证券代码:600066 证券简称：宇通客车 编号：临 2024-022 宇通客车股份有限公司 关于召开 2023 年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024年4月16日上午10:00－11:00 会议召开地址：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：公司视频录播和网络文字互动 投资者可于2024年4月9日至4月15日16:00前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@yutong.com 进行提问。公司将在业绩说明会上对投资者普遍 关注的问题进行回答。 宇通客车股份有限公司（以下简称"公司"）已于 2024 年 4 月 2 日披露 2023 年年度报告。为使广大投资者更加全面深入地 了解公司 2023 年度经营成果、财务状况，公司拟于 2024 年 4 月 16 日上午 10:00－11:00 召开 2023 年度业绩说明会，届时将针 对公司经营业绩等投资者关心的 ...

证券研究报告·公司点评报告·商用车 宇通客车（600066） 2023 年报点评：周期向上加速，业绩和分红 2024 年 04月 05日 超预期！ 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孙仁昊 营业总收入（百万元） 21,799 27,042 34,733 41,447 49,941 执业证书：S0600123090002 同比 -6.17% 24.05% 28.44% 19.33% 20.49% sunrh@dwzq.com.cn 归母净利润（百万元） 759.14 1,817.08 2,967.06 3,979.53 4,954.23 同比 23.68% 139.36% 63.29% 34.12% 24.49% 股价走势 EPS-最新摊薄（元/股） 0.34 0.82 1.34 1.80 2.24 宇通客车 沪深300 P/E（现价&最新摊薄） 62.99 26.32 16.12 12. ...

证券研究报告·公司点评报告·商用车 宇通客车（600066） Q1 产销数据超预期，看好二季度景气度持 2024 年 04月 05日 续！ 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孙仁昊 营业总收入（百万元） 21,799 27,042 34,733 41,447 49,941 执业证书：S0600123090002 同比 -6.17% 24.05% 28.44% 19.33% 20.49% sunrh@dwzq.com.cn 归母净利润（百万元） 759.14 1,817.08 2,967.06 3,979.53 4,954.23 同比 23.68% 139.36% 63.29% 34.12% 24.49% 股价走势 EPS-最新摊薄（元/股） 0.34 0.82 1.34 1.80 2.24 宇通客车 沪深300 P/E（现价&最新摊薄） 62.99 26.32 16.12 12.02 9 ...

2024 年 04 月 03 日 公司研究 评级：增持(维持) 研究所： [Table_Title] 2023 年业绩显著提升，销量结构大幅改善 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn ——宇通客车（ ） 年年报点评 600066 2023 最近一年走势 事件 : 2024年4月1日，宇通客车发布2023年年报：公司2023年实现营业 收入270.42 亿元，同比+24.05%。实现归属于上市公司股东的净利润 18.17亿元，同比+139.36%，实现扣除非经常性损益后净利润14.15亿 元，同比+466.16%。2023年，公司拟派发现金红利33.21亿元。 投资要点 :  海外需求恢复提速，公司2023年全年营收利润同比大幅增长，单车 相对沪深300表现 2024/04/03 盈利同比显著增长。2023年，公司实现营业收入270.42亿元，同 表现 1M 3M 12M 比+24.05%，实现归母净利润18.17亿元，同比+139.36%，全年毛 宇通客车 18.7% 56.9% 85.3% 利率25.65%，同比+2.82pct，全年净利率6.80%，同比+3 ...

证券代码：600066 证券简称：宇通客车 编号：临2024-020 宇通客车股份有限公司 2024 年 3 月份产销数据快报 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2024年3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 二零二四年四月三日 1 单位：辆 产 品 2024 年 3 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 4,039 2,566 57.40% 8,361 4,962 68.50% 其中：大型 2,507 1,372 82.73% 5,204 2,544 104.56% 中型 1,164 719 61.89% 2,412 1,366 76.57% 轻型 368 475 -22.53% 745 1,052 -29.18% 销售量 3,549 2,390 48.49% 7,731 4,439 74.16% 其中：大型 2,091 1,205 73.53% 4, ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-021 宇通客车股份有限公司 关于 2024 年第一季度获得政府补助的公告 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及下属子公司（以下简称"公司"） 于 2024 年 1 月 1 日至 2024 年 3 月 31 日期间收到各项政府补助 8,245.69 万元，具体如下： | 序号 | 项目 | 金额（万元） | 与资产相关/与收益相关 | | --- | --- | --- | --- | | 1 | 科研项目补贴 | 3,362.40 | 与资产相关/与收益相关 | | 2 | 产业扶持补贴 | 4,720.19 | 与收益相关 | | 3 | 人才奖励补贴 | 50.00 | 与收益相关 | | 4 | 研发费用补贴 | 25.00 | 与收益相关 | | 5 | 其他 | 88.10 | 与收益相关 | | | 合计 | 8,245.69 | | 一、获取补助的基本情况 二、补助的类型及其对上市公司的影响 公司根据《企业会计准则 ...

