Core Viewpoint - The rapid growth of new energy heavy trucks in China is highlighted, with a projected sales volume of approximately 82,000 units in 2024, representing a year-on-year increase of 136% and a market penetration rate of 13.6% [1] Group 1: Industry Trends - The logistics industry is experiencing a transformation driven by sustainable development, with green logistics emerging as a key force for innovation and breakthroughs [4] - The Chinese logistics sector is showing healthy market trends, characterized by green and low-carbon development, AI integration, and the fusion of industry and services [4][6] - The new energy heavy truck market is benefiting from various supportive factors, including subsidies, tax reductions, and improvements in charging infrastructure [12] Group 2: Company Innovations - Yutong's new T-series 2025 models are designed to redefine the quality standards of new energy heavy trucks, focusing on low energy consumption, long range, lightweight, longevity, and high reliability [3][13] - The 2025 models achieve a 20% lower energy consumption compared to industry standards, with advanced technologies enhancing performance and efficiency [15] - The introduction of the T800 model, featuring an 800 kWh battery, allows for a range exceeding 550 km and rapid charging capabilities [17] Group 3: Customer-Centric Approach - Yutong emphasizes a customer-centric philosophy, aiming to create long-term value for clients through innovative products and services [7][23] - Real-world examples from logistics companies demonstrate significant operational efficiencies and cost savings achieved with Yutong's new energy heavy trucks [18][20] - The company is committed to long-term leadership in the market by focusing on technological advancements and customer needs [11][23]

Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [5] Core Insights - The hydrogen and fuel cell industry is experiencing significant growth, with a notable increase in fuel cell system installations and vehicle registrations, driven by strong policy support and market demand [5][39] - The integration of system suppliers and automotive manufacturers is becoming a trend, enhancing sales channels and collaboration within the industry [2][5] - The green hydrogen sector is seeing a surge in demonstration projects and bidding activities, indicating a robust pipeline for future growth [4][39] Summary by Sections Fuel Cell System Installations - In February 2025, the installed capacity of fuel cell systems reached 26.88 MW, a year-on-year increase of 269.3% [9] - Cumulatively, from January to February 2025, the total installed capacity was 40.84 MW, reflecting a 4% decrease year-on-year due to seasonal fluctuations [9] Vehicle Registrations - In February 2025, the number of registered fuel cell vehicles was 288, marking a 433% increase year-on-year, although production and sales figures showed a decline [15] - Cumulatively, from January to February 2025, the total number of registered vehicles was 415, a slight increase of 1% year-on-year [15] Leading Companies - Hyundai Hydrogen Energy led the monthly installation of fuel cell systems in February 2025 with 9.4 MW, accounting for 35% of the market [2][18] - In terms of vehicle registrations, Hyundai also ranked first with 144 units in February 2025, representing 50% of the total [26] Demonstration Projects - The Guangdong demonstration city cluster showed the highest vehicle deployment in February 2025, with 144 units, all from Shenzhen [3][29] - The green hydrogen sector is witnessing a significant increase in project bidding, with approximately 620 MW of projects tendered in early 2025, an eightfold increase year-on-year [4][39] Market Trends - The report highlights a trend towards closer collaboration between system suppliers and automotive manufacturers, which is expected to enhance market dynamics and efficiency [2][5] - The average bidding price for electrolyzers has decreased significantly, with alkaline electrolyzers averaging 0.84 yuan per watt, indicating a trend towards cost reduction in hydrogen production [5][39]

