YTCO(SH:600066) Chang Jiang Shang Bao·2025-07-03 23:31Core Insights - Yutong Bus (600066.SH) has experienced a significant recovery in sales, with June sales reaching 5,919 units, a year-on-year increase of 24.79% [1][2] - The company launched a new high-end luxury bus model, the Tianyu S12, aimed at the domestic high-end tourism market, featuring 102 patented technologies [1][3] Sales and Production Data - In June, Yutong Bus produced 5,528 units, a year-on-year increase of 29.86%, and for the first half of the year, total production reached 21,400 units, up 0.72% [2][3] - The total sales for the first half of the year were 21,300 units, reflecting a year-on-year growth of 3.73% [2][3] - Breakdown of sales for the first six months shows large bus sales at 11,100 units (down 7.38%), medium bus sales at 6,315 units (up 0.08%), and small bus sales at 3,868 units (up 74.23%) [2] Market Position and Strategy - Yutong Bus's market share in the domestic large and medium-sized bus market increased by 7 percentage points to 55.43% as of May 2025, solidifying its leading position [2] - The company is transitioning from a "manufacturing + sales" model to a "manufacturing service + solutions" model, establishing a unique export model known as the "Yutong Model" [5] International Expansion - Yutong Bus has been exporting since 2002 and has entered high-end markets in Europe, achieving the highest sales in Europe in 2022 [6] - In 2024, Yutong sold a total of 46,918 buses, with 14,000 units exported, marking a 37.73% increase [6] - The company has secured significant orders in Central Asia, including 700 fuel buses for Turkmenistan and 200 new energy buses for Uzbekistan [6][7] Financial Performance - In 2024, Yutong Bus reported revenue of 37.218 billion yuan, a year-on-year increase of 37.63%, and a net profit of 4.116 billion yuan, up 126.53% [3] - For Q1 2025, the company achieved revenue of 6.418 billion yuan, a year-on-year decrease of 3%, while net profit increased by 14.91% to 755 million yuan [4] Brand Value - Yutong Bus has been included in the "China's 500 Most Valuable Brands" list for 22 consecutive years, with its brand value surpassing 100 billion yuan, reaching 110.845 billion yuan [7]