证券研究报告 | 2024年04月26日 宇通客车（600066.SH） 买入 兼具成长和红利的全球大中客龙头，一季度量利双增 核心观点 公司研究·财报点评 销量持续增长，一季度宇通实现净利润6.6亿元。宇通24Q1实现营收66.16 汽车·商用车 亿元，同比+85.0%，环比-18.2%，主要得益于销量的稳定增长（24Q1宇通实 证券分析师：唐旭霞 联系人：孙树林 现客车销量7731辆，同比+74.2%，环比-25%，其中大中客销量6967辆，同 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn 比+101.2%），一季度归母净利润6.57亿元，同比+445.1%，环比-14.3%， S0980519080002 24Q1实现信用减值冲回约0.86亿元，资产减值-0.55亿元，实现扣非净利 基础数据 润5.7亿元（23Q4扣非6.3亿元，23Q1扣非0.47亿元），业绩表现亮眼。 投资评级 买入(维持) 合理估值 费用端优化持续提升盈利能力，现金流表现亮眼。24Q1宇通客车毛利率 收盘价 23.35元 24.84 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥6,615,975,059.24, representing an increase of 85.01% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥657,054,861.10, marking a significant increase of 445.09% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥570,950,737.69, up 1,094.67% from the previous year[4]. - Basic and diluted earnings per share were both ¥0.30, an increase of 445.09% compared to the same period last year[4]. - Operating profit for Q1 2024 was ¥732,829,096.98, up from ¥147,896,048.07 in Q1 2023, representing a growth of 394.5%[15]. - Net profit for Q1 2024 was ¥663,258,198.62, compared to ¥126,061,266.36 in Q1 2023, marking an increase of 426.5%[15]. - Total operating costs for Q1 2024 were ¥6,019,616,844.47, up from ¥3,601,186,118.49 in Q1 2023, reflecting an increase of 67.5%[15]. Cash Flow - The net cash flow from operating activities was ¥3,307,589,913.09, reflecting a year-on-year increase of 703.89%[4]. - Cash flow from operating activities for Q1 2024 was ¥3,307,589,913.09, a substantial rise from ¥411,448,996.94 in Q1 2023[16]. - Cash flow from investing activities showed a net outflow of ¥3,862,245,761.60 in Q1 2024, compared to a net outflow of ¥2,090,263,819.18 in Q1 2023[16]. - The cash and cash equivalents at the end of Q1 2024 were ¥5,708,541,268.88, compared to ¥5,336,907,576.24 at the end of Q1 2023[16]. Assets and Liabilities - Total assets at the end of the reporting period were ¥32,126,818,428.11, a 4.12% increase from the end of the previous year[4]. - Total liabilities increased to approximately ¥17.43 billion from ¥16.80 billion, reflecting a rise of about 3.77%[14]. - The company's total assets reached approximately ¥32.13 billion, up from ¥30.86 billion, indicating an increase of about 4.09%[14]. - The equity attributable to shareholders increased to approximately ¥14.55 billion from ¥13.92 billion, a growth of about 4.54%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,874, with the largest shareholder holding 37.70% of the shares[8]. - Shareholders' equity attributable to the parent company was ¥14,553,601,697.55, up 4.56% from the previous year[4]. Other Financial Metrics - The weighted average return on equity rose by 3.79 percentage points to 4.62%[4]. - Research and development expenses for Q1 2024 were ¥310,816,417.73, slightly up from ¥293,173,333.87 in Q1 2023[15]. - The company reported a decrease in other comprehensive income, with a net amount of -¥22,185,562.16 in Q1 2024 compared to ¥63,195,986.30 in Q1 2023[15]. - The company reported a decrease in inventory to ¥4.40 billion from ¥4.51 billion, a decline of approximately 2.00%[13]. - The total non-current assets decreased to approximately ¥10.43 billion from ¥11.24 billion, a decrease of about 7.19%[13]. - The company’s deferred income increased slightly to ¥505.74 million from ¥500.60 million, reflecting a growth of about 1.27%[14]. - The company’s retained earnings rose to approximately ¥7.53 billion from ¥6.88 billion, an increase of about 9.55%[14]. - Cash and cash equivalents decreased to ¥5.75 billion from ¥6.43 billion, a decline of approximately 10.67%[13]. - Accounts receivable decreased to ¥2.84 billion from ¥3.97 billion, a reduction of about 28.56%[13].

