[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines and explains specific terms used in the report, such as "Company," "Yutong Group," and "Reporting Period," to ensure consistent information understanding - This chapter primarily defines and explains specific terms used in the report, such as Company, Yutong Group, and Reporting Period, to ensure consistency in information understanding[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) [Company Basic Information](index=4&type=section&id=一、公司信息) This chapter provides basic information about Yutong Bus Co., Ltd., including its company name, legal representative, contact details, registered address, and information disclosure channels | Item | Information | | :--- | :--- | | **Company Chinese Name** | 宇通客车股份有限公司 | | **Stock Abbreviation** | 宇通客车 | | **Stock Code** | 600066 | | **Listing Exchange** | Shanghai Stock Exchange | | **Legal Representative** | Li Panpan | [Key Accounting Data and Financial Indicators](index=5&type=section&id=六、主要会计数据和财务指标) During the reporting period, the company achieved strong performance growth, with operating revenue increasing by 46.99% year-on-year and net profit attributable to shareholders surging by 255.84%, indicating overall improvement in key financial metrics Key Accounting Data (Unit: RMB Billion) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16.34 | 11.11 | 46.99% | | Net Profit Attributable to Shareholders of the Listed Company | 1.67 | 0.47 | 255.84% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains/Losses) | 1.43 | 0.33 | 332.40% | | Net Cash Flow from Operating Activities | 5.36 | 2.92 | 83.90% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 12.20 | 13.92 | -12.37% | | Total Assets | 30.57 | 30.86 | -0.94% | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.76 | 0.21 | 255.84% | | Weighted Average Return on Net Assets (%) | 11.82% | 3.27% | Increased by 8.54 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 10.11% | 2.30% | Increased by 7.81 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **RMB 242 million**, primarily from government subsidies (**RMB 147 million**) and fair value changes in financial assets held (**RMB 104 million**)[12](index=12&type=chunk)[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=第三节%20管理层讨论与分析) [Industry and Main Business Operations](index=6&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company is a large enterprise integrating bus R&D, manufacturing, and sales, with a full product range from 5 to 18 meters, maintaining its industry-leading position; in the first half, domestic tourism boosted road passenger transport, while public transport declined due to fiscal tightening; overseas demand continued to recover, with exports up 48.5% year-on-year, and growth is expected to continue in the second half - The company's main business involves the R&D, manufacturing, and sales of bus products, with a complete product chain covering various segments such as highway, tourism, and public transport[14](index=14&type=chunk) - The domestic market benefited from the booming tourism industry, leading to a significant increase in demand for road passenger transport; however, public transport market demand declined due to local fiscal constraints[14](index=14&type=chunk) - Overseas market demand continued to recover, with a **48.5% year-on-year increase** in the industry's export volume of large and medium-sized buses, and growth is expected to continue in the second half, especially for new energy buses in Europe and Latin America[14](index=14&type=chunk) [Analysis of Core Competencies](index=6&type=section&id=二、报告期内核心竞争力分析) The company's core competencies include strong R&D capabilities, stable industrial support, extensive sales channels, and outstanding brand reputation; in the reporting period, R&D investment reached RMB 740 million, accounting for 4.53% of revenue, achieving breakthroughs in core technologies like electrification and intelligent connectivity; the company maintains stable domestic and international supply chains and has established a global sales and service network, with over 100,000 buses exported, continuously enhancing brand value R&D Investment | Indicator | Amount | Percentage of Operating Revenue | | :--- | :--- | :--- | | R&D Expenditure | RMB 740 million | 4.53% | - The company has achieved breakthroughs in core technologies such as electric drive, electronic control, and batteries, independently mastering key technologies in electrification and intelligent connectivity, and possesses 7 national-level and 14 provincial-level scientific research and innovation platforms, including a national-level enterprise technology center[17](index=17&type=chunk)[29](index=29&type=chunk) - The company has a