Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [3][6][15]. Core Views - The company has shown significant growth in sales, with November sales increasing year-on-year by 39.6% and month-on-month by 31.1% for large buses, and 13.7% and 16.0% for medium buses, respectively [3][6]. - The demand for new energy buses is expected to rise due to policy incentives, with an average subsidy of 60,000 yuan per vehicle for replacing old buses and 80,000 yuan for new energy city buses [3][6]. - The company is positioned as a leader in the new energy bus sector, with a market share of 14.5% in exports and a total of 8,844 new energy buses sold from January to November, reflecting a year-on-year increase of 64.0% [3][6]. Summary by Sections Market Data - The closing price of the company is 23.46 yuan, with a market capitalization of 51.939 billion yuan [3]. - The company achieved a total bus sales volume of 38,303 units from January to November, representing a year-on-year growth of 20.4% [3]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 34.424 billion yuan, 39.864 billion yuan, and 46.521 billion yuan, respectively, with corresponding EPS of 1.47 yuan, 1.87 yuan, and 2.25 yuan [6][7]. - The expected PE ratios for the same years are 15.71, 12.32, and 10.23, respectively [6][7]. Sales Performance - The company reported a significant increase in light bus sales, with a month-on-month growth of 254.3% in November [3]. - The total sales of buses in November reached 4,665 units, with a notable increase in light bus exports, including a large order of 500 units to Latin America [3]. Industry Outlook - The report anticipates continued demand growth in the bus industry driven by the implementation of the 14th Five-Year Plan and the ongoing recovery of the tourism sector [3][6]. - The company is expected to benefit from the upward cycle in the industry, with a strong focus on expanding its overseas market presence [3][6].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [4] Core Views - In November 2024, Yutong Bus sold 3,726 units, with month-on-month increases of 14% and 16%, while production reached 4,665 units, reflecting month-on-month growth of 40% and 31% [2] - The company is expected to see a strong performance in December, driven by increased demand for public buses due to the vehicle replacement policy and a surge in export orders [2][3] - The light commercial vehicle segment has shown significant growth, with a 254% year-on-year increase in sales for light buses in November 2024 [2] Financial Forecasts and Valuation - The projected total revenue for Yutong Bus is 34.733 billion yuan in 2024, with a year-on-year growth of 28% [4] - The forecasted net profit attributable to shareholders is 3.314 billion yuan in 2024, representing an 82% year-on-year increase [4] - The report anticipates a price-to-earnings (P/E) ratio of 15.50 for 2024, decreasing to 10.36 by 2026 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has shown strong sales performance with November sales of 3,736 buses, representing a year-on-year increase of 13.7% and a month-on-month increase of 16.0%. Cumulatively, from January to November, total sales reached 38,303 buses, up 20.4% year-on-year [5][7]. - The company is benefiting from a decline in battery costs and economies of scale, which support continuous performance improvement. Additionally, the company has a strong cash flow that ensures high dividends [5][7]. - The domestic market is experiencing growth in seated buses, while the overseas market is advancing through globalization and high-end strategies, enhancing profitability [5][7]. Sales Performance - In November, the company sold 3,736 buses, with a year-on-year increase of 13.7% and a month-on-month increase of 16.0%. The sales of large and medium buses were 2,744, showing a year-on-year decrease of 8.7% and a month-on-month decrease of 1.4% [5][6]. - From January to November, the total sales of buses reached 38,303, with large and medium bus sales at 33,204, reflecting a year-on-year increase of 20.4% and 19.6%, respectively [5][6]. Export and New Energy Vehicles - The company has seen strong performance in exports and new energy vehicle exports, with the export volume and proportion continuing to rise. The company maintains its annual sales guidance and expects strong performance in new energy exports in December [5][6]. - The export market for large and medium buses achieved a total of 36,000 units from January to October, representing a year-on-year increase of 39.8% [5][6]. Market Strategy and Competitive Position - The company is enhancing its direct sales and service model, which improves service quality and efficiency. It has maintained a market share of 32.7% in the large and medium bus segment from January to October 2024 [6][7]. - The company has a competitive edge in the electric bus sector and is accelerating its international expansion under the "Belt and Road" initiative, which is expected to contribute to new growth [6][7]. Financial Performance and Dividends - The company has a robust cash flow that supports high dividends, with a projected dividend of 0.5 yuan per share (including tax) for the first three quarters of 2024, totaling 1.11 billion yuan and a dividend payout ratio of 45.5% [7]. - The expected net profit attributable to the parent company for 2024-2026 is projected to be 3.51 billion, 4.21 billion, and 5.02 billion yuan, respectively, with corresponding price-to-earnings ratios of 14.3X, 11.9X, and 10.0X [7].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][6]. Core Views - In November 2024, Yutong Bus achieved a sales volume of 3,736 units, representing a year-on-year increase of 14% and a month-on-month increase of 16%. The company is expected to benefit from a strong year-end delivery season [2]. - The company has a solid order backlog, and the overseas demand for its products is increasing, with exports in October 2024 reaching 176 units, a year-on-year increase of 487% [2][3]. - The "old-for-new" subsidy policy is expected to boost domestic demand for new energy buses, with significant purchases recorded in the first ten months of 2024 [3]. Financial Summary - Revenue for 2024 is projected to be 33,257 million yuan, with a year-on-year growth rate of 23% [5]. - The net profit attributable to the parent company is expected to reach 3,317 million yuan in 2024, reflecting a year-on-year growth of 82.6% [5]. - The earnings per share (EPS) for 2024 is forecasted at 1.50 yuan, with a price-to-earnings (P/E) ratio of 15.7 times [5][11].

