专用机械 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 矿用装备和新能源环卫装备表现突出，较 大分红力度强化股东回报 ——宇通重工(600817)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 10.64 | | --- | --- | | 一年内最高/最低(元) | 14.25/7.85 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.34 | | 流通市值(亿元) | 56.10 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.54 | | 每股经营现金流(元) | 1.06 | | 毛利率(%) | 21.56 | | 净资产收益率_摊薄(%) | 9.32 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 53,684.94/52,724.93 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -12% ...

证券研究报告 新能源车销量同增 77%，经营现金流 充沛 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 11 日│中国内地 | 环保工程及服务 | 宇通重工发布年报，2024 年实现营收 37.99 亿元（yoy+30.67%），归母净 利 2.27 亿元（yoy+3.97%），略低于我们预期（2.39 亿元），主要系市场竞 争加剧致毛利率下滑所致。公司新能源环卫车优势明显，经营现金流充沛， 维持高分红水平；我们预计 25-27 年新能源装备销量有望持续增长，看好其 业绩成长和股东回报带来的长期价值，维持"增持"评级。 全国环卫服务新增年化合同同比+5.5%，全国新能源设备销量同比+51.7% 2024 年全国环卫新增合同总额 2,183 亿元，年化额 785 亿元，同比上涨 5.5%。环卫设备行业 2024 年上险 70,463 台，同比下滑 8.7%，主要原因是 环卫运营服务企业资金紧张，同时项目周期缩短、续标的不确定性抑制短期 环卫设备需求，2024年国内新能源环卫设备上险9,446台，同比增长51.7%， 新能源渗透率为 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 12.25 [7][9]. Core Views - The company achieved a revenue of RMB 3.799 billion in 2024, representing a year-on-year increase of 30.67%, and a net profit attributable to shareholders of RMB 227 million, up 3.97% year-on-year, slightly below expectations due to increased market competition leading to a decline in gross margin [1][5]. - The company has a strong advantage in the new energy sanitation vehicle market, with a significant increase in sales, and is expected to see continued growth in performance and shareholder returns from 2025 to 2027 [1][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 3.799 billion, a 30.67% increase year-on-year, and a net profit of RMB 227 million, which is a 3.97% increase year-on-year [1][6]. - The operating cash flow for 2024 was RMB 572 million, a substantial increase from RMB 36 million in 2023, primarily due to reductions in inventory and contract assets [4][6]. Market Position - The company’s sales of new energy sanitation vehicles grew by 77.4% year-on-year, with total sanitation equipment revenue reaching RMB 1.543 billion, a 17.2% increase [3][6]. - The penetration rate of new energy sanitation equipment reached 13.4%, up 5.3 percentage points year-on-year, indicating a growing acceptance of new energy technologies in the market [2][3]. Future Outlook - The company is expected to benefit from the ongoing trends of electrification and intelligence in sanitation vehicles, with projected EPS for 2025, 2026, and 2027 at RMB 0.49, RMB 0.57, and RMB 0.66 respectively [5][6]. - The report anticipates continued growth in new energy equipment sales from 2025 to 2027, contributing to long-term value for shareholders [1][5].

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

近期宇通重工（600817）发布2024年年报，证券之星财报模型分析如下： 宇通重工2024年财务表现 经营活动产生的现金流量净额大幅增长了1489.88%，主要得益于客户回款向好。货币资金为13.47亿 元，同比增加了100.02%，主要是由于公司理财产品到期和销售回款向好。有息负债为10.71万元，同比 减少了97.09%，表明公司在债务管理方面取得了显著成效。 五、应收账款 公司应收账款为13.24亿元，同比增加了16.52%，占最新年报归母净利润的比例高达582.98%。这一比例 较高，需关注应收账款的回收情况，以确保公司资金链的安全。 一、总体业绩 宇通重工在2024年的营业总收入达到37.99亿元，同比上升30.67%。归母净利润为2.27亿元，同比上升 3.97%。扣非净利润为1.72亿元，同比上升22.71%。从单季度数据来看，第四季度营业总收入为12.93亿 元，同比上升44.77%，归母净利润为9631.51万元，同比上升3.01%，但扣非净利润为7488.98万元，同 比下降18.0%。 二、盈利能力 公司的毛利率为21.56%，同比减少了14.35个百分点；净利率为6.7%，同比减少了 ...