stable supply chain system, establishing long-term and stable cooperative relationships with leading domestic and international automotive component enterprises such as Cummins, ZF, Bosch, and domestic companies like Inovance and SinoHytec[30](index=30&type=chunk) - The sales network covers the globe, with a cumulative export of over **100,000 buses**, including over **6,000 new energy buses**, sold to more than 40 countries and regions, forming a development layout across six major areas[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=三、经营情况的讨论与分析) In the first half of 2024, the company sold 20,555 buses, a 35.82% year-on-year increase; operating revenue reached RMB 16.34 billion, up 46.99%; and net profit attributable to shareholders was RMB 1.67 billion, with significant performance growth primarily driven by a substantial increase in overseas market export sales and the continued recovery of the domestic tourism passenger transport market 2024 First Half Operating Performance | Indicator | Quantity/Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Bus Sales | 20,555 units | +35.82% | | Operating Revenue | RMB 16.34 billion | +46.99% | | Net Profit Attributable to Shareholders | RMB 1.67 billion | +255.84% | - The significant increase in net profit is primarily due to two reasons: first, a substantial increase in overseas market export sales and a higher proportion of high-margin export business; second, the recovery of the domestic tourism industry, which boosted domestic sales[35](index=35&type=chunk) [Analysis of Key Operating Conditions](index=11&type=section&id=四、报告期内主要经营情况) This chapter details the changes in major financial statement items; operating revenue and cost increased with sales volume; regarding cash flow, net operating cash flow significantly increased by 83.90% due to higher sales, net cash outflow from investing activities increased mainly due to purchases of wealth management products, and net cash outflow from financing activities increased primarily due to higher dividends; concerning assets and liabilities, trading financial assets surged by 3892.30% mainly due to increased wealth management investments, and accounts payable increased by 49.75% primarily due to increased material purchases Financial Statement Major Item Variation Analysis (Unit: RMB Billion) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16.34 | 11.11 | 46.99 | | Operating Cost | 12.16 | 8.57 | 41.75 | | Net Cash Flow from Operating Activities | 5.36 | 2.92 | 83.90 | Balance Sheet Major Item Variation Analysis (Unit: RMB Billion) | Item Name | End of Current Period Amount | End of Prior Year Amount | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3.997 | 0.100 | 3,892.30 | Increased investment in wealth management products | | Accounts Payable | 5.747 | 3.838 | 49.75 | Increased material purchases | | Taxes Payable | 0.456 | 0.219 | 108.26 | Increased income tax payable | [Potential Risks](index=13&type=section&id=(一)%20可能面对的风险) The company faces multiple risks, including insufficient domestic public transport market demand, intensified industry competition, payment risks in some overseas markets, competitive pressure from international brands in new energy vehicles, and increased transportation costs due to geopolitical factors; the company has formulated corresponding measures, such as assisting customers with policy utilization, enhancing product competitiveness, strengthening foreign exchange risk management, and coordinating sea freight resources in advance, to address these challenges - Domestic risks: Local fiscal constraints lead to insufficient demand in the public transport market; industry overcapacity and product homogenization intensify competition[43](index=43&type=chunk)[44](index=44&type=chunk) - Overseas risks: Currency depreciation and declining foreign exchange reserves in some emerging countries pose payment difficulties; international brands' competitiveness in new energy commercial vehicles is increasing; geopolitical tensions in areas like the Red Sea significantly increase transportation costs[44](index=44&type=chunk) [Corporate Governance](index=14&type=section&id=第四节%20公司治理) [Shareholders' Meetings and Executive Changes](index=14&type=section&id=一、股东大会情况) During the reporting period, the company held two shareholders' meetings, approving proposals such as revising the Articles of Association, annual report, and profit distribution; significant changes occurred in the company's senior management and board of directors, including the appointment of a new general manager, deputy general manager, and CFO, and the election of new directors - The 2024 First Extraordinary Shareholders' Meeting and the 2023 Annual Shareholders' Meeting were held during the