Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance and dividend distribution exceeded expectations, with a net profit of 760 million yuan, up 30.7% YoY, and a proposed cash dividend of 0.5 yuan per share [2] - The company's export sales declined in Q3 2024, but the average selling price (ASP) per vehicle increased by 2.0% YoY to 720,000 yuan, driven by optimized export regional structure, particularly the increased share of higher ASP European markets and new energy vehicles [3] - The adjusted gross margin in Q3 2024 was 24.0%, up 0.8 percentage points YoY, reflecting optimized sales structure, while the adjusted operating expense ratio decreased to 14.3%, showing good economies of scale [4] - The company's net profit margin in Q3 2024 was 9.8%, up 2.4 percentage points YoY, outperforming the gross margin [4] Financial Forecasts and Valuation - Revenue is expected to grow from 34.7 billion yuan in 2024 to 49.9 billion yuan in 2026, with a CAGR of 20.49% [1] - Net profit attributable to shareholders is projected to increase from 3.3 billion yuan in 2024 to 5.0 billion yuan in 2026, with a CAGR of 20.68% [1] - EPS is forecasted to rise from 1.50 yuan in 2024 to 2.24 yuan in 2026, with a P/E ratio decreasing from 17.14x to 11.46x [1] Financial Performance - In Q3 2024, the company achieved revenue of 7.7 billion yuan, down 1.3% YoY, and net profit of 760 million yuan, up 30.7% YoY [2] - The company's adjusted gross margin in Q3 2024 was 24.0%, with an operating expense ratio of 14.3% [4] - The net profit margin in Q3 2024 was 9.8%, up 2.4 percentage points YoY [4] Export and ASP Analysis - The ASP per vehicle in Q3 2024 was 720,000 yuan, up 2.0% YoY, driven by increased share of higher ASP European markets and new energy vehicles [3] - The ASP for large and medium-sized buses exported from Henan in the first three quarters of 2024 was 940,000 yuan, up from 890,000 yuan in 2023, while the ASP for new energy vehicle exports was 2.34 million yuan, up from 2.04 million yuan in 2023 [3] Financial Ratios and Metrics - The company's P/E ratio is expected to decrease from 17.14x in 2024 to 11.46x in 2026 [1] - The ROE is projected to increase from 23.82% in 2024 to 30.34% in 2026 [11] - The company's debt-to-asset ratio is expected to fluctuate between 57.70% and 66.14% from 2024 to 2026 [10] Cash Flow and Capital Expenditure - Operating cash flow is forecasted to increase from 6.1 billion yuan in 2024 to 13.9 billion yuan in 2026 [11] - Capital expenditure is expected to remain stable, ranging from 544 million yuan to 574 million yuan from 2024 to 2026 [11]

Summary of Conference Call Records Company Overview - **Company**: Yutong (宇通) - **Industry**: Bus manufacturing and export Key Points and Arguments Financial Performance - Yutong's Q3 performance exceeded market expectations, with a profit forecast of over 10 billion for Q4, leading to an annual profit estimate of 33 to 34 billion [1][4] - The company reported a mid-term dividend of 1.1 billion, indicating strong cash flow and a commitment to shareholder returns [2][8] - The expected annual dividend for 2023 is projected to be at least 1.5 per share, with potential for further increases [2][10] Sales and Market Dynamics - Yutong's sales structure has shifted, with a notable decrease in export sales volume but an increase in profit margins due to changes in regional sales distribution [1][6] - The company anticipates a 15% growth in export sales for the next year, with a conservative estimate of 1.5 million units [4][11] - The Q4 is expected to be a peak season for sales, with confidence in achieving set targets [3][4] Profitability and Margins - The gross margin has improved significantly, attributed to a higher proportion of sales in Europe, where unit prices are substantially higher than in domestic markets [5][6] - Cost management has been effective, with a decrease in expense ratios and a focus on maintaining low operational costs [7][9] Future Outlook - Yutong is positioned for continued growth, with expectations of exceeding initial sales