格隆汇2月13日丨宇通客车(600066.SH)在互动平台表示，在智能驾驶方面，公司在海外市场完成了满足 欧洲GSR法规产品的发布及配置上车，在国内市场完成了L2级辅助驾驶功能开发，并针对客车运营特 点和城市道路复杂工况，实现规模化推广，不断提升客车城市运行环境下的安全性。 ...

格隆汇2月13日丨宇通客车(600066.SH)在互动平台表示，在智能驾驶方面，公司在海外市场完成了满足 欧洲GSR法规产品的发布及配置上车，在国内市场完成了L2级辅助驾驶功能开发，并针对客车运营特 点和城市道路复杂工况，实现规模化推广，不断提升客车城市运行环境下的安全性。 ...

格隆汇2月13日丨宇通客车(600066.SH)在互动平台表示，公司持续开展V2X相关技术研究与应用验证。 ...

Group 1 - The company is continuously engaged in the research and application of intelligent connected vehicle technologies [1] - The focus is on enhancing the efficiency of vehicle operation management [1]

Group 1 - The Winter Sports Event is being held in Milan and Cortina d'Ampezzo, showcasing top athletes and emphasizing the importance of high-quality, zero-emission transportation services provided by Yutong New Energy Buses [1][4] - The event features an innovative dual-city hosting model with four competition zones and eight venues, promoting green and sustainable practices by utilizing existing facilities and natural environments [3][4] - Yutong has deployed 20 U12 buses and 8 E12 buses, designed for cold weather and urban traffic, to ensure efficient transportation during the event, with plans to add 40 E7S buses for enhanced mobility [7][4] Group 2 - Yutong's buses are equipped with advanced core technologies and customized upgrades to meet the challenges of low temperatures and complex terrains, ensuring reliable and comfortable transportation for visitors [4][7] - All vehicles will operate with zero emissions and low noise during the event, aligning with the environmental commitments of the Winter Sports Event, and 68 buses will continue to serve the local public transport system post-event [7][4] - Yutong aims to integrate its reliable services with the sustainable development goals of the event, reinforcing its brand commitment to enhancing public transportation and contributing to a greener future [9][4]

Core Insights - The core focus of the articles is on the rapid development of the new energy vehicle (NEV) industry in Henan Province, China, which has been recognized as a key area for growth within the advanced manufacturing sector, aiming to create a trillion-yuan industry cluster [1][10]. Group 1: Industry Growth and Achievements - Henan has integrated NEVs into its key manufacturing clusters, leading to a significant increase in production, with an expected output of 681,000 vehicles in 2024, representing a 117.3% year-on-year growth [1]. - The province's NEV exports are projected to reach 30.87 billion yuan in 2025, marking a growth of over 253% [1]. - Yutong Bus, a leading company in Henan, achieved a record of 49,518 bus sales in 2025, with a 5.54% increase, and 18,356 of these being new energy buses, reflecting a 22.94% growth [3]. Group 2: Technological Advancements and Innovations - Yutong Bus invests over 5% of its revenue annually in R&D, leading to innovations such as a battery management system capable of operating in extreme temperatures [3]. - The collaboration with CATL in Luoyang has established a battery production base that is among the top globally, producing battery cells at a rapid pace [7]. - Companies like Zhonghang Lithium Battery and LYC have developed advanced technologies and products that support the NEV supply chain, enhancing local production capabilities [8]. Group 3: Collaborative Ecosystem and Supply Chain Development - Yutong Bus has fostered collaboration with over 290 local suppliers, achieving a local supply rate of 41% [4]. - The establishment of a "10-minute industrial circle" in Luoyang has facilitated rapid development of related industries, including battery manufacturing and precision components [7][8]. - The government has implemented supportive policies and a "chief service officer" mechanism to enhance the business environment for NEV companies [9]. Group 4: Strategic Vision and Future Outlook - Henan aims to transition from a major automotive province to a strong automotive province by leveraging its full industrial chain and ecosystem [10]. - The province's strategic planning includes appointing the provincial governor as the leader of the NEV and intelligent connected vehicle industry chain, ensuring high-level support for development [9][10]. - The overall vision is to position Henan as a global player in the NEV market, with a comprehensive approach to industry development [5][10].

