Core 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].

Group 1 - The annual awards ceremony of the First Commercial Vehicle Network will be held on November 25, 2025, in Beijing, revealing leading products in various segments including heavy trucks, light trucks, and new energy vehicles [1] - The event will also highlight benchmark figures and ordinary heroes in the transportation sector [1] Group 2 - In the first seven months, commercial vehicle sales reached over 2.34 million units, reflecting a 4% increase [5] - The impact of the vehicle replacement policy on the market is being analyzed by the China Association of Automobile Manufacturers [5] - The sales of hybrid heavy trucks have surged, with Dongfeng Commercial Vehicle strategically positioning itself in the long-distance trunk line market [8]

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - July sales showed a month-on-month decline, which is expected during the traditional off-season, and the company is likely building inventory for future demand [8] - The company reported a total sales volume of 3,219 units in July, reflecting a month-on-month decrease of 4% and a year-on-year decrease of 46% [8] - The company is adopting a "sales-driven production" model, indicating that the short-term inventory increase may be a preparation for future order fulfillment [8] - The report forecasts revenue growth for 2025-2027, with expected revenues of 429 billion, 499 billion, and 567 billion yuan, representing year-on-year growth rates of 15%, 16%, and 14% respectively [8] - The net profit attributable to the parent company is projected to be 46.3 billion, 55.2 billion, and 66.8 billion yuan for the same period, with year-on-year growth rates of 12%, 19%, and 21% respectively [8] Financial Projections - Total revenue for 2023 is projected at 27,042 million yuan, with a year-on-year growth of 24.05% [1] - The diluted EPS for 2023 is expected to be 0.82 yuan per share, with a P/E ratio of 31.28 [1] - The company’s total assets are projected to reach 43,273 million yuan by 2025, with a debt-to-asset ratio of 62.76% [9]