证券代码:600066 证券简称：宇通客车 编号：临 2024-036 宇通客车股份有限公司 关于 2024 年"提质增效重回报"行动方案的公告 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。 宇通客车股份有限公司（以下简称"公司"）为深入贯彻党 的二十大和中央经济工作会议精神，认真落实国务院《关于进一 步提高上市公司质量的意见》，积极响应上海证券交易所《关于 开展沪市公司"提质增效重回报"专项行动的倡议》，特制定公 司 2024 年"提质增效重回报"行动方案。本方案旨在通过实施 一系列具体措施，提升公司经营质量，增强公司核心竞争力，提 高股东回报，为股东创造更大价值。 一、注重经营策略，持续提升盈利质量 公司坚持以业绩为基础，做大做强企业；始终重视技术发展， 一直维持充足的研发投入，专注于客车领域关键技术的自主研发。 历经十余年技术攻关，在节能与新能源客车高效动力系统、动力 电池集成与管理、整车控制与节能等方面取得重大突破。凭借领 先的技术优势和杰出的市场表现，公司连续多年荣获世界客车联 盟（BAAV）系列大奖、世界客车博览 ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066.SH) [3] Core Views - July sales were affected by delivery schedules, but domestic demand for buses is expected to rebound due to increased government subsidies [1][2] - The company achieved a bus sales volume of 3,355 units in July 2024, a year-on-year decrease of 9% and a month-on-month decrease of 29% [1] - The new subsidy policy for replacing old buses is expected to significantly boost domestic demand in the second half of 2024, with an estimated elasticity of over 60% [2] Summary by Sections Sales and Production - In July 2024, Yutong Bus produced 2,600 buses, down 31% year-on-year and 39% month-on-month [1] - The sales figures for large, medium, and light buses were 1,993, 870, and 492 units respectively, with a year-on-year change of -4%, -27%, and +22% [1] Policy Impact - The Ministry of Transport and the Ministry of Finance issued new subsidy guidelines for replacing old buses, providing an average subsidy of 60,000 yuan per bus, with 80,000 yuan for new energy buses and 42,000 yuan for battery replacements [1] - The deadline for subsidy applications is January 20, 2025, which is expected to accelerate the replacement of buses in the domestic market [1] Market Outlook - The report estimates that approximately 11.5 million old new energy buses are in operation, with a potential demand for 14,000 replacements if 30% are replaced within six months [2] - Yutong holds about 15% of the domestic bus market share and is expected to benefit from the recovery in domestic bus demand [2] Financial Projections - The forecasted net profits for Yutong Bus from 2024 to 2026 are 3.2 billion, 3.9 billion, and 4.7 billion yuan respectively, with corresponding P/E ratios of 15, 12, and 10 times [2][5]

丨证券研究报告丨 公司研究丨点评报告丨宇通客车（600066.SH） [Table_Title] 宇通客车 7 月销量点评：7 月淡季订单波动，全 年出口目标上调，销量增长趋势强劲 报告要点 [Table_Summary] 公司发布 2024 年 7 月客车销量。宇通 7 月销售客车 3355 辆，同比-8.7%，环比-29.3%，其中 大中客车销量 2863 辆，同比-12.5%，环比-31.2%；1-7 月共销售客车 23910 辆，同比+27.1%， 大中客销量 21198 辆，同比+30.6%。国内市场，后补贴时代加速洗牌，新能源份额提升空间 大；海外市场，全球化战略推进，出口凸显盈利水平；智能化+燃料电池带来新增量；公司资本 开支放缓，电池成本下降叠加规模效应，支撑公司业绩持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 宇通客车（600066.SH） [Table_Title 宇通客车 ...

Investment Rating - The investment rating for Yutong Bus (600066) is maintained at "Buy" [1] Core Views - The report indicates that July sales experienced seasonal fluctuations, but the overall sales outlook for the year remains positive [1][5] - Yutong Bus's July production was 2,600 units, down 31.18% year-on-year, while sales were 3,355 units, down 8.71% year-on-year [3] - The company is expected to benefit from the "old-for-new" policy, which is likely to boost the bus market [5] Financial Performance and Forecast - Yutong Bus is projected to achieve revenues of 31.91 billion, 35.59 billion, and 38.99 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18%, 12%, and 10% [4][8] - The net profit attributable to shareholders is expected to be 3.44 billion, 3.97 billion, and 4.57 billion yuan for the same years, with growth rates of 89%, 15%, and 15% [4][8] - Earnings per share (EPS) are forecasted to be 1.55, 1.79, and 2.07 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 13, 11, and 10 times [4][8] Market Position and Trends - Yutong Bus holds over 20% market share in the domestic bus market as of the first half of 2024 [5] - The report highlights that the demand for overseas buses, particularly in the new energy sector, is expected to grow [4]

证券代码： 600066 证券简称：字通客车 字通客车股份有限公司 投资者关系活动记录表 ( 2024 年 7 月 ) | --- | --- | --- | |--------------|----------------|-----------------------------------------------------------------------| | | 口特定对象调研 | 口分析师会议 | | 投资者关系活 | 口矮体矛访 | 口业绩说明会 | | 动类别 | 口新闻发布会 | 口路濱濱站 | | | ✓现场调研 | ✓电话会议 | | | 口其他 | | | 会议时间 | 2024 年 7 月 | | | 会议地点 | | 河南省郑州市管城回族区宇通路 6 号 | | 参与单位 | | 华夏基金、富国基金、景林资产、兴全基金、浦银安盛基金等 | | 公司接待人员 | | 公司证券事务代表、投资者关系经理等 | | | | 主要问答内容如下： | | | | 问 1: 请问公司近期销售情况? | | | | 客： 您好，2024 年 6 月，公司销售客车 4, 743 辆，同比增长 0 ...

