宇通重工（600817）：新能源环卫装备销量高增带动收入增长，竞争激烈装备毛利率整体有所下降

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]