客车行业基本面更新 20251214 摘要 新能源公交客车海外市场迎来爆发式增长，显著提升国内龙头企业销量 及行业盈利能力。宇通等企业通过出口欧洲市场新能源公交车辆实现显 著增长，单台利润从两三万元提升至接近 10 万元。 公交客车电动化进程快于座位客车，中国公交客车电动化率接近 100%，欧洲 30%-50%，而座位客车全球新能源化率较低。未来政策 倾斜将推动座位客车电动化率逐步提高。 各国政策支持新能源公交车辆，如哥伦比亚、巴西、秘鲁等国出台政策 和补贴，推动南美、中东、东南亚等地区新能源汽车渗透率大幅提高。 全球座位客车电动化率仍然很低，未来几年内该领域将迎来显著增长。 中国和欧盟将逐步转向座位客车领域，非欧盟国家也将加速推进公共交 通系统的电动化。 新能源客车相较于传统燃油车型具有更高的毛利率和净利润。欧洲新能 源大巴平均售价可达 200 万至 250 万元，远高于燃油大巴，单台利润 也远超燃油车型。 Q&A 近年来客车行业的发展历程和现状如何？ 客车行业的发展历程可以分为两个阶段。第一个阶段是国内公交客车的新能源 化，从大约 2010 年开始，持续到 2023 年，这一阶段政府对公交客车行业提 供了 ...

Core Insights - BYD has launched its e-Bus platform 3.0, aimed at the smart electric bus market, with the first model being the new C11 tourist bus [1] - The e-Bus platform 3.0 integrates several advanced technologies, including the world's first mass-produced 1000V high-voltage architecture for buses and a unique TBC high-speed blowout stability system [1] - Since starting its research and development in new energy commercial vehicles in 2008, BYD has invested over 14 billion yuan and has more than 7,000 R&D personnel [1] Product Launch - The C11 tourist bus, based on the e-Bus platform 3.0, features BYD's "blade battery" and the bus cloud control system, with a maximum range of 730 kilometers [1] - The C11 is positioned as a global vehicle, initially launched in China with plans for gradual rollout in other global markets [1] - BYD plans to expand its electric bus product offerings based on the e-Bus platform 3.0 to promote the electrification of buses worldwide [1]