ZTBH(SZ:000957) Chang Jiang Shang Bao·2026-01-30 01:01Core Viewpoint - Zhongtong Bus (000957.SZ) has reported impressive performance in 2025, with expected net profit growth driven by strategic optimization and international expansion [1][2][4]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 320 million to 410 million yuan in 2025, representing a year-on-year increase of 28.28% to 64.36% [1][2]. - The non-recurring net profit is expected to be between 290 million and 380 million yuan, with a growth rate of 35.47% to 77.52% [1][2]. - In the first three quarters of 2025, the company achieved a main business revenue of 5.655 billion yuan, up 33.58% year-on-year, and a net profit of 277 million yuan, an increase of 41.75% [2]. Group 2: Sales and Market Position - Zhongtong Bus's sales volume is projected to grow by 8.36% to 12,363 units in 2025, with large and medium buses being the main contributors to this growth [2][3]. - The sales of large buses reached 7,172 units, a year-on-year increase of 13.66%, while medium buses sold 4,361 units, up 6.5% [2]. Group 3: Product and Market Strategy - The company has developed a comprehensive product system with over 140 varieties, covering pure electric, hybrid, and fuel-powered buses, and has promoted over 100,000 new energy buses globally [3]. - Zhongtong Bus has upgraded its products to align with the industry's trends towards intelligence and greenness, significantly enhancing product adaptability [3]. Group 4: International Expansion - The company's overseas business revenue share has increased to 70% in the first half of 2025, with overseas sales surpassing domestic sales, becoming a key driver of growth [4]. - Notable international contracts include a landmark order for 895 pure electric buses in Chile, marking the largest batch of Chinese bus exports to the country [4]. Group 5: Supply Chain Optimization - Zhongtong Bus is enhancing its supply chain by introducing over 60 quality suppliers and eliminating more than 200 inferior ones, improving supply chain resilience and response speed [5]. - The company is also undergoing digital transformation to restructure its Supplier Relationship Management (SRM) system, establishing a collaborative mechanism between supply and demand [5].