抓住新能源环卫车辆增长机会，升级新能源环卫设备技术。2024 年，受财政压力，环卫设备采购积极 性受到一定程度的影响，根据中汽数据终端零售数据统计，2024 年我国环卫车辆上险70463 台，同比下 降 8.7%，但其中新能源环卫车辆上险9446 台，同比增长51.7%。公司把握环卫设备行业需求机会，环 卫设备业务实现营业收入15.43 亿元，销量3221 台，同比增长17.2%，其中新能源产品销量增长77.4%， 新能源环卫车辆累计保有量和市场占有率位居行业前列。公司新能源以纯电动、燃料电池环卫设备研发 和产业化为主线，以行业共性关键技术"电池、电机、电驱、电桥、电控"及"线控底盘"的自主攻关为切 入点，经过多年技术攻关，在新能源系统关键技术、新能源上装系统集成和节能技术、作业效率提升、 智能网联等方面取得多个重大突破，并在2024 年新产品上推出了多项新技术。 出售餐厨垃圾处理控股子公司，进一步聚焦公司主营业务。公司全资子公司郑州宇通环保科技有限公司 将所持郑州绿源餐厨垃圾处理有限公司（以下简称"绿源餐厨"）51%的股权以6,992.64 万元的价格转让 给山高十方环保能源集团有限公司。绿源餐厨主要从事餐 ...

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - The company is expected to achieve operating revenue of 3.8 billion yuan in 2024, representing a year-on-year growth of 30.67%, with a net profit attributable to shareholders of 230 million yuan, up 3.97% year-on-year [2][6] - The sales volume of sanitation equipment is projected to be 3,221 units in 2024, reflecting a year-on-year increase of 17.2%, significantly higher than the industry growth rate [2][12] - The sales of new energy sanitation equipment are expected to grow by 77.4% year-on-year in 2024, indicating strong competitiveness in this segment [12] Summary by Sections Revenue and Profitability - The company anticipates a total revenue of 3.8 billion yuan in 2024, with a net profit of 230 million yuan and a non-recurring net profit of 170 million yuan, showing respective year-on-year growths of 3.97% and 22.71% [2][6] - In Q4 2024, the company achieved revenue of 1.293 billion yuan, a year-on-year increase of 44.77%, with a net profit of 96 million yuan, up 3.01% [6] Sales Performance - The sanitation equipment industry is expected to see a decline in sales volume by 8.7% in 2024, while the company’s sales volume of sanitation equipment is projected to grow by 17.2% [12] - The revenue from sanitation equipment is expected to reach 1.543 billion yuan in 2024, marking a year-on-year increase of 28.92% [12] Cost Management and Cash Flow - The company has successfully reduced its expense ratio by 3.85 percentage points in 2024, indicating effective cost management [12] - Operating cash flow is expected to improve significantly, with a net cash flow from operating activities of 572 million yuan in 2024, compared to 36 million yuan in 2023 [12] Long-term Outlook - The company is viewed positively for its competitive advantages, including integrated manufacturing capabilities and strong cost control, which are expected to drive performance recovery in the long term [12] - The penetration rate of new energy sanitation equipment is currently around 13.4%, suggesting significant growth potential as policies for electrification in public vehicles are implemented [12]

| | 和 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601228 | 广州港 | 0.1280 | 96443.07 | -10.63 | 1407293.13 | 6.66 | | 301488 | 豪恩汽 | 1.1000 | 10091.18 | -11.15 | 140893.71 | 17.25 | | | 电 | | | | | | | 001324 | 长青科 | 0.4361 | 6018.00 | -16.41 | 46042.71 | -13.16 | | | 技 | | | | | | | 002535 | 林州重 | 0.1189 | 9534.40 | -18.47 | 168353.14 | -8.38 | | | 机 | | | | | | | 002075 | 沙钢股 | 0.0700 | 16258.29 | -27.75 | 1441626.09 | -7.69 | | | 份 | | | | | | | 002860 | 星帅尔 | 0.4700 | 14369.40 | -29.03 | 207 ...

4月8日晚间，宇通重工（600817）发布了2024年年度报告。报告期内，公司实现营业收入37.99亿元， 同比增长30.67%，归属于上市公司股东的净利润2.27亿元，同比增长3.97%。归属于上市公司股东的扣 除非经常性损益的净利润1.72亿元，同比增长22.71%。得益于客户回款向好，报告期内公司经营活动现 金流量净额为5.72亿元，同比大幅增长1489.88%，这表明公司不仅盈利能力提升，且经营获现能力显著 增强。公司拟向全体股东每10股派发现金红利2.8元(含税)。 从业务板块来看，宇通重工新能源产品亮点频现，成为公司增长的重要支撑。其中环卫设备业务在行业 量出现一定幅度下滑的情况下，凭借技术与产品优势实现逆势上扬。2024年我国环卫车辆上险量整体下 降8.7%，但宇通重工环卫设备业务实现营业收入15.43亿元，销量3221台，同比增长17.2%，其中新能源 产品销量更是大增77.4%。 除此之外，宇通重工还在智能化矿用装备领域取得了突破。公司推出的智能矿用装备，如智能矿用车、 智能矿用挖掘机等，通过集成先进的传感器、控制系统和数据分析技术，实现了矿用装备的智能化升 级。这些智能矿用装备不仅提高了生 ...