YTCO(SH:600066) Changjiang Securities·2025-09-09 14:12Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In August 2025, the company sold 4,260 buses, representing a year-on-year increase of 16.8% and a month-on-month increase of 32.3%. The sales of medium and large buses were 3,623 units, with a year-on-year increase of 15.8% and a month-on-month increase of 44.2% [2][4]. - For the first eight months of 2025, total bus sales reached 29,000 units, up 4.5% year-on-year, while medium and large bus sales were 24,000 units, down 3.0% year-on-year [2][4]. - The company is recognized as a global leader in the bus industry, with strong long-term growth potential and a consistent high dividend payout, 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 [10]. Summary by Sections Sales Performance - In August 2025, the company achieved a total bus sales volume of 4,260 units, with significant increases both year-on-year and month-on-month. The medium and large bus segment showed strong performance, contributing to overall sales growth [2][4][10]. Market Strategy - The company is advancing its direct sales and service model to enhance service quality and efficiency. The "old-for-new" policy in the domestic market is expected to further stimulate the bus market recovery. Internationally, the company is expanding its presence with a new factory in Qatar, which is set to begin production by the end of 2025 [10]. Financial Outlook - The company is projected to have a net profit attributable to shareholders of 48.2 billion and 56.2 billion for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 13.4X and 11.5X [10].