证券研究报告 | 2024年04月03日 宇通客车（600066.SH） 买入 2023 年净利润同比增长 139%，出口放量开启新一轮景气周期 核心观点 公司研究·财报点评 国内修复，出口高增长，2023年公司净利润同比+139%，宇通客车2023年实 汽车·商用车 现营收270.4亿元，同比+24.1%，其中国内销售收入137.0亿元，同比减少 证券分析师：唐旭霞 联系人：孙树林 1.7%，海外销售收入104.1亿元，同比增长86.0%；23年实现归母净利润18.2 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn 亿元，同比+139.4%（计提资产减值5.6亿元，其中九鼎减值4.5亿元；信 S0980519080002 用减值3.3亿元），若加九鼎减值则归母利润22.7亿元；2023年宇通客车 基础数据 销量36518辆，同比+20.9%，其中出口10165辆，同比+78.9%，国内销量26353 投资评级 买入(维持) 辆，同比+7.5%；单季度看，23Q4收入80.9亿元，同比-6.8%，环比+3.3%； ...

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Views - The company reported a revenue of 27.04 billion yuan in 2023, a year-on-year increase of 24.1%, and a net profit attributable to shareholders of 1.82 billion yuan, up 139.4% year-on-year [2]. - The bus industry saw a continuous recovery in domestic demand, with export sales reaching a historical high, contributing significantly to the company's performance [2]. - The company achieved a total sales volume of 36,500 units in 2023, a year-on-year increase of 20.9%, with a market share of 36.1% in the medium and large bus segment, up 7.9 percentage points from 2022 [2]. Financial Performance Summary - In Q4 2023, the company reported revenue of 8.09 billion yuan, a year-on-year decrease of 6.8%, but a net profit of 770 million yuan, which is a year-on-year increase of 22.1% [3]. - The gross profit margin in Q4 was 31.9%, an increase of 5.9 percentage points year-on-year, driven by high-margin export models [3]. - The company expects revenues of 32.99 billion yuan, 37.97 billion yuan, and 43.56 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.82 billion yuan, 3.54 billion yuan, and 4.03 billion yuan [4][5]. Market Position and Growth Potential - The company is positioned as a leader in the domestic bus industry, with significant growth potential in overseas markets due to its technological advancements and supply chain advantages [4]. - The report anticipates a compound annual growth rate (CAGR) of 30.4% for earnings per share (EPS) over the next three years [4]. - The company’s ability to maintain high dividends is supported by stable cash flow from its growing overseas business [4].

