证券代码:600066 证券简称：宇通客车 编号：临 2025-010 宇通客车股份有限公司 第十一届监事会第十次会议决议公告 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 会第十次会议于 2025 年 3 月 19 日以邮件等方式发出通知，2025 年 3 月 29 日在公司会议室以现场方式召开，应参会监事 3 名， 实际参会监事 3 名，本次会议由监事会主席卢新磊先生主持，符 合有关法律、行政法规、部门规章、规范性文件和公司章程的规 定。 会议审议并通过了以下议题： 1、3 票同意，0 票反对，0 票弃权；审议通过了《2024 年度 监事会工作报告》。 本议案将提交 2024 年年度股东大会审议。 2、3 票同意，0 票反对，0 票弃权；审议通过了《2024 年度 总经理工作报告》。 3、3 票同意，0 票反对，0 票弃权；审议通过了《2024 年度 财务决算报告和 2025 年财务预算报告》。 2024 年度财务决算报告将提交 2024 年年度股东大会审议。 详见公 ...

证券代码:600066 证券简称：宇通客车 编号：临 2025-009 宇通客车股份有限公司 第十一届董事会第十次会议决议公告 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"）第十一届董事 会第十次会议于 2025 年 3 月 19 日以邮件等方式发出通知，2025 年 3 月 29 日在公司会议室以现场结合通讯方式召开，应参会董 事 7名，实际参会董事 7名。本次会议由董事长汤玉祥先生主持， 公司监事、董事会秘书、拟聘任董事列席了会议，符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 会议审议并通过了以下议案： 1、7 票同意，0 票反对，0 票弃权；审议通过了《2024 年度 董事会工作报告》。 本议案将提交 2024 年年度股东大会审议。 本议案所涉及关联董事汤玉祥先生、李盼盼先生、王文韬先 生、董晓坤先生回避表决，经非关联董事表决通过。 5、7 票同意，0 票反对，0 票弃权；审议通过了《2024 年度 利润分配预案》。 公司 2024 年度利润分配预案：拟以公司 ...

