According to the Changjiang Securities Research Report, Yutong sold 4,158 buses in September, -12.6% year-on-year and +11.0% month-on-month. The world's leading bus company, with good long-term growth+continuous high dividend capacity, highlighting investment value. In the domestic market, seat buses continue to grow, and trade-in policies have been strengthened to promote the growth of new energy buses; in overseas markets, globalization+high-end strategies are being promoted, and exports have highlighted the level of profit, supporting the continuous improvement of the company's performance. The company's capital expenditure has slowed, and the cash flow is sufficient to guarantee high dividends. The dividend was 2.5 yuan per share for the full year of 2025, with a total distribution of 5.53 billion yuan, with a dividend rate of 99.65% and a dividend rate of 9.3%. The company's net profit for 2026-2027 is estimated to be 60.3 billion yuan and 6.88 billion yuan respectively, and the corresponding PE is 9.9X and 8.6X, respectively, maintaining a “buy” rating.

According to the Changjiang Securities Research Report, Yutong sold 4,158 buses in September, -12.6% year-on-year and +11.0% month-on-month. The world's leading bus company, with good long-term growth+continuous high dividend capacity, highlighting investment value. In the domestic market, seat buses continue to grow, and the trade-in policy has been strengthened to promote the growth of new energy buses; in overseas markets, globalization+high-end strategies are being promoted, and exports have highlighted the level of profit, supporting the continuous improvement of the company's performance. The company's capital expenditure has slowed, and the cash flow is sufficient to guarantee high dividends. The dividend was 2.5 yuan per share for the full year of 2025, with a total distribution of 5.53 billion yuan, with a dividend rate of 99.65% and a dividend rate of 9.3%. The company's net profit for 2026-2027 is estimated to be 60.3 billion yuan and 6.88 billion yuan respectively, and the corresponding PE is 9.9X and 8.6X, respectively, maintaining a “buy” rating.