中通客车2025年业绩预增，产销数据增长，国际化战略持续推进

Performance Overview - The company expects a net profit attributable to shareholders of 320 million to 410 million yuan for 2025, representing a year-on-year growth of 28.28% to 64.36%. The non-recurring net profit is projected to be between 290 million and 380 million yuan, with a growth of 35.47% to 77.52% [2] - In January 2026, the production volume was 1,347 units, an increase of 56.81% year-on-year, while the sales volume reached 1,231 units, up 35.72% year-on-year, continuing the trend of an 8.36% increase in sales to 12,363 units in 2025 [3] Strategic Developments - The company has made progress in overseas markets, signing a strategic cooperation agreement for 10,000 units with Saudi Arabia's Absa Had Group in 2025 and winning a bid for 91 buses in Dubai, including 40 electric buses. The company is focusing on "new energy, internationalization, and high-end" strategies to achieve market breakthroughs in various regions [4] Stock Performance - On February 6, 2026, the stock price increased by 5.06% to 12.24 yuan per share, with a cumulative increase of 3.37% over three consecutive days. Institutional holdings include new entries in the top ten circulating shareholders by Huaxia Anyang 6-month holding period mixed A and招商量化精选股票发起式A in the third quarter of 2025 [5] Industry Policy Context - The bus industry benefited from the new energy bus replacement cycle and increased export demand in 2025, but it may return to a more subdued state in 2026. The company focuses on new energy and large and medium-sized buses, with sales of new energy large and medium-sized buses over 6 meters increasing by 142.2% year-on-year in the first 11 months of 2025 [6]