90.32 35
Earnings-Based
Graham-Dodd ¥17.06 ¥89.88 ¥124.42 54
Lynch FV ¥24.71 ¥35.30 ¥45.89 50
PEG = 1.0 ¥24.71 ¥35.30 ¥45.89 46
EPV ¥25.22 ¥28.94 ¥32.20 59
Dividend Discount
Gordon GGM ¥13.77 ¥28.64 ¥45.43 70
DDM Multi-Stage ¥13.77 ¥24.15 ¥30.05 61
Multiples
P/E Multiple ¥37.63 ¥50.18 ¥62.72 63
P/S Multiple ¥31.99 ¥42.65 ¥53.31 58
P/B Multiple ¥15.86 ¥21.14 ¥26.43 55
EV/EBIT ¥38.07 ¥49.80 ¥61.54 53
EV/EBITDA ¥31.44 ¥40.97 ¥50.49 54
EV/Revenue ¥26.60 ¥36.77 ¥46.93 43
Asset-Based
NCAV (Graham) ¥3.52 ¥4.72 ¥7.05 50
Growth DCF
Growth DCF ¥17.75 ¥30.18 ¥52.07 80
Rev-Margin DCF ¥24.00 ¥42.92 ¥68.40 74
Economic Profit
Residual Income ¥15.98 ¥20.18 ¥107.54 76
ROIC Compounder ¥27.45 ¥34.29 ¥42.29 72
Growth Earnings
Growth-Adj P/E ¥35.79 ¥51.13 ¥66.48 68

Widest divergence: Growth Earnings (¥51.13) versus Asset-Based (¥4.72). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 40.9B CNY
Revenue growth (YoY) -7.9%
Net margin 13.3%
Return on equity 35.7%
Free cash flow 2.5B CNY FY2025
P/E ratio 11.7
More key figures
Operating margin 14.0%
EPS (TTM) ¥2.47
Dividend yield 8.5%
EPS growth (YoY) -11.8%
Net cash 8.6B CNY FY2024

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 74 · Market factors (momentum, volatility) 57

Profitability 81
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Yutong Bus Co.,Ltd., together with its subsidiaries, manufactures and sells buses in China and internationally. It operates through Bus Manufacturing, Foreign Trade, and Other segments. The company offers e-buses, e-coaches, city buses, coaches, vans, airport buses, public security and emergency response vehicles, and medical vehicles.

Full company description

Yutong Bus Co.,Ltd., together with its subsidiaries, manufactures and sells buses in China and internationally. It operates through Bus Manufacturing, Foreign Trade, and Other segments. The company offers e-buses, e-coaches, city buses, coaches, vans, airport buses, public security and emergency response vehicles, and medical vehicles. It also provides various e-solutions, including electric vehicle, service package, integrated new energy, sustainable mobility, integrated urban, and tournament solutions; charging station planning and construction services; online troubleshooting services, including on-site support with real-time monitoring and proactive diagnostics; and diversified training services, including on-site, centralized, theoretical, hands-on, and online training. In addition, the company offers service contracts and networks; automobile repair; and intercity and country-level scheduled tourist passenger transport services. Further, it is involved in the manufacture and sale of automotive parts and automotive air conditioners; asset operation and investment management; technology development and consulting; import and export trade; and enterprise management services. The company exports its products to approximately 100 countries and regions. The company was formerly known as Zhengzhou Yutong Bus Co., Ltd. and changed its name to Yutong Bus Co.,Ltd. in May 2021. Yutong Bus Co.,Ltd. was founded in 1963 and is headquartered in Zhengzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Yutong Bus Co reported revenue of ¥41.4B in FY2025 versus ¥23.2B in FY2021, a compound +15.6%/yr. Reported net income was ¥5.6B in FY2025, compounding +73.4%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
41.4B CNY
Latest YoY
+11.3%
Avg. growth/yr (3Y)
+23.9%
Avg. growth/yr (5Y)
+13.8%
Avg. growth/yr (31Y)
+20.2%
Revenue +15.6%/yr
FY21 ¥23.2B
FY22 ¥21.8B
FY23 ¥27.0B
FY24 ¥37.2B
FY25 ¥41.4B
Net income +73.4%/yr
FY21 ¥614M
FY22 ¥759M
FY23 ¥1.8B
FY24 ¥4.1B
FY25 ¥5.6B

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Cite: Fair Value Calculator (2026). "Yutong Bus Co Fair Value". https://www.fairvalue-calculator.com/stock/600066

Peer Group

Farm & Heavy Construction Machinery · 146 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 73 · Top 25%
Fair Value upside +30% · Above median
Return on equity (TTM) 36% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 7.9% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than median
P/B 4.55× · Pricier than 75% of peers
P/S (TTM) 1.73× · Pricier than median
P/FCF 4.3× · Pricier than median
EV/EBITDA 10.5× · Cheaper than median
PEG 0.44× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 73 · sector 22
FUTURE 0 · sector 30
PAST 100 · sector 33
HEALTH 100 · sector 93
DIVIDEND 100 · sector 37

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
Deere & Company DE $597.24 $187.86 -69%
AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
Traton SE 8TRA €35.80 €52.60 +47%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%

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Frequently asked questions

Is Yutong Bus Co (600066) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of ¥42.00 versus a price of ¥32.33, about +30% (undervalued).
What is the fair value of 600066?
Our model-based fair value for Yutong Bus Co is ¥42.00 (as of Aug 6, 2026), built from audited fundamentals. The current price is ¥32.33.
What is the quality score of 600066?
Yutong Bus Co has a Quality Score of 73/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Yutong Bus Co (600066)?
Yutong Bus Co reported trailing-twelve-month revenue of about 40.9B CNY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of 600066?
The net profit margin of Yutong Bus Co is about 13.3%, meaning it keeps roughly 13.3% of revenue as net income. Based on the latest reported figures.
Does Yutong Bus Co pay a dividend?
Yutong Bus Co currently shows a dividend yield of about 8.47% relative to its recent price (as of Aug 6, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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