YTCO(SH:600066) Changjiang Securities·2025-12-04 08:14Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total of 4,058 buses sold in November 2025, representing a year-on-year increase of 8.6% and a month-on-month increase of 33.5%. Among these, the sales of medium and large buses reached 3,451 units, with a year-on-year increase of 25.8% and a month-on-month increase of 40.2% [2][4]. - For the period from January to November 2025, the total bus sales amounted to 41,000 units, reflecting a year-on-year growth of 6.1%, while medium and large bus sales were 33,000 units, showing a year-on-year increase of 0.7% [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 capability, highlighting its investment value [2][4]. - In the domestic market, the sales of seated buses continue to grow, supported by the "old-for-new" policy, which is expected to boost the growth of new energy buses. In the overseas market, the company's globalization and high-end strategy are progressing, with exports enhancing profitability and supporting continuous performance improvement [2][4]. Summary by Sections Sales Performance - In November 2025, the company sold 4,058 buses, with medium and large buses accounting for 3,451 units. The year-on-year growth for November was 8.6%, and the month-on-month growth was 33.5% [2][4]. - Cumulatively, from January to November 2025, the company sold 41,000 buses, marking a 6.1% increase year-on-year [2][4]. Market Strategy - The company is enhancing its direct sales and service model to improve service quality and efficiency, transitioning to a service 2.0 phase. The "old-for-new" policy is expected to stimulate the domestic bus market recovery [12]. - The company is also expanding its overseas production capacity, with a new factory in Qatar expected to be operational by the end of 2025, initially designed for an annual output of 300 units, expandable to 1,000 units [12]. Financial Outlook - The company is projected to have a cash flow sufficient to support high dividends, with a total dividend payout of 3.32 billion yuan for 2024, translating to a dividend per share of 1.5 yuan, and a dividend rate of 80.7% [12]. - The expected net profits for 2025 and 2026 are 4.82 billion yuan and 5.62 billion yuan, respectively, with corresponding price-to-earnings ratios of 14.7X and 12.7X [12].