证券代码：600066 证券简称：宇通客车 宇通客车股份有限公司 投资者关系活动记录表 （2024 年 8 月） | --- | --- | --- | |----------------|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □现场调研 √电话会议 | | | | □其他 | | | ...

证券代码：600066 证券简称：宇通客车 编号：临2024-041 宇通客车股份有限公司 2024 年 8 月份产销数据快报 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。 特此公告。 宇通客车股份有限公司董事会 二零二四年九月四日 1 单位：辆 产 品 2024 年 8 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 4,189 4,056 3.28% 28,049 23,598 18.86% 其中：大型 2,351 2,103 11.79% 16,341 12,394 31.85% 中型 1,318 1,425 -7.51% 8,518 8,020 6.21% 轻型 520 528 -1.52% 3,190 3,184 0.19% 销售量 3,648 3,899 -6.44% 27,558 22,708 21.36% 其中：大型 1,928 1,934 -0.31% 15,946 11,711 36.16% 中型 1,201 1,506 -20.25% 8,381 7,955 5.36% 轻型 519 459 13.07% 3,231 3,042 ...

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 8 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 司合肥顺捷汽车科技有限公司（以下简称"合肥顺捷"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）、江苏绿欣交通实业有 限公司（以下简称"江苏绿欣"）、YUTONG de Mexico S.A.deC.V. （以下简称"墨西哥宇通"）、YUTONG HONGKONG LIMITED（以下 简称"香港宇通"）等。 2024 年 8 月新增对子公司担保发生额为 95,070.99 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 1,429.90 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 21,383.50 万元。（外币金额根据 2024 年 8 月 31 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。 特别风险提示：被担保人 ...

分析师：余典 登记编码：S0730524030001 yudian@ccnew.com 021-50586328 商用车 "出口+新能源"双驱动，经营效率显著 提升 ——宇通客车(600066)公司点评报告 发布日期：2024 年 09 月 03 日 证券研究报告-公司点评报告 买入(首次) B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 ⚫ 事件：公司发布 2024 年中报业绩，2024H1 公司实现营业收入 16 3.36 亿元，同比+46.99%；实现归母净利润 16.74 亿元，同比+25 5.84%；实现扣非归母净利润 14.32 亿元，同比+332.40%。其中 2024Q2 单季度公司实现营收 97.20 亿元，同环比分别+28.95%/+ 46.92%，实现归母净利润 10.17 亿元，同环比分别+190.63%/+5 4.79%；实现扣非归母净利润 8.61 亿元，同环比分别+203.86%/+ 50.79%。 ⚫ 行业大中客需求同比大幅增长，细分市场公司市占率持续提升。 根据中国客车统计信息网数据，受益于旅游业持续向好，2024H1 行业大中型客车总销量 4.9 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, achieving operating income of 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit attributable to shareholders of 1.67 billion yuan, up 255.8% [2][5]. - The company's performance in Q2 2024 exceeded expectations, driven by high growth in both domestic and export sales, with a notable increase in the quality of orders [5][6]. - The company is positioned as a leading global bus manufacturer with a strong competitive advantage, benefiting from a wide economic moat and a robust long-term growth outlook, alongside a consistent high dividend payout capability [6][7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 9.72 billion yuan, a year-on-year increase of 29.0%. Total sales reached 12,824 units, up 19.9% year-on-year and 65.9% quarter-on-quarter, with export sales of 3,902 units, a year-on-year increase of 41.7% [5][6]. - The average selling price (ASP) per unit in Q2 2024 was 758,000 yuan, reflecting a year-on-year increase of 7.5% [5][6]. - The gross profit margin for Q2 2024 was 26.1%, an increase of 2.6 percentage points year-on-year, while the net profit margin reached 10.5%, up 5.8 percentage points year-on-year [5][6]. Market Strategy - The company is focusing on both domestic and international markets, with a strategy that emphasizes globalization and high-end product offerings. The domestic market is supported by a growing demand for passenger buses, while the international market is expanding through increased exports, particularly in the electric bus segment [6][7]. - The company is expected to benefit from the implementation of policies encouraging the replacement of old buses, which is anticipated to stimulate market recovery [6]. Dividend and Future Projections - The company has a strong cash flow position, allowing for high dividend payouts, with a proposed dividend of 1.5 yuan per share for 2023, representing a payout of 3.32 billion yuan and a dividend rate of 182.8% [6]. - Future projections estimate net profits for 2024, 2025, and 2026 to be 3.32 billion, 3.90 billion, and 4.65 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.8X, 11.7X, and 9.8X [6].

dongxiaobin@xyzq.com.cn 投资要点 ＃市场ma数rk据etData＃ 市场数据日期 2024-08-26 收盘价（元） 21.13 总股本（百万股） 2213.94 流通股本（百万股） 2213.94 净资产（百万元） 12197.78 总资产（百万元） 30567.03 每股净资产(元) 5.51 来源：WIND，兴业证券经济与金融研究院整理 ＃sum2m0a2r4yH＃1 出口高景气+国内旅游业繁荣发展，单车归母净利润同比翻倍增长。2024H1 公司营收 163.4 亿元，同比+47.0%，增量主要来自于：①公司在海外市场竞争力持续 提升，销量同比大幅增长；②在国内市场受益于旅游业恢复向好。公司 2024H1 中大 客总销量为 1.83 万辆，同比+41.5%，高于行业同比增速（为+35.6%）；2024H1 公司 国内/海外市场中大客销量分别为 1.18/0.65 万辆，同比分别+33.7%/+58.5%，出口销量 同比大幅增长，带动公司2024H1整体ASP提升至79.5万元（同比+8.2%）。公司2024H1 归母净利润 16.7 亿元，同比+255.8%；扣非归母净利润 14 ...

