证券代码：600066 证券简称：宇通客车 编号：临 2025-035 单位：辆 宇通客车股份有限公司 2025 年 4 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2025年4月份产销数据快报如下： 1 宇通客车股份有限公司董事会 二零二五年五月七日 2 | 产 | 品 | 2025 年 | 去年同期 | 单月数量 | 本年 | 去年同期 | 累计数量 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4 月份 | | 同比变动 | 累计 | 累计 | 同比变动 | | 生产量 | | 3,517 | 4,977 | -29.33% | 12,451 | 13,338 | -6.65% | | 其中：大型 | | 1,774 | 2,785 | -36.30% | 5,967 | 7,989 | -25.31% | | 中型 | | 1,042 | 1,683 | -38.09% | 3,778 | 4,095 | - ...

证券代码：600066 证券简称：宇通客车 编号：临 2025-034 宇通客车股份有限公司 2024年年度利润分配实施公告 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： 本次利润分配方案经公司2025 年 4 月 25 日召开的2024年年 度股东大会审议通过。 二、分配方案 1、发放年度：2024年年度 2、分派对象： 每股分配比例 A 股每股现金红利1元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/13 | － | 2025/5/14 | 2025/5/14 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 截至股权登记日下午上海证券交易所收市后，在中国证券登 记结算有限责任公司上海分公司（以下简称"中国结算上海分公 司"）登记在册的本公司全体股东。 3、分配方案： 本次利润分配以方案实施前的公司总股本2,213,939,223股 为基数， ...

Group 1 - The core point of the article indicates that Yutong Bus (600066) reported a significant decline in sales volume for April 2025, with a total of 3,338 units sold, representing a year-on-year decrease of 27.40% [1] - Cumulative sales for the year reached 12,349 units, showing a slight year-on-year increase of 0.16% [1] - The sales breakdown reveals that large bus sales were 1,685 units, down 33.92% year-on-year; medium bus sales were 1,009 units, down 36.30%; while light bus sales increased to 644 units, up 38.79% [1] Group 2 - Production figures for April 2025 totaled 3,517 units, reflecting a year-on-year decline of 29.33% [1] - The production breakdown indicates that large bus production was 1,774 units, down 36.30% year-on-year; medium bus production was 1,042 units, down 38.09%; and light bus production increased to 701 units, up 37.72% [1]

Core Viewpoint - The development of intelligent driving technology in China is rapidly advancing, with significant breakthroughs and increasing affordability, but safety concerns and misconceptions about the technology persist [6][7][19]. Group 1: Current State of Intelligent Driving - Intelligent driving has transitioned from science fiction to reality, with major automotive companies like BYD, Geely, and Chery launching significant intelligent driving initiatives [6]. - The current level of intelligent driving technology in China is primarily classified as L2, which is still considered "driver assistance" rather than full automation [9][10]. - Consumers are increasingly prioritizing vehicles with intelligent driving features, often confusing "assisted driving" with "autonomous driving" [9][10]. Group 2: Safety and Regulatory Concerns - A recent tragic accident involving an intelligent driving vehicle has raised questions about the pace of development in the industry and the safety of these technologies [7]. - The Chinese government has initiated pilot programs for intelligent connected vehicles, with Yutong being the only bus manufacturer included in the first batch of approved companies [11]. Group 3: Technological Advancements and Applications - Intelligent driving applications are expanding beyond personal vehicles to include commercial transportation, public services, and agricultural machinery, such as autonomous tractors [12][13]. - The integration of intelligent connected vehicles with advanced technologies like V2X (Vehicle-to-Everything) is crucial for enhancing safety and operational efficiency [10][14]. Group 4: Future Development and Challenges - The concept of "vehicle-road-cloud integration" is emerging as a key pathway for achieving higher levels of autonomous driving, with ongoing trials and infrastructure development in regions like Zhengzhou [16][18]. - The establishment of research centers focused on network resilience and safety for intelligent connected vehicles is underway, aiming to address potential cybersecurity risks [14][15].