targets and maintaining a high profitability trajectory [4][10] - The company is seen as a top investment choice in the A-share market, combining growth potential with strong dividend returns [10][11] Risks and Concerns - Short-term concerns regarding performance and external market conditions, particularly related to export chains, have been addressed, indicating minimal sensitivity to U.S. market fluctuations [3][11] - The overall sentiment is optimistic, with a focus on the company's ability to navigate market challenges while delivering strong financial results [10][11] Additional Important Information - The company has a history of substantial dividends, with last year's payout being 3.3 billion, indicating a robust capacity for shareholder returns [2][9] - The operational cash flow (OCF) is projected to remain around 50 billion, allowing for continued dividend payments and investment in growth [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q3 2024 performance met expectations, with revenue of 24.075 billion yuan, a year-on-year increase of 27.04%, and a net profit of 2.432 billion yuan, up 131.49% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, reflecting a strong commitment to shareholder returns [1] - The company has a robust order backlog for overseas sales, with exports in September 2024 reaching 1,088 units, a month-on-month increase of 25%, indicating a positive outlook for Q4 2024 [2] - The company has maintained a high dividend payout ratio of 45.5%, with cumulative dividends since listing reaching 38.5% of financing [2] - Profit forecasts for 2024-2026 are 3.317 billion yuan, 4.023 billion yuan, and 4.847 billion yuan respectively, with corresponding PE ratios of 17, 14, and 11 times [2] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 33.257 billion yuan, with a year-on-year growth rate of 23% [4] - The net profit for 2024 is projected to be 3.317 billion yuan, reflecting a year-on-year growth rate of 82.6% [4] - The latest diluted EPS is expected to be 1.50 yuan per share for 2024, with a net asset return rate of 20.7% [4] - The company’s PE ratio is projected to decrease from 30.1 in 2023 to 16.5 in 2024, indicating improving valuation [4]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][15] Core Views - The company has demonstrated robust profitability, with a significant increase in net profit by 132% year-on-year for the first three quarters of 2024, driven by both domestic and international sales [2][3] - The company is expected to benefit from the recovery of domestic demand and the expansion of export markets, particularly in the context of new energy vehicles [12][15] - The company has announced a mid-term dividend plan, proposing a cash dividend of 0.5 yuan per share, totaling 1.11 billion yuan, reflecting a dividend payout ratio of 45.5% [2][8] Financial Performance Summary - Revenue for the first three quarters of 2024 reached 24.08 billion yuan, up 27.0% year-on-year, while net profit was 2.44 billion yuan, up 131.5% year-on-year [2][3] - The company’s earnings per share (EPS) for 2024 is projected to be 1.51 yuan, with net profits expected to grow to 3.34 billion yuan in 2024, 4.05 billion yuan in 2025, and 4.76 billion yuan in 2026 [1][15] - The gross margin for Q3 2024 was reported at 23.9%, reflecting a year-on-year increase of 0.8 percentage points [2][8] Market Outlook - The domestic bus market is anticipated to recover in 2024, supported by policies encouraging the replacement of old vehicles [12][15] - The export market is expected to see growth, with the company leveraging its "technology + service export" model to capture opportunities in the new energy vehicle sector [12][15] - The company aims to achieve a revenue target of 32.9 billion yuan in 2024, representing a year-on-year increase of 21.8% [15]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's Q3 revenue reached 7.74 billion yuan, a year-on-year decrease of 1% and a quarter-on-quarter decrease of 20%. However, the net profit attributable to the parent company was 760 