Event Overview - The company disclosed its Q3 2025 report, showing revenue of 26.366 billion yuan, a year-on-year increase of 9.52%, and a net profit attributable to shareholders of 3.292 billion yuan, up 35.38% year-on-year. The Q3 revenue reached 10.237 billion yuan, reflecting a year-on-year growth of 32.27% and a quarter-on-quarter increase of 5.40% [2] - The net profit for Q3 was 1.357 billion yuan, a significant year-on-year increase of 78.98% and a quarter-on-quarter rise of 14.94% [2] Analysis and Judgment - Q3 performance met expectations, indicating resilience for the full year. Revenue for Q3 was 10.237 billion yuan, driven by the sale of 12,235 buses, which increased by 13.38% year-on-year [2] - Profitability improved with a gross margin of 23.98%, up 11.66 percentage points year-on-year, primarily due to changes in accounting standards. The net profit margin was 13.59%, reflecting a product structure optimization [2] - Expense ratios for sales, management, R&D, and finance were 3.32%, 1.66%, 4.23%, and 0.15%, respectively, with significant changes attributed to accounting standard adjustments [2] Market Expansion - The company is a leader in the bus export market, with Q3 exports of 15,623 buses, a year-on-year increase of 58.21%. The company held a 29.41% market share in the export sector [3] - Exports of large and medium-sized new energy buses reached 1,268 units in Q3, a remarkable year-on-year increase of 296.25% [3] - The company has established bulk sales in nearly 60 countries, with total bus exports exceeding 110,000 units, including over 8,000 new energy buses [3] Domestic Demand Drivers - The implementation of a vehicle replacement policy for public transport is expected to boost domestic demand for buses. The policy provides an average subsidy of 80,000 yuan for new energy city buses and 42,000 yuan for battery replacements [4] - Domestic bus sales in Q3 reached 6,117 units, reflecting a year-on-year increase of 56.49%, indicating a positive impact from the new policy [4] Investment Recommendations - The company maintains a tradition of dividends, with a proposed dividend of 1.0 yuan per share for 2024, totaling 3.32 billion yuan. Assuming the same dividend in 2025, the corresponding dividend yield is 4.74% [5] - Revenue projections for 2025-2027 are 42.252 billion yuan, 48.550 billion yuan, and 55.886 billion yuan, with net profits of 4.546 billion yuan, 5.300 billion yuan, and 5.986 billion yuan, respectively [6] - The estimated earnings per share (EPS) for 2025-2027 are 2.05 yuan, 2.39 yuan, and 2.70 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 [6]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 31.66 yuan on October 28, 2025 [6]. Core Views - The company's performance in Q3 2025 met expectations, with revenue of 10.237 billion yuan, a year-on-year increase of 32.27%, and a net profit of 1.357 billion yuan, up 78.98% year-on-year [2][3]. - The company is a leader in the bus export market, achieving a market share of 29.41% in Q3 2025, with significant growth in the export of new energy buses [3]. - Domestic demand for buses is expected to rise due to the implementation of a vehicle replacement policy, which provides substantial subsidies for new energy city buses [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 26.366 billion yuan, a 9.52% increase year-on-year, and a net profit of 3.292 billion yuan, up 35.38% year-on-year [1]. - In Q3 2025, the gross profit margin was 23.98%, significantly improved due to changes in accounting standards, while the net profit margin reached 13.59% [2]. Sales and Market Expansion - The company sold 12,235 buses in Q3 2025, a 13.38% increase year-on-year, contributing to revenue growth [2]. - The export of medium and large buses reached 15,623 units in Q3 2025, a 58.21% increase year-on-year, indicating strong international demand [3]. Investment Outlook - The company plans to distribute a cash dividend of 1.0 yuan per share in 2024, totaling 3.32 billion yuan, with an estimated dividend yield of 4.74% based on the current stock price [4]. - Revenue projections for 2025-2027 are 42.25 billion yuan, 48.55 billion yuan, and 55.89 billion yuan, respectively, with net profits expected to be 4.546 billion yuan, 