YTCO(SH:600066) Xin Lang Cai Jing·2025-04-29 02:24Core Viewpoint - The company reported its Q1 2025 results, showing a slight decline in revenue but an increase in net profit, indicating resilience in profitability despite challenges in sales volume and seasonal effects [1][2]. Revenue Summary - Q1 2025 revenue was 6.418 billion yuan, a year-on-year decrease of 3.00% and a quarter-on-quarter decrease of 51.17% [2]. - The company sold 9,011 buses in Q1 2025, representing a year-on-year increase of 16.56% but a quarter-on-quarter decrease of 42.13% [2]. Profitability Summary - The net profit attributable to shareholders for Q1 2025 was 755 million yuan, a year-on-year increase of 14.91% and a quarter-on-quarter decrease of 55.18% [2]. - The gross margin for Q1 2025 was 18.89%, down 5.95 percentage points year-on-year and 7.01 percentage points quarter-on-quarter [2]. - The net profit margin was 12.04%, up 2.02 percentage points year-on-year but down 0.86 percentage points quarter-on-quarter [2]. Expense Summary - The expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 3.36%, 2.78%, 4.57%, and 0.12%, respectively, showing minor fluctuations compared to the previous year and quarter [2]. Guidance Summary - The company has set a revenue target of 42.133 billion yuan for 2025, with operating costs and expenses planned at 37.203 billion yuan, reflecting confidence in operational management [2]. Market Expansion Summary - The company is a leader in bus exports, holding an 18.39% market share, with total industry bus exports in Q1 2025 reaching 10,805 units, a year-on-year increase of 17.84% [3]. - The company exported 279 large and medium-sized new energy buses in Q1 2025, a year-on-year decrease of 37.16% and a quarter-on-quarter decrease of 76.36% [3]. - The implementation of a vehicle replacement policy is expected to boost domestic demand for new energy buses [3]. Investment Summary - The company has a tradition of maintaining dividends, with a proposed dividend of 1.0 yuan per share for 2024, totaling 3.32 billion yuan, which corresponds to a dividend yield of 5.44% based on the current stock price [4]. - Revenue projections for 2025-2027 are 42.25 billion yuan, 48.55 billion yuan, and 55.89 billion yuan, with net profits of 4.55 billion yuan, 5.30 billion yuan, and 5.98 billion yuan, respectively [4].