| 宇通系列报告回顾 车中旭霞 | | --- | | 公司深度报告： | | 《深度系列四： 宇通客车（600066.SH）： 当前节点核心投资价值分析》-20230512 | | 《深度系列三：宇通客车（600066.SH）：周期与成长共振》-20210811 | | 《深度系列二： 宇通客车（600066.SH）： 复盘与展望： 数字化变革下宇通客车新机遇》-20210105 | | 《深度系列一：宇通客车（600066.SH）：国内行业聚拢，海外战略扩张下的全球大中客龙头》-20170609 | | 公司点评报告： | | 《宇通客车（600066.SH）-海内外共振，净利润和现金流创历史新高》 ——2025-04-02 | | 《宇通客车（600066.SH）-盈利能力稳健，中期分红回报股东》 ——2024-10-29 | | 《宇通客车（600066.SH）-现金流表现优异，海内外共振推动盈利攀升》 ——2024-08-27 | | 《宇通客车（60066.SH）业绩预增点评：出口与内销共振，净利润持续攀升》-20240710 | | 《宇通客车（60066.SH）一季报点评：兼具成长和红利的全球 ...

Core Viewpoint - The company reported a decline in revenue for Q1 2025, but an increase in net profit year-on-year, indicating a mixed performance driven by changes in sales structure and cost management [1][3]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 6.42 billion yuan, a year-on-year decrease of 3% and a quarter-on-quarter decrease of 51% [1][2]. - The net profit attributable to shareholders was 760 million yuan, reflecting a year-on-year increase of 15% but a quarter-on-quarter decrease of 55% [1][3]. - The gross profit margin was 18.9%, down 6.0 percentage points year-on-year and 7.0 percentage points quarter-on-quarter [3]. Group 2: Sales and Market Dynamics - The company sold 9,011 buses in Q1, a year-on-year increase of 16.6%, with significant growth in light buses, which saw a 129.1% increase [2]. - The average revenue per vehicle was 712,000 yuan, down 16.8% year-on-year and 15.6% quarter-on-quarter, primarily due to a decrease in the proportion of large and medium buses sold [2]. Group 3: Cost Management and Profitability - The company improved its expense management, with a net profit margin of 12.0%, up 2.0 percentage points year-on-year [3]. - The total impairment for credit and assets was 280 million yuan, an increase of 250 million yuan year-on-year, mainly due to the reversal of receivable impairments [3]. Group 4: Future Outlook - The new energy bus replacement subsidy policy is expected to boost domestic demand, with an average subsidy of 80,000 yuan for buses over eight years old [4]. - The company is projected to maintain revenue growth in 2025, with expected revenues of 42.7 billion yuan, a year-on-year increase of 14.8% [5].

Core Viewpoint - The company reported its Q1 2025 results, showing a slight decline in revenue but an increase in net profit, indicating resilience in profitability despite challenges in sales volume and seasonal effects [1][2]. Revenue Summary - Q1 2025 revenue was 6.418 billion yuan, a year-on-year decrease of 3.00% and a quarter-on-quarter decrease of 51.17% [2]. - The company sold 9,011 buses in Q1 2025, representing a year-on-year increase of 16.56% but a quarter-on-quarter decrease of 42.13% [2]. Profitability Summary - The net profit attributable to shareholders for Q1 2025 was 755 million yuan, a year-on-year increase of 14.91% and a quarter-on-quarter decrease of 55.18% [2]. - The gross margin for Q1 2025 was 18.89%, down 5.95 percentage points year-on-year and 7.01 percentage points quarter-on-quarter [2]. - The net profit margin was 12.04%, up 2.02 percentage points year-on-year but down 0.86 percentage points quarter-on-quarter [2]. Expense Summary - The expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 3.36%, 2.78%, 4.57%, and 0.12%, respectively, showing minor fluctuations compared to the previous year and quarter [2]. Guidance Summary - The company has set a revenue target of 42.133 billion yuan for 2025, with operating costs and expenses planned at 37.203 billion yuan, reflecting confidence in operational management [2]. Market Expansion Summary - The company is a leader in bus exports, holding an 18.39% market share, with total industry bus exports in Q1 2025 reaching 10,805 units, a year-on-year increase of 17.84% [3]. - The company exported 279 large and medium-sized new energy buses in Q1 2025, a year-on-year decrease of 37.16% and a quarter-on-quarter decrease of 76.36% [3]. - The implementation of a vehicle replacement policy is expected to boost domestic demand for new energy buses [3]. Investment Summary - The company has a tradition of maintaining dividends, with a proposed dividend of 1.0 yuan per share for 2024, totaling 3.32 billion yuan, which corresponds to a dividend yield of 5.44% based on the current stock price [4]. - Revenue projections for 2025-2027 are 42.25 billion yuan, 48.55 billion yuan, and 55.89 billion yuan, with net profits of 4.55 billion yuan, 5.30 billion yuan, and 5.98 billion yuan, respectively [4].

