YTCO(SH:600066) 东吴汽车黄细里团队·2025-12-04 13:19Core Viewpoint - The article highlights the strong sales performance of Yutong Bus in November 2025, driven by domestic demand recovery and the "old-for-new" policy, indicating a positive outlook for the company's future orders and exports [2][4][6]. Sales Performance - In November 2025, Yutong Bus achieved total sales of 4,058 units, reflecting a year-on-year increase of 9% and a month-on-month increase of 33%. The production volume reached 5,188 units, with an inventory increase of 1,130 units, suggesting a strategy of production based on sales [2][3]. - The domestic market is showing signs of recovery, with significant growth in demand for public transport vehicles [3][4]. Vehicle Segmentation - The sales of large and medium buses increased, with November 2025 sales figures of 1,838 large buses, 1,613 medium buses, and 607 light buses. Year-on-year growth rates were 23% for large buses, 29% for medium buses, and a decline of 39% for light buses. The market share of medium buses rose to 39.75%, up by 6.24 percentage points year-on-year [5]. Export Growth - Yutong Bus is entering an accelerated export phase, with expectations for high export sales in December 2025. The company established a KD factory in Pakistan and secured a large order of 400 units. Recent accolades at the Belgium World Bus Expo further enhance its market position [6]. Financial Forecast - The company maintains revenue forecasts of 436 billion, 499 billion, and 567 billion yuan for 2025 to 2027, representing year-on-year growth rates of 17%, 14%, and 14%, respectively. Net profit forecasts for the same period are 49.4 billion, 59.2 billion, and 70.3 billion yuan, with corresponding year-on-year growth rates of 20%, 20%, and 19% [7].