公 汽车 司 2024年04月 03日 报 宇通客车(600066.SH) 告 出口高增长，盈利能力强 推荐（维持） 事项： 公司发布2023年业绩报告，2023年公司实现营业收入270亿元（同比+24%）, 股价：21.9 元 实现归母净利润 18 亿元（同比+139%），扣非归母净利润达 14 亿元（同比 +467%）。2023年度分红预案为每10股派发现金股利15元（含税）。 公 主要数据 平安观点： 司  2023年公司大中客及出口客车份额提升，超额完成年初经营计划。2023 行业 汽车 年 公司网址 www.yutong.com 年客车行业中新能源客车、校车、公交客车均下滑。但国内旅游客运需求 大股东/持股 郑州宇通集团有限公司/37.70% 恢复，海外新能源客车需求增长，宇通客车出口销量实现大幅增长，由于 报 实际控制人 汤玉祥 出口单价及毛利率显著高于内销水平，结构优化致公司经营成果超出年初 点 总股本(百万股) 2,214 经营计划。据中客网，宇通客车大中型客车市场占有率36.1%，同比提升 流通A股(百万股) 2,214 评 流通B/H股(百万股) 8.0 个百分点，主要由于国内旅游客运等 ...

证券研究报告 | 2024年04月03日 宇通客车（600066.SH） 买入 2023 年净利润同比增长 139%，出口放量开启新一轮景气周期 核心观点 公司研究·财报点评 国内修复，出口高增长，2023年公司净利润同比+139%，宇通客车2023年实 汽车·商用车 现营收270.4亿元，同比+24.1%，其中国内销售收入137.0亿元，同比减少 证券分析师：唐旭霞 联系人：孙树林 1.7%，海外销售收入104.1亿元，同比增长86.0%；23年实现归母净利润18.2 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn 亿元，同比+139.4%（计提资产减值5.6亿元，其中九鼎减值4.5亿元；信 S0980519080002 用减值3.3亿元），若加九鼎减值则归母利润22.7亿元；2023年宇通客车 基础数据 销量36518辆，同比+20.9%，其中出口10165辆，同比+78.9%，国内销量26353 投资评级 买入(维持) 辆，同比+7.5%；单季度看，23Q4收入80.9亿元，同比-6.8%，环比+3.3%； ...

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Views - The company reported a revenue of 27.04 billion yuan in 2023, a year-on-year increase of 24.1%, and a net profit attributable to shareholders of 1.82 billion yuan, up 139.4% year-on-year [2]. - The bus industry saw a continuous recovery in domestic demand, with export sales reaching a historical high, contributing significantly to the company's performance [2]. - The company achieved a total sales volume of 36,500 units in 2023, a year-on-year increase of 20.9%, with a market share of 36.1% in the medium and large bus segment, up 7.9 percentage points from 2022 [2]. Financial Performance Summary - In Q4 2023, the company reported revenue of 8.09 billion yuan, a year-on-year decrease of 6.8%, but a net profit of 770 million yuan, which is a year-on-year increase of 22.1% [3]. - The gross profit margin in Q4 was 31.9%, an increase of 5.9 percentage points year-on-year, driven by high-margin export models [3]. - The company expects revenues of 32.99 billion yuan, 37.97 billion yuan, and 43.56 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.82 billion yuan, 3.54 billion yuan, and 4.03 billion yuan [4][5]. Market Position and Growth Potential - The company is positioned as a leader in the domestic bus industry, with significant growth potential in overseas markets due to its technological advancements and supply chain advantages [4]. - The report anticipates a compound annual growth rate (CAGR) of 30.4% for earnings per share (EPS) over the next three years [4]. - The company’s ability to maintain high dividends is supported by stable cash flow from its growing overseas business [4].