本次会议是否有否决议案：无 一、会议召开和出席情况 证券代码：600066 证券简称：宇通客车 编号：临 2024-024 宇通客车股份有限公司 2023 年年度股东大会决议公告 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： (一)股东大会召开的时间：2024 年 4 月 25 日 (二)股东大会召开的地点：河南省郑州市管城回族区宇通路 6 号公司 行政楼六楼大会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份 情况： | 1、出席会议的股东和代理人人数 | 632 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,647,735,960 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | 74.4255 | | 股份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持 情况等 会议由董事长汤玉祥先生主持，表决方式符合《公司法》及《公司章 程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 ...

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 2023 年 年度股东大会法律意见书 致：宇通客车股份有限公司 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》（以下简称"《监管指引第 1 号》"）等法律、法规和规范性文件以 及《宇通客车股份有限公司章程》（以下简称"《公司章程》"）的规定，北京 市通商律师事务所（以下简称"本所"）接受宇通客车股份有限公司（以下简称 "公司 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券倒流追究其法律责任的权利 好的各位投资者晚上好那非常感谢各位投资者这个就是参会我们这是我们宇通客车的一个最新深度那刚刚一场的话我刚也讲一下小米的情况如果大家这个同时在听的话有机会也可以聊听听小米那边就是因为刚刚跟那个小米的话也是他的investor day然后其实有一些这个比较有意思的一些披露 那语通的话就是将也会迎来它的股东大会然后9点钟我们也跟策略一起去对话这个从白马到红马的过程在这之前的话我先把这个语通的整个基本面包括现在一个大周期的变化可能跟这个大家先做一些这个提前的一个沟通那我们认为这一轮的语通其实是在一个首先确实好像一个上行周期的开启这本身本质上是来自于这个国内的稳定加上出海打开的一个新的市场空间 那我们这边也会重点去对海外市场的这个空间对于新年化的过程去看这个整个市场的逻辑那第二方面的话其实还是来自于整个宇通在整个全市场在客车的这个竞争力和格局带动的一个这个就是我们认为不管是从盈利还是在后续 ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - Yutong Bus has demonstrated a successful export strategy, achieving significant growth in sales, performance, and market capitalization in 2023, leading to a re-evaluation of its value [2] - The report emphasizes Yutong's potential to become a global leader in the bus industry by leveraging overseas demand for new energy vehicles [3] - The analysis highlights the importance of Yutong's management strategies and historical performance in establishing its market leadership [2][3] Summary by Sections Previous Cycle Review - From 2012 to 2016, Yutong solidified its domestic leadership by capitalizing on the new energy bus market, with a revenue CAGR of 16% and a profit CAGR of 27% during this period [2] - The management's proactive strategies, including MBO and early investments in school buses and new energy buses, were crucial for capturing market share [2][3] Current Cycle Outlook - The current cycle from 2020 to 2027 is expected to see Yutong leverage the global new energy vehicle trend, with significant growth in export volumes and revenues anticipated [3] - In 2023, Yutong's revenue grew by 24% year-on-year, with net profit increasing by 139%, driven by a 79% increase in export sales [3] - The report forecasts continued strong growth in exports, with expectations of over 30% growth in 2024 and 2025 [3] Financial Forecasts and Valuation - Yutong's projected revenues for 2024 to 2026 are 34.73 billion, 41.45 billion, and 49.94 billion yuan, respectively, with corresponding net profits of 2.97 billion, 3.98 billion, and 4.95 billion yuan [1] - The report estimates EPS for the same period to be 1.34, 1.80, and 2.24 yuan, with P/E ratios decreasing from 17.73 to 10.62 [1][3]

Investment Rating - The report maintains a "Buy" rating for Yutong Bus, citing its strong growth potential and high dividend payout capability [3][7] Core Views - The bus industry has entered a new growth cycle in 2023, with domestic sales recovery and high export growth driving the sector [2][4] - Yutong Bus, as a global leader with a wide moat, is well-positioned to benefit from overseas expansion, particularly in the context of the "Belt and Road" initiative [2][4] - The domestic market is undergoing a reshuffle in the post-subsidy era, with significant room for growth in the new energy segment [2][7] - Overseas markets offer approximately twice the space of the domestic market, with electrification in developed countries and Yutong's global strategy driving profitability [2][5] - Yutong's capital expenditure is slowing, while sales and penetration rates are increasing, leading to improved profitability [2][7] Industry Overview - The bus industry experienced a six-year decline in sales before stabilizing in 2023, with domestic