二、请出席现场会议的股东或股东授权代表携带相关身份证 明（股票账户卡、身份证或公司营业执照等）及相关授权文件于 2024 年 11 月 18 日 8:00-8:20 在本公司行政南楼六楼大会议室 办理签到手续。 三、为保证本次会议的正常秩序，除已办理参会登记或出席 会议的股东或股东授权代表、公司董事、监事、高级管理人员及 相关工作人员外，公司有权拒绝其他无关人员进入会场。 四、股东需要发言或就有关问题进行提问的，应在会议登记 期间将相关问题向公司董事会办公室进行登记。为提高会议召开 质量和效率，每名股东发言时间原则上不超过 5 分钟。 目录 | 2024 | 年第二次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年第二次临时股东大会议程 | 2 | | 审议事项： | | | | 2024 | 年前三季度利润分配预案 | 3 | 宇通客车股份有限公司 2024年第二次临时股东大会会议须知 为维护投资者合法权益，确保公司 2024 年第二次临时股东 大会的正常秩序和顺利召开，根据《公司法》《上市公司股东大 会规则》以及《公司章程》的有关规定，特制定本会议须知，请 出 ...

分析师：余典 登记编码：S0730524030001 yudian@ccnew.com 021-50586328 商用车 2024Q3 业绩同比高增，分红加强股东 回报 ——宇通客车(600066)公司点评报告 | --- | --- | --- | --- | |---------------------------------------------------|-----------------------------------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][8] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 7.739 billion yuan, a year-on-year decrease of 1.25%, and a net profit attributable to shareholders of 758 million yuan, a year-on-year increase of 30.67% [3][4] - The decline in gross margin in Q3 2024 was primarily due to changes in accounting standards, but the actual profitability remained stable [4] - The company is expected to see a rebound in sales and performance in Q4 2024, driven by seasonal recovery and order rhythm [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 12.32%, down 10.83 percentage points year-on-year and 13.78 percentage points quarter-on-quarter [4] - The net profit margin was 9.98%, an increase of 2.53 percentage points year-on-year [4] - Total sales volume in Q3 2024 was 10,800 units, a year-on-year decrease of 3.14% and a quarter-on-quarter decrease of 15.70% [4] Market Data - Current stock price is 25.66 yuan, with a 52-week price range of 12.36 to 30.05 yuan [4] - The total market capitalization is approximately 56.81 billion yuan [4] Dividend Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan [4] Earnings Forecast - Projected revenues for 2024-2026 are 33.019 billion, 35.040 billion, and 38.420 billion yuan, respectively, with expected growth rates of 22%, 6%, and 10% [6][8] - Expected net profits for the same period are 3.250 billion, 3.829 billion, and 4.454 billion yuan, with growth rates of 79%, 18%, and 16% [6][8]

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance and dividend distribution exceeded expectations, with a net profit of 760 million yuan, up 30.7% YoY, and a proposed cash dividend of 0.5 yuan per share [2] - The company's export sales declined in Q3 2024, but the average selling price (ASP) per vehicle increased by 2.0% YoY to 720,000 yuan, driven by optimized export regional structure, particularly the increased share of higher ASP European markets and new energy vehicles [3] - The adjusted gross margin in Q3 2024 was 24.0%, up 0.8 percentage points YoY, reflecting optimized sales structure, while the adjusted operating expense ratio decreased to 14.3%, showing good economies of scale [4] - The company's net profit margin in Q3 2024 was 9.8%, up 2.4 percentage points YoY, outperforming the gross margin [4] Financial Forecasts and Valuation - Revenue is expected to grow from 34.7 billion yuan in 2024 to 49.9 billion yuan in 2026, with a CAGR of 20.49% [1] - Net profit attributable to shareholders is projected to increase from 3.3 billion yuan in 2024 to 5.0 billion yuan in 2026, with a CAGR of 20.68% [1] - EPS is forecasted to rise from 1.50 yuan in 2024 to 2.24 yuan in 2026, with a P/E ratio decreasing from 17.14x to 11.46x [1] Financial Performance - In Q3 2024, the company achieved revenue of 7.7 billion yuan, down 1.3% YoY, and net profit of 760 million yuan, up 30.7% YoY [2] - The company's adjusted gross margin in Q3 2024 was 24.0%, with an operating expense ratio of 14.3% [4] - The net profit margin in Q3 2024 was 9.8%, up 2.4 percentage