Summary of Conference Call Records Company and Industry - The conference call discusses **Yutong**, a company in the **bus manufacturing industry**, particularly focusing on its performance and market outlook for the upcoming year. Core Points and Arguments 1. **Sales Data and Market Outlook**: November sales data indicates a significant increase, with total sales reaching **3,700 units**, a **15%** month-over-month increase. Exports accounted for **1,250 units**, reflecting a **12% to 14%** increase. The company is expected to meet its annual sales target of **44,000 units**, with **13,000 units** from exports and **31,000 units** domestically [1][3][6]. 2. **Confidence in Achieving Targets**: The company expresses confidence in achieving its sales targets for the year, with a projected **3 billion** in earnings. The management believes that the current sales momentum will continue into the next year, particularly in the export segment [1][2][6]. 3. **Inventory Management**: The company has accumulated approximately **1,800 units** in inventory, with expectations to clear **500 to 1,000 units** by the end of December. This suggests a strong sales push in the final month of the year [5][6]. 4. **Export Performance**: The export strategy is highlighted, with a focus on increasing sales in Europe. The average selling price (ASP) for vehicles exported to Europe has risen significantly, indicating a positive trend in profitability [7][8][11]. 5. **Profitability Projections**: The company anticipates profits exceeding **4.5 billion** next year, with a valuation of **12 to 13 times** earnings based on projected profits. This suggests a favorable investment opportunity as the company continues to grow [9][10][14]. 6. **Market Trends and Historical Context**: The call references historical performance, noting that Yutong's stock price and earnings have historically moved in tandem during market upswings. The current market conditions are seen as favorable for continued growth [10][12]. 7. **Dividend Expectations**: The company is expected to maintain a strong dividend policy, with projections for dividends to remain at or above **3.3 billion** this year, reflecting a commitment to returning value to shareholders [13]. Other Important but Possibly Overlooked Content - **Regulatory Environment**: The end of the vehicle replacement subsidy policy is expected to drive demand in December, as manufacturers seek to capitalize on the remaining incentives [4][6]. - **Customization in Production**: The production process for buses is noted to be highly customized, which may impact production timelines and inventory levels [5]. - **Long-term Growth Potential**: The company is positioned for long-term growth, with a focus on increasing market penetration in international markets, particularly in the electric vehicle segment [11][12]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of Yutong's current performance and future outlook in the bus manufacturing industry.