Financial Performance - The company's operating revenue for 2023 reached RMB 2,704,198.95 million, representing a 24.05% increase compared to RMB 2,179,896.06 million in 2022[14]. - The net profit attributable to shareholders of the listed company was RMB 181,708.42 million, a significant increase of 139.36% from RMB 75,914.08 million in the previous year[14]. - The net profit after deducting non-recurring gains and losses was RMB 141,452.80 million, up 466.72% from RMB 24,984.78 million in 2022[14]. - The net cash flow from operating activities was RMB 471,669.77 million, an increase of 44.97% compared to RMB 325,360.48 million in 2022[14]. - The total assets of the company at the end of 2023 were RMB 3,085,695.60 million, reflecting a 2.86% increase from RMB 2,999,838.30 million at the end of 2022[14]. - The basic earnings per share for 2023 were RMB 0.82, a 139.36% increase from RMB 0.34 in 2022[14]. - The weighted average return on net assets was 12.97%, an increase of 7.83 percentage points from 5.15% in the previous year[15]. - The company achieved a revenue of 27.042 billion RMB and a net profit of 1.817 billion RMB for the reporting period, with a net cash flow from operating activities of 4.717 billion RMB[38]. Sales and Market Performance - In 2023, the company achieved bus sales of 36,518 units, a year-on-year increase of 20.93%[21]. - The company reported a total of 783.68 million RMB in operating revenue for Q3 2023, with a net profit of 58.02 million RMB[17]. - The total sales volume of large and medium-sized buses in 2023 was 87,926 units, representing a year-on-year growth of 4.42%[55]. - The sales of passenger buses surged to 43,813 units in 2023, marking an impressive increase of 88.64% compared to 23,226 units in 2022[53]. - The sales of public buses declined by 27.99% to 39,554 units in 2023, down from 54,931 units in the previous year[53]. - The company reported a decrease in long-term equity investments by 34.85%, from ¥99,694.02 million to ¥64,954.51 million[50]. - The company anticipates a substantial increase in demand for passenger buses in 2024, driven by the ongoing recovery in domestic tourism[56]. Research and Development - The company invested CNY 1.568 billion in R&D, accounting for 5.80% of its revenue, indicating a strong commitment to innovation[26]. - The company has a research and development team of 2,866 personnel, including 15 PhDs and 473 master's degree holders, enhancing project management efficiency[32]. - The company holds 2,355 valid patents and software copyrights, including 775 invention patents, reflecting its commitment to innovation in electric and intelligent vehicle technologies[32]. - The company has developed a new generation of fuel cell systems, leading to the localization of five key components, which has reduced system costs[29]. - The company has achieved over 7% energy consumption reduction for traditional vehicles and over 10% for new energy vehicles compared to the previous generation products[30]. Environmental and Sustainability Initiatives - The company has invested over 250 million yuan in environmental protection upgrades since 2018, significantly reducing emissions through the use of eco-friendly raw materials and automated processes[134]. - The company has publicly disclosed its environmental management performance for 2023, allowing for public inquiry and supervision[132]. - The company has implemented a self-monitoring plan that includes third-party monitoring, online automatic monitoring, and manual monitoring, achieving a 100% completion rate for self-monitoring information disclosure[132]. - The company has established a comprehensive environmental management system, continuously improving its performance in line with PDCA requirements[134]. - The company has reduced carbon emissions by approximately 10,630 tons through various measures, including clean energy utilization and innovative management practices[148]. Corporate Governance and Management - The company has received an "A" rating for information disclosure for the 12th consecutive year, reflecting its commitment to transparency and compliance[91]. - The company maintains independence in operations, with separate financial departments and independent decision-making processes[93]. - The company has established specialized committees under the board, including the audit committee and the remuneration and assessment committee[110]. - The company has implemented measures to ensure the independence of its assets, personnel, and financial operations from its controlling shareholders[94]. - The company has established a performance evaluation and incentive mechanism for senior management to align with operational realities[90]. Future Outlook and Strategic Plans - The company plans to achieve a revenue of 32.9 billion CNY and operating costs of 29.859 billion CNY for 2024, with ongoing investments in factory upgrades totaling 0.34 billion CNY for ongoing projects and 0.592 billion CNY for new projects[78]. - The company is focusing on innovation in new energy technologies to maintain a competitive edge against international brands entering the commercial vehicle market[81]. - The company is exploring new strategies for market expansion and product innovation to drive future growth[101]. - The company aims for 80% of new and updated vehicles in public sectors to be new energy vehicles as part of the pilot program initiated by the government[59]. Risks and Challenges - The company is facing risks from local fiscal constraints and increased competition in the bus industry, prompting strategies to enhance customer cooperation and develop diversified business solutions[79]. - The company aims to mitigate foreign exchange risks by encouraging RMB settlements and implementing hedging strategies amid global inflation and currency depreciation challenges[80].