Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive sales performance in May 2025, with bus sales reaching 5,919 units, a year-on-year increase of 24.8%, and production of 5,528 units, a year-on-year increase of 30.0% [6] - The domestic bus market is currently in a recovery phase, supported by policies encouraging the replacement of old vehicles, which is expected to drive growth in public transport buses [6] - The company is well-positioned to benefit from the growth in both domestic and overseas markets, particularly in the export of new energy buses [6] - The company has a strong competitive advantage due to its comprehensive sales, service, and parts network, as well as its focus on high-end product development [6] - The projected net profit for the company from 2025 to 2027 is expected to be 48.0 billion, 54.4 billion, and 62.9 billion respectively, with year-on-year growth rates of 17%, 13%, and 16% [6] Financial Summary - The company's revenue is projected to grow from 37.2 billion in 2024 to 53.8 billion in 2027, with a compound annual growth rate (CAGR) of approximately 13.4% [5] - The net profit attributable to the parent company is expected to increase from 4.116 billion in 2024 to 6.288 billion in 2027, reflecting a strong growth trajectory [5] - The gross margin is projected to improve from 22.9% in 2024 to 24.2% in 2027, indicating enhanced profitability [5] - The company's price-to-earnings (P/E) ratio is expected to decrease from 14.18 in 2024 to 9.47 in 2027, suggesting potential undervaluation as earnings grow [5]