Investment Rating - The investment rating for Yutong Bus is "Buy" (maintained) [1] Core Views - The performance in Q3 met expectations, with a focus on policy implementation in Q4 [1] - Despite being a seasonal sales downturn, Q3 performance remained robust [1] - The company reported a total revenue of 24.08 billion yuan in Q3 2024, a year-on-year increase of 27.0%, and a net profit attributable to shareholders of 2.43 billion yuan, a year-on-year increase of 131.5% [1] - The gross profit margin in Q3 improved year-on-year, benefiting from effective cost control [1] - The sales structure continues to optimize, with an increasing proportion of new energy buses in exports [1] - The domestic vehicle replacement policy is expected to boost bus sales in Q4 [1] - The company is positioned to benefit from the growth in the bus export market, projecting net profits of 3.4 billion, 3.92 billion, and 4.57 billion yuan for 2024-2026, representing year-on-year growth of 87.0%, 15.5%, and 16.5% respectively [1] Financial Summary - For 2023, the company reported a revenue of 27.04 billion yuan, with a projected revenue of 34.13 billion yuan for 2024, reflecting a year-on-year growth of 24.1% and 26.2% respectively [2][3] - The net profit attributable to shareholders for 2023 was 1.817 billion yuan, with projections of 3.398 billion yuan for 2024, indicating a year-on-year increase of 139.4% and 87.0% respectively [2][3] - The gross margin is expected to improve from 25.6% in 2023 to 26.6% in 2024 [2][3] - The return on equity (ROE) is projected to rise from 13.1% in 2023 to 23.7% in 2024 [2][3] - Earnings per share (EPS) is expected to increase from 0.82 yuan in 2023 to 1.53 yuan in 2024 [2][3] Cash Flow and Balance Sheet - Operating cash flow for 2023 was 4.717 billion yuan, with a projected decrease to 4.619 billion yuan in 2024 [4] - Total assets are projected to grow from 30.857 billion yuan in 2023 to 35.461 billion yuan in 2024 [5] - Total liabilities are expected to increase from 16.800 billion yuan in 2023 to 20.966 billion yuan in 2024 [5] - The company maintains a strong liquidity position with a current ratio projected to remain stable [6]

Summary of Conference Call Records Company Overview - The company discussed in the records is Yutong, a prominent player in the bus manufacturing industry, particularly focusing on electric and public transport buses. Key Points and Arguments 1. **Market Position and Growth Potential** - Yutong is considered one of the top two stocks in the system, with a strong emphasis on its growth potential in the overseas market, particularly benefiting from the Xinjiang technology boom. The company aims to achieve a long-term export target of 20,000 units, which is deemed highly achievable [1][2]. 2. **Delivery and Sales Performance** - The company reported total sales of over 3,200 units, reflecting a 40% year-on-year increase, although there was a 15% decline compared to the previous quarter. Exports accounted for 1,100 units, maintaining the same level as the previous quarter but showing a 70% increase year-on-year [3][4]. 3. **Sales Strategy and Market Dynamics** - The delivery rhythm is expected to vary significantly each year, with a recommendation for investors to remain patient regarding the sales data for November and December. The company is confident in achieving its annual sales target of 2,600 units [2][3]. 4. **Challenges in Domestic Market** - Domestic sales have seen a quarter-on-quarter decline, although year-on-year figures remain positive. The fourth quarter is typically a slow season for non-public buses, and the recovery in the public bus sector is not as optimistic as anticipated [4][5]. 5. **Order and Tender Situation** - There has been a notable increase in tendering activity since September, following new policy implementations. The company expects more vehicles to be delivered in the last two months of the year, aligning with the increased order volume [4][5]. 6. **Electric Vehicle (EV) Export Performance** - The completion rate for EV exports stands at 65% for the first ten months, with a significant number of deliveries expected in November and December. The company maintains a strong confidence in meeting its targets despite the current challenges [5][6]. 7. **Financial Outlook and Valuation** - The company maintains its profit forecast of 3.3 billion for the current year and 4 billion for the next, with a price-to-earnings ratio projected at 13 to 14 times for the upcoming year. Yutong is also noted for its high dividend yield, expected to remain stable at over 6% [6]. Additional Important Information - The company emphasizes a cautious and conservative approach in its operations, which is reflected in its communication with investors. The fourth quarter is anticipated to be a peak season for Yutong, with expectations of a strong performance in both sales and profitability [5][6].

