YTCO(SH:600066) Changjiang Securities·2025-07-02 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a significant increase in bus sales for June 2025, with total sales reaching 5,919 units, representing a year-on-year increase of 24.8% and a month-on-month increase of 93.9%. The sales of medium and large buses were 4,998 units, up 20.1% year-on-year and 99.9% month-on-month [2][4][10] - For the first half of 2025, total bus sales amounted to 21,000 units, reflecting a year-on-year growth of 3.7%, while medium and large bus sales were 17,000 units, down 4.8% year-on-year [2][4][10] - The company is positioned as a global leader in the bus industry, showcasing strong long-term growth potential and a consistent high dividend capability, highlighting its investment value [2][10] - The domestic market is experiencing growth in seated buses, supported by the "old-for-new" policy, which is boosting the demand for new energy buses. The overseas market is benefiting from a globalization and high-end strategy, with exports enhancing profitability and supporting continuous performance improvement [2][10] Summary by Sections Sales Performance - In June 2025, the company sold 5,919 buses, with a year-on-year increase of 24.8% and a month-on-month increase of 93.9%. Medium and large bus sales were 4,998 units, up 20.1% year-on-year and 99.9% month-on-month. For the first half of 2025, total sales were 21,000 units, a 3.7% increase year-on-year, while medium and large bus sales were 17,000 units, down 4.8% year-on-year [2][4][10] Market Strategy - The company is enhancing its direct sales and service model to improve service quality and efficiency. The "old-for-new" policy is expected to continue driving the recovery of the domestic bus market. Internationally, the company is expanding its presence with a new energy commercial vehicle factory in Qatar, expected to be operational by the end of 2025, with an initial capacity of 300 units per year, expandable to 1,000 units [10] Financial Outlook - The company is projected to have a robust financial performance, with expected net profits of 48.2 billion and 56.0 billion for 2025 and 2026, respectively. The corresponding price-to-earnings ratios are estimated to be 11.9X and 10.2X [10]