证券代码：600066 证券简称：宇通客车 编号：临2024-043 宇通客车股份有限公司 2024 年 9 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9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 二零二四年十月九日 1 单位：辆 产 品 2024 年 9 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 3,878 3,407 13.82% 31,927 27,005 18.23% 其中：大型 1,945 1,932 0.67% 18,286 14,326 27.64% 中型 1,449 1,022 41.78% 9,967 9,042 10.23% 轻型 484 453 6.84% 3,674 3,637 1.02% 销售量 3,788 3,567 6.20% 31,346 26,275 19.30% 其中：大型 1,871 2,107 -11.20 ...

Investment Rating - Buy rating for Yutong Bus (600066) [1] Core Views - Yutong Bus is the leader in the large and medium-sized bus market in China, with a wide range of applications including public transport, tourism, and school buses [1] - The company's sales volume peaked at 71,000 units in 2016, with large and medium-sized buses accounting for 63,000 units, and hit a low of 30,000 units in 2022 [1] - Yutong's market share in the large and medium-sized bus segment increased from 36% in 2023 to 43% in the first eight months of 2024, further widening its lead over competitors [1] - The domestic bus market is in a recovery phase, with overseas export potential estimated at over 200,000 units, and global electric bus penetration at only 3%, indicating significant growth potential [1] - Yutong has a strong sales and service network, with a focus on direct sales and a significant advantage in the number of sales personnel compared to competitors [1] Financial Performance - Revenue is projected to grow from 34.13 billion yuan in 2024 to 43.02 billion yuan in 2026, with net profit increasing from 3.4 billion yuan to 4.57 billion yuan over the same period [1] - EPS is expected to rise from 1.5 yuan in 2024 to 2.1 yuan in 2026, with P/E ratios of 15.0x, 13.0x, and 11.2x respectively [1] - Overseas revenue accounted for nearly half of total revenue in 2023, driven by higher ASPs in export markets [28] Industry Analysis - The domestic bus market is in a recovery phase, with policies supporting the replacement of old buses expected to drive growth [38] - Overseas markets offer significant opportunities, with global electric bus penetration at only 3%, indicating substantial growth potential [1] - Yutong's export market share in large and medium-sized buses reached 30% in the first half of 2024, leading the industry [51] Competitive Advantage - Yutong has a dominant position in the domestic market, with a market share of 80% in the school bus segment and leading positions in other segments [43] - The company has a strong sales and service network, with over 1,600 service outlets in China and 320 authorized service stations overseas [53] - Yutong's focus on high-value large and medium-sized buses has supported its ASP and profitability, with a net profit margin leading the industry [35] Future Outlook - Yutong is expected to benefit from the recovery in the domestic bus market and the global trend towards electric buses, driving both revenue and profit growth [1] - The company's strong market position, extensive sales network, and technological advantages are expected to support its continued leadership in the industry [1][53]