points YoY [4] Export and ASP Analysis - The ASP per vehicle in Q3 2024 was 720,000 yuan, up 2.0% YoY, driven by increased share of higher ASP European markets and new energy vehicles [3] - The ASP for large and medium-sized buses exported from Henan in the first three quarters of 2024 was 940,000 yuan, up from 890,000 yuan in 2023, while the ASP for new energy vehicle exports was 2.34 million yuan, up from 2.04 million yuan in 2023 [3] Financial Ratios and Metrics - The company's P/E ratio is expected to decrease from 17.14x in 2024 to 11.46x in 2026 [1] - The ROE is projected to increase from 23.82% in 2024 to 30.34% in 2026 [11] - The company's debt-to-asset ratio is expected to fluctuate between 57.70% and 66.14% from 2024 to 2026 [10] Cash Flow and Capital Expenditure - Operating cash flow is forecasted to increase from 6.1 billion yuan in 2024 to 13.9 billion yuan in 2026 [11] - Capital expenditure is expected to remain stable, ranging from 544 million yuan to 574 million yuan from 2024 to 2026 [11]

个人观点的一个解读首先来看的话宇通昨天发布了宇通的三级报的业绩其实我们觉得整个业绩还是很超预期的其实之前跟市场沟通的时候大家把宇通三级报的业绩中输入的预期可能放到了6.5到7个亿因为明显来看的话比如说我们看出口销量出口信任的销量三级报是同比下降的 所以大家对于宇通三级报的业绩的同比的增速其实是还是有些担心的但是我们一直强调的一个点就是对于宇通来说今年的销量结构的改变就是销量出口销量的地区结构的改变其实更关键这种改变往往能够带来很大的利润弹性单纯看销量层面的数据很可能不能反映宇通客观的盈利情况最后的事实也如我们所料宇通的毛利率 包括经济率都是一个显著提升的一个状态总的来说应该是超预期的第二个的话宇通在昨天也是公布了他是临时做了一个中期分红那么是总共分了11个亿对于这个分红我觉得大家可以客观理性解读宇通因为每年都有大分红的习惯去年是每股分了1块5 前年是每股分了一块钱昨天的宇通的中期分后每股分了五毛钱其实是有几个点能够说明第一点宇通确实有钱是能分的他本身账上现金比较充裕然后现金流也不错第二点宇通他是 呃具备着很强的分红意愿的啊我觉得我的立案来看呢这个分红其实呃也是有一定的这个也是响应见外的要求吧啊对于股市的这个呵 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q3 2024 performance met expectations, with revenue of 24.075 billion yuan, a year-on-year increase of 27.04%, and a net profit of 2.432 billion yuan, up 131.49% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, reflecting a strong commitment to shareholder returns [1] - The company has a robust order backlog for overseas sales, with exports in September 2024 reaching 1,088 units, a month-on-month increase of 25%, indicating a positive outlook for Q4 2024 [2] - The company has maintained a high dividend payout ratio of 45.5%, with cumulative dividends since listing reaching 38.5% of financing [2] - Profit forecasts for 2024-2026 are 3.317 billion yuan, 4.023 billion yuan, and 4.847 billion yuan respectively, with corresponding PE ratios of 17, 14, and 11 times [2] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 33.257 billion yuan, with a year-on-year growth rate of 23% [4] - The net profit for 2024 is projected to be 3.317 billion yuan, reflecting a year-on-year growth rate of 82.6% [4] - The latest diluted EPS is expected to be 1.50 yuan per share for 2024, with a net asset return rate of 20.7% [4] - The company’s PE ratio is projected to decrease from 30.1 in 2023 to 16.5 in 2024, indicating improving valuation [4]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][15] Core Views - The company has demonstrated robust profitability, with a significant increase in net profit by 132% year-on-year for the first three quarters of 2024, driven by both domestic and international sales [2][3] - The company is expected to benefit from the recovery of domestic demand and the expansion of export markets, particularly in the context of new energy vehicles [12][15] - The company has announced a mid-term dividend plan, proposing a cash dividend of 0.5 yuan per share, totaling 1.11 billion yuan, reflecting a dividend payout ratio of 45.5% [2][8] Financial Performance Summary - Revenue for the first three quarters of 2024 reached 24.08 billion yuan, up 27.0% year-on-year, while net profit was 2.44 billion yuan, up 131.5% year-on-year [2][3] - The company’s earnings per share (EPS) for 2024 is projected to be 1.51 yuan, with net profits expected to grow to 3.34 billion yuan in 2024, 