YTCO(SH:600066) 车中旭霞·2025-08-27 15:23Core Viewpoint - Yutong Bus (600066.SH) demonstrates strong investment value with a focus on both domestic recovery and international expansion, particularly in the new energy vehicle sector [1][6]. Financial Performance - In the first half of 2025, Yutong Bus achieved sales of 21,321 units, a year-on-year increase of 3.7%, with operating revenue of 16.13 billion yuan, remaining stable, and a net profit attributable to shareholders of 1.94 billion yuan, up 15.6% year-on-year [3][8]. - For Q2 2025, Yutong Bus reported revenue of 9.7 billion yuan, flat year-on-year but up 51% quarter-on-quarter, with a net profit of 1.18 billion yuan, reflecting a 16% year-on-year increase and a 56% quarter-on-quarter increase [3][8]. Profitability and Margins - Yutong Bus's gross margin for Q2 2025 was 22.9%, with a net profit margin of 12.2%, an increase of 1.7 percentage points year-on-year, primarily driven by the growth in new energy vehicle exports [5][14]. - The company maintained strong cost control and benefited from economies of scale, contributing to stable performance [5][14]. Market Dynamics - The domestic bus market is expected to continue recovering, supported by policies promoting vehicle replacements, while the export market is expanding, particularly in new energy vehicles, where Yutong is enhancing its competitive edge through a "technology + service export" model [7][14]. - Yutong's strategy includes upgrading its positioning from manufacturing and selling products to providing manufacturing services and solutions, which is expected to enhance its competitiveness in overseas markets [7][14]. Future Outlook - The company anticipates continued high-quality order growth driven by increasing export volumes and domestic market recovery, particularly through the promotion of new energy vehicles [6][7]. - Yutong's new light bus products launched in Q2 2025 are expected to contribute to incremental sales, with a year-on-year increase of 46% in sales volume [5][6].