研报掘金丨东吴证券：维持宇通客车“买入”评级，出口带动量利齐升，业绩超预期

Core Viewpoint - Dongwu Securities report indicates that Yutong Bus achieved a net profit attributable to shareholders of 1.36 billion yuan in Q3 2025, with a year-on-year increase of 78.98% and a quarter-on-quarter increase of 14.94% [1] Financial Performance - The net profit excluding non-recurring items was 1.07 billion yuan, reflecting a year-on-year increase of 66.77% and a quarter-on-quarter increase of 17.40% [1] - The export ratio reached 39% in Q3 2025, with a quarter-on-quarter increase of 14.6 percentage points and a year-on-year increase of 6.4 percentage points [1] - The proportion of new energy exports in total exports was 27%, with a quarter-on-quarter increase of 14.5 percentage points and a year-on-year increase of 6.7 percentage points [1] Growth Drivers - The significant improvement in export and new energy export volumes and prices compared to domestic performance is identified as the core reason for the strong earnings in Q3 2025 [1] - Due to the sustained high demand in exports, the net profit forecasts for 2025 to 2027 have been revised upwards to 4.94 billion, 5.92 billion, and 7.03 billion yuan respectively, compared to previous estimates of 4.63 billion, 5.52 billion, and 6.68 billion yuan [1] Valuation - The revised profit forecasts represent year-on-year growth of 20%, 20%, and 19% for the respective years, with corresponding price-to-earnings ratios of 14, 11, and 10 times [1] - The company maintains a "Buy" rating based on these projections [1]