Changjiang Securities: Maintains "Buy" rating on Yutong Bus, ample cash flow ensures high dividends

Changjiang Securities research report notes that Yutong sold 4,158 buses in September, -12.6% YoY and +11.0% MoM. As a global bus leader, its strong long-term growth potential and sustained high dividend capacity highlight its investment value. In the domestic market, seat buses continue to grow, and the increased trade-in policy boosts new energy bus growth; in overseas markets, the advancement of globalization and premiumization strategies highlights export profitability, supporting the company's continued performance improvement. The company's capital expenditure has slowed, and ample cash flow ensures high dividends. For the full year 2025, dividend per share is 2.5 yuan, with a total payout of 5.53 billion yuan, a payout ratio of 99.65%, and a dividend yield of 9.3%. The company's net profit attributable to parent is expected to be 6.03 billion and 6.88 billion yuan for 2026-2027, corresponding to PE of 9.9X and 8.6X, maintaining a "Buy" rating.