| | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入(元) | 3.940.810.501.68 | 2, 755, 358, 907. 40 | | 归属于上市公司股东的净利润(元) | 190, 389, 425. 53 | 110. 946. 013. 75 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 175, 497, 682. 79 | 100.091. 161. 09 | | 经营活动产生的现金流量净额(元) | 81, 447, 326. 73 | 862, 998, 690. 23 | | 基本每股收益(元/股) | 0. 3211 | 0. 1871 | | 稀释每股收益(元/股) | 0. 3211 | 0. 1871 | | 加权平均净资产收益率 | 6.26% | 3.98% | | | 本报告期末 | 上年度末 | | 总资产(元) | 9, 132, 232, 379. 04 | 8, 167, 340, 369. 16 | | 归属于上市公司股东的净资产(元) | 3, 033, 074, 248. 86 | 2, 943 ...

东吴证券近日发布客车8月月报：新能源客车产品维度，中国客车已领先海外竞争对手，传统客车维 度，技术已不亚于海外且具备更好性价比及服务。 东吴证券近日发布客车8月月报：新能源客车产品维度，中国客车已领先海外竞争对手。传统客车维 度，技术已不亚于海外且具备更好性价比及服务。国内市场价格战结束不会成为拖累反而会共振。过去 6-7年国内客车"高铁冲击+新能源公交透支+三年疫情"三重因素叠加经历了长期的价格战，2022下半年 宇通已率先提价，且需求本身得益【旅游复苏+公交车更新需求】有望重回2019年水平。 小目标是重新挑战2015-2017年上一轮行业红利的市值峰值。大目标重新打开新的天花板（见证真正意 义的世界客车龙头）。 投资建议： 【宇通客车】是"三好学生典范"，具备高成长+高分红属性。我们预计2025~2027年归母净利润为 46.3/55.2/66.8亿元，同比+12%/+19%/+21%，维持"买入"评级。 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车已领先海外竞争 对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 3）人和：国内市场价格战结束不会成为拖累反而会 ...

Group 1 - The core viewpoint of the article is that the bus industry represents China's automotive manufacturing sector becoming a global leader in technology output, with overseas market contributions expected to recreate a market equivalent to China in the next 3-5 years [2][7]. - Supporting factors include favorable national policies aligning with the "Belt and Road" initiative, advanced technology and product quality of Chinese buses, and the end of domestic price wars leading to a resurgence in demand [2][7]. - The article suggests that the current bus industry cycle is driven by the absence of price wars domestically, an oligopolistic market structure, and higher profit margins in overseas markets compared to domestic ones [3][11]. Group 2 - The article outlines a small target of challenging the market value peak from 2015-2017 and a larger goal of establishing a new ceiling for the industry, marking the emergence of a true global bus leader [4][11]. - Investment recommendations include Yutong Bus as a "model student" with high growth and dividend attributes, and King Long as a rapidly improving company with significant profit elasticity [5][9]. - Profit forecasts for Yutong Bus from 2025 