YTCO(SH:600066) HTSC·2025-10-30 08:50Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 35.85 RMB [7]. Core Views - The company's strong performance in Q3 2025 is driven by robust export growth and operational efficiency improvements, leading to significant profit increases [2][4]. - The company has established a mature global supply system, with high capacity utilization and a focus on high-margin overseas new energy bus exports [4]. - The report highlights the company's commitment to R&D in key technologies such as intelligent networking and fuel cells, which enhances cost control and operational efficiency [3]. Financial Performance - In Q3 2025, the company achieved revenue of 10.237 billion RMB, a year-on-year increase of 32.27% and a quarter-on-quarter increase of 5.40% [1]. - The net profit attributable to the parent company for Q3 2025 was 1.357 billion RMB, reflecting a year-on-year growth of 78.98% and a quarter-on-quarter growth of 14.94% [1]. - For the first three quarters of 2025, the company reported a total revenue of 26.366 billion RMB, up 9.52% year-on-year, and a net profit of 3.292 billion RMB, up 35.38% year-on-year [1]. Sales and Profitability - The company sold 33,600 buses in the first three quarters of 2025, a year-on-year increase of 7.05%, with Q3 sales reaching 12,200 units, up 13.38% year-on-year [2]. - The average selling price (ASP) per bus in Q3 2025 was 837,000 RMB, up 17% year-on-year, while the net profit per bus was 111,000 RMB, up 58% year-on-year [2]. - The gross profit margin for Q3 2025 was 24.0%, an increase of 11.7 percentage points year-on-year, attributed to a higher proportion of high-margin new energy bus sales [2]. Cost Control and R&D Investment - The company achieved a significant reduction in expense ratios, with a total expense ratio of 9.3% in Q3 2025, down 1.6 percentage points year-on-year [3]. - R&D expenses focused on core technologies, with the R&D expense ratio at 4.2%, reflecting efficient allocation of resources [3]. Future Outlook - The company is expected to maintain strong profit growth momentum, driven by high-margin overseas new energy bus exports and operational efficiency improvements [4]. - The report forecasts net profits for 2025-2027 to be 4.608 billion RMB, 5.287 billion RMB, and 6.073 billion RMB respectively, with a compound annual growth rate of 13.84% [5].