Sales Performance - In the first three quarters, the industry sales of buses over 5 meters reached 111,951 units, a year-on-year increase of 18.0% [2] - The company sold 31,346 buses, representing a year-on-year growth of 19.3% [2] - The company's revenue for the same period was 24.07 billion yuan, up 27.0% year-on-year [2] - The net profit attributable to the parent company was 2.43 billion yuan, reflecting a significant year-on-year increase of 131.5% [2] Technological Advancements - The company has developed a vehicle monitoring and warning system to enhance vehicle safety and reduce lifecycle costs [3] - Key features include remote diagnostics, driver behavior analysis, and online repair requests, aimed at improving operational efficiency [3] - The company has launched a cloud platform for vehicle networking, focusing on big data and vehicle cybersecurity [3] Hydrogen Energy Vehicles - The company has prioritized the research and commercialization of fuel cell buses, achieving batch sales of these vehicles [3] - Development of a long-range fuel cell power system has been completed, with successful cross-province operation [3] - Key components such as domestic membrane electrodes and proton exchange membranes have been developed to reduce costs [3] After-Sales Service - The company promotes a direct service model, expanding service centers and utilizing over 1,600 authorized service outlets [3] - A focus on customer-centric service strategies has led to the development of comprehensive service solutions [3] Export Market Outlook - The export volume of large and medium-sized buses increased by 37.9% year-on-year in the first three quarters [3] - Future growth in overseas markets is anticipated, driven by the Belt and Road Initiative and increasing demand for new energy buses in regions like Europe and Southeast Asia [3]

证券代码:600066 证券简称：宇通客车 编号：临 2024-054 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 10 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"）、控股子公司 宇威顺通（西安）汽车销售服务有限公司（以下简称"西安宇威 顺通"）等。 2024 年 10 月新增对子公司担保发生额为 4,466.18 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 3,182.50 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 7,509.37 万元。（外币金额根据 2024 年 10 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） 1、对控股子公司及控股子公司之间相互提供的担保； 2、为购房客户提供阶段性担保； 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 ...

证券代码：600066 证券简称：宇通客车 编号：临2024-052 宇通客车股份有限公司 2024 年 10 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10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 二零二四年十一月五日 1 单位：辆 产 品 2024 年 10 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 3,558 2,577 38.07% 35,485 29,582 19.95% 其中：大型 1,558 1,435 8.57% 19,844 15,761 25.91% 中型 1,549 889 74.24% 11,516 9,931 15.96% 轻型 451 253 78.26% 4,125 3,890 6.04% 销售量 3,221 2,249 43.22% 34,567 28,524 21.19% 其中：大型 1,321 1,192 1 ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-053 宇通客车股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日披露 2024 年第三季度报告。为便于广大投资者更全 面深入地了解公司 2024 年三季度经营成果、财务状况，公司计 划于 2024 年 11 月 13 日上午 9:00-10:00 召开 2024 年第三季度 业绩说明会，就投资者关心的问题进行交流，同时听取投资者的 意见和建议。 宇通客车股份有限公司 关于召开 2024 年第三季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： 会议召开时间：2024年11月13日(星期三)上午9:00－ 10:00 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11月6日(星期三)至11月12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 ...