4.05 billion yuan in 2025, and 4.76 billion yuan in 2026 [1][15] - The gross margin for Q3 2024 was reported at 23.9%, reflecting a year-on-year increase of 0.8 percentage points [2][8] Market Outlook - The domestic bus market is anticipated to recover in 2024, supported by policies encouraging the replacement of old vehicles [12][15] - The export market is expected to see growth, with the company leveraging its "technology + service export" model to capture opportunities in the new energy vehicle sector [12][15] - The company aims to achieve a revenue target of 32.9 billion yuan in 2024, representing a year-on-year increase of 21.8% [15]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's Q3 revenue reached 7.74 billion yuan, a year-on-year decrease of 1% and a quarter-on-quarter decrease of 20%. However, the net profit attributable to the parent company was 760 million yuan, showing a year-on-year increase of 31% and a quarter-on-quarter decrease of 25%. The company maintains stable profitability [2][6] - The company announced a mid-term dividend plan, proposing a cash dividend of 0.5 yuan per share, totaling 1.107 billion yuan, which corresponds to a dividend payout ratio of 45.5%. This marks the first mid-term dividend in nearly 20 years, reflecting the company's commitment to enhancing shareholder returns [6][7] Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 24.07 billion yuan, a year-on-year increase of 27%, and a net profit of 2.43 billion yuan, a year-on-year increase of 131.5%. Q3 sales volume of large and medium buses was 9,344 units, a year-on-year decrease of 4.8% and a quarter-on-quarter decrease of 17.8% [6][7] - The Q3 single vehicle revenue was 717,000 yuan, a year-on-year increase of 14,000 yuan, while the single vehicle net profit was 70,000 yuan, a year-on-year increase of 18,000 yuan [6][7] Market Outlook - The bidding data for buses has been increasing, with over 8,800 units bid in August and September combined. The company expects a significant increase in domestic demand in Q4, supported by policy incentives and the peak season for exports [7] - The company forecasts revenues of 34.36 billion yuan, 40.93 billion yuan, and 44.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 24.74 yuan on October 28, 2024, corresponding to a PE ratio of 17/14/12 for the years 2024-2026 [5][3]. Core Insights - The company reported a revenue of 24.075 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.04%. The net profit attributable to shareholders was 2.432 billion yuan, up 131.49% year-on-year, with a non-recurring net profit of 2.071 billion yuan, increasing by 164.12% year-on-year [3]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan, which accounts for 45.52% of the net profit for the third quarter of 2024 [3]. - The company is a leader in bus exports, with a total of 9,090 buses exported in the first three quarters of 2024, capturing a market share of 21.54% [3]. - The introduction of new policies for subsidies on the replacement of old buses is expected to boost sales in the fourth quarter [3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 7.739 billion yuan, a decrease of 1.25% year-on-year and a 20.38% decline quarter-on-quarter. The net profit for Q3 was 758 million yuan, up 30.67% year-on-year but down 25.44% quarter-on-quarter [3]. - The net profit margin for Q3 2024 reached 9.98%, an increase of 2.53 percentage points year-on-year, while the gross profit margin was 12.32%, down 10.83 percentage points year-on-year due to warranty costs being included in operating expenses [3]. - The company forecasts revenues of 33.913 billion yuan, 39.642 billion yuan, and 46.181 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.299 billion yuan, 3.949 billion yuan, and 4.602 billion yuan for the same years [4][7].

