研报掘金丨国海证券：维持宇通客车“增持”评级，销售总量和结构有望持续改善

Core Viewpoint - Guohai Securities report indicates that Yutong Bus achieved a net profit attributable to shareholders of 1.94 billion yuan in the first half of 2025, representing a year-on-year increase of 15.6% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 1.18 billion yuan, with year-on-year and quarter-on-quarter growth of 16.1% and 56.4% respectively [1] - The net profit growth in the first half of 2025 significantly outpaced revenue growth, primarily due to optimized sales structure and gains from fixed asset disposals [1] - The dividend payout ratio for the first half of the year was 57.2% [1] Market Outlook - The company is a leading player in the bus industry, with expectations for growth in overseas bus demand, particularly for new energy buses [1] - The domestic bus market is anticipated to benefit from the vehicle replacement policy, which is expected to generate additional sales [1] - Overall, the company's sales volume and structure are expected to continue improving [1]