Financial Performance - The company's operating revenue for 2023 reached RMB 2,704,198.95 million, representing a 24.05% increase compared to RMB 2,179,896.06 million in 2022[14]. - The net profit attributable to shareholders of the listed company was RMB 181,708.42 million, a significant increase of 139.36% from RMB 75,914.08 million in the previous year[14]. - The net profit after deducting non-recurring gains and losses was RMB 141,452.80 million, up 466.72% from RMB 24,984.78 million in 2022[14]. - The net cash flow from operating activities was RMB 471,669.77 million, an increase of 44.97% compared to RMB 325,360.48 million in 2022[14]. - The total assets of the company at the end of 2023 were RMB 3,085,695.60 million, reflecting a 2.86% increase from RMB 2,999,838.30 million at the end of 2022[14]. - The basic earnings per share for 2023 were RMB 0.82, a 139.36% increase from RMB 0.34 in 2022[14]. - The weighted average return on net assets was 12.97%, an increase of 7.83 percentage points from 5.15% in the previous year[15]. - The company achieved a revenue of 27.042 billion RMB and a net profit of 1.817 billion RMB for the reporting period, with a net cash flow from operating activities of 4.717 billion RMB[38]. Sales and Market Performance - In 2023, the company achieved bus sales of 36,518 units, a year-on-year increase of 20.93%[21]. - The company reported a total of 783.68 million RMB in operating revenue for Q3 2023, with a net profit of 58.02 million RMB[17]. - The total sales volume of large and medium-sized buses in 2023 was 87,926 units, representing a year-on-year growth of 4.42%[55]. - The sales of passenger buses surged to 43,813 units in 2023, marking an impressive increase of 88.64% compared to 23,226 units in 2022[53]. - The sales of public buses declined by 27.99% to 39,554 units in 2023, down from 54,931 units in the previous year[53]. - The company reported a decrease in long-term equity investments by 34.85%, from ¥99,694.02 million to ¥64,954.51 million[50]. - The company anticipates a substantial increase in demand for passenger buses in 2024, driven by the ongoing recovery in domestic tourism[56]. Research and Development - The company invested CNY 1.568 billion in R&D, accounting for 5.80% of its revenue, indicating a strong commitment to innovation[26]. - The company has a research and development team of 2,866 personnel, including 15 PhDs and 473 master's degree holders, enhancing project management efficiency[32]. - The company holds 2,355 valid patents and software copyrights, including 775 invention patents, reflecting its commitment to innovation in electric and intelligent vehicle technologies[32]. - The company has developed a new generation of fuel cell systems, leading to the localization of five key components, which has reduced system costs[29]. - The company has achieved over 7% energy consumption reduction for traditional vehicles and over 10% for new energy vehicles compared to the previous generation products[30]. Environmental and Sustainability Initiatives - The company has invested over 250 million yuan in environmental protection upgrades since 2018, significantly reducing emissions through the use of eco-friendly raw materials and automated processes[134]. - The company has publicly disclosed its environmental management performance for 2023, allowing for public inquiry and supervision[132]. - The company has implemented a self-monitoring plan that includes third-party monitoring, online automatic monitoring, and manual monitoring, achieving a 100% completion rate for self-monitoring information disclosure[132]. - The company has established a comprehensive environmental management system, continuously improving its performance in line with PDCA requirements[134]. - The company has reduced carbon emissions by approximately 10,630 tons through various measures, including clean energy utilization and innovative management practices[148]. Corporate Governance and Management - The company has received an "A" rating for information disclosure for the 12th consecutive year, reflecting its commitment to transparency and compliance[91]. - The company maintains independence in operations, with separate financial departments and independent decision-making processes[93]. - The company has established specialized committees under the board, including the audit committee and the remuneration and assessment committee[110]. - The company has implemented measures to ensure the independence of its assets, personnel, and financial operations from its controlling shareholders[94]. - The company has established a performance evaluation and incentive mechanism for senior management to align with operational realities[90]. Future Outlook and Strategic Plans - The company plans to achieve a revenue of 32.9 billion CNY and operating costs of 29.859 billion CNY for 2024, with ongoing investments in factory upgrades totaling 0.34 billion CNY for ongoing projects and 0.592 billion CNY for new projects[78]. - The company is focusing on innovation in new energy technologies to maintain a competitive edge against international brands entering the commercial vehicle market[81]. - The company is exploring new strategies for market expansion and product innovation to drive future growth[101]. - The company aims for 80% of new and updated vehicles in public sectors to be new energy vehicles as part of the pilot program initiated by the government[59]. Risks and Challenges - The company is facing risks from local fiscal constraints and increased competition in the bus industry, prompting strategies to enhance customer cooperation and develop diversified business solutions[79]. - The company aims to mitigate foreign exchange risks by encouraging RMB settlements and implementing hedging strategies amid global inflation and currency depreciation challenges[80].

证券代码:600066 证券简称：宇通客车 编号：临 2024-015 宇通客车股份有限公司 关于董事、高级管理人员变动的公告 后附简历。 以上人员任期与本届董事会一致。汤玉祥先生不再兼任公司 总经理职务，李盼盼先生不再担任公司副总经理职务。 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。 一、董事变动情况 宇通客车股份有限公司（以下简称"公司"）董事会于2024 年3月29日收到董事申占初先生、位义辉先生的辞职报告书，申 占初先生、位义辉先生因工作调整原因申请辞去公司董事、董事 会专门委员会委员职务，辞职报告书自送达董事会之日起生效。 申占初先生、位义辉先生在任职期间恪尽职守、勤勉尽责，公司 董事会对其为公司所做出的贡献表示衷心感谢。 2024年3月30日，公司召开董事会提名委员会2024年第一次 会议，审议通过了《关于提名董事的议案》；同日，公司召开第 十一届董事会第五会议，同意提名董晓坤先生、张同秋先生为公 司第十一届董事会董事候选人并提交公司股东大会审议，任期自 股东大会通过之日起至第十一届董事会届满之日止。 董晓坤先 ...

2023年度独立董事述职报告（谷秀娟） 本人作为宇通客车股份有限公司（以下简称"公司"）第十 届、第十一届董事会的独立董事，在任职期间严格按照《公司法》 《上市公司独立董事管理办法》及《公司章程》的相关要求，本 着勤勉、诚信、公正的原则和对全体股东负责的态度，在2023年 度工作中，充分发挥自身的专业优势和独立作用，对公司董事会 审议的相关事项发表了独立、客观的意见，审慎行使公司和股东 所赋予的权利，切实维护了公司的整体利益和全体股东尤其是中 小股东的合法权益，现就2023年度开展的工作报告如下： 一、独立董事的基本情况和独立性情况说明 本人作为公司的独立董事，具有履职所必须的专业技能，并 在从事的专业领域拥有丰富的经验，个人具体工作履历、专业背 景以及兼职情况详见公司《2023年年度报告》中第四节"公司治 理"。2023年，本人严格遵守有关法律、行政法规和部门规章的 要求，未在公司担任除董事以外的其他职务,与公司、公司的控股 股东不存在可能妨碍本人进行独立客观判断的关系,未从公司、公 司控股股东及其关联方取得额外的、未予披露的其他利益,不存在 影响独立性的情况。 二、年度履职概况 2023年，本人通过多种途 ...