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 7 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 YUTONG FRANCE S.A.S.（以下简称"法国宇通"）、YUTONG HONGKONG LIMITED（以下简称"香港宇通"）、成都宇通客车科技 发展有限公司（以下简称"成都宇通"）等。 2024 年 7 月新增对子公司担保发生额为 15,274.76 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 3,053.98 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 32,788.96 万元。（外币金额根据 2024 年 7 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：被担保人法国宇通、香港宇通等资产负债 率超过 70%，请投资者注意投资风险。 证券代码:600066 证券简称：宇通客车 编号：临 2024-035 宇通客车股份 ...

证券研究报告·公司点评报告·商用车 宇通客车（600066） 受交付节奏影响 7 月销量增速回落，以旧换 新政策加码看好 24H2 销量向上 2024 年 08 月 04 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 21799 | 27042 | 34733 | 41447 | 49941 | | 同比（%） | (6.17) | 24.05 | 28.44 | 19.33 | 20.49 | | 归母净利润（百万元） | 759.14 | 1,817.08 | 3,314.52 | 4,106.93 | 4,956.33 | | 同比（%） | 23.68 | 139.36 | 82.41 | 23.91 | 20.68 | | EPS- ...

证券研究报告 非金融公司 | 公司总评 | 宇通客车（600000） 浅拳致７月销量承压，８月有望环比向 上 诗条必闻读核含本页的支委声明 2024年08月04日 报告 | 报告委总 2024 予 8 月 2 日，公司复布 7 月产领技报，7 月公司失现李丰领奖 3355 纳，同比-8. 7%，环 比-29.3%: 1-7 月李丰玉计简圣 2.4 万辆，网比+27.1%。新能涨公文车以旧换新补贴改革落 地，有望是亲栽动的旁，金か泽外旁亲甚至，希好公司显利向上，分如比例弄视升。 | 分析师及联系人 态会 陈希竹 SAC: $0590523110004 SAC: $0590523100009 请券必闻读核查未真的支卖声明 1 / 5 非全級公司总经 20244,08,1104,81 字通客车 (600066) 淡季致７月销量承压，８月有望环比向上 达汽车/ 奇 风 车ओ 买入（贷村）经济评选： स था ी21. 68 元 是 本 數 地 总裁本/演唱戰本 (百方記) 2, 213, 94/2, 213, 94 选词 A 显 李佳 (百方无) 47, 998. 20 年氣冲突占 以 6. 57 天戶 外環中 (1 ...

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。 证券代码：600066 证券简称：宇通客车 编号：临2024-034 宇通客车股份有限公司 2024 年 7 月份产销数据快报 宇通客车股份有限公司2024年7月份产销数据快报如下： 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 二零二四年八月二日 1 单位：辆 产 品 2024 年 7 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 2,600 3,778 -31.18% 23,860 19,542 22.10% 其中：大型 1,322 2,029 -34.84% 13,990 10,291 35.94% 中型 853 1,286 -33.67% 7,200 6,595 9.17% 轻型 425 463 -8.21% 2,670 2,656 0.53% 销售量 3,355 3,675 -8.71% 23,910 18,809 27.12% 其中：大型 1,993 2,084 -4. ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 1.55 billion to 1.79 billion yuan in the first half of 2024, representing a year-on-year increase of 230% to 280%. The net profit excluding non-recurring items is projected to be between 1.32 billion to 1.52 billion yuan, with a year-on-year increase of 300% to 360% [4] - The company sold 4,743 buses in June, a slight increase of 0.36% year-on-year, with a cumulative increase of 36% in sales for the first half of the year. Large bus sales in June were 2,728 units, up approximately 10% year-on-year, while medium bus sales were 1,433 units, down about 18% year-on-year [4] - The company leads the industry in bus exports, with 6,500 units exported in the first half of 2024, a year-on-year increase of 58.27%, capturing a significant market share [4] - The company has made significant strides in autonomous driving and vehicle-road collaboration, with its autonomous bus products operating safely for over five years and covering more than 13 million kilometers [4] Financial Summary - The company’s revenue is projected to be 33.14 billion yuan in 2024, with net profits of 3.01 billion yuan, and earnings per share (EPS) of 1.36 yuan. The expected revenue for 2025 and 2026 is 39.04 billion yuan and 46.09 billion yuan, with net profits of 3.66 billion yuan and 4.41 billion yuan, respectively [5][6] - The company’s gross margin is expected to improve slightly from 25.6% in 2023 to 26.1% in 2026, indicating a stable profitability outlook [8] - The company’s return on equity is projected to increase from 13.1% in 2023 to 19.3% in 2026, reflecting improved operational efficiency [8] Valuation - The company is expected to trade at a price-to-earnings (P/E) ratio of 16, 13, and 11 times for the years 2024, 2025, and 2026, respectively. The reasonable value range for the stock is estimated to be between 28.57 and 31.29 yuan based on a P/E ratio of 21-23 times [5][6]