Investment Rating - The investment rating for Yutong Bus (600066) is "Buy" (maintained) [1] Core Views - August sales showed a month-on-month increase, indicating a recovery from seasonal fluctuations. In August 2024, the company produced 4,189 buses, a year-on-year increase of 3.28%, while sales reached 3,648 buses, a year-on-year decrease of 6.44%. However, sales improved by 8.7% month-on-month [3][4] - The cumulative sales from January to August 2024 reached 27,558 buses, reflecting a year-on-year increase of 21.36%. The overall sales and export outlook for the year remains positive [4] - The company is expected to benefit from new public transport subsidy policies introduced across various provinces, which aim to accelerate the replacement of old buses with new ones. Notably, seven provinces are projected to replace over 10,000 buses in 2024 [4] Financial Forecasts - Revenue projections for Yutong Bus are as follows: 31.91 billion in 2024, 35.59 billion in 2025, and 38.99 billion in 2026, with year-on-year growth rates of 18%, 12%, and 10% respectively [4][7] - Net profit forecasts are 3.44 billion in 2024, 3.97 billion in 2025, and 4.57 billion in 2026, with year-on-year growth rates of 89%, 15%, and 15% respectively [4][7] - Earnings per share (EPS) are projected to be 1.55, 1.79, and 2.07 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 14, 12, and 10 times based on the current stock price [4][8]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][4]. Core Views - The company experienced a month-on-month increase in production and sales in August 2024, with production and sales reaching 4,189 and 3,648 units respectively, showing a month-on-month growth of 61.1% and 8.7% [1]. - The company has a strong order backlog and is expected to see continued sales growth in September 2024 [1]. - The company has successfully entered the Mongolian market, delivering 600 buses in August, contributing to a 45.1% year-on-year increase in exports [4]. - New government policies are expected to boost demand for public buses, particularly in the new energy sector, benefiting the company as a leading player in this market [4]. - The company is projected to achieve revenues of 344.24 billion, 398.64 billion, and 465.21 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.45, 1.89, and 2.19 yuan [4]. Summary by Sections Production and Sales Data - In August 2024, the company produced 4,189 buses and sold 3,648 buses, with year-on-year changes of +3.3% and -6.4%, and month-on-month changes of +61.1% and +8.7% respectively [1]. - Cumulative sales from January to August 2024 reached 27,558 units, representing a year-on-year increase of 21.4% [1]. Export Performance - The company exported 7,133 buses from January to July 2024, marking a 45.1% year-on-year increase, leading the industry [4]. - The company has set higher export targets following its entry into the Mongolian market [4]. Financial Projections - Revenue projections for the company are as follows: 344.24 billion yuan in 2024, 398.64 billion yuan in 2025, and 465.21 billion yuan in 2026 [4]. - The expected EPS for the same years are 1.45 yuan, 1.89 yuan, and 2.19 yuan respectively [4]. - The report indicates a PE ratio of 14.24 for 2024, decreasing to 9.42 by 2026 [4][6].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066.SH) [4] Core Views - August sales met expectations with a total of 3,648 buses sold, representing a year-on-year decrease of 6% but a month-on-month increase of 9%. The sales breakdown includes 1,928 large buses, 1,201 medium buses, and 519 light buses [1] - The company is experiencing a robust upward trend in exports for the year, supported by a full order book for overseas deliveries and the gradual fulfillment of high-margin orders, which is expected to enhance profitability [1] - The recent "trade-in" subsidy policy from the Ministry of Transport and the Ministry of Finance is anticipated to significantly boost domestic demand for buses, with an estimated elasticity of over 60% for bus replacement demand in the second half of 2024 [2] - Yutong Bus is projected to benefit directly from the recovery in domestic bus demand, with an expected net profit of 3.317 billion yuan in 2024, reflecting a year-on-year growth of 82.6% [2] Financial Summary - Revenue for 2022 was 21,799 million yuan, with a projected increase to 33,257 million yuan in 2024, representing a year-on-year growth rate of 23% [3] - The net profit for 2022 was 759 million yuan, expected to rise to 3,317 million yuan in 2024, with a year-on-year growth rate of 82.6% [3] - The earnings per share (EPS) is projected to increase from 0.34 yuan in 2022 to 1.50 yuan in 2024 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 62.6 in 2022 to 14.3 in 2024, indicating improved valuation [3] Market Position - Yutong Bus holds approximately 15% of the domestic bus market share in 2023, positioning it favorably to capitalize on the expected increase in domestic bus demand [2]

Investment Rating - The investment rating for Yutong Bus is maintained as "Buy" [3] Core Views - August sales showed a significant recovery with a month-on-month increase, indicating a potential turning point in market conditions expected in 2024 [2] - The company is benefiting from a new policy promoting the replacement of old buses, which is anticipated to boost demand in the second half of 2024 [2] Financial Forecasts and Valuation - The projected total revenue for Yutong Bus is 34.73 billion, 41.45 billion, and 49.94 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 28%, 19%, and 20% [3] - The forecasted net profit attributable to shareholders is 3.31 billion, 4.11 billion, and 4.96 billion yuan for the same years, with year-on-year growth rates of 82%, 24%, and 21% [3] - The expected EPS for 2024, 2025, and 2026 is 1.50, 1.86, and 2.24 yuan, with corresponding P/E ratios of 14, 11, and 9 times [3] Sales and Production Insights - In August 2024, Yutong Bus sold 3,648 units, with a month-on-month increase of 9% and a year-on-year decrease of 6% [2] - The production in August was 4,189 units, reflecting a significant month-on-month increase of 61% due to inventory replenishment [2] - The sales of large and medium buses accounted for 86% of total sales, maintaining a high proportion [2] Policy Impact - The new subsidy policy for replacing old buses includes an average subsidy of 60,000 yuan per vehicle, with higher amounts for new energy buses and battery replacements [2] - The policy is expected to accelerate the replacement of buses older than eight years, with an estimated 30,000 new replacements anticipated in 2024 [2]