证券代码:600066 证券简称：宇通客车 编号：临 2024-058 宇通客车股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 11 月发生担保事项（以下简称"本次担保"）的被 担保人为宇通客车股份有限公司（以下简称"公司"）全资子公 司香港宇通国际有限公司（以下简称"香港宇通"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"），控股子公司宇威顺通 （成都）汽车销售服务有限公司（以下简称"成都宇威顺通"） 等。 2024 年 11 月新增对子公司担保发生额为 50,411.12 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 2,262.50 万元； 为购车客户等销售业务链相关企业提供担保/回购责任发生额为 42,032.59 万元。（外币金额根据 2024 年 11 月 29 日即期汇率折 算为人民币，如无特别说明，本公告中金额币种均为人民币） 截至本公告披露日，公司无逾期担保。 一、担保情况概述 （一）担保事项审议程序 本次担保事项已 ...

Group 1: Company Performance Overview - In the first three quarters of 2024, the company achieved bus sales of 31,346 units, a year-on-year increase of 19.3% [4] - Revenue reached 24.07 billion CNY, reflecting a year-on-year growth of 27.0% [4] - Net profit attributable to shareholders was 2.43 billion CNY, up 131.5% year-on-year [4] Group 2: Market Demand and Growth Drivers - The bus industry saw sales of 111,951 units for buses over 5 meters, marking an 18.0% increase year-on-year [4] - Growth in overseas markets contributed significantly to sales, driven by improved competitiveness of Chinese bus products [5] - Domestic sales benefited from the recovery in the tourism sector, leading to increased demand for passenger transport [4] Group 3: Export and New Energy Vehicles - The company exported over 6,000 new energy buses to more than 40 countries, including Qatar, Mexico, and the UK [5] - The "Belt and Road" initiative has opened up project opportunities, enhancing export growth in the new energy bus sector [5] Group 4: Production Capacity and Financial Returns - The total design capacity across three plants is 65,000 units per year, meeting current production demands [5] - Since its listing in 1997, the company has distributed a total of 22.7 billion CNY in cash dividends, representing 77.5% of net profits [5] Group 5: Customer Service and Market Expansion - The company operates over 330 authorized service stations globally, ensuring comprehensive customer support [5] - Plans for local assembly in countries like Kazakhstan and Pakistan aim to transition from product output to technology and brand licensing [5] Group 6: Recent Sales Performance - In October 2024, the company sold 3,221 buses, a year-on-year increase of 43.22% [9] - Cumulative sales from January to October 2024 reached 34,567 units, up 21.19% year-on-year [9]

2024 年 11 月份产销数据快报 证券代码：600066 证券简称：宇通客车 编号：临2024-057 宇通客车股份有限公司 注：本表为销售快报数据，最终数据以公司定期报告数据为 准。 二零二四年十二月三日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 宇通客车股份有限公司2024年11月份产销数据快报如下： 单位：辆 产 品 2024 年 11 月份 去年同期 单月数量 同比变动 本年 累计 去年同期 累计 累计数量 同比变动 生产量 4,665 3,342 39.59% 40,150 32,924 21.95% 其中：大型 2,046 1,874 9.18% 21,890 17,635 24.13% 中型 1,566 1,131 38.46% 13,082 11,062 18.26% 轻型 1,053 337 212.46% 5,178 4,227 22.50% 销售量 3,736 3,285 13.73% 38,303 31,809 20.42% 其中：大型 1,492 1,905 -21.68% 20,630 ...

相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/12/4 | － | 2024/12/5 | 2024/12/5 | 证券代码：600066 证券简称：宇通客车 编号：临 2024-056 宇通客车股份有限公司 2024 年前三季度利润分配实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.5 元（含税） 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 11 月 18 日的 2024 年第二 次临时股东大会审议通过。 二、分配方案 1、发放年度：2024 年前三季度 2、分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登 记结算有限责任公司上海分公司（以下简称"中国结算上海分公 司"）登记在册的本公司全体股东。 3、分配方案： 本次利润分配以方案实施前的公司总股本 2,2 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于宇通客车股份有限公司 2024 年 第二次临时股东大会法律意见书 本所同意将本法律意见书作为公司本次股东大会必备的法定文件，随其他文 件一并报送和公告，非经本所书面同意，本法律意见书不得用于其他任何目的或 用途。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对本次 1 股东大会依法进行了见证，并对有关文件和事实进行了必要的核查和验证，现出 具法律意见如下： 一、关于本次股东大会的召集、召开程序 本次股东大会由公司董事会召集。2024 年 10 月 28 日，公司召开第十一届 董事会第八次会议，审议通过了关于召 ...