reporting period, with all proposals reviewed and approved[47](index=47&type=chunk)[48](index=48&type=chunk) - Company senior personnel changes: - Li Panpan appointed as General Manager - Dong Xiaokun appointed as Deputy General Manager and elected as a Director - Wu Yilun appointed as Chief Financial Officer - Zhang Tongqiu elected as a Director[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has no profit distribution or capital reserve capitalization plan for the half-year period[50](index=50&type=chunk) [Environmental and Social Responsibility](index=15&type=section&id=第五节%20环境与社会责任) [Environmental Information](index=15&type=section&id=一、环境信息情况) As a key pollutant-discharging unit, the company disclosed detailed pollutant discharge information and the construction and operation of pollution prevention facilities for its four plants; the company strictly adheres to environmental regulations, investing over RMB 250 million in environmental upgrades and establishing a comprehensive environmental management system; in the first half of 2024, carbon emissions were reduced by approximately 3,760 tons through energy saving and clean energy utilization - All four of the company's plants (Shibalihe, New Energy, Special Vehicle, Jingyida) are disclosed as key pollutant-discharging units, with major pollutant emissions meeting standards and within permitted total limits[51](index=51&type=chunk)[53](index=53&type=chunk) - Since 2018, the company has cumulatively invested over **RMB 250 million** in environmental upgrades, introducing industry-leading VOCs treatment facilities and welding fume treatment facilities to ensure continuous and stable compliance of pollutant emissions[55](index=55&type=chunk) - In the first half of 2024, the company reduced carbon dioxide emissions by approximately **3,760 tons** through management innovation, energy saving improvements, photovoltaic power generation, and waste heat utilization[69](index=69&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) - All of the company's plants have been rated as A-level environmental performance enterprises and were among the first to be designated as "Waste-Free Factories"[69](index=69&type=chunk) [Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=22&type=section&id=二、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) The company actively fulfills its social responsibilities, contributing to society in the first half of 2024 through projects such as industrial poverty alleviation, child road safety public welfare, critical illness assistance, and "Winter Warmth"; industrial poverty alleviation procurement amounted to RMB 42.27 million, child road safety public welfare donated RMB 2 million, critical illness assistance supported 366 employees with RMB 2.3437 million - Industrial Poverty Alleviation: Continued procurement of components from less developed areas in Henan, with procurement exceeding **RMB 42.27 million** in the first half[72](index=72&type=chunk) - Public Welfare Activities: Donated **RMB 2 million** for the "Child Road Safety Public Welfare Campaign"; provided critical illness assistance totaling **RMB 2.3437 million** to 366 employees in need; donated materials and funds to people in impoverished mountainous areas and Xinjiang and Tibet regions[72](index=72&type=chunk) [Significant Matters](index=24&type=section&id=第六节%20重要事项) [Fulfillment of Commitments](index=24&type=section&id=一、承诺事项履行情况) During the reporting period, the company's controlling shareholder Yutong Group, Mengshi Bus, and actual controller Tang Yuxiang strictly fulfilled their commitments made in the acquisition report regarding ensuring the independence of the listed company, avoiding horizontal competition, and regulating related party transactions - The controlling shareholder and actual controller continued to fulfill their commitments to ensure the independence of the listed company in terms of personnel, finance, organization, assets, and business[75](index=75&type=chunk) - Relevant parties strictly adhered to commitments to avoid horizontal competition and regulate related party transactions, with all commitments being continuously and effectively fulfilled[76](index=76&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=十、重大关联交易) The company's significant related party transactions primarily involve financial services with its affiliated finance company, Zhengzhou Yutong Group Finance Co., Ltd.; at the end of the reporting period, the company's deposit balance with this finance company was RMB 2.802 billion, and it also obtained a comprehensive credit line of RMB 2 billion, with RMB 412 million utilized at period-end Financial Business with Related Party Finance Company (Unit: RMB Billion) | Business Type | Related Party | Total Amount/Limit | Period-End Balance/Utilized Amount | | :--- | :--- | :--- | :--- | | Deposit Business | Zhengzhou Yutong Group Finance Co., Ltd. | 3.00 | 2.802 | | Comprehensive Credit Line | Zhengzhou Yutong Group Finance Co., Ltd. | 2.00 | 0.412 | [Significant Contracts and Guarantees](index=29&type=section&id=十一、重大合同及其履行情况) During the reporting period, the company had no significant entrustment, contracting, or leasing matters; regarding guarantees, the company primarily provided guarantees for its subsidiaries, with a total guarantee balance of RMB 964 million for subsidiaries at the end of the reporting period; additionally, the company provided phased guarantees for mortgage loans of homebuyers for its employee housing project subsidiary, with a balance of RMB 550 million Company Guarantee Total Amount (Unit: RMB) | Item | Amount | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-End | 963,738,963.39 | | Proportion of Total Guarantees to Company's Net Assets | 7.90% | | Debt Guarantees Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 953,742,963.39 | - The company provided mortgage loan guarantees for its employee housing project subsidiary to banks, with a balance of **RMB 550 million**[85](index=85&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=第七节%20股份变动及股东情况) [Shareholder Information](index=30&type=section&id=二、股东情况) During the reporting period, the company's total share capital and share structure remained unchanged; as of the end of the reporting period, the total number of common shareholders was 55,836; the top two shareholders were Zhengzhou Yutong Group Co., Ltd. (37.70% stake) and Hong Kong Securities Clearing Company Limited (16.57% stake) - As of the end of the reporting period, the total number of common shareholders was **55,836**[86](index=86&type=chunk) Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | | :--- | :--- | :--- | | Zhengzhou Yutong Group Co., Ltd. | 834,755,347 | 37.70 | | Hong Kong Securities Clearing Company Limited | 366,858,326 | 16.57 | | Mengshi Bus Co., Ltd. | 87,428,292 | 3.95 | | National Social Security Fund 101 Portfolio | 42,253,782 | 1.91 | | China Highway Vehicle & Machinery Co., Ltd. | 40,885,192 | 1.85 | [Financial Report](index=33&type=section&id=第十节%20财务报告) [Audit Opinion](index=33&type=section&id=一、审计报告) This semi-annual financial report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk)[91](index=91&type=chunk) [Financial Statements](index=33&type=section&id=二、财务报表) This chapter includes the company's main financial statements for the first half of 2024, comprising the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Provides consolidated and parent company balance sheets as of June 30, 2024[91](index=91&type=chunk)[93](index=93&type=chunk) - Provides consolidated and parent company income statements for January-June 2024[95](index=95&type=chunk)[96](index=96&type=chunk) - Provides consolidated and parent company cash flow statements for January-June 2024[97](index=97&type=chunk)[98](index=98&type=chunk) - Provides consolidated and parent company statements of changes in owners' equity for January-June 2024[99](index=99&type=chunk)[101](index=101&type=chunk) [Notes to Financial Statements](index=45&type=section&id=三、公司基本情况) This chapter serves as the notes to the financial statements, detailing the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and providing detailed explanations and analyses of major financial statement items - These financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance[105](index=105&type=chunk)[106](index=106&type=chunk) - Revenue Recognition Policy: The company recognizes revenue when the customer obtains control of the related goods or services; domestic sales are generally recognized upon customer receipt, while export sales are recognized when goods pass the ship's rail and customs declaration is completed, according to FOB or CIF terms[182](index=182&type=chunk) - R&D Expenditure Policy: Expenditures in the research phase are expensed, while expenditures in the development phase are capitalized when specific conditions are met, such as technical feasibility and commercial intent[164](index=164&type=chunk)[165](index=165&type=chunk)

证券代码:600066 证券简称：宇通客车 编号：临 2024-038 2、3 票同意，0 票反对，0 票弃权；审议通过了《关于郑州 宇通集团财务有限公司的风险评估报告》。 特此公告。 宇通客车股份有限公司监事会 二零二四年八月二十六日 1 宇通客车股份有限公司 第十一届监事会第七次会议决议公告 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。 宇通客车股份有限公司（以下简称"公司"）第十一届监事 会第七次会议于 2024 年 8 月 14 日以邮件等方式发出通知，2024 年 8 月 24 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。 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 年半 年度报告及摘要》。 在全面了解和审核公司 2024 年半年度报告及摘要后，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 半年度报告公允地反映了公司 2024 年上半年的财务状况和经营 成果；公司董事会的编制和审议程序符合法律 ...

