According to the Fangzheng Securities Research Report, Yutong Bus's sales performance increased sequentially in November, and the production pace accelerated to cope with the peak delivery season at the end of the year. In November, the company's bus sales reached 4,058 units, up 8.6% year on year and 33.5% month on month. Once again, it entered the upward channel, and the share of large and medium passenger sales increased further to 85.0%. The company's output continues to be higher than sales. It is expected that export orders are mainly due to export orders being delivered at the end of the year, compounded by domestic bus demand entering the traditional peak season, and the production side preparing production ahead of schedule. It is expected that the company will once again experience a peak in deliveries at the end of the year. Driven by scale effects, bicycle profitability is expected to further strengthen. Renewable energy exports to Europe continued to strengthen, and the UK's market share increased markedly. The new energy transformation in the overseas bus market is progressing steadily. In this process, Chinese car companies represented by Yutong are expected to rapidly increase their share with their first-mover advantage. In 2025-2027, the company is expected to achieve operating income of 430.4, 527.4 and 61.94 billion yuan, net profit to mother of 49.0, 62.3, and 7.63 billion yuan, maintaining the “recommended” rating.

According to the Fangzheng Securities Research Report, Yutong Bus's sales performance increased sequentially in November, and the production pace accelerated to cope with the peak delivery season at the end of the year. In November, the company's bus sales reached 4,058 units, up 8.6% year on year and 33.5% month on month. Once again, it entered the upward channel, and the share of large and medium passenger sales increased further to 85.0%. The company's output continues to be higher than sales. It is expected that export orders are mainly due to export orders being delivered at the end of the year, compounded by domestic bus demand entering the traditional peak season, and the production side preparing production ahead of schedule. It is expected that the company will once again experience a peak in deliveries at the end of the year. Driven by scale effects, bicycle profitability is expected to further strengthen. Renewable energy exports to Europe continued to strengthen, and the UK's market share increased markedly. The new energy transformation in the overseas bus market is progressing steadily. In this process, Chinese car companies represented by Yutong are expected to rapidly increase their share with their first-mover advantage. In 2025-2027, the company is expected to achieve operating income of 430.4, 527.4 and 61.94 billion yuan, net profit to mother of 49.0, 62.3, and 7.63 billion yuan, maintaining the “recommended” rating.