YTCO(SH:600066) Changjiang Securities·2026-03-09 03:10Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total bus sales of 1,806 units in February 2026, representing a year-on-year increase of 15.0% and a month-on-month increase of 4.5%. The sales of medium and large buses were 1,410 units, with a year-on-year increase of 1.7% and a month-on-month increase of 6.5%. For January to February 2026, total bus sales reached 3,534 units, a year-on-year decrease of 14.2%, with medium and large bus sales down 20.1% year-on-year [2][4][10]. - The company is recognized as a global leader in the bus industry, with good long-term growth potential and a consistent high dividend capability, highlighting its investment value. In the domestic market, the growth of passenger buses continues, supported by the "old-for-new" policy, which promotes the growth of new energy buses. In the overseas market, the company's globalization and high-end strategy are advancing, with exports demonstrating profitability, supporting continuous performance improvement [2][10]. Summary by Sections Sales Performance - In February 2026, the company sold 1,806 buses, a 15.0% increase year-on-year and a 4.5% increase month-on-month. The sales for January to February 2026 totaled 3,534 units, down 14.2% year-on-year [2][4][10]. Market Strategy - The company is enhancing its direct sales and service model, improving service quality and efficiency. The domestic market is expected to recover due to the "old-for-new" policy and the natural replacement cycle of new energy buses. In the overseas market, the company is accelerating its expansion, with the first overseas new energy commercial vehicle factory established in Qatar, designed for an initial annual output of 300 units, expandable to 1,000 units [10]. Financial Outlook - The company is projected to have a full-year dividend of 1.5 yuan per share (before tax) in 2024, with a total payout of 3.32 billion yuan and a dividend rate of 80.7%. The expected net profits for 2025 and 2026 are 5.03 billion yuan and 5.87 billion yuan, respectively, corresponding to PE ratios of 12.9X and 11.1X [10].