Investment Rating - The report maintains a bullish outlook on the automotive sector, recommending a comprehensive positive stance on the entire vehicle segment and parts sector [5]. Core Insights - The automotive sector is experiencing a positive trend, with passenger car insurance registrations increasing by 15.9% year-on-year in the first week of March 2025 [3]. - The report highlights significant developments in the industry, including the revenue performance of Li Auto and the launch of new models by Leap Motor, indicating a competitive landscape in the smart electric vehicle market [3][5]. - The report emphasizes the importance of smart technology in vehicles, predicting that the competition among automakers will intensify, particularly in the L3 and L2+ autonomous driving segments [38]. Weekly Sector Review - The SW automotive index rose by 0.8%, with the passenger vehicle segment showing the best performance at +2.6% [3]. - The report notes that the passenger vehicle sector is ranked 25th in A-shares and 4th in Hong Kong stocks for the week [9][12]. - Key stocks that performed well include Leap Motor, Fuyao Glass, and King Long Automobile [17]. Industry Trends - The report forecasts a total of 23.83 million passenger vehicles sold in 2025, representing a year-on-year growth of 4.7% [35]. - The penetration rate of new energy vehicles is expected to reach 62% by 2025, with significant growth in both domestic and export markets [36][41]. - The report anticipates that the heavy truck segment will see a 5.5% increase in domestic sales, driven by demand for replacements and policy support [41]. Company Tracking - Li Auto's revenue for Q4 2024 reached 44.27 billion yuan, with a year-on-year growth of 6.1% [3]. - Leap Motor has launched its B10 model, targeting the high-value smart electric vehicle market with competitive pricing [3]. - The report highlights the performance of various automakers, noting that companies like Xpeng and BYD are leading in the smart technology race [5][38].

Investment Rating - The report assigns a "Buy" rating for Yutong Bus (宇通客车) [6] Core Views - Yutong Bus has maintained its position as the top seller of large and medium-sized buses in China for 21 consecutive years, with a projected net profit of 4.045 billion yuan for 2024, reflecting a year-on-year increase of 122.50% [4][26] - The company is expected to benefit from a stable domestic demand for buses and a significant increase in exports, particularly in the new energy vehicle segment [4][5] - The report highlights the company's strong performance in both domestic and international markets, with a notable increase in sales and profitability driven by exports and new energy products [5][48] Summary by Sections 1. Company Overview - Yutong Bus has been a leader in the bus industry for decades, with a global market share exceeding 10% and cumulative sales of over 196,000 new energy buses [13] 2. Market Demand and Growth - Domestic demand for large and medium-sized buses is stabilizing, with a significant increase in tourism vehicle demand and a recovery in public transport bus sales [4][37] - The company is expected to achieve a total sales volume of 46,900 units in 2024, with large and medium-sized buses accounting for 40,300 units, representing a year-on-year growth of 26.97% [19][22] 3. Export Performance - Yutong's export volume is projected to reach 14,000 units in 2024, a year-on-year increase of 37.73%, with new energy vehicle exports growing by 84.55% [5][48] - The company is successfully entering high-end markets in Europe and other regions, with significant orders from countries like Greece and Chile [61][62] 4. Financial Performance - The company is expected to achieve net profits of 4.030 billion yuan in 2024, with a projected growth rate of 121.79% [6][26] - The average selling price (ASP) for exported buses is approximately double that of domestic sales, contributing to higher profit margins [51] 5. Cost Management - Yutong has effectively managed its costs, with a significant reduction in single vehicle depreciation costs and a decrease in overall expense ratios [63][70] - The company’s expense ratio has decreased to 14.45% in the first half of 2024, indicating strong cost control measures [70]

[Table_Stock] 宇通客车（600066） [Table_Rating] 买入（首次） [Table_Summary] | [Table_I 行业 : | ndustry] 汽车 | | --- | --- | | 日期: | shzqdatemark 2025年03月13日 | | [Table_Author] 分析师: | 仇百良 | | --- | --- | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | | 分析师: | 李煦阳 | | E-mail: | lixuyang@shzq.com | | SAC 编号: | S0870523100001 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 25.67 | | --- | --- | | 12mth A 股价格区间（元） | 18.42-29.50 | | 总股本（百万股） | 2,213.94 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 568.32 | [Table_QuotePic] 最 ...

