研报掘金丨方正证券：维持宇通客车“推荐”评级，年末有望迎来内外交付双峰

Core Viewpoint - Yutong Bus's sales in November showed a month-on-month increase, with production ramping up to meet the year-end delivery peak [1] Group 1: Sales Performance - In November, the company sold 4,058 buses, representing a year-on-year increase of 8.6% and a month-on-month increase of 33.5% [1] - The sales of large and medium buses accounted for 85.0% of total sales, indicating a further increase in their market share [1] Group 2: Production and Delivery - The company's production volume continues to exceed sales, primarily due to concentrated export orders for year-end delivery and the traditional peak demand for domestic public transport [1] - The company is expected to experience another peak in year-end deliveries, which may enhance per-unit profitability due to economies of scale [1] Group 3: Market Expansion - Yutong's exports of new energy buses to Europe are showing strong growth, with a notable increase in market share in the UK [1] - The transition to new energy in the overseas bus market is progressing steadily, and Chinese companies like Yutong are expected to rapidly increase their market share due to their first-mover advantage [1] Group 4: Financial Projections - The company is projected to achieve operating revenues of 43.04 billion, 52.74 billion, and 61.94 billion yuan from 2025 to 2027, with net profits attributable to the parent company expected to be 4.90 billion, 6.23 billion, and 7.63 billion yuan respectively [1] - The company maintains a "recommended" rating based on these projections [1]