Financial Performance - The company's operating revenue for 2024 reached RMB 3,721,758.66 million, an increase of 37.63% compared to RMB 2,704,198.95 million in 2023[23] - The net profit attributable to shareholders for 2024 was RMB 411,619.44 million, representing a significant increase of 126.53% from RMB 181,708.42 million in 2023[23] - The net profit after deducting non-recurring gains and losses was RMB 346,861.31 million, up 145.21% from RMB 141,452.80 million in 2023[23] - The net cash flow from operating activities for 2024 was RMB 721,059.03 million, an increase of 52.87% compared to RMB 471,669.77 million in 2023[23] - The total assets at the end of 2024 were RMB 3,215,089.45 million, a 4.19% increase from RMB 3,085,695.60 million at the end of 2023[23] - The net assets attributable to shareholders at the end of 2024 were RMB 1,342,377.51 million, a decrease of 3.56% from RMB 1,391,897.07 million at the end of 2023[23] - The basic earnings per share for 2024 were RMB 1.86, a 126.53% increase from RMB 0.82 in 2023[24] - The diluted earnings per share for 2024 were also RMB 1.86, reflecting the same growth rate of 126.53% compared to 2023[24] - The weighted average return on equity for 2024 was 30.94%, an increase of 17.97 percentage points from 12.97% in 2023[24] Sales and Market Performance - In 2024, the company achieved total sales of 46,918 buses, representing a year-on-year increase of 28.48%[30] - The total sales volume of the large and medium-sized bus market in 2024 reached 115,471 units, representing a 31.33% increase from 87,926 units in 2023[86] - The sales of seat buses in 2024 were 58,966 units, accounting for 51.07% of the total market, with a growth of 34.59% compared to 43,813 units in 2023[86] - The domestic sales of large and medium-sized seat buses reached 36,311 units in 2024, a year-on-year increase of 24.34%[90] - The export volume of large and medium-sized buses increased by 36.91% year-on-year, driven by rising demand for new energy buses in overseas markets[31] - The company exported over 110,000 buses, with more than 7,000 being new energy buses, establishing a strong presence in over 40 countries[65] Research and Development - R&D expenditure for the reporting period was CNY 1.788 billion, accounting for 4.80% of revenue, indicating a strong commitment to innovation[40] - The company has established a research and development team of 3,505 personnel, including 16 PhDs and 600 Master's degree holders, to support technological innovation[55] - The company holds a total of 2,371 valid patents and software copyrights, including 886 invention patents, enhancing its innovation capabilities[56] - The company has participated in the formulation of 317 national and industry standards, with 299 already published, contributing to industry upgrades[57] - The company has created seven national-level research and innovation platforms, ensuring a conducive environment for research and development activities[58] Environmental Initiatives - The company invested approximately CNY 10 million in environmental protection initiatives during the reporting period[179] - The company has invested over 260 million yuan in environmental protection upgrades since 2018, significantly reducing emissions through the use of eco-friendly raw materials and automated processes[186] - All major pollutants from the company's production facilities are within the permitted discharge limits, ensuring compliance with total emission control requirements for 2024[182] - The VOCs emissions from the painting process have been reduced by over 65% through the implementation of advanced spraying technologies and the use of low-VOCs materials[191] - The company’s wastewater treatment system meets the GB 8978-1996 discharge standards, with real-time monitoring of key pollutants such as COD and ammonia nitrogen[189] Corporate Governance - The company maintained complete independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring no conflicts of interest[129][137] - The company received an "A" rating for information disclosure for the 13th consecutive year in the assessment conducted by the Shanghai Stock Exchange[134] - The company has established smooth communication channels with stakeholders, including shareholders, creditors, suppliers, customers, and employees, to promote sustainable development[133] - The company has not faced any penalties from securities regulatory agencies in the past three years[151] Future Outlook and Strategy - The company plans to continue focusing on the four strategies of electrification, intelligent networking, high-end development, and internationalization to enhance global competitiveness[39] - The company anticipates a significant increase in overseas market demand, particularly in Europe and Southeast Asia, driven by the recovery of global economic activities[112] - The company aims to enhance its competitiveness through electrification, intelligent networking, and high-end product development[117] - The company is addressing risks related to market demand fluctuations and product homogeneity by diversifying its product offerings and exploring new market opportunities[119] Employee and Management - The total number of employees in the parent company and major subsidiaries is 16,707, with 14,515 in the parent company and 2,192 in major subsidiaries[162] - The company conducted 3,633 training sessions covering over 187,000 participants, with an average training duration of 17.18 hours per person[164] - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 24.51 million yuan[144] - The company has a total of 2,422,463 shares held by directors and senior management at the beginning and end of the reporting period[144] Dividend Distribution - The company distributed a total cash dividend of 4.428 billion yuan during the reporting period, with a plan to distribute 1.5 yuan (including tax) per 10 shares for the 2023 annual profit and 0.5 yuan (including tax) per 10 shares for the first three quarters of 2024[133] - The company declared a cash dividend amounting to CNY 3,320,908,834.50, which represents 80.68% of the net profit attributable to ordinary shareholders in the consolidated financial statements[170] - Over the last three accounting years, the cumulative cash dividend (including tax) reached CNY 8,855,756,892.00, resulting in a cash dividend ratio of 396.98% based on the average annual net profit of CNY 2,230,807,100.26[172]

证券代码：600066 证券简称：宇通客车 编号：临2025-011 宇通客车股份有限公司 2024年度利润分配方案及2025年中期分红授权的公告 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： 每股分配比例：2024 年度每股派发现金股利 1 元（含税）。 2024 年度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。 公司不触及《上海证券交易所股票上市规则》规定的可能 被实施其他风险警示的情形。 一、2024 年度利润分配方案 公司最近三个会计年度累计分红金额为人民币 88.56 亿元； 累计现金分红金额占最近三个会计年度年均净利润的 396.98%。 上述指标均不触及《上海证券交易所上市规则》中可能被实施其 他风险警示的情形。具体指标如下： | 项目 本年度 | 上年度 | 上上年度 | | --- | --- | --- | | 现金分红总 ...