5.300 billion yuan, and 5.986 billion yuan [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 27.77 yuan on August 25, 2025 [6]. Core Insights - The company reported a revenue of 16.129 billion yuan for H1 2025, a slight decrease of 1.26% year-on-year, while the net profit attributable to shareholders increased by 15.64% to 1.936 billion yuan [1]. - The company is a leader in the bus export market, achieving a market share of 24.71% in Q2 2025, with significant growth in overseas sales [3]. - The implementation of a vehicle replacement policy is expected to boost domestic demand for new energy buses, with a reported 10.87% increase in domestic bus sales in H1 2025 [3]. Summary by Sections Financial Performance - For Q2 2025, the company achieved a revenue of 9.712 billion yuan, a year-on-year decrease of 0.08% but a quarter-on-quarter increase of 51.33% [2]. - The net profit for Q2 2025 was 1.181 billion yuan, reflecting a year-on-year increase of 16.11% and a quarter-on-quarter increase of 56.36% [2]. - The gross margin for Q2 2025 was 22.94%, with a net margin of 12.36%, showing improvements in product structure [2]. Market Expansion - The company exported 15,828 buses in Q2 2025, marking a year-on-year increase of 27.48% and a quarter-on-quarter increase of 46.49% [3]. - The export of medium and large new energy buses reached 794 units in Q2 2025, with a year-on-year increase of 8.77% and a significant quarter-on-quarter increase of 184.59% [3]. Investment Projections - Revenue projections for 2025-2027 are estimated at 42.25 billion yuan, 48.55 billion yuan, and 55.89 billion yuan, respectively [4]. - The net profit attributable to shareholders is projected to be 4.546 billion yuan in 2025, increasing to 5.983 billion yuan by 2027 [4]. - The estimated earnings per share (EPS) for 2025-2027 are 2.05 yuan, 2.39 yuan, and 2.70 yuan, respectively [4].

0 1 事 件 概 述 公司披露2025年一季度报告，2025年一季度营收64.18亿元，同比-3.00%；归母净利润7.55亿元，同比 +14.91%；扣非归母净利6.42亿元，同比+12.49%。 0 2 分 析 判 断 2024年7月31日交通运输部发布《新能源城市公交车及动力电池更新补贴实施细则》：新能源城市公交车更新 每辆车平均补贴8万元，动力电池更换每辆车平均补贴4.2万元；我们认为，政策的延续和落地有望促进老旧车辆 的更新换代，拉动公司国内新能源公交车销量增长。 0 3 投 资 建 议 ► 2025Q1业绩符合预期 全年指引乐观 1）营收端： 2025Q1营收64.18亿元，同比-3.00%，环比-51.17%。2025Q1公司累计销售客车9,011辆， 同比+16.56%，环比-42.13%。我们认为公司营收环比下降系销售结构变化及季节性影响。 2）利润端： 2025Q1公司实现归母净利润7.55亿元，同比+14.91%，环比-55.18%。公司2025Q1毛利率为18.89%，同 环比分别-5.95pct/-7.01pct，净利率为12.04%，同环比分别+2.02/-0.86pct。我们认 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company's Q1 2025 performance met expectations, with revenue of 6.418 billion yuan, a year-on-year decrease of 3.00%, and a net profit attributable to shareholders of 755 million yuan, an increase of 14.91% year-on-year [1][2]. - The company has a positive outlook for the full year 2025, with a revenue target of 42.133 billion yuan and a cost plan of 37.203 billion yuan, reflecting confidence in operational management [2]. - The company is a leader in the bus export market, with an 18.39% market share, and has accelerated its overseas expansion, having sold over 7,000 new energy buses in more than 40 countries [3]. - Domestic demand for buses is expected to rise due to the implementation of a vehicle replacement policy, which provides subsidies for new energy city buses [3]. Summary by Sections Financial Performance - Q1 2025 revenue was 6.418 billion yuan, down 3.00% year-on-year and down 51.17% quarter-on-quarter. The company sold 9,011 buses in Q1 2025, an increase of 16.56% year-on-year [2]. - The gross profit margin for Q1 2025 was 18.89%, with a net profit margin of 12.04%, showing slight declines in profitability due to receivables impairment reversals [2]. Profit Forecast - Revenue projections for 2025-2027 are 42.252 billion yuan, 48.550 billion yuan, and 55.886 billion yuan, respectively, with net profits of 4.546 billion yuan, 5.299 billion yuan, and 5.984 billion yuan [5][10]. - The expected earnings per share (EPS) for 2025-2027 are 2.05 yuan, 2.39 yuan, and 2.70 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13, 12, and 10 [4][10]. Dividend Policy - The company has a tradition of maintaining dividends, with a proposed dividend of 1.0 yuan per share for 2024, totaling 3.32 billion yuan, which implies a dividend yield of 5.44% based on the current stock price [4].