Core Viewpoint - The company reported a stable performance in Q1 2025, with a slight decline in revenue but an increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 6.42 billion yuan, a decrease of 3.0% year-on-year [1][2]. - The net profit attributable to shareholders was 760 million yuan, reflecting a growth of 14.9% [1][2]. - The net profit excluding non-recurring items was 640 million yuan, up by 12.5% [1][2]. - The gross margin for Q1 2025 was 18.9%, down by 6.0 percentage points year-on-year, while the net margin improved by 2.0 percentage points to 12.0% [2]. Sales and Orders - The company sold a total of 9,011 buses in Q1 2025, marking a 16.6% increase year-on-year [2]. - Sales of large buses decreased by 1.4% to 4,532 units, while medium buses increased by 15.1% to 2,729 units, and light buses surged by 129.1% to 1,750 units [2]. - Exports of buses totaled 2,057 units, down by 20.8% [2]. Market Developments - The company secured multiple domestic orders, including the delivery of 130 electric buses to Tangshan and various models to regions like Sichuan and Yunnan [2]. - Internationally, the company continued its strong performance with deliveries of electric buses to Norway, Greece, and Pakistan, among others [2][3]. Product and Service Innovations - The company has exported over 7,000 new energy buses to more than 40 countries, enhancing its global presence [3]. - New product offerings include a range of electric buses and upgraded models to meet diverse market demands [3]. - The launch of the "Yoo+ Direct Service" aims to enhance service quality for new energy commercial vehicles, focusing on customer pain points and integrating digital tools for better support [4]. Future Outlook - The company is expected to maintain a strong market position, with projected net profits of 4.69 billion yuan, 5.27 billion yuan, and 6.07 billion yuan for 2025 to 2027 [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company's profitability remains robust, with a 15% year-on-year increase in net profit for Q1 2025, despite a slight decline in revenue [1][8]. - The sales structure is expected to gradually improve, supported by effective cost control and a strategic shift towards high-end products [2][3]. - The company is well-positioned to benefit from both domestic recovery and international expansion, particularly in the new energy vehicle sector [3][24]. Financial Performance - In Q1 2025, the company achieved revenue of 64.2 billion yuan, a decrease of 3.0% year-on-year, while net profit reached 7.55 billion yuan, an increase of 14.9% [1][8]. - The gross profit margin for Q1 2025 was 18.9%, reflecting a slight decline due to changes in accounting standards and sales structure [2][16]. - The net profit margin improved to 11.8%, up by 1.8 percentage points year-on-year, indicating stable profitability [2][16]. Sales and Market Outlook - The company sold 9,011 units in Q1 2025, representing a year-on-year increase of 16.59% [1][8]. - The company anticipates continued growth in export sales, particularly in the new energy vehicle segment, and expects to benefit from domestic policies promoting the replacement of old buses [3][24]. - The company has launched new light commercial vehicles, achieving a 129% increase in sales in Q1 2025, which is expected to contribute to revenue growth [2][3]. Long-term Growth Potential - The company is positioned to benefit from a recovery in domestic bus demand and increasing international sales, particularly in regions with low penetration of new energy vehicles [3][24]. - The company aims to enhance its competitive edge through technological advancements and a shift from product sales to service-oriented solutions [3][24]. - Financial forecasts indicate a steady increase in net profit, projected at 46.6 billion yuan for 2025, with an expected EPS of 2.10 yuan [4][24].

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