Core Viewpoint - The rapid growth of new energy heavy trucks in China is highlighted, with a projected sales volume of approximately 82,000 units in 2024, representing a year-on-year increase of 136% and a market penetration rate of 13.6% [1] Group 1: Industry Trends - The logistics industry is experiencing a transformation driven by sustainable development, with green logistics emerging as a key force for innovation and breakthroughs [4] - The Chinese logistics sector is showing healthy market trends, characterized by green and low-carbon development, AI integration, and the fusion of industry and services [4][6] - The new energy heavy truck market is benefiting from various supportive factors, including subsidies, tax reductions, and improvements in charging infrastructure [12] Group 2: Company Innovations - Yutong's new T-series 2025 models are designed to redefine the quality standards of new energy heavy trucks, focusing on low energy consumption, long range, lightweight, longevity, and high reliability [3][13] - The 2025 models achieve a 20% lower energy consumption compared to industry standards, with advanced technologies enhancing performance and efficiency [15] - The introduction of the T800 model, featuring an 800 kWh battery, allows for a range exceeding 550 km and rapid charging capabilities [17] Group 3: Customer-Centric Approach - Yutong emphasizes a customer-centric philosophy, aiming to create long-term value for clients through innovative products and services [7][23] - Real-world examples from logistics companies demonstrate significant operational efficiencies and cost savings achieved with Yutong's new energy heavy trucks [18][20] - The company is committed to long-term leadership in the market by focusing on technological advancements and customer needs [11][23]

Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [5] Core Insights - The hydrogen and fuel cell industry is experiencing significant growth, with a notable increase in fuel cell system installations and vehicle registrations, driven by strong policy support and market demand [5][39] - The integration of system suppliers and automotive manufacturers is becoming a trend, enhancing sales channels and collaboration within the industry [2][5] - The green hydrogen sector is seeing a surge in demonstration projects and bidding activities, indicating a robust pipeline for future growth [4][39] Summary by Sections Fuel Cell System Installations - In February 2025, the installed capacity of fuel cell systems reached 26.88 MW, a year-on-year increase of 269.3% [9] - Cumulatively, from January to February 2025, the total installed capacity was 40.84 MW, reflecting a 4% decrease year-on-year due to seasonal fluctuations [9] Vehicle Registrations - In February 2025, the number of registered fuel cell vehicles was 288, marking a 433% increase year-on-year, although production and sales figures showed a decline [15] - Cumulatively, from January to February 2025, the total number of registered vehicles was 415, a slight increase of 1% year-on-year [15] Leading Companies - Hyundai Hydrogen Energy led the monthly installation of fuel cell systems in February 2025 with 9.4 MW, accounting for 35% of the market [2][18] - In terms of vehicle registrations, Hyundai also ranked first with 144 units in February 2025, representing 50% of the total [26] Demonstration Projects - The Guangdong demonstration city cluster showed the highest vehicle deployment in February 2025, with 144 units, all from Shenzhen [3][29] - The green hydrogen sector is witnessing a significant increase in project bidding, with approximately 620 MW of projects tendered in early 2025, an eightfold increase year-on-year [4][39] Market Trends - The report highlights a trend towards closer collaboration between system suppliers and automotive manufacturers, which is expected to enhance market dynamics and efficiency [2][5] - The average bidding price for electrolyzers has decreased significantly, with alkaline electrolyzers averaging 0.84 yuan per watt, indicating a trend towards cost reduction in hydrogen production [5][39]

Investment Rating - The report maintains a bullish outlook on the automotive sector, recommending a comprehensive positive stance on the entire vehicle segment and parts sector [5]. Core Insights - The automotive sector is experiencing a positive trend, with passenger car insurance registrations increasing by 15.9% year-on-year in the first week of March 2025 [3]. - The report highlights significant developments in the industry, including the revenue performance of Li Auto and the launch of new models by Leap Motor, indicating a competitive landscape in the smart electric vehicle market [3][5]. - The report emphasizes the importance of smart technology in vehicles, predicting that the competition among automakers will intensify, particularly in the L3 and L2+ autonomous driving segments [38]. Weekly Sector Review - The SW automotive index rose by 0.8%, with the passenger vehicle segment showing the best performance at +2.6% [3]. - The report notes that the passenger vehicle sector is ranked 25th in A-shares and 4th in Hong Kong stocks for the week [9][12]. - Key stocks that performed well include Leap Motor, Fuyao Glass, and King Long Automobile [17]. Industry Trends - The report forecasts a total of 23.83 million passenger vehicles sold in 2025, representing a year-on-year growth of 4.7% [35]. - The penetration rate of new energy vehicles is expected to reach 62% by 2025, with significant growth in both domestic and export markets [36][41]. - The report anticipates that the heavy truck segment will see a 5.5% increase in domestic sales, driven by demand for replacements and policy support [41]. Company Tracking - Li Auto's revenue for Q4 2024 reached 44.27 billion yuan, with a year-on-year growth of 6.1% [3]. - Leap Motor has launched its B10 model, targeting the high-value smart electric vehicle market with competitive pricing [3]. - The report highlights the performance of various automakers, noting that companies like Xpeng and BYD are leading in the smart technology race [5][38].

