证券研究报告·公司点评报告·商用车 宇通客车（600066） 2 月销量同比转正，春节假期扰动消退期待 景气度继续回升 -11% -3% 5% 13% 21% 29% 37% 45% 53% 61% 2024/3/6 2024/7/5 2024/11/3 2025/3/4 宇通客车 沪深300 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21799 | 27042 | 36481 | 42920 | 49941 | | 同比（%） | (6.17) | 24.05 | 34.90 | 17.65 | 16.36 | | 归母净利润（百万元） | 759.14 | 1,817.08 | 4,061.99 | 4,626.61 | 5,553.46 | | 同比（%） | 23.68 | 139.36 | 123.54 | 13.90 | 20.03 | | EPS-最新摊薄（元/股） | 0.34 | 0.82 ...

证券研究报告·公司点评报告·商用车 宇通客车（600066） 2 月销量同比转正，春节假期扰动消退期待 景气度继续回升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21799 | 27042 | 36481 | 42920 | 49941 | | 同比（%） | (6.17) | 24.05 | 34.90 | 17.65 | 16.36 | | 归母净利润（百万元） | 759.14 | 1,817.08 | 4,061.99 | 4,626.61 | 5,553.46 | | 同比（%） | 23.68 | 139.36 | 123.54 | 13.90 | 20.03 | | EPS-最新摊薄（元/股） | 0.34 | 0.82 | 1.83 | 2.09 | 2.51 | | P/E（现价&最新摊薄） | 74.66 | 31.19 | 13.95 | 12.25 | 10.21 | [Table_ ...

宇通客车股份有限公司 关于年度担保计划范围内担保进展的公告 证券代码:600066 证券简称：宇通客车 编号：临 2025-008 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： 根据上海证券交易所相关披露要求，公司对年度担保计划 范围内的担保进展情况进行月度汇总披露。 2025 年 2 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"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）等。 2025 年 2 月新增对子公司担保发生额为 2,179.80 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 499.00 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 16,768.98 万元。（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。 一、担保情况概述 （一）担保事项审议程序 本次担保事项已经公司于 2024 年 4 月 25 日召开的 20 ...

证券代码：600066 证券简称：宇通客车 编号：临2025-007 宇通客车股份有限公司 2025 年 2 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董事会 二零二五年三月五日 1 单位：辆 产 品 2025 年 2 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 1,578 1,325 19.09% 4,138 4,322 -4.26% 其中：大型 724 744 -2.69% 1,899 2,697 -29.59% 中型 532 469 13.43% 1,315 1,248 5.37% 轻型 322 112 187.50% 924 377 145.09% 销售量 1,571 1,385 13.43% 4,121 4,182 -1.46% 其中：大型 735 731 0.55% 2,138 2,504 -14.62% 中型 651 579 12.44% 1,282 1,307 -1.91% 轻型 185 75 146.67% 701 3 ...

Group 1 - Yutong Bus has reported strong performance in the new year with significant orders both domestically and internationally, indicating a positive start to the year [1] - In the domestic market, 130 units of Yutong pure electric buses have been delivered to Tangshan, and the Yutong Tianjun V6 has been dispatched to Sichuan and Yunnan [1] - The tourism market's growth has led to increased demand for flexible and customizable transport solutions, exemplified by the recent bulk delivery of Yutong Tianjun V6 to Zhangjiajie Anlong Tourism Passenger Transport Co., Ltd [1] Group 2 - In the overseas market, Yutong Bus has also seen success with 287 units of pure electric buses delivered to Norway, which includes high-end tourism buses and new generation electric intercity buses [2] - The recent orders in Europe and the Americas highlight Yutong's expanding footprint in the global electric vehicle market [2]

证券代码:600066 证券简称：宇通客车 编号：临 2025-006 宇通客车股份有限公司 关于年度担保计划范围内担保进展的公告 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： 根据上海证券交易所相关披露要求，公司对年度担保计划 范围内的担保进展情况进行月度汇总披露。 2025 年 1 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"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）、宇通香港国际有限公 司（以下简称"宇通香港"）等。 2025 年 1 月新增对子公司担保发生额为 10,204.04 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 949.70 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 29,045.32 万元。（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。 一、担保情况概述 （一）担保事项审议程序 本次担保事项已经 ...

