Research Report Goldmine | Dongwu Securities: Maintain "Buy" Rating for Yutong Bus, Export Growth Drives Profit/Dividend Surpass Expectations

NightAirdropper · 2026-04-04T18:46:48+00:00

Gelonghui April 2 | Dongwu Securities Research Report points out that Yutong Bus's high export growth drives profit and dividend surprises. By 2025, the company is expected to achieve operating revenue of 41.4 billion yuan, an increase of 11% year-over-year; net profit attributable to the parent company of 5.55 billion yuan, up 35% year-over-year. The company's 2025 performance exceeds our expectations. Export-driven profit improvement, with a significant narrowing of impairment losses. Full-year dividends exceeded expectations, resulting in higher shareholder returns. According to data from China Bus Network, Yutong Bus's new energy exports accounted for 23% of total exports in 2025 (24% in 2024), indicating a substantial increase in export sales, mainly due to the structural optimization trend of high-end electric vehicle exports. Considering that domestic demand still faces pressure but exports are performing well, we maintain a "Buy" rating.

NightAirdropper

2026-04-04 18:46:48

Gelonghui April 2 | A research report from Soochow Securities said that strong export growth from Yutong Bus has driven profit and dividends significantly above expectations. In 2025, the company generated operating revenue of 41.4 billion yuan, up 11% year over year; attributable net profit was 5.55 billion yuan, up 35% year over year, and the company’s 2025 performance exceeded our expectations. Profit improvement is driven by exports, and impairment losses have narrowed significantly. Full-year dividends were above expectations, and shareholder returns were strong. According to data from China Bus Network (Zhongke Wang), in 2025 Yutong Bus’ new-energy exports accounted for 23% of total exports (19% in 2024), indicating a sharp increase in the company’s export volume, mainly stemming from a structural optimization trend toward higher-end electric bus exports. Considering that domestic demand still faces pressure, but export momentum remains strong, we maintain a “Buy” rating.

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