Dongwu Securities: Maintain "Buy" rating for Yutong Bus, with its high dividend attribute still offering investment value for the entire year.

Dongwu Securities' research report indicates that Yutong Bus's export and product structure are improving, leading to a positive development of its main business. In the first half of 2026, the company achieved a net profit attributable to shareholders of 1.867 billion yuan, a year-on-year decrease of 3.52%; in the second quarter of 2026, the net profit attributable to shareholders was 1.208 billion yuan, a year-on-year increase of 2.4%. In the second quarter, the company exported approximately 4,200 buses, a year-on-year increase of about 6%, and exported over 1,200 new energy buses, a year-on-year increase of about 55%. The increase in high-value exports and the proportion of new energy vehicles have driven an improvement in revenue per vehicle, with the revenue per vehicle in the second quarter of 2026 being approximately 868,000 yuan, a year-on-year increase of 10%. The company expects that the decline in domestic demand in the second half of the year is likely to narrow, and the industrys export growth momentum will continue. It believes that urbanization in Africa and electrification in Europe will remain the main growth drivers overseas, while local production capacity such as the Qatar KD factory will open up medium to long-term space. The company's mid-year report did not propose a mid-term dividend plan, but historically, the company has shown a strong willingness to distribute dividends, and its cash flow aligns well with capital expenditure rhythms, maintaining its high dividend attributes as an investment value for the entire year. The rating is maintained at "Buy."