YTCO(SH:600066) Xin Lang Cai Jing·2025-12-03 08:28Core Viewpoint - The company reported strong growth in bus sales and production for November 2025, indicating a positive trend in the market and an increase in export orders, particularly in the European new energy sector [1][2]. Sales and Production Performance - In November 2025, the company achieved bus sales of 4,058 units, representing a year-on-year increase of 8.6% and a month-on-month increase of 33.5% [1]. - The bus production for the same month reached 5,188 units, showing a year-on-year growth of 11.2% and a month-on-month growth of 60.7% [1]. - Cumulatively, from January to November 2025, the company sold 41,000 buses, up 6.1% year-on-year, and produced 42,000 buses, up 5.3% year-on-year [1]. Market Dynamics - The company’s sales performance in November indicates a recovery trend, with a significant increase in production to meet year-end delivery demands [1]. - The share of large and medium buses in total sales rose to 85.0%, reflecting a strategic focus on higher-capacity vehicles [1]. Export Growth - The company has seen a robust increase in exports of new energy buses to Europe, with a 40.9% year-on-year growth in exports from Henan province, where the company is located [1]. - The average export price for these buses has risen to 2.96 million yuan, indicating improved market acceptance in Europe [1]. Market Share and Future Outlook - In the UK, the company’s bus registration volume increased by 220.1% year-on-year to 701 units, raising its market share to 9.2% [2]. - The company is positioned to capitalize on the ongoing transition to new energy vehicles in overseas markets, with a significant share in Europe exceeding 20% [2]. - Revenue projections for 2025-2027 are optimistic, with expected revenues of 43.04 billion, 52.74 billion, and 61.94 billion yuan, and net profits of 4.90 billion, 6.23 billion, and 7.63 billion yuan respectively [2].