西欧新能源客车市场专题：市场空间不断扩容，宇通份额持续提升

Investment Rating - The report maintains a "Buy" rating for Yutong Bus, indicating a positive outlook on the company's performance in the Western European new energy bus market [1]. Core Insights - The Western European new energy bus market is expected to double in sales over the next six years, driven by strong policy support and market recovery [5][6]. - The market is characterized by a significant increase in the concentration of market share, with the top five companies holding 63% of the market as of the first half of 2024 [1]. - Yutong Bus is positioned favorably due to its advanced technology and strong market presence, with a projected profit contribution from the Western European market of 3.3 billion, 2.3 billion, and 1 billion yuan under optimistic, neutral, and pessimistic scenarios respectively by 2030 [1][6]. Summary by Sections 1. Market Development - The Western European new energy bus market is progressing faster than anticipated, with sales expected to reach 52,000 units in 2024, including 9,456 new energy buses, reflecting a year-on-year growth of 31% [5][6]. - By 2030, total bus sales in Western Europe are projected to be 44,000 units, with new energy buses accounting for 19,000 units, representing a 43.8% market share [1][6]. 2. Competitive Landscape - The market is seeing a consolidation trend, with smaller companies facing mergers and exits, while major players like Daimler and Yutong continue to dominate [1][6]. - Yutong Bus's competitive advantages include superior technology in electric systems and safety performance, as well as a robust after-sales service [1][6]. 3. Profit Elasticity Analysis - The report estimates that Yutong Bus could see profit contributions from the Western European market of 3.3 billion, 2.3 billion, and 1 billion yuan under optimistic, neutral, and pessimistic scenarios respectively by 2030, indicating significant profit elasticity [1][6]. 4. Investment Recommendations - The report suggests a strong focus on the Western European new energy bus market, highlighting Yutong Bus's substantial profit potential and market advantages [1][6].