million yuan, showing a year-on-year increase of 31% and a quarter-on-quarter decrease of 25%. The company maintains stable profitability [2][6] - The company announced a mid-term dividend plan, proposing a cash dividend of 0.5 yuan per share, totaling 1.107 billion yuan, which corresponds to a dividend payout ratio of 45.5%. This marks the first mid-term dividend in nearly 20 years, reflecting the company's commitment to enhancing shareholder returns [6][7] Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 24.07 billion yuan, a year-on-year increase of 27%, and a net profit of 2.43 billion yuan, a year-on-year increase of 131.5%. Q3 sales volume of large and medium buses was 9,344 units, a year-on-year decrease of 4.8% and a quarter-on-quarter decrease of 17.8% [6][7] - The Q3 single vehicle revenue was 717,000 yuan, a year-on-year increase of 14,000 yuan, while the single vehicle net profit was 70,000 yuan, a year-on-year increase of 18,000 yuan [6][7] Market Outlook - The bidding data for buses has been increasing, with over 8,800 units bid in August and September combined. The company expects a significant increase in domestic demand in Q4, supported by policy incentives and the peak season for exports [7] - The company forecasts revenues of 34.36 billion yuan, 40.93 billion yuan, and 44.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 24.74 yuan on October 28, 2024, corresponding to a PE ratio of 17/14/12 for the years 2024-2026 [5][3]. Core Insights - The company reported a revenue of 24.075 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.04%. The net profit attributable to shareholders was 2.432 billion yuan, up 131.49% year-on-year, with a non-recurring net profit of 2.071 billion yuan, increasing by 164.12% year-on-year [3]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan, which accounts for 45.52% of the net profit for the third quarter of 2024 [3]. - The company is a leader in bus exports, with a total of 9,090 buses exported in the first three quarters of 2024, capturing a market share of 21.54% [3]. - The introduction of new policies for subsidies on the replacement of old buses is expected to boost sales in the fourth quarter [3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 7.739 billion yuan, a decrease of 1.25% year-on-year and a 20.38% decline quarter-on-quarter. The net profit for Q3 was 758 million yuan, up 30.67% year-on-year but down 25.44% quarter-on-quarter [3]. - The net profit margin for Q3 2024 reached 9.98%, an increase of 2.53 percentage points year-on-year, while the gross profit margin was 12.32%, down 10.83 percentage points year-on-year due to warranty costs being included in operating expenses [3]. - The company forecasts revenues of 33.913 billion yuan, 39.642 billion yuan, and 46.181 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.299 billion yuan, 3.949 billion yuan, and 4.602 billion yuan for the same years [4][7].

Financial Performance - Operating revenue for Q3 2024 was CNY 7,739,059,215.83, a decrease of 1.25% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 reached CNY 758,088,973.72, an increase of 30.67% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 639,085,193.95, up 41.08% from the previous year[2]. - Basic earnings per share for Q3 2024 were CNY 0.34, reflecting a 30.67% increase year-on-year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥24,074,847,816.60, a 27.5% increase from ¥18,950,415,903.37 in the same period of 2023[13]. - Net profit for the first three quarters of 2024 was ¥2,458,685,247.87, up 131.7% from ¥1,062,802,397.31 in 2023[13]. - The company's operating profit increased to ¥2,639,357,761.52, compared to ¥1,208,132,313.55 in the previous year, representing a growth of 118.5%[13]. - The company reported a diluted earnings per share of ¥1.10 for 2024, compared to ¥0.47 in 2023[14]. - Total comprehensive income for the first three quarters of 2024 was ¥2,407,399,340.75, significantly higher than ¥1,065,115,572.00 in 2023[14]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -829,193,267.23, a