YTCO(SH:600066) Ge Long Hui A P P·2026-02-09 08:42Core Viewpoint - Yutong Bus experienced a decline in domestic sales in January, while export sales continued to grow, indicating a strong competitive advantage in the global market [1] Group 1: Sales Performance - In January, Yutong Bus sold a total of 1,728 vehicles, representing a decrease of 32.2% year-on-year [1] - The breakdown of sales includes large buses at 891 units (-36.4%), medium buses at 432 units (-31.5%), and light buses at 404 units (-21.7%) [1] - The decline in overall sales was primarily due to a drop in domestic bus sales, while export sales maintained a growth trend [1] Group 2: Profitability and Competitive Advantage - Export models have a significantly higher profitability compared to domestic models, highlighting the company's competitive edge globally [1] - The company is expected to benefit from a long-term growth potential in exports due to its strong global competitive position [1] Group 3: Product Development and Market Outlook - Yutong Bus has launched the Ruikong E platform, focusing on a full range of 6-12 meter road new energy products, emphasizing long endurance, spacious design, and rapid recharging capabilities [1] - The company is concentrating on the systematic transformation of public transportation, aiming to enhance services towards a more human-centered and intelligent approach [1] - With the recovery of the global economy and improved demand for public transportation, along with the increasing competitiveness of Chinese bus products, the company's development prospects appear promising [1] Group 4: Financial Projections - The projected net profit for the parent company is expected to be 4.95 billion, 5.57 billion, and 6.35 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The investment rating is maintained at "strong buy" [1]