关于郑州宇通集团财务有限公司的风险评估报告 宇通客车股份有限公司（以下简称"公司"）按照《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》《上海证 券交易所上市公司自律监管指引第 5 号——交易与关联交易》等 要求，通过查验郑州宇通集团财务有限公司（以下简称"宇通财 务公司"）的《营业执照》与《金融许可证》等资料，并审阅了 包括资产负债表、利润表、现金流量表等在内的宇通财务公司定 期财务报告，对财务公司的经营资质、业务和风险状况进行了评 估，具体情况报告如下： 一、宇通财务公司基本情况 宇通财务公司成立于 2012 年 2 月 24 日，是经原中国银行业 监督管理委员会（现为国家金融监督管理总局）批准，由郑州宇 通集团有限公司（出资占比 85%）及宇通客车股份有限公司（出 资占比 15%）共同出资组建的非银行金融机构。 法定代表人：曹建伟 注册地址：郑州市管城回族区宇通路宇通大厦 21 层 注册资本：人民币 100,000 万元 公司住所：郑州市管城回族区宇通路宇通大厦 21 层 金融许可证机构编码：L0146H241010001 统一社会信用代码：91410100590815989T 宇通财务公 ...

证券代码：600066 证券简称：宇通客车 编号：临2024-039 宇通客车股份有限公司 关于对外捐赠的公告 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。 宇通客车股份有限公司（以下简称"公司"）于2024年8月24 日召开第十一届董事会第七次会议，审议通过了《关于对外捐赠 的议案》。本次捐赠具体情况如下： 一、本次对外捐赠情况概述 登记管理机关：河南省民政厅 成立日期：2023-12-18 业务范围：支持河南高等教育重大项目建设、教育教学改革、 科学研究、文化传承、教育信息化和国际交流与合作及奖教助学 活动。支持科学技术领域重大项目建设和技术研发、资助科学教 育、科技交流、科学普及、人才培养等活动，组织评奖活动、承 接政府部门委托事项。推动科学普及、开展合作交流、传播科学 思想、弘扬科学精神；支持文化重大项目建设、文化发展、人才 培养、资助公益文化项目；其他有利于教育、科技发展的公益项 为促进河南省科学教育文化事业发展，支持科学技术领域、 教育领域的重大项目建设，培养前沿科学研究和高技术领域的高 层次人才，公司受邀成为河 ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-040 宇通客车股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 3、会议召开方式：网络互动 会议召开时间：2024年9月4日（星期三）13:00－14:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：网络互动 投资者可于2024年8月28日（星期三）至9月3日（星期二） 16:00前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@yutong.com 进行提问，公司将在说明会上对投 资者普遍关注的问题进行回答。 宇通客车股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日披露 2024 年半年度报告。为便于广大投资者更加全面深入 地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 4 日 13:00-14:00 召开 2024 年半年度业绩说 ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-036 宇通客车股份有限公司 关于 2024 年"提质增效重回报"行动方案的公告 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。 宇通客车股份有限公司（以下简称"公司"）为深入贯彻党 的二十大和中央经济工作会议精神，认真落实国务院《关于进一 步提高上市公司质量的意见》，积极响应上海证券交易所《关于 开展沪市公司"提质增效重回报"专项行动的倡议》，特制定公 司 2024 年"提质增效重回报"行动方案。本方案旨在通过实施 一系列具体措施，提升公司经营质量，增强公司核心竞争力，提 高股东回报，为股东创造更大价值。 一、注重经营策略，持续提升盈利质量 公司坚持以业绩为基础，做大做强企业；始终重视技术发展， 一直维持充足的研发投入，专注于客车领域关键技术的自主研发。 历经十余年技术攻关，在节能与新能源客车高效动力系统、动力 电池集成与管理、整车控制与节能等方面取得重大突破。凭借领 先的技术优势和杰出的市场表现，公司连续多年荣获世界客车联 盟（BAAV）系列大奖、世界客车博览 ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066.SH) [3] Core Views - July sales were affected by delivery schedules, but domestic demand for buses is expected to rebound due to increased government subsidies [1][2] - The company achieved a bus sales volume of 3,355 units in July 2024, a year-on-year decrease of 9% and a month-on-month decrease of 29% [1] - The new subsidy policy for replacing old buses is expected to significantly boost domestic demand in the second half of 2024, with an estimated elasticity of over 60% [2] Summary by Sections Sales and Production - In July 2024, Yutong Bus produced 2,600 buses, down 31% year-on-year and 39% month-on-month [1] - The sales figures for large, medium, and light buses were 1,993, 870, and 492 units respectively, with a year-on-year change of -4%, -27%, and +22% [1] Policy Impact - The Ministry of Transport and the Ministry of Finance issued new subsidy guidelines for replacing old buses, providing an average subsidy