YTCO(SH:600066) Changjiang Securities·2025-11-13 06:13Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q3 2025 revenue of 10.24 billion yuan, representing a year-on-year increase of 32.3% and a quarter-on-quarter increase of 5.4%. The net profit attributable to shareholders was 1.36 billion yuan, up 79.0% year-on-year and 14.9% quarter-on-quarter. 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][4]. Summary by Sections Financial Performance - In Q3 2025, the company sold 12,200 buses, a year-on-year increase of 13.4% and a quarter-on-quarter decrease of 0.6%. Export sales accounted for approximately 4,700 units, with over 1,300 units being electric buses, showing significant growth compared to previous periods. The export ratio reached a record high of 38.6%, while the proportion of electric buses in exports was 27.8% [2][4]. - The average selling price (ASP) per bus in Q3 2025 was 837,000 yuan, reflecting a year-on-year increase of 16.7% and a quarter-on-quarter increase of 6.1%. The gross margin for Q3 2025 was 24.0%, up 3.3 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [4][9]. - The net profit margin for Q3 2025 was 13.3%, an increase of 3.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net profit attributable to the parent company reached 1.36 billion yuan, with a single-unit profit of approximately 111,000 yuan, up 57.9% year-on-year and 15.6% quarter-on-quarter [4][9]. Market Strategy - The company is enhancing its direct sales and service model, improving service quality and efficiency. The domestic market is expected to benefit from the "old-for-new" policy and the natural replacement cycle for electric buses, which will likely stimulate the bus market recovery. Internationally, the company is expanding its presence with a new electric commercial vehicle factory in Qatar, expected to be operational by the end of 2025, with an initial annual production capacity of 300 units, expandable to 1,000 units [4][9]. - The company is also experiencing a successful entry into markets in the Americas and Europe, with 287 high-end electric buses delivered to Norway, equipped with smart driving technology that meets EU standards [4][9]. Investment Outlook - The company is recognized as a global bus industry leader with strong long-term growth prospects and a commitment to high dividends. The domestic market is seeing continuous growth in seated buses, supported by government policies, while the international market is benefiting from globalization and high-end strategies that enhance profitability and support ongoing performance improvements. The company is expected to distribute a total dividend of 3.32 billion yuan in 2024, with a dividend rate of 80.7% and a yield of 4.6% [4][9].