Core Viewpoint - The company reported a stable performance in Q1 2025, with a slight decline in revenue but an increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 6.42 billion yuan, a decrease of 3.0% year-on-year [1][2]. - The net profit attributable to shareholders was 760 million yuan, reflecting a growth of 14.9% [1][2]. - The net profit excluding non-recurring items was 640 million yuan, up by 12.5% [1][2]. - The gross margin for Q1 2025 was 18.9%, down by 6.0 percentage points year-on-year, while the net margin improved by 2.0 percentage points to 12.0% [2]. Sales and Orders - The company sold a total of 9,011 buses in Q1 2025, marking a 16.6% increase year-on-year [2]. - Sales of large buses decreased by 1.4% to 4,532 units, while medium buses increased by 15.1% to 2,729 units, and light buses surged by 129.1% to 1,750 units [2]. - Exports of buses totaled 2,057 units, down by 20.8% [2]. Market Developments - The company secured multiple domestic orders, including the delivery of 130 electric buses to Tangshan and various models to regions like Sichuan and Yunnan [2]. - Internationally, the company continued its strong performance with deliveries of electric buses to Norway, Greece, and Pakistan, among others [2][3]. Product and Service Innovations - The company has exported over 7,000 new energy buses to more than 40 countries, enhancing its global presence [3]. - New product offerings include a range of electric buses and upgraded models to meet diverse market demands [3]. - The launch of the "Yoo+ Direct Service" aims to enhance service quality for new energy commercial vehicles, focusing on customer pain points and integrating digital tools for better support [4]. Future Outlook - The company is expected to maintain a strong market position, with projected net profits of 4.69 billion yuan, 5.27 billion yuan, and 6.07 billion yuan for 2025 to 2027 [4].

| 宇通系列报告回顾 车中旭霞 | | --- | | 公司深度报告： | | 《深度系列四： 宇通客车（600066.SH）： 当前节点核心投资价值分析》-20230512 | | 《深度系列三：宇通客车（600066.SH）：周期与成长共振》-20210811 | | 《深度系列二： 宇通客车（600066.SH）： 复盘与展望： 数字化变革下宇通客车新机遇》-20210105 | | 《深度系列一：宇通客车（600066.SH）：国内行业聚拢，海外战略扩张下的全球大中客龙头》-20170609 | | 公司点评报告： | | 《宇通客车（600066.SH）-盈利能力稳健，中期分红回报股东》 ——2024-10-29 | | 《宇通客车（600066.SH）-现金流表现优异，海内外共振推动盈利攀升》 ——2024-08-27 | | 《宇通客车（60066.SH）业绩预增点评：出口与内销共振，净利润持续攀升》-20240710 | | 《宇通客车（60066.SH）一季报点评：兼具成长和红利的全球大中客龙头，一季度量利双增》-20240426 | | 《宇通客车（60066.SH）年报点评：2023年净 ...

Investment Rating - The report assigns a "Buy" rating for Yutong Bus (宇通客车) [6] Core Views - Yutong Bus has maintained its position as the top seller of large and medium-sized buses in China for 21 consecutive years, with a projected net profit of 4.045 billion yuan for 2024, reflecting a year-on-year increase of 122.50% [4][26] - The company is expected to benefit from a stable domestic demand for buses and a significant increase in exports, particularly in the new energy vehicle segment [4][5] - The report highlights the company's strong performance in both domestic and international markets, with a notable increase in sales and profitability driven by exports and new energy products [5][48] Summary by Sections 1. Company Overview - Yutong Bus has been a leader in the bus industry for decades, with a global market share exceeding 10% and cumulative sales of over 196,000 new energy buses [13] 2. Market Demand and Growth - Domestic demand for large and medium-sized buses is stabilizing, with a significant increase in tourism vehicle demand and a recovery in public transport bus sales [4][37] - The company is expected to achieve a total sales volume of 46,900 units in 2024, with large and medium-sized buses accounting for 40,300 units, representing a year-on-year growth of 26.97% [19][22] 3. Export Performance - Yutong's export volume is projected to reach 14,000 units in 2024, a year-on-year increase of 37.73%, with new energy vehicle exports growing by 84.55% [5][48] - The company is successfully entering high-end markets in Europe and other regions, with significant orders from countries like Greece and Chile [61][62] 4. Financial Performance - The company is expected to achieve net profits of 4.030 billion yuan in 2024, with a projected growth rate of 121.79% [6][26] - The average selling price (ASP) for exported buses is approximately double that of domestic sales, contributing to higher profit margins [51] 5. Cost Management - Yutong has effectively managed its costs, with a significant reduction in single vehicle depreciation costs and a decrease in overall expense ratios [63][70] - The company’s expense ratio has decreased to 14.45% in the first half of 2024, indicating strong cost control measures [70]