decline of 136.69% compared to the same period last year[2]. - Cash flow from operating activities was ¥4,535,301,627.15, down from ¥5,177,048,474.89 in the same period last year[15]. - Cash and cash equivalents as of September 30, 2024, were RMB 4,905,491,257.62, down from RMB 6,433,808,650.59, indicating a decrease of about 23.7%[10]. - Cash and cash equivalents at the end of the period were ¥4,643,655,060.31, down from ¥6,664,030,781.92 at the end of 2023[15]. - The company experienced a net cash outflow from investing activities of ¥2,859,126,461.07, an improvement from a net outflow of ¥3,284,757,323.20 in the previous year[15]. Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 30,420,038,372.17, a decrease of 1.42% from the end of the previous year[3]. - The company's total liabilities increased to RMB 17,264,170,744.90 from RMB 16,800,336,311.87, representing an increase of about 2.8%[11]. - The total equity attributable to shareholders decreased from RMB 13,918,970,733.22 to RMB 12,982,805,727.99, a decline of approximately 6.7%[11]. - The company's inventory decreased from RMB 4,513,287,997.28 to RMB 4,054,326,757.60, a reduction of approximately 10.2%[10]. - The accounts receivable decreased from RMB 3,968,792,894.26 to RMB 3,434,511,125.76, reflecting a decline of about 13.4%[10]. - The company's long-term equity investments increased from RMB 649,545,124.13 to RMB 674,537,550.24, an increase of approximately 3.8%[10]. - The total current liabilities as of September 30, 2024, were RMB 13,713,338,597.91, slightly up from RMB 13,684,210,448.16, indicating a marginal increase of about 0.2%[11]. - The company's total non-current assets decreased from RMB 11,242,664,117.16 to RMB 10,802,501,824.48, reflecting a decline of about 3.9%[10]. Other Financial Metrics - The weighted average return on equity increased by 1.58 percentage points to 6.02% for Q3 2024[2]. - The company reported a significant increase in sales volume in the first three quarters, contributing to the rise in net profit[5]. - The company received government subsidies amounting to CNY 63,433,551.49 during the reporting period[4]. - Research and development expenses for the first three quarters of 2024 were ¥1,114,623,796.68, slightly up from ¥1,084,908,836.57 in 2023[13]. - The total operating costs for the first three quarters of 2024 were ¥21,763,007,665.35, an increase from ¥17,887,469,548.91 in 2023, reflecting a growth of 21.5%[13]. - The company's other comprehensive income decreased significantly from RMB 81,783,135.23 to RMB 14,581,252.41, a decline of approximately 82.2%[11].

宇通客车股份有限公司（以下简称"公司"）第十一届监事 会第八次会议于 2024 年 10 月 21 日以邮件等方式发出通知，2024 年 10 月 28 日以通讯方式召开，应参会监事 3 名，实际参会监事 3 名，符合《公司章程》及有关法律法规的规定。 证券代码:600066 证券简称：宇通客车 编号：临 2024-048 宇通客车股份有限公司 第十一届监事会第八次会议决议公告 本公司监事会及全体监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。 会议审议并通过了以下议案： 1、3 票同意，0 票反对，0 票弃权；审议通过了《2024 年第 三季度报告》。 在全面了解和审核公司2024年第三季度报告后，我们认为： 公司严格按照股份公司财务制度规范运作，公司 2024 年第三季 度报告公允地反映了公司 2024 年前三季度的财务状况和经营成 果；公司董事会的编制和审议程序符合法律、行政法规和中国证 监会的规定；我们保证公司 2024 年第三季度报告所披露的信息 真实、准确、完整，承诺其中不存在虚假记载、误导性陈述或重 大遗漏，并对其内容的真实性、准确 ...

证券代码：600066 证券简称：宇通客车 编号：临 2024-050 宇通客车股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 股东大会召开日期：2024年11月18日 本次股东大会采用的网络投票系统：上海证券交易所股东 大会网络投票系统 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票 和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 18 日 9 点整 召开地点：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 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 1 投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者 的投票程序 涉及融资融券、转融通业务、约定购回业务相 ...

公司拟向全体股东每 10 股派发现金股利 5 元（含税）。截 至 2024 年 9 月 30 日，公司总股本 2,213,939,223 股，以此计算 合计拟派发现金红利 1,106,969,611.50 元（含税）。公司 2024 年前三季度现金分红合计占公司 2024 年第三季度合并报表中归 属于母公司股东的净利润比例为 45.52%。 证券代码：600066 证券简称：宇通客车 编号：临2024-049 宇通客车股份有限公司 2024年前三季度利润分配方案公告 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：每股派发现金股利 0.5 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的， 拟维持每股分配金额不变，相应调整分配总额，并将另行公告具 体调整情况。 一、利润分配方案内容 截至 2024 年 9 月 30 日，公司（母公司报表，未经审计）可 供分配利润为人民币 5,939,090 ...