Core Viewpoint - Henan Province is focusing on the development of the new energy vehicle (NEV) industry, aiming to establish a trillion-level advanced manufacturing cluster, with significant growth in production and exports expected in the coming years [1][8]. Group 1: Industry Growth and Achievements - In 2024, Henan's NEV production is projected to reach 681,000 units, a year-on-year increase of 117.3% [1] - By 2025, the export value of electric vehicles from Henan is expected to reach 30.87 billion yuan, representing a growth of over 253% [1] - Yutong Bus, a leading company in Henan's NEV sector, achieved sales of 49,518 buses in 2025, a 5.54% increase, with 18,356 of those being new energy buses, marking a 22.94% growth [2] - Yutong Bus has sold over 210,000 new energy buses cumulatively, maintaining a leading position in the global market [2] Group 2: Technological Innovation and Supply Chain Development - Yutong Bus invests over 5% of its annual revenue in R&D, leading to innovations such as a battery management system capable of operating in extreme temperatures [2] - The local supply chain for NEVs in Henan has reached a 41% local matching rate, with over 290 suppliers collaborating with Yutong [3] - BYD's production base in Zhengzhou has achieved an automation rate of 98%, producing over 1 million vehicles since its establishment in 2023, contributing over 170 billion yuan in output value [3] Group 3: Supporting Infrastructure and Policies - The development of Henan's NEV industry is supported by various local enterprises, including a battery production base in Luoyang in collaboration with CATL, which is one of the top global battery manufacturers [5] - Luoyang has signed contracts for 45 upstream and downstream projects with a total investment of 18.26 billion yuan, enhancing the local supply chain for NEVs [6] - The provincial government has implemented a "chief service officer" mechanism to support NEV enterprises, fostering a conducive environment for growth [7] Group 4: Strategic Vision and Future Outlook - Henan aims to transform into a strong automotive province by leveraging its full-chain thinking to build an ecosystem for the NEV industry [4][8] - The province's strategy includes integrating NEVs into seven key trillion-level advanced manufacturing clusters, with a focus on differentiated development across cities [7][8]

Core Viewpoint - The article highlights the innovative development stories of Yutong over the past year, emphasizing the company's commitment to customer value and technological advancements in the electric bus industry [1][21]. Group 1: Technological Innovations - Yutong has invested in its own gear production line to enhance the efficiency of its electric drive bridge system, achieving an efficiency of 96.9%, which translates to significant cost savings for customers over the vehicle's lifecycle [5][3]. - The company has integrated AI into its manufacturing processes, improving production efficiency by over 20% and achieving a precision of ±2mm in welding operations [7][6]. Group 2: Customer-Centric Services - Yutong has developed a comprehensive service program, "Anrui Tong," which includes video training and real-time monitoring to improve driver behavior, resulting in a 60% reduction in bad driving habits and a 5% decrease in vehicle energy consumption [9][8]. - The company has established a strong after-sales service network, ensuring customer satisfaction and operational efficiency [9][10]. Group 3: Global Expansion and Recognition - Yutong has successfully penetrated international markets, establishing local production facilities in 16 countries and building a global after-sales network, which has led to increased recognition and trust from customers [12][10]. - The company has received symbolic gifts from clients, reflecting their appreciation for Yutong's reliable products and commitment to local service [12][10]. Group 4: Employee Development and Culture - Yutong emphasizes employee growth through structured training programs and hands-on experience, fostering a culture of innovation and collaboration [16][14]. - The company has organized collective weddings and family events, strengthening employee bonds and showcasing its commitment to employee welfare [20][17].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Core Viewpoint - Yutong Bus experienced a decline in domestic sales in January, while export sales continued to grow, indicating a strong competitive advantage in the global market [1] Group 1: Sales Performance - In January, Yutong Bus sold a total of 1,728 vehicles, representing a decrease of 32.2% year-on-year [1] - The breakdown of sales includes large buses at 891 units (-36.4%), medium buses at 432 units (-31.5%), and light buses at 404 units (-21.7%) [1] - The decline in overall sales was primarily due to a drop in domestic bus sales, while export sales maintained a growth trend [1] Group 2: Profitability and Competitive Advantage - Export models have a significantly higher profitability compared to domestic models, highlighting the company's competitive edge globally [1] - The company is expected to benefit from a long-term growth potential in exports due to its strong global competitive position [1] Group 3: Product Development and Market Outlook - Yutong Bus has launched the Ruikong E platform, focusing on a full range of 6-12 meter road new energy products, emphasizing long endurance, spacious design, and rapid recharging capabilities [1] - The company is concentrating on the systematic transformation of public transportation, aiming to enhance services towards a more human-centered and intelligent approach [1] - With the recovery of the global economy and improved demand for public transportation, along with the increasing competitiveness of Chinese bus products, the company's development prospects appear promising [1] Group 4: Financial Projections - The projected net profit for the parent company is expected to be 4.95 billion, 5.57 billion, and 6.35 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The investment rating is maintained at "strong buy" [1]