研报掘金丨东吴证券：维持宇通客车“买入”评级，淡季加库或为后续放量做库存准备

Core Viewpoint - Yutong Bus experienced a decline in sales in July, which is typical for the off-season, but the company is building inventory in preparation for future demand [1] Sales Performance - Total sales in July reached 3,219 units, representing a month-on-month decrease of 4% and a year-on-year decrease of 46% [1] - The production volume in July was 3,849 units, with an inventory increase of 630 units, leading to a total inventory increase of 722 units from January to July [1] Export and New Energy Vehicles - Exports in July totaled 920 units, showing a month-on-month increase of 46% but a year-on-year decrease of 57% [1] - New energy vehicle exports reached 100 units, reflecting a month-on-month increase of 335% but a year-on-year decrease of 75%, slightly exceeding expectations [1] Future Outlook - The production in July increased month-on-month, while sales decreased, indicating a typical seasonal trend [1] - Based on Q2 sales patterns, August is expected to see growth in both exports and domestic sales, with September potentially being the peak month for sales in the quarter [1] - A significant procurement agreement for 400 electric buses was signed with a partner in Pakistan, marking the largest single order for new energy buses in the country, which will support sales growth in the second half of the year [1]