KLM(SH:600686) Xin Lang Cai Jing·2026-01-29 12:35Core Viewpoint - The company forecasts a significant increase in net profit for 2025, projecting a net profit attributable to shareholders of 460 million yuan, representing a year-on-year growth of 193.7% [1] Group 1: Q4 Performance - In Q4, the company achieved a net profit attributable to shareholders of 220 million yuan, a year-on-year increase of 165.5% and a quarter-on-quarter increase of 64.8% [1] - The non-recurring net profit attributable to shareholders in Q4 reached 100 million yuan, with a year-on-year growth of 726.5% [1] - The overall sales volume in Q4 was 16,000 vehicles, a quarter-on-quarter increase of 32.7%, with a net profit per vehicle of 13,000 yuan, reflecting increases of 8,000 yuan and 3,000 yuan year-on-year and quarter-on-quarter respectively [1] Group 2: Sales Structure and Export Performance - The sales structure continued to optimize in Q4, with large and medium buses achieving sales of 10,000 vehicles, a quarter-on-quarter growth of 2.1% and 48.3%, increasing their sales proportion to 61.5% [2] - The export performance remained strong, with the Jinlong series exporting 8,672 vehicles in Q4, a quarter-on-quarter increase of 14.5%, including over 1,000 new energy vehicles [2] - Cumulatively, the Jinlong series exported 30,000 vehicles in 2025, a year-on-year growth of 34.5%, accounting for over 59% of total sales, becoming a core growth engine [2] Group 3: Future Outlook and Strategic Developments - The integration of the three Long companies is expected to accelerate profitability, with ongoing cost reduction and efficiency improvements [2] - The company launched high-end new products at the International Bus Exhibition in Belgium, marking a strategic expansion into the European market [2] - In January 2026, the company will deliver 3,000 high-end buses to Algeria, with a total value exceeding 1.5 billion yuan, setting a record for the largest single export order of Chinese buses [2] Group 4: Profit Forecast - The company forecasts total operating revenue of 24.63 billion, 28.83 billion, and 33.26 billion yuan for 2025-2027, with net profits attributable to shareholders of 460 million, 1.03 billion, and 1.41 billion yuan respectively [3]