12 月销量环比大幅增长，四季度盈利提升展望乐观：12 月公司客车销量8,864 辆，同比增长2.9%、环 比增长118.4%，国内与海外市场同步迎来年末交付高峰，其中新能源出口表现预计尤为强劲，高盈利 大中客产品占比维持在84.4%的高位水平。Q4 公司实现销量1.6 万辆，同比增长2.5%、环比30.5%，预 计Q4 出口占比环比小幅提升，且欧洲新能源订单密集交付优化销售结构，叠加规模效应释放，公司单 车盈利有望进一步提升。 国内公交报废更新政策延续，公司有望持续受益：12 月30 日，国家发改委发布《推动大规模设备更新 和消费品以旧换新行动方案》，明确继续支持新能源城市公交车辆及动力电池更新，补贴标准依据 《2025 年新能源城市公交车及动力电池更新补贴实施细则》，即新能源公交单车平均补贴8 万元，动力 电池补贴4.2 万元。报废更新政策的延续实施，有望持续撬动国内存量公交替换需求释放，公司作为行 业龙头将充分受益于此。 事件：1 月5 日，公司发布2025 年12 月产销快报，实现客车销量8,864辆，同比增长2.9%、环比增长 118.4%；实现客车产量7,066 辆，同比增长2.4%、环比增长36 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨宇通客车（600066.SH） [Table_Title] 宇通客车 11 月销量点评：总量同环比提升，维 持全年销量目标，期待 12 月份放量 报告要点 [Table_Summary] 公司发布 2025 年 11 月客车销量。宇通 11 月销售客车 4058 辆，同比+8.6%，环比+33.5%， 其中大中客车销量 3451 辆，同比+25.8%，环比+40.2%；2025 年 1-11 月共销售客车 4.1 万 辆，同比+6.1%，大中客销量 3.3 万辆，同比+0.7%。全球客车龙头，长期成长性较好+持续高 分红能力，凸显投资价值。国内市场，座位客车持续增长，"以旧换新"政策加码，促进新能源 公交增长；海外市场，全球化+高端化战略推进，出口凸显盈利水平，支撑公司业绩持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [ ...

Core Insights - The article highlights the remarkable sales performance of Foton AUV in October, showcasing a significant year-on-year growth of 179% in sales, particularly in the segment of buses over 7 meters, indicating a strong market presence and competitive strength [1][4][6]. Sales Performance - Foton AUV's sales in October are described as "phenomenal," with a year-on-year increase of 179%, leading the industry in the large and medium bus segment. The sales of its new energy vehicles surged by 289%, while export sales also saw a notable increase of 158%. The total annual sales are projected to reach 11,000 units, indicating a potential doubling of sales [4][6][7]. Market Strategy - The success of Foton AUV is attributed to its strategic alignment with domestic and international market trends, including the push for "public transport electrification" and "integration of urban and rural logistics." The company has successfully launched multiple new energy models in key cities and rural markets, while also expanding its reach to over 130 countries and regions [6][7]. Technological Innovation - Foton AUV's growth is underpinned by its long-term commitment to technological innovation, holding over 7,000 patents. The company has made significant advancements in pure electric and hydrogen fuel technologies, offering a range of electric vehicles with battery capacities from 163 kWh to 350 kWh and hydrogen fuel cell buses with a range of 500-600 kilometers [9][11]. Product Development - The company employs a "core platform + scenario derivation" development logic, creating a comprehensive product matrix that addresses various market needs, including urban public transport, intercity passenger transport, and special vehicles. This approach allows Foton AUV to respond effectively to diverse market demands [15][18]. Quality Control - Foton AUV has established a comprehensive quality inspection system that ensures high standards throughout the production process. The company has invested significantly in smart manufacturing and quality control measures, resulting in improved production efficiency and product reliability [18]. Industry Context - The article positions Foton AUV's sales surge as a reflection of the broader transformation within the bus industry, emphasizing the shift towards electrification, intelligence, and globalization. The company's model, which is based on technology and market-oriented strategies, not only drives its growth but also instills confidence and vitality in the industry [18].