Sales Performance - In July 2024, the company sold 3,355 buses, a year-on-year decrease of 8.7%, with large and medium buses down by 12.5% [1] - Cumulatively, from January to July 2024, the company sold 23,910 buses, representing a year-on-year increase of 27.1%, with large and medium buses up by 30.6% [1] Export Market Expansion - As of June 30, 2024, the company has exported over 100,000 buses to various countries, including Chile, Mexico, and Ethiopia [1] - The company has exported more than 6,000 new energy buses to over 40 countries, contributing to global carbon reduction efforts [1] Competitive Advantages - The company maintains a competitive edge by continuously innovating in new energy technology and strengthening supply chain cost advantages [2] - The company aims to enhance collaboration with customers to establish comprehensive solution advantages [2] Market Outlook - The bus export volume in the industry has increased by 48.5% year-on-year, with continued growth expected in the new energy bus sector [2] - The company anticipates sustained growth in the second half of the year, driven by factors such as the Belt and Road Initiative and project opportunities in the Middle East [2] Service and Support - The company has expanded its service network, including direct service centers and parts self-operated warehouses, to enhance customer service [2] - The company focuses on a customer-centric service philosophy, offering various service solutions to meet diverse customer needs [2]

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 8 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 司合肥顺捷汽车科技有限公司（以下简称"合肥顺捷"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）、江苏绿欣交通实业有 限公司（以下简称"江苏绿欣"）、YUTONG de Mexico S.A.deC.V. （以下简称"墨西哥宇通"）、YUTONG HONGKONG LIMITED（以下 简称"香港宇通"）等。 2024 年 8 月新增对子公司担保发生额为 95,070.99 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 1,429.90 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 21,383.50 万元。（外币金额根据 2024 年 8 月 31 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。 特别风险提示：被担保人 ...

证券代码：600066 证券简称：宇通客车 编号：临2024-041 宇通客车股份有限公司 2024 年 8 月份产销数据快报 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 二零二四年九月四日 1 单位：辆 产 品 2024 年 8 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 4,189 4,056 3.28% 28,049 23,598 18.86% 其中：大型 2,351 2,103 11.79% 16,341 12,394 31.85% 中型 1,318 1,425 -7.51% 8,518 8,020 6.21% 轻型 520 528 -1.52% 3,190 3,184 0.19% 销售量 3,648 3,899 -6.44% 27,558 22,708 21.36% 其中：大型 1,928 1,934 -0.31% 15,946 11,711 36.16% 中型 1,201 1,506 -20.25% 8,381 7,955 5.36% 轻型 519 459 13.07% 3,231 3,042 ...

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index within the next six months [2][9]. Core Views - The company has shown significant improvement in operational efficiency driven by both exports and new energy vehicle sales, with a notable increase in market share in the medium and large bus segments [2][3]. - The company reported a revenue of 16.36 billion yuan for H1 2024, a year-on-year increase of 46.99%, and a net profit of 1.674 billion yuan, up 25.84% year-on-year [2][3]. - The demand for medium and large buses has surged, with total industry sales increasing by 35.64% year-on-year, and the company's sales in this segment rising by 41.54%, leading to a market share of 36.80% [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 16.36 billion yuan, with a net profit of 1.674 billion yuan, and a non-deducted net profit of 1.432 billion yuan, reflecting a substantial increase of 332.40% year-on-year [2][3]. - The gross margin improved to 26.1% in Q2 2024, with a year-on-year increase of 2.61 percentage points [2][3]. - The operating cash flow for H1 2024 was 5.36 billion yuan, up 83.9% year-on-year, indicating strong cash flow management [2][3]. Market Dynamics - The report highlights a favorable policy environment, with new subsidies for electric buses expected to stimulate demand in the public transport sector [2][3]. - The company is positioned to benefit from the ongoing recovery in the tourism sector and the resumption of overseas markets, which are anticipated to drive further growth in bus demand [2][3]. Future Projections - Revenue projections for the company are set at 34.424 billion yuan for 2024, 39.864 billion yuan for 2025, and 46.521 billion yuan for 2026, with corresponding EPS estimates of 1.45, 1.89, and 2.19 yuan [3][7]. - The report anticipates a continued upward trend in the bus industry, driven by the electrification of public transport and the "old-for-new" policy initiatives [2][3].