Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][6]. Core Views - In November 2024, Yutong Bus achieved a sales volume of 3,736 units, representing a year-on-year increase of 14% and a month-on-month increase of 16%. The company is expected to benefit from a strong year-end delivery season [2]. - The company has a solid order backlog, and the overseas demand for its products is increasing, with exports in October 2024 reaching 176 units, a year-on-year increase of 487% [2][3]. - The "old-for-new" subsidy policy is expected to boost domestic demand for new energy buses, with significant purchases recorded in the first ten months of 2024 [3]. Financial Summary - Revenue for 2024 is projected to be 33,257 million yuan, with a year-on-year growth rate of 23% [5]. - The net profit attributable to the parent company is expected to reach 3,317 million yuan in 2024, reflecting a year-on-year growth of 82.6% [5]. - The earnings per share (EPS) for 2024 is forecasted at 1.50 yuan, with a price-to-earnings (P/E) ratio of 15.7 times [5][11].

Summary of Conference Call Records Company and Industry - The conference call discusses **Yutong**, a company in the **bus manufacturing industry**, particularly focusing on its performance and market outlook for the upcoming year. Core Points and Arguments 1. **Sales Data and Market Outlook**: November sales data indicates a significant increase, with total sales reaching **3,700 units**, a **15%** month-over-month increase. Exports accounted for **1,250 units**, reflecting a **12% to 14%** increase. The company is expected to meet its annual sales target of **44,000 units**, with **13,000 units** from exports and **31,000 units** domestically [1][3][6]. 2. **Confidence in Achieving Targets**: The company expresses confidence in achieving its sales targets for the year, with a projected **3 billion** in earnings. The management believes that the current sales momentum will continue into the next year, particularly in the export segment [1][2][6]. 3. **Inventory Management**: The company has accumulated approximately **1,800 units** in inventory, with expectations to clear **500 to 1,000 units** by the end of December. This suggests a strong sales push in the final month of the year [5][6]. 4. **Export Performance**: The export strategy is highlighted, with a focus on increasing sales in Europe. The average selling price (ASP) for vehicles exported to Europe has risen significantly, indicating a positive trend in profitability [7][8][11]. 5. **Profitability Projections**: The company anticipates profits exceeding **4.5 billion** next year, with a valuation of **12 to 13 times** earnings based on projected profits. This suggests a favorable investment opportunity as the company continues to grow [9][10][14]. 6. **Market Trends and Historical Context**: The call references historical performance, noting that Yutong's stock price and earnings have historically moved in tandem during market upswings. The current market conditions are seen as favorable for continued growth [10][12]. 7. **Dividend Expectations**: The company is expected to maintain a strong dividend policy, with projections for dividends to remain at or above **3.3 billion** this year, reflecting a commitment to returning value to shareholders [13]. Other Important but Possibly Overlooked Content - **Regulatory Environment**: The end of the vehicle replacement subsidy policy is expected to drive demand in December, as manufacturers seek to capitalize on the remaining incentives [4][6]. - **Customization in Production**: The production process for buses is noted to be highly customized, which may impact production timelines and inventory levels [5]. - **Long-term Growth Potential**: The company is positioned for long-term growth, with a focus on increasing market penetration in international markets, particularly in the electric vehicle segment [11][12]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of Yutong's current performance and future outlook in the bus manufacturing industry.

证券代码:600066 证券简称：宇通客车 编号：临 2024-058 宇通客车股份有限公司 关于对外担保的进展公告 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： 2024 年 11 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"），控股子公司宇威顺通 （成都）汽车销售服务有限公司（以下简称"成都宇威顺通"） 等。 2024 年 11 月新增对子公司担保发生额为 50,411.12 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 2,262.50 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 42,032.59 万元。（外币金额根据 2024 年 11 月 29 日即期汇率折 算为人民币，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 ...

Group 1: Company Performance Overview - In the first three quarters of 2024, the company achieved bus sales of 31,346 units, a year-on-year increase of 19.3% [4] - Revenue reached 24.07 billion CNY, reflecting a year-on-year growth of 27.0% [4] - Net profit attributable to shareholders was 2.43 billion CNY, up 131.5% year-on-year [4] Group 2: Market Demand and Growth Drivers - The bus industry saw sales of 111,951 units for buses over 5 meters, marking an 18.0% increase year-on-year [4] - Growth in overseas markets contributed significantly to sales, driven by improved competitiveness of Chinese bus products [5] - Domestic sales benefited from the recovery in the tourism sector, leading to increased demand for passenger transport [4] Group 3: Export and New Energy Vehicles - The company exported over 6,000 new energy buses to more than 40 countries, including Qatar, Mexico, and the UK [5] - The "Belt and Road" initiative has opened up project opportunities, enhancing export growth in the new energy bus sector [5] Group 4: Production Capacity and Financial Returns - The total design capacity across three plants is 65,000 units per year, meeting current production demands [5] - Since its listing in 1997, the company has distributed a total of 22.7 billion CNY in cash dividends, representing 77.5% of net profits [5] Group 5: Customer Service and Market Expansion - The company operates over 330 authorized service stations globally, ensuring comprehensive customer support [5] - Plans for local assembly in countries like Kazakhstan and Pakistan aim to transition from product output to technology and brand licensing [5] Group 6: Recent Sales Performance - In October 2024, the company sold 3,221 buses, a year-on-year increase of 43.22% [9] - Cumulative sales from January to October 2024 reached 34,567 units, up 21.19% year-on-year [9]