二、请出席现场会议的股东或股东授权代表携带相关身份证 明（股票账户卡、身份证或公司营业执照等）及相关授权文件于 2024 年 11 月 18 日 8:00-8:20 在本公司行政南楼六楼大会议室 办理签到手续。 三、为保证本次会议的正常秩序，除已办理参会登记或出席 会议的股东或股东授权代表、公司董事、监事、高级管理人员及 相关工作人员外，公司有权拒绝其他无关人员进入会场。 四、股东需要发言或就有关问题进行提问的，应在会议登记 期间将相关问题向公司董事会办公室进行登记。为提高会议召开 质量和效率，每名股东发言时间原则上不超过 5 分钟。 目录 | 2024 | 年第二次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年第二次临时股东大会议程 | 2 | | 审议事项： | | | | 2024 | 年前三季度利润分配预案 | 3 | 宇通客车股份有限公司 2024年第二次临时股东大会会议须知 为维护投资者合法权益，确保公司 2024 年第二次临时股东 大会的正常秩序和顺利召开，根据《公司法》《上市公司股东大 会规则》以及《公司章程》的有关规定，特制定本会议须知，请 出 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index within the next six months [1][6]. Core Views - The company reported a significant year-on-year revenue increase of 27.04% for the first three quarters of 2024, achieving a total revenue of 24.075 billion yuan and a net profit attributable to shareholders of 2.432 billion yuan, which is a 131.49% increase [1]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax), totaling 1.111 billion yuan, resulting in a cash dividend payout ratio of 45.5% [1]. - The bus export performance remains strong, with a 19.3% year-on-year increase in bus sales, totaling 31,346 units from January to September 2024 [1]. - The company is expected to benefit from favorable policies aimed at boosting public bus demand, including substantial subsidies for new energy city buses and battery replacements [1]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 34.424 billion yuan, with corresponding earnings per share (EPS) of 1.47 yuan, leading to a price-to-earnings (PE) ratio of 17.18 [2][3]. - The financial forecasts indicate a steady growth trajectory, with revenues expected to reach 39.864 billion yuan in 2025 and 46.521 billion yuan in 2026, alongside EPS of 1.87 yuan and 2.25 yuan respectively [2][3]. - The company’s net profit is projected to grow significantly, with estimates of 3.246 billion yuan in 2024, 4.138 billion yuan in 2025, and 4.985 billion yuan in 2026, reflecting growth rates of 78.65%, 27.47%, and 20.46% respectively [3][4]. Industry Outlook - The commercial vehicle industry is rated as "stronger than the market," with expectations of a relative increase of over 10% in the industry index compared to the broader market over the next six months [5]. - The report highlights that the company, as a leading player in the new energy bus sector, is well-positioned to capitalize on the ongoing recovery in the tourism sector and the resumption of overseas markets [1].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][8] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 7.739 billion yuan, a year-on-year decrease of 1.25%, and a net profit attributable to shareholders of 758 million yuan, a year-on-year increase of 30.67% [3][4] - The decline in gross margin in Q3 2024 was primarily due to changes in accounting standards, but the actual profitability remained stable [4] - The company is expected to see a rebound in sales and performance in Q4 2024, driven by seasonal recovery and order rhythm [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 12.32%, down 10.83 percentage points year-on-year and 13.78 percentage points quarter-on-quarter [4] - The net profit margin was 9.98%, an increase of 2.53 percentage points year-on-year [4] - Total sales volume in Q3 2024 was 10,800 units, a year-on-year decrease of 3.14% and a quarter-on-quarter decrease of 15.70% [4] Market Data - Current stock price is 25.66 yuan, with a 52-week price range of 12.36 to 30.05 yuan [4] - The total market capitalization is approximately 56.81 billion yuan [4] Dividend Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan [4] Earnings Forecast - Projected revenues for 2024-2026 are 33.019 billion, 35.040 billion, and 38.420 billion yuan, respectively, with expected growth rates of 22%, 6%, and 10% [6][8] - Expected net profits for the same period are 3.250 billion, 3.829 billion, and 4.454 billion yuan, with growth rates of 79%, 18%, and 16% [6][8]

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]