Financial Performance - Operating revenue for Q3 2024 was CNY 7,739,059,215.83, a decrease of 1.25% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 reached CNY 758,088,973.72, an increase of 30.67% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 639,085,193.95, up 41.08% from the previous year[2]. - Basic earnings per share for Q3 2024 were CNY 0.34, reflecting a 30.67% increase year-on-year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥24,074,847,816.60, a 27.5% increase from ¥18,950,415,903.37 in the same period of 2023[13]. - Net profit for the first three quarters of 2024 was ¥2,458,685,247.87, up 131.7% from ¥1,062,802,397.31 in 2023[13]. - The company's operating profit increased to ¥2,639,357,761.52, compared to ¥1,208,132,313.55 in the previous year, representing a growth of 118.5%[13]. - The company reported a diluted earnings per share of ¥1.10 for 2024, compared to ¥0.47 in 2023[14]. - Total comprehensive income for the first three quarters of 2024 was ¥2,407,399,340.75, significantly higher than ¥1,065,115,572.00 in 2023[14]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -829,193,267.23, a decline of 136.69% compared to the same period last year[2]. - Cash flow from operating activities was ¥4,535,301,627.15, down from ¥5,177,048,474.89 in the same period last year[15]. - Cash and cash equivalents as of September 30, 2024, were RMB 4,905,491,257.62, down from RMB 6,433,808,650.59, indicating a decrease of about 23.7%[10]. - Cash and cash equivalents at the end of the period were ¥4,643,655,060.31, down from ¥6,664,030,781.92 at the end of 2023[15]. - The company experienced a net cash outflow from investing activities of ¥2,859,126,461.07, an improvement from a net outflow of ¥3,284,757,323.20 in the previous year[15]. Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 30,420,038,372.17, a decrease of 1.42% from the end of the previous year[3]. - The company's total liabilities increased to RMB 17,264,170,744.90 from RMB 16,800,336,311.87, representing an increase of about 2.8%[11]. - The total equity attributable to shareholders decreased from RMB 13,918,970,733.22 to RMB 12,982,805,727.99, a decline of approximately 6.7%[11]. - The company's inventory decreased from RMB 4,513,287,997.28 to RMB 4,054,326,757.60, a reduction of approximately 10.2%[10]. - The accounts receivable decreased from RMB 3,968,792,894.26 to RMB 3,434,511,125.76, reflecting a decline of about 13.4%[10]. - The company's long-term equity investments increased from RMB 649,545,124.13 to RMB 674,537,550.24, an increase of approximately 3.8%[10]. - The total current liabilities as of September 30, 2024, were RMB 13,713,338,597.91, slightly up from RMB 13,684,210,448.16, indicating a marginal increase of about 0.2%[11]. - The company's total non-current assets decreased from RMB 11,242,664,117.16 to RMB 10,802,501,824.48, reflecting a decline of about 3.9%[10]. Other Financial Metrics - The weighted average return on equity increased by 1.58 percentage points to 6.02% for Q3 2024[2]. - The company reported a significant increase in sales volume in the first three quarters, contributing to the rise in net profit[5]. - The company received government subsidies amounting to CNY 63,433,551.49 during the reporting period[4]. - Research and development expenses for the first three quarters of 2024 were ¥1,114,623,796.68, slightly up from ¥1,084,908,836.57 in 2023[13]. - The total operating costs for the first three quarters of 2024 were ¥21,763,007,665.35, an increase from ¥17,887,469,548.91 in 2023, reflecting a growth of 21.5%[13]. - The company's other comprehensive income decreased significantly from RMB 81,783,135.23 to RMB 14,581,252.41, a decline of approximately 82.2%[11].