YTCO(SH:600066) Xin Lang Cai Jing·2025-10-29 12:24Core Insights - The company reported a revenue of 26.366 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.52% [1] - The net profit attributable to shareholders reached 3.292 billion yuan, up 35.38% year-on-year, while the net profit excluding non-recurring items was 2.616 billion yuan, reflecting a 26.29% increase [1] Financial Performance - In Q3 2025, the company achieved a revenue of 10.237 billion yuan, which is a 32.27% increase year-on-year and a 5.40% increase quarter-on-quarter [1] - The net profit for Q3 2025 was 1.357 billion yuan, showing a significant year-on-year growth of 78.98% and a quarter-on-quarter increase of 14.94% [1] - The gross profit margin for Q3 2025 was 23.98%, up 11.66 percentage points year-on-year and 1.04 percentage points quarter-on-quarter, primarily due to changes in accounting standards [1] - The net profit margin was 13.59%, reflecting an increase of 3.61 percentage points year-on-year and 1.23 percentage points quarter-on-quarter, attributed to product structure optimization [1] Sales and Market Expansion - The company sold 12,235 buses in Q3 2025, marking a year-on-year increase of 13.38% but a slight quarter-on-quarter decrease of 0.61% [1] - The company is a leader in bus exports, with a market share of 29.41% in Q3 2025, and exported 15,623 buses, a year-on-year increase of 58.21% [2] - The export of large and medium-sized new energy buses reached 1,268 units in Q3 2025, a remarkable year-on-year increase of 296.25% [2] - The domestic bus sales in Q3 2025 were 6,117 units, reflecting a year-on-year increase of 56.49%, driven by the implementation of a vehicle replacement policy [2] Investment Outlook - The company plans to distribute a cash dividend of 1.0 yuan per share in 2024, totaling 3.32 billion yuan, which corresponds to a dividend yield of 4.74% based on the current stock price [3] - Revenue projections for 2025-2027 are estimated at 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 5.99 billion yuan respectively [3] - The estimated earnings per share (EPS) for 2025-2027 are 2.05 yuan, 2.39 yuan, and 2.70 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [3]