Investment Rating - The report assigns a "Buy" rating for Yutong Bus (宇通客车) [6] Core Views - Yutong Bus has maintained its position as the top seller of large and medium-sized buses in China for 21 consecutive years, with a projected net profit of 4.045 billion yuan for 2024, reflecting a year-on-year increase of 122.50% [4][26] - The company is expected to benefit from a stable domestic demand for buses and a significant increase in exports, particularly in the new energy vehicle segment [4][5] - The report highlights the company's strong performance in both domestic and international markets, with a notable increase in sales and profitability driven by exports and new energy products [5][48] Summary by Sections 1. Company Overview - Yutong Bus has been a leader in the bus industry for decades, with a global market share exceeding 10% and cumulative sales of over 196,000 new energy buses [13] 2. Market Demand and Growth - Domestic demand for large and medium-sized buses is stabilizing, with a significant increase in tourism vehicle demand and a recovery in public transport bus sales [4][37] - The company is expected to achieve a total sales volume of 46,900 units in 2024, with large and medium-sized buses accounting for 40,300 units, representing a year-on-year growth of 26.97% [19][22] 3. Export Performance - Yutong's export volume is projected to reach 14,000 units in 2024, a year-on-year increase of 37.73%, with new energy vehicle exports growing by 84.55% [5][48] - The company is successfully entering high-end markets in Europe and other regions, with significant orders from countries like Greece and Chile [61][62] 4. Financial Performance - The company is expected to achieve net profits of 4.030 billion yuan in 2024, with a projected growth rate of 121.79% [6][26] - The average selling price (ASP) for exported buses is approximately double that of domestic sales, contributing to higher profit margins [51] 5. Cost Management - Yutong has effectively managed its costs, with a significant reduction in single vehicle depreciation costs and a decrease in overall expense ratios [63][70] - The company’s expense ratio has decreased to 14.45% in the first half of 2024, indicating strong cost control measures [70]

[Table_Stock] 宇通客车（600066） [Table_Rating] 买入（首次） [Table_Summary] | [Table_I 行业 : | ndustry] 汽车 | | --- | --- | | 日期: | shzqdatemark 2025年03月13日 | | [Table_Author] 分析师: | 仇百良 | | --- | --- | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | | 分析师: | 李煦阳 | | E-mail: | lixuyang@shzq.com | | SAC 编号: | S0870523100001 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 25.67 | | --- | --- | | 12mth A 股价格区间（元） | 18.42-29.50 | | 总股本（百万股） | 2,213.94 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 568.32 | [Table_QuotePic] 最 ...

Investment Rating - The report maintains a "Recommended" rating for Yutong Bus (600066) [1] Core Views - In February 2025, Yutong Bus achieved a bus sales volume of 1,571 units, representing a year-on-year increase of 13.4% and a month-on-month decrease of 38.4%. The production volume was 1,578 units, with a year-on-year increase of 19.1% and a month-on-month decrease of 38.4% [3][4] - The company is expected to see a peak in deliveries in March due to the concentration of domestic and international orders, supported by the ongoing domestic bus replacement policy [4] - Yutong Bus has successfully delivered a batch of customized models to Greece, enhancing its recognition in the overseas market. The new electric buses are expected to significantly reduce operational costs for local bus companies [5] - The company has integrated its existing cockpit system with the DeepSeek reasoning model, enhancing the intelligent interaction experience for drivers and positioning itself as a leader in the smart vehicle sector [6] Financial Forecast - Revenue projections for Yutong Bus are as follows: 2024 expected revenue of 357.0 billion, 2025 at 422.7 billion, and 2026 at 465.5 billion. The net profit attributable to the parent company is forecasted to be 41.7 billion, 50.0 billion, and 57.7 billion for the same years respectively [6][7] - The earnings per share (EPS) is projected to increase from 0.82 in 2023 to 2.60 in 2026, indicating strong growth potential [7][8] - The report highlights a significant improvement in return on equity (ROE), expected to rise from 13.05% in 2023 to 19.70% in 2026 [7][8]