证券代码：600066 证券简称：宇通客车 编号：临 2024-017 宇通客车股份有限公司 关于召开 2023 年年度股东大会的通知 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4月25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 2023 年年度股东大会 (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 4 月 25 日 14 点 30 分 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 二、会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | | | 议案名称 | 投票股东类型 | | | --- | --- | --- | --- | --- ...

宇通客车股份有限公司 会计估计变更的专项说明 大华核字[2024]0011007138 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants (Special General Partnership) 证明该审计报告 否由具有执业许可的会 您可使用手机"扫一扫"或进入"注册会计 字通客车股份有限公司 会计估计变更的专项说明 （截止 2023 年 12 月 31 日 ) 目 录 页 次 1-3 会计估计变更的专项说明 (10) 5835 0011 传直:86 会 计 估 计 变 更 的 专 项 说 明 大华核字[2024]0011007138 号 宇通客车股份有限公司全体股东: 我们接受委托,根据上海证券交易所的相关规定,对宇通客车股 份有限公司(以下简称宇通客车)会计估计变更情况出具本专项说明。 如实编制和对外披露会计估计变更情况,并确保其真实性、合法 性及完整性是宇通客车董事会的责任。我们的责任是对会计估计变更 是否符合企业会计准则的相关规定发表意见。我们按照中国注册会计 师审计准则的规定执行了审核工作,包括评价管理层作出会计估计的 合理性。 由于我们 ...

关于宇通客车股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项说明 2、 附表 委托单位：宇通客车股份有限公司 审计单位：大华会计师事务所（特殊普通合伙） 联系电话：86 (10) 5835 0011 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 我们接受委托,依据《中国注册会计师执业准则》审计了宇通客 车股份有限公司(以下简称宇通客车)2023年度财务报表,包括 2023 年 12月 31 目的合并及母公司资产负债表,2023年度的合并及母公 司利润表、合并及母公司现金流量表和合并及母公司股东权益变动表 以及财务报表附注,并于 2024年3月30日签发了大华审字 [2024]0011008185 号无保留意见的审计报告。 根据中国证券监督管理委员会发布的《上市公司监管指引第8号 -- 上市公司资金往来、对外担保的监管要求》(证监会公告[2022]26 号)和上海证券交易所发布的《上海证券交易所上市公司自律监管指 南第2号 -- 业务办理》的规定,就宇通客车编制的 2023年度非经 营性资金占用及其他关联资金往来情况汇总表(以下 ...

宇通客车股份有限公司 2023年度 暨可持续 报告 目录 | 经营者寄语 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 01 | | --- | | 关于我们 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 02 | | 用心经营，为"美好生活"筑基 | | 一、不忘初心，依法规经营企业 | | --- | | 01 合法经营~~~~~~~~~~~~~~~~~~~~ 04 | | 02 合规治理~~~~~~~~~~~~~~~~~~~~ 06 | | 03 反腐倡廉~~~~~~~~~~~~~~~~~~~~ 08 | | 04 保密及信息安全 ~~~~~~~~~~~~~~ 10 | | 二、厚积薄发，用产品铸就口碑 | | 01 技术研发与投入 ~~~~~~~~~~~~~~ 11 | | 02 专利及知识产权保护 ~~~~~~~~~~ 15 | | 03 产品质量管控 ~~~~~~~~~~~~~~~~ 15 | | 04 技术保障客户安全 ~~~~~~~~~~~~ 17 | | 三、客户至上，用服务赢得青睐 | | 01 搭建主动售后服务体系 ~~~~~~~~ 18 | | 02 主动做 ...

关于续聘会计师事务所的公告 证券代码：600066 证券简称：宇通客车 编号：临 2024-011 宇通客车股份有限公司 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： 拟聘任会计师事务所名称：大华会计师事务所（特殊普通 合伙）（以下简称"大华"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 机构名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日成立（由大华会计师事务所有 限公司转制为特殊普通合伙企业） 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 2、人员信息 首席合伙人：梁春 截至 2023 年末合伙人数量：270 人 截至 2023 年末注册会计师人数：1,471 人；其中，签署过 证券服务业务审计报告的注册会计师人数：1,141 人 3、业务规模 2022 年度业务收入：332,731.85 万元 2022 年度审计业务收入：307,355.10 万元 2022 年度证券业务收入：138,862.04 万元 2022 年度上市公司年报审 ...