sales recovery and strong export growth marking the start of a new growth cycle [4][14] - The domestic market is supported by the recovery of the tourism sector, while exports are expected to continue high growth, with overseas markets becoming a key growth driver [4][14] - The bus industry is cyclical, with historical peaks driven by infrastructure development and urbanization, followed by a decline due to subsidy reductions and competition from high-speed rail and private cars [14] - In 2023, the large and medium-sized bus market saw sales of 87,900 units, a 4.4% year-on-year increase, signaling a recovery [14] Yutong Bus Performance - Yutong's total sales in 2023 reached 36,500 units, a 20.9% year-on-year increase, with domestic sales growing by 7.5% and exports surging by 78.9% [4][28] - The company's export sales accounted for 27.8% of total sales, up 9 percentage points from the previous year [28] - Yutong's revenue and net profit have shown strong growth over the past 26 years, with 2023 revenue reaching 27 billion yuan and net profit of 1.82 billion yuan [30] - The company's gross margin and net margin have been recovering, with gross margin reaching 25.6% and net margin at 6.7% in 2023 [31] Overseas Market Opportunities - The overseas market offers approximately twice the space of the domestic market, with global bus market recovery and electrification trends in developed countries driving growth [5][35] - In 2023, China's large and medium-sized bus exports reached 34,000 units, a 74.3% year-on-year increase, with Asia being the largest market [36][37] - Europe is experiencing rapid growth in new energy bus adoption, with policies driving the transition to cleaner energy vehicles [40][43] - Yutong's export sales in 2023 reached 10,139 units, accounting for 31.9% of total sales, with a market share of 5.8% in the overseas large and medium-sized bus market [55][69] Competitive Advantages - Yutong has built a wide moat through economies of scale, full industry chain integration, and technological leadership [49][50] - The company's product matrix covers various bus types and energy forms, including pure electric and hydrogen fuel cell buses [50][52] - Yutong's R&D investment in 2023 reached 1.085 billion yuan, accounting for 5.72% of revenue, significantly higher than its peers [62] - The company has a well-established global sales and service network, with over 320 authorized service stations and 410 service outlets overseas [65][66] Dividend Stability - Yutong's capital expenditure is expected to decline, while free cash flow is projected to remain high, supporting stable high dividend payouts [6][71] - In 2023, the company distributed a dividend of 1.5 yuan per share, totaling 3.32 billion yuan, with a dividend payout ratio of 182.8% and a dividend yield of approximately 6.22% [7]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨宇通客车（ ） 600066.SH [宇Ta通b客le_车Ti3tle月] 销量点评：国内国外共振， 3 月销 量同比持续高增， “淡季不淡” Q1 报告要点 [公Ta司bl发e_布Su2m0m24ar年y]3月客车销量。宇通3月销售客车3549辆，同比+48.5%，环比+156.2%， 其中大中客车销量 3156辆，同比+64.4%，环比+140.9%；1-3月共销售客车 7731辆，同比 +74.2%，大中客销量 6967 辆，同比+101.2%。宇通是全球客车龙头，长期成长性较好+持续 高分红能力，凸显投资价值。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 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨宇通客车（ ） 600066.SH [宇Ta通b客le_车Tit2le02] 3 年年报点评： Q4 业绩超预期， 出口放量叠加市占率提升，盈利能力持续提升 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，2023年公司实现营业收入 270.4亿元，同比+24.1%，实现归母净利 润18.2亿元，同比+139.4%，其中四季度实现营业收入80.9亿元，同比-6.8%，环比+3.3%， 归母净利润 7.7 亿元，同比+22.0%，环比+32.1%。宇通作为有宽广护城河的全球客车龙头， 长期成长性较好+持续高分红能力，凸显投资价值。国内市场，后补贴时代加速洗牌，新能源份 ...

宇通客车股份有限公司 2023 年年度股东大会 会议资料 二零二四年四月二十五日 目录 | 2023 | 年年度股东大会会议须知 1 | | --- | --- | | 2023 | 年年度股东大会议程 2 | | 审议事项： | | | 议案一：2023 | 年度董事会工作报告 3 | | 议案二：2023 | 年度监事会工作报告 23 | | 议案三：2023 | 年度财务决算报告 25 | | 议案四：2023 | 年度利润分配预案 27 | | 议案五：2023 | 年年度报告和报告摘要 28 | | 议案六：关于支付 | 2023 年度审计费用并续聘审计机构的议案 29 | | 议案七：关于 | 2024 年日常关联交易预计的议案 30 | | 议案八：关于 | 2024 年对外担保预计的议案 35 | | 议案九：关于调整公司经营范围并修改章程的议案 38 | | | 议案十：关于选举董事的议案 40 | | | 审阅事项： | | | 2023 | 年度独立董事述职报告（尹效华） 41 | | 2023 | 年度独立董事述职报告（谷秀娟） 47 | | 2023 | 年度独立董事述职报告（龚建伟 ...