证券研究报告 -163 68 1,076 272 366 北京市西城区宣武门西大街甲127 号金隅大厦 B座 邮编：100031 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

宇通客车（600066.SH） 2024Q2 业绩符合预期，出口、内销需求持续释放 事件：公司 2024H1 实现营业收入 163 亿元，同比+47%，归母净利润 17 亿元，同比+256%，扣非归母净利润 14 亿元，同比+332%。 出口向上带动单车净利同比高增，业绩表现强势。公司 2024Q2 单季度收 入 97.2 亿元，同比+29%，环比+47%，归母净利润 10.2 亿元，同比 +191%，环比+55%，扣非净利润 8.6 亿元，同比+204%，环比+51%。 2024Q2 公司整体销量 1.28 万台，同比+20%/环比+66%，对应单车净利 7.9 万元，同比+142%/环比-7%，同比增速大幅超过销量端表现。公司业 绩高增主要得益于 1）出口需求保持旺盛趋势，新能源出口占比提升带动 结构优化；2）国内旅游客车持续修复，国内销量增长，规模效益提升。 2024Q2 毛利率同环比改善，规模效应逐步体现。受益于出口及国内需求 旺盛，公司 2024Q2 毛利率 26.10%，同比+2.61pct，环比+1.26pct；费 用端 2024Q2 销售/管理/研发/财务费用率分别 8.30%/2.28%/4 ...

Investment Rating - The investment rating for Yutong Bus (600066) is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2024, with a net profit attributable to shareholders of 1.02 billion yuan, representing a year-on-year increase of 190.6% and a quarter-on-quarter increase of 54.7%. The company's profitability is expected to further improve due to the implementation of the vehicle replacement policy and continued growth in exports [2][6] - The domestic tourism market is recovering, and there is strong demand for buses overseas. In H1 2024, the wholesale volume of large and medium buses reached 49,800 units, a year-on-year increase of 35.6%, with significant growth in seat buses [6] - The company is expected to benefit from the new round of subsidies for replacing old buses with new energy buses, which could stimulate demand for 20,000 to 30,000 buses [6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit of 1.67 billion yuan, a year-on-year increase of 255.8%. Q2 revenue was 9.72 billion yuan, up 29.0% year-on-year and 46.9% quarter-on-quarter [6] - The company’s gross margin in Q2 reached 26.1%, up 2.6 percentage points year-on-year, and the net margin was 10.5%, up 5.9 percentage points year-on-year [6] Sales and Market Share - In H1 2024, the company sold 18,300 large and medium buses, a year-on-year increase of 41.5%, with a market share increase of 1.5 percentage points. Q2 sales were 11,400 units, up 19.8% year-on-year and 63.2% quarter-on-quarter [6] - The export volume in H1 2024 was 21,800 units, a year-on-year increase of 48.5%, accounting for 43.8% of total sales, an increase of 3.8 percentage points year-on-year [6] Future Projections - The company is projected to achieve 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% [6] - The net profit attributable to shareholders is expected to be 3.47 billion yuan, 4.28 billion yuan, and 4.86 billion yuan for the same years, with growth rates of 90.8%, 23.5%, and 13.5% [6]

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - Yutong Bus achieved strong performance in 2024Q2, driven by both volume growth and product mix improvement [1] - The company's profitability improved significantly, with gross margin reaching 26.10% (+2.61pct YoY) and net margin at 10.53% (+5.85pct YoY) in 2024Q2 [4] - Export business contributed substantially to performance, with export volume reaching 0.39k units (+42% YoY) and accounting for 30.4% of total sales in 2024Q2 [4] - New energy vehicle exports grew 79% YoY in H1 2024, outperforming industry average, with significant orders from Europe and South America [4] Financial Performance - 2024H1 revenue reached RMB 16.34 billion (+46.99% YoY), with net profit of RMB 1.67 billion (+255.84% YoY) [3] - 2024Q2 revenue was RMB 9.72 billion (+28.95% YoY, +46.91% QoQ), with net profit of RMB 1.02 billion (+190.63% YoY, +54.74% QoQ) [3] - Export revenue per vehicle reached RMB 758k (+7.5% YoY), with gross profit per vehicle at RMB 197.8k (+19.5% YoY) [4] Market Outlook - Domestic market benefited from tourism recovery and new energy bus replacement policy, with potential replacement demand of 36k-55k units [2] - Export market expected to maintain strong growth, especially in new energy vehicle segment [4] - Revenue forecast for 2024-2026: RMB 31.91 billion (+18%), RMB 35.59 billion (+12%), RMB 38.99 billion (+10%) [5] - Net profit forecast for 2024-2026: RMB 3.44 billion (+89%), RMB 3.97 billion (+15%), RMB 4.57 billion (+15%) [5] Valuation Metrics - 2024E P/E: 13.74x, 2025E P/E: 11.90x, 2026E P/E: 10.32x [6] - 2024E P/B: 3.32x, 2025E P/B: 3.13x, 2026E P/B: 2.86x [6] - 2024E ROE: 24%, 2025E ROE: 26%, 2026E ROE: 28% [6]