Investment Rating - The report maintains a "Recommended" rating for Yutong Bus (600066) [1] Core Views - In February 2025, Yutong Bus achieved a bus sales volume of 1,571 units, representing a year-on-year increase of 13.4% and a month-on-month decrease of 38.4%. The production volume was 1,578 units, with a year-on-year increase of 19.1% and a month-on-month decrease of 38.4% [3][4] - The company is expected to see a peak in deliveries in March due to the concentration of domestic and international orders, supported by the ongoing domestic bus replacement policy [4] - Yutong Bus has successfully delivered a batch of customized models to Greece, enhancing its recognition in the overseas market. The new electric buses are expected to significantly reduce operational costs for local bus companies [5] - The company has integrated its existing cockpit system with the DeepSeek reasoning model, enhancing the intelligent interaction experience for drivers and positioning itself as a leader in the smart vehicle sector [6] Financial Forecast - Revenue projections for Yutong Bus are as follows: 2024 expected revenue of 357.0 billion, 2025 at 422.7 billion, and 2026 at 465.5 billion. The net profit attributable to the parent company is forecasted to be 41.7 billion, 50.0 billion, and 57.7 billion for the same years respectively [6][7] - The earnings per share (EPS) is projected to increase from 0.82 in 2023 to 2.60 in 2026, indicating strong growth potential [7][8] - The report highlights a significant improvement in return on equity (ROE), expected to rise from 13.05% in 2023 to 19.70% in 2026 [7][8]

证券研究报告·公司点评报告·商用车 宇通客车（600066） 2 月销量同比转正，春节假期扰动消退期待 景气度继续回升 -11% -3% 5% 13% 21% 29% 37% 45% 53% 61% 2024/3/6 2024/7/5 2024/11/3 2025/3/4 宇通客车 沪深300 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21799 | 27042 | 36481 | 42920 | 49941 | | 同比（%） | (6.17) | 24.05 | 34.90 | 17.65 | 16.36 | | 归母净利润（百万元） | 759.14 | 1,817.08 | 4,061.99 | 4,626.61 | 5,553.46 | | 同比（%） | 23.68 | 139.36 | 123.54 | 13.90 | 20.03 | | EPS-最新摊薄（元/股） | 0.34 | 0.82 ...

证券研究报告·公司点评报告·商用车 宇通客车（600066） 2 月销量同比转正，春节假期扰动消退期待 景气度继续回升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21799 | 27042 | 36481 | 42920 | 49941 | | 同比（%） | (6.17) | 24.05 | 34.90 | 17.65 | 16.36 | | 归母净利润（百万元） | 759.14 | 1,817.08 | 4,061.99 | 4,626.61 | 5,553.46 | | 同比（%） | 23.68 | 139.36 | 123.54 | 13.90 | 20.03 | | EPS-最新摊薄（元/股） | 0.34 | 0.82 | 1.83 | 2.09 | 2.51 | | P/E（现价&最新摊薄） | 74.66 | 31.19 | 13.95 | 12.25 | 10.21 | [Table_ ...

宇通客车股份有限公司 关于年度担保计划范围内担保进展的公告 证券代码:600066 证券简称：宇通客车 编号：临 2025-008 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： 根据上海证券交易所相关披露要求，公司对年度担保计划 范围内的担保进展情况进行月度汇总披露。 2025 年 2 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 司香港宇通国际有限公司（以下简称"香港宇通"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）等。 2025 年 2 月新增对子公司担保发生额为 2,179.80 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 499.00 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 16,768.98 万元。（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。 一、担保情况概述 （一）担保事项审议程序 本次担保事项已经公司于 2024 年 4 月 25 日召开的 20 ...

证券代码：600066 证券简称：宇通客车 编号：临2025-007 宇通客车股份有限公司 2025 年 2 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董事会 二零二五年三月五日 1 单位：辆 产 品 2025 年 2 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 1,578 1,325 19.09% 4,138 4,322 -4.26% 其中：大型 724 744 -2.69% 1,899 2,697 -29.59% 中型 532 469 13.43% 1,315 1,248 5.37% 轻型 322 112 187.50% 924 377 145.09% 销售量 1,571 1,385 13.43% 4,121 4,182 -1.46% 其中：大型 735 731 0.55% 2,138 2,504 -14.62% 中型 651 579 12.44% 1,282 1,307 -1.91% 轻型 185 75 146.67% 701 3 ...