客车11月月报：10月国内公交/出口需求共振，旺季已现！

Investment Rating - The report recommends the bus sector, specifically favoring Yutong and King Long, maintaining a "Buy" rating for both companies [6][5][3]. Core Insights - The driving factors for the current bus cycle include China's automotive manufacturing industry becoming a global leader in technology output, supported by favorable national strategies and a recovering domestic market [3][5]. - The report anticipates that the profitability of the bus sector can reach new highs, driven by the absence of price wars domestically, a concentrated market structure, and favorable cost trends in lithium carbonate [5][6]. - The report sets a target for the bus sector to challenge previous market peaks from 2015-2017 and aims for a new ceiling in market valuation [5]. Summary by Sections Industry Overview - In October 2024, China's bus industry produced 44,000 units, with wholesale volume at 43,000 units, reflecting a year-on-year increase of 1% [9][11]. - The structure of the industry shows an increase in the share of large and medium buses, with exports rising significantly [9][11]. Company Performance - Yutong's October sales reached 3,241 units, a year-on-year increase of 44%, while King Long's sales were 4,832 units, up 61% year-on-year [48][53]. - Both companies maintain strong market shares in the domestic bus market, with Yutong at 30% and King Long at 12% for buses, and 47% and 26% for seat buses, respectively [35][35]. Export Dynamics - In October 2024, the export of large and medium buses reached 4,273 units, a year-on-year increase of 56% [38][43]. - Yutong and King Long dominate the export market, with Yutong exporting 287 units and King Long 918 units in the bus segment [43][43].