Summary of Conference Call Records Company Overview - The conference call primarily discusses Yutong Bus, a company in the bus manufacturing industry Key Points and Arguments 1. **Earnings Guidance and Dividend Expectations** The company’s earnings guidance is expected to be clarified after the annual report and the important shareholder meeting in Indonesia. The dividend policy will also be addressed post-annual report [1] 2. **January Sales Performance** In January, Yutong's total sales were 2,500 units, representing a year-on-year decline of 9% and a month-on-month decline of 70% [2] 3. **Sales Decline Explanation** The decline in sales can be attributed to the holiday season, as production was limited to about half a month due to the Spring Festival. Last January did not have the same holiday impact, leading to a high base effect [3] 4. **Export Data** Exports in January totaled 440 units, down from 1,200 units in January of the previous year and 2,600 units in December. The decrease is linked to production and delivery schedules [3] 5. **Domestic Sales Growth** Domestic sales in January reached 2,100 units, up from 1,600 units in the same month last year, indicating a positive trend in domestic demand [3] 6. **Seasonality of Sales** The first quarter is typically a slow season for the bus industry due to holidays and lack of procurement for tourism vehicles. This seasonal trend is expected to continue into February [4] 7. **Production Capacity and Demand** Yutong has demonstrated strong internal demand, managing to increase production through overtime work when necessary. The company is expected to maintain robust sales performance [5] 8. **Profit Forecasts** The profit forecast for 2024 has been raised to between 3.9 billion to 4 billion CNY, with expectations for 4.5 billion CNY in 2025. This reflects confidence in the company’s performance amid market conditions [5] 9. **Market Valuation and Stock Performance** The stock price has experienced fluctuations due to industry trends and production factors, but the long-term outlook remains positive. The company is expected to achieve a market valuation of 600 to 800 billion CNY, with a potential upside of around 30% [6][7] 10. **Investment Cycle Recommendation** A longer investment cycle is recommended for Yutong, with a positive outlook for the first half of the year. The stock is projected to reach a valuation of 20 times the annual earnings [7] Other Important Insights - The discussion emphasizes the importance of understanding the cyclical nature of the bus industry and the impact of seasonal factors on sales performance. The company’s ability to adapt to these factors is crucial for maintaining growth and investor confidence [4][5]

证券代码：600066 证券简称：宇通客车 编号：临2025-005 宇通客车股份有限公司 2025 年 1 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。 单位：辆 产 品 2025 年 1 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 2,560 2,997 -14.58% 2,560 2,997 -14.58% 其中：大型 1,175 1,953 -39.84% 1,175 1,953 -39.84% 中型 783 779 0.51% 783 779 0.51% 轻型 602 265 127.17% 602 265 127.17% 销售量 2,550 2,797 -8.83% 2,550 2,797 -8.83% 其中：大型 1,403 1,773 -20.87% 1,403 1,773 -20.87% 中型 631 728 -13.32% 631 728 -13.32% 轻型 516 296 74.32% 516 296 74.32% 注：本表为销售快报数 ...

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.82 billion to 4.27 billion yuan in 2024, representing a year-on-year growth of 110% to 135% [1]. - The domestic demand for buses is recovering, and the company benefits from the "Two New" policy, which increases subsidies for new energy buses [1]. - The overseas market shows significant potential, with a notable increase in exports, particularly in the new energy segment [2]. Summary by Sections Financial Performance - In 2024, Yutong Bus is projected to sell 46,900 buses, a year-on-year increase of 28.5%, with domestic and export sales growing by 24.9% and 37.7% respectively [2]. - The expected revenue for 2024 is 37.064 billion yuan, with a year-on-year growth rate of 37.1% [4]. - The net profit for 2024 is forecasted at 3.971 billion yuan, reflecting a growth rate of 118.5% year-on-year [4]. Market Dynamics - The domestic market for buses is expected to benefit from the recovery in tourism and the replacement of old vehicles [2]. - The overseas bus market demand exceeded 220,000 units in 2023, with significant growth in regions such as the CIS, Middle East, Africa, Americas, and Southeast Asia [2]. - The company has successfully penetrated high-end markets in Europe, achieving a market share of 17.5% in new energy bus exports, a year-on-year increase of over 5 percentage points [2]. Profitability and Valuation - The projected net profits for 2024, 2025, and 2026 are 4 billion, 4.5 billion, and 5.3 billion yuan respectively, with corresponding P/E ratios of 16, 14, and 12 times [3]. - The report indicates that the company's profitability is approaching historical highs, with a forecasted EPS of 1.79 yuan for 2024 [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the company's Q4 2024 performance exceeded expectations, driven by a significant increase in export sales and improvements in product mix [3][4] - The company is expected to benefit from the continuation of domestic policies supporting vehicle replacement and an increase in global market share, particularly in Western Europe [4][5] Financial Summary - Total revenue for 2023 is reported at 27,042 million, with projections of 35,980 million for 2024, 38,540 million for 2025, and 45,199 million for 2026, reflecting a year-on-year growth of 24.1% in 2023 and 33.1% in 2024 [4] - The net profit attributable to the parent company is forecasted to rise from 1,817 million in 2023 to 4,072 million in 2024, 4,547 million in 2025, and 5,500 million in 2026, indicating a substantial growth of 139.4% in 2023 and 124.1% in 2024 [4] - The gross margin is expected to be 25.6% in 2023, decreasing to 20.9% in 2024, before recovering to 22.2% in 2025 and 22.6% in 2026 [4] Sales and Market Performance - In Q4 2024, the company achieved sales of 15,600 units, a year-on-year increase of 52.0%, with export sales reaching 4,910 units, up 64.3% year-on-year [4][5] - The share of new energy vehicles in total sales increased to 51.4% in Q4 2024, driven by domestic policies and strong demand in Europe [4][5] Investment Recommendations - The report maintains an "Accumulate" rating, citing the company's strong global brand presence, improving sales structure, and high dividend yield as key factors for future growth [4][5] - Adjusted net profit forecasts for 2024-2026 are set at 40.72 billion, 45.47 billion, and 55.00 billion respectively, reflecting confidence in the company's competitive position [4][5]