of 60,000 yuan per bus, with 80,000 yuan for new energy buses and 42,000 yuan for battery replacements [1] - The deadline for subsidy applications is January 20, 2025, which is expected to accelerate the replacement of buses in the domestic market [1] Market Outlook - The report estimates that approximately 11.5 million old new energy buses are in operation, with a potential demand for 14,000 replacements if 30% are replaced within six months [2] - Yutong holds about 15% of the domestic bus market share and is expected to benefit from the recovery in domestic bus demand [2] Financial Projections - The forecasted net profits for Yutong Bus from 2024 to 2026 are 3.2 billion, 3.9 billion, and 4.7 billion yuan respectively, with corresponding P/E ratios of 15, 12, and 10 times [2][5]

Investment Rating - The investment rating for Yutong Bus (600066) is maintained at "Buy" [1] Core Views - The report indicates that July sales experienced seasonal fluctuations, but the overall sales outlook for the year remains positive [1][5] - Yutong Bus's July production was 2,600 units, down 31.18% year-on-year, while sales were 3,355 units, down 8.71% year-on-year [3] - The company is expected to benefit from the "old-for-new" policy, which is likely to boost the bus market [5] Financial Performance and Forecast - Yutong Bus is projected to achieve revenues of 31.91 billion, 35.59 billion, and 38.99 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18%, 12%, and 10% [4][8] - The net profit attributable to shareholders is expected to be 3.44 billion, 3.97 billion, and 4.57 billion yuan for the same years, with growth rates of 89%, 15%, and 15% [4][8] - Earnings per share (EPS) are forecasted 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 13, 11, and 10 times [4][8] Market Position and Trends - Yutong Bus holds over 20% market share in the domestic bus market as of the first half of 2024 [5] - The report highlights that the demand for overseas buses, particularly in the new energy sector, is expected to grow [4]

证券代码： 600066 证券简称：字通客车 字通客车股份有限公司 投资者关系活动记录表 ( 2024 年 7 月 ) | --- | --- | --- | |--------------|----------------|-----------------------------------------------------------------------| | | 口特定对象调研 | 口分析师会议 | | 投资者关系活 | 口矮体矛访 | 口业绩说明会 | | 动类别 | 口新闻发布会 | 口路濱濱站 | | | ✓现场调研 | ✓电话会议 | | | 口其他 | | | 会议时间 | 2024 年 7 月 | | | 会议地点 | | 河南省郑州市管城回族区宇通路 6 号 | | 参与单位 | | 华夏基金、富国基金、景林资产、兴全基金、浦银安盛基金等 | | 公司接待人员 | | 公司证券事务代表、投资者关系经理等 | | | | 主要问答内容如下： | | | | 问 1: 请问公司近期销售情况? | | | | 客： 您好，2024 年 6 月，公司销售客车 4, 743 辆，同比增长 0 ...

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 7 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 YUTONG FRANCE S.A.S.（以下简称"法国宇通"）、YUTONG HONGKONG LIMITED（以下简称"香港宇通"）、成都宇通客车科技 发展有限公司（以下简称"成都宇通"）等。 2024 年 7 月新增对子公司担保发生额为 15,274.76 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 3,053.98 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 32,788.96 万元。（外币金额根据 2024 年 7 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：被担保人法国宇通、香港宇通等资产负债 率超过 70%，请投资者注意投资风险。 证券代码:600066 证券简称：宇通客车 编号：临 2024-035 宇通客车股份 ...