2024 年 11 月份产销数据快报 证券代码：600066 证券简称：宇通客车 编号：临2024-057 宇通客车股份有限公司 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。 二零二四年十二月三日 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。 1 宇通客车股份有限公司2024年11月份产销数据快报如下： 单位：辆 产 品 2024 年 11 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 4,665 3,342 39.59% 40,150 32,924 21.95% 其中：大型 2,046 1,874 9.18% 21,890 17,635 24.13% 中型 1,566 1,131 38.46% 13,082 11,062 18.26% 轻型 1,053 337 212.46% 5,178 4,227 22.50% 销售量 3,736 3,285 13.73% 38,303 31,809 20.42% 其中：大型 1,492 1,905 -21.68% 20,630 ...

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 | 2024/12/4 | － | 2024/12/5 | 2024/12/5 | 证券代码：600066 证券简称：宇通客车 编号：临 2024-056 宇通客车股份有限公司 2024 年前三季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： 每股分配比例 A 股每股现金红利 0.5 元（含税） 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 本次利润分配方案经公司 2024 年 11 月 18 日的 2024 年第二 次临时股东大会审议通过。 二、分配方案 1、发放年度：2024 年前三季度 2、分派对象： 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 2,2 ...

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 2024 年 第二次临时股东大会法律意见书 本所同意将本法律意见书作为公司本次股东大会必备的法定文件，随其他文 件一并报送和公告，非经本所书面同意，本法律意见书不得用于其他任何目的或 用途。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对本次 1 股东大会依法进行了见证，并对有关文件和事实进行了必要的核查和验证，现出 具法律意见如下： 一、关于本次股东大会的召集、召开程序 本次股东大会由公司董事会召集。2024 年 10 月 28 日，公司召开第十一届 董事会第八次会议，审议通过了关于召 ...

证券代码：600066 证券简称：宇通客车 编号：临 2024-055 宇通客车股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 18 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 | 1,482 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,393,356,563 | | 3、出席会议的股东所持有表决权股份数占公司有表 | 62.9356 | | 决权股份总数的比例（%） | | (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 ...

Group 1 - On November 18, a total of 48 stocks received buy ratings from institutions [1] - Among these, BYD, Yutong Bus, and Chuan Yi Co. received the highest attention, each with 2 buy ratings [1] - Other stocks such as Chongqing Department Store, AVIC Heavy Machinery, Fluorspar Network, Wanhua Chemical, Sanhua Intelligent Control, and Haili Wind Power received 1 buy rating each [1]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [3][15][6] Core Views - The company experienced significant year-on-year growth in October sales, with a 38.1% increase in bus production and a 43.2% increase in sales, totaling 3,558 and 3,221 units respectively [3] - The demand for new energy buses is accelerating, supported by government policies and subsidies, which are expected to boost sales further [3][6] - The company is positioned as a leader in the new energy bus sector, achieving a market share of 23.1% with a year-on-year sales increase of 63.0% for buses over 6 meters in length [3][6] Financial Performance Summary - The company’s projected revenues for 2024, 2025, and 2026 are estimated at 344.24 billion, 398.64 billion, and 465.21 billion yuan respectively, with corresponding EPS of 1.47, 1.87, and 2.25 yuan [3][7] - The net profit is expected to grow significantly, with projections of 3,246 million yuan in 2024, 4,138 million yuan in 2025, and 4,985 million yuan in 2026, reflecting growth rates of 78.65%, 27.47%, and 20.46% respectively [7][11] - The company’s gross margin is projected to be around 22.85% in 2024, with a net margin of 9.43% [11] Market Dynamics - The report highlights a robust export performance, with a 69.62% year-on-year increase in bus exports in October, and a total of 6,576 units exported [3] - The company is expanding its overseas market presence, particularly in Latin America, where it has delivered 274 buses to Mexico [3][6] - The overall bus industry is expected to benefit from the recovery of the tourism sector and the implementation of electric vehicle policies, leading to sustained demand growth [3][6]