Core Insights - Longzhou Co., Ltd. disclosed significant lawsuits involving its subsidiary Dongguan Zhongqi Hongyuan Automobile Co., Ltd. totaling over 431 million yuan [2][3] - The company announced an extension of the temporary suspension of operations at Zhongqi Hongyuan until May 31, 2026, due to a slowdown in the new energy bus market and insufficient orders [4] Group 1: Lawsuits - Dongguan Zhongqi Hongyuan is facing two lawsuits from Dongguan Bus Co., Ltd. and Dongguan City Bus Transportation Co., Ltd. for contract disputes, with claims amounting to approximately 205 million yuan and 226 million yuan respectively [2][3] - The lawsuits stem from issues related to the performance of electric buses purchased in 2018, which began experiencing battery failures from 2021, leading to significant operational disruptions [2][3] - The company has made provisions for after-sales maintenance costs related to these lawsuits and plans to seek compensation from the battery manufacturer, Weihong Power Systems (Huzhou) Co., Ltd. [3] Group 2: Operational Impact - Due to a lack of business orders since 2024, Zhongqi Hongyuan's temporary suspension of operations has been extended, with minimal impact on Longzhou Co., Ltd.'s revenue, although losses from fixed depreciation and interest expenses will continue [4] - The resumption of operations will depend on market conditions and order availability, indicating ongoing uncertainty in the new energy vehicle sector [4]

Core Viewpoint - The bus industry is experiencing a strong recovery after years of adjustment, with Yutong Bus showing significant profit growth and robust cash flow, alongside high dividends [4][30]. Financial Performance - In Q3 2025, Yutong Bus achieved a net profit of 1.36 billion yuan, a year-on-year increase of 79% [4][27]. - For the first three quarters of 2025, the company reported a revenue of 26.37 billion yuan, up 9.5% year-on-year [5]. - The net profit attributable to shareholders reached 3.29 billion yuan, reflecting a 35.4% increase, while the non-recurring net profit was 2.62 billion yuan, up 26.3% [7][27]. - The company's cash flow from operating activities decreased by 60.4% to 1.796 billion yuan, primarily due to increased payments to suppliers [27]. Market Position and Competition - Yutong Bus maintains a leading position in the bus market, with a market share of 35% to 38% since 2018, despite challenges such as overcapacity and intensified competition [11][12]. - The company holds significant market shares in various segments: 49.5% in the seating bus market, 68.9% in the school bus market, and 23.9% in the public transport market [10]. - The domestic bus market is becoming saturated, prompting companies to expand globally, with Yutong's overseas revenue growing nearly 25% in 2022 [14][17]. Growth Drivers - The recovery in demand for buses, particularly in exports and new energy vehicles, has been a key driver of Yutong's performance, with export sales increasing by 78.9% in 2023 [9][17]. - The company has transitioned from a "manufacturing" to a "manufacturing service" model, exporting to over 60 countries and regions [18]. Research and Development - Yutong Bus invests heavily in R&D, with a research expense ratio of 7.8% in 2022, significantly higher than its competitors [22][23]. - The company focuses on key technologies such as electric drive, control, and battery systems, collaborating with leading suppliers to achieve breakthroughs [25]. Dividend Policy - Yutong Bus has a generous dividend policy, with cumulative dividends of 26 billion yuan over 28 years, exceeding its total fundraising amount by 4.2 times [30].

Core Viewpoint - The export business of Yutong Bus continues to grow, with a year-on-year net profit increase of 79% in the third quarter [2][17]. Financial Performance - In the first three quarters of 2025, Yutong Bus achieved an operating income of 26.37 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 3.29 billion yuan, up 35.4% year-on-year [3][8]. - For Q3 2025, Yutong Bus reported revenue of 10.24 billion yuan, a year-on-year increase of 32.3% and a quarter-on-quarter increase of 5.4%. The net profit for the quarter was 1.36 billion yuan, reflecting a year-on-year growth of 79.0% and a quarter-on-quarter increase of 14.9% [3][8]. Profitability and Cost Management - Yutong Bus's gross margin for Q3 2025 was 24.0%, an increase of 1.0 percentage points quarter-on-quarter, indicating stable profitability primarily driven by the marginal contribution from the increase in new energy exports [5][17]. - The company effectively managed its expenses, with sales, management, and R&D expense ratios of 3.3%, 1.7%, and 4.2% respectively, showing improvements compared to the previous year [5][17]. Market Outlook - The domestic bus demand is expected to continue recovering, supported by policies such as vehicle replacement incentives. The export market also presents significant growth potential, particularly in new energy buses, as many countries are implementing policies to promote their adoption [7][17]. - Yutong Bus is enhancing its competitive edge by transitioning from a manufacturing and sales model to a service-oriented and solution-based approach, which is expected to drive further growth in overseas markets [7][17].

Core Points - Nanjing Dongshan Public Transport Co., Ltd. announced the bidding results for the procurement of 80 pure electric buses on October 31 [1][2] - The winning bids for different bus models were as follows: - 5.9-meter series by Zhuhai Guangtong Automobile Co., Ltd. for 9.27 million yuan - 6-meter series by Geely Sichuan Commercial Vehicle Co., Ltd. for 9.36 million yuan - 7-meter series by Shanghai Shenwo Bus Co., Ltd. for 13.156 million yuan - 8.5-meter series by Yutong Bus Co., Ltd. for 22.23 million yuan [1][2] Summary by Sections Winning Bidder Information - The winning bidders for the electric buses include: - Zhuhai Guangtong Automobile Co., Ltd. for the 5.9-meter model at 9.27 million yuan [2] - Geely Sichuan Commercial Vehicle Co., Ltd. for the 6-meter model at 9.36 million yuan [2] - Shanghai Shenwo Bus Co., Ltd. for the 7-meter model at 13.156 million yuan [2] - Yutong Bus Co., Ltd. for the 8.5-meter model at 22.23 million yuan [2] Supervision Department - The supervision department for this bidding project is Nanjing Dongshan Public Transport Co., Ltd. [2] Contact Information - Contact number provided for inquiries is 15051878402 [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 35.85 RMB [7]. Core Views - The company's strong performance in Q3 2025 is driven by robust export growth and operational efficiency improvements, leading to significant profit increases [2][4]. - The company has established a mature global supply system, with high capacity utilization and a focus on high-margin overseas new energy bus exports [4]. - The report highlights the company's commitment to R&D in key technologies such as intelligent networking and fuel cells, which enhances cost control and operational efficiency [3]. Financial Performance - In Q3 2025, the company achieved revenue of 10.237 billion RMB, a year-on-year increase of 32.27% and a quarter-on-quarter increase of 5.40% [1]. - The net profit attributable to the parent company for Q3 2025 was 1.357 billion RMB, reflecting a year-on-year growth of 78.98% and a quarter-on-quarter growth of 14.94% [1]. - For the first three quarters of 2025, the company reported a total revenue of 26.366 billion RMB, up 9.52% year-on-year, and a net profit of 3.292 billion RMB, up 35.38% year-on-year [1]. Sales and Profitability - The company sold 33,600 buses in the first three quarters of 2025, a year-on-year increase of 7.05%, with Q3 sales reaching 12,200 units, up 13.38% year-on-year [2]. - The average selling price (ASP) per bus in Q3 2025 was 837,000 RMB, up 17% year-on-year, while the net profit per bus was 111,000 RMB, up 58% year-on-year [2]. - The gross profit margin for Q3 2025 was 24.0%, an increase of 11.7 percentage points year-on-year, attributed to a higher proportion of high-margin new energy bus sales [2]. Cost Control and R&D Investment - The company achieved a significant reduction in expense ratios, with a total expense ratio of 9.3% in Q3 2025, down 1.6 percentage points year-on-year [3]. - R&D expenses focused on core technologies, with the R&D expense ratio at 4.2%, reflecting efficient allocation of resources [3]. Future Outlook - The company is expected to maintain strong profit growth momentum, driven by high-margin overseas new energy bus exports and operational efficiency improvements [4]. - The report forecasts net profits for 2025-2027 to be 4.608 billion RMB, 5.287 billion RMB, and 6.073 billion RMB respectively, with a compound annual growth rate of 13.84% [5].

Core Insights - Yutong Bus Co., Ltd. reported strong financial performance for Q3 2025, 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% [2] - The company produced 33,874 vehicles in the first three quarters, a 6.10% increase, and sold 33,556 vehicles, up 7.05%, achieving total revenue of 26.366 billion yuan, a 9.52% increase, and a net profit of 3.292 billion yuan, a 35.38% increase [2] Group 1: Business Performance - The light commercial vehicle segment emerged as a significant growth driver, with sales of light buses reaching 6,043 units, a substantial increase of 64.75% year-on-year [3] - The Tianjun series of light buses, designed for high-intensity operational scenarios, contributed to this growth with a diverse product lineup that meets various customer needs [3] Group 2: Market Trends - The domestic bus market is experiencing robust growth due to policy incentives and demand recovery, with the "old-for-new" subsidy policy facilitating the replacement of outdated vehicles [4] - The recovery of the domestic tourism market and the integration of urban and rural transportation are driving demand for medium-sized tourist buses and customized buses [4] Group 3: Competitive Position - Yutong maintained a leading position in the domestic market, with a market share of 53.6% in large and medium-sized passenger buses and 51.6% in new energy passenger vehicles [5] - The introduction of the high-end Yutong Tianyu S12 bus, featuring advanced technology and design, has set new standards in the high-end bus segment [5] Group 4: International Expansion - Yutong's export sales reached 10,742 units in the first three quarters, a year-on-year increase of 18.17%, with a market share of 19.32% [7] - The company has successfully delivered electric buses to various countries, enhancing its international market presence and competitiveness [7]

Core Insights - Yutong Bus Co., Ltd. reported strong financial performance for Q3 2025, 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% [1] - The company produced 33,874 vehicles in the first three quarters, a 6.10% increase, and sold 33,556 vehicles, up 7.05%, achieving total revenue of 26.366 billion yuan, a 9.52% increase, and a net profit of 3.292 billion yuan, a 35.38% increase [1] Group 1: Business Performance - The light commercial vehicle segment emerged as a significant growth driver, with sales of light buses reaching 6,043 units, a substantial increase of 64.75% year-on-year [2] - The Tianjun series of light buses, designed for high-intensity operational scenarios, contributed to this growth with a diverse product lineup that meets various customer needs [2] Group 2: Market Trends - The domestic bus market is experiencing robust growth due to policy incentives and demand recovery, with a focus on replacing old vehicles and increasing tourism and rural-urban integration [3] - Yutong is capitalizing on market trends through product innovation, maintaining a leading position in both public transport and passenger transport sectors [3][4] Group 3: Competitive Position - In the passenger transport sector, Yutong achieved a market share of 53.6% in large and medium-sized buses, with sales of 12,404 units [4] - The company also saw a 31.5% increase in sales of new energy passenger vehicles, further solidifying its market leadership with a 51.6% market share [4] Group 4: International Expansion - Yutong's export sales reached 10,742 units in the first three quarters, a year-on-year increase of 18.17%, with a market share of 19.32% [6] - The company has successfully delivered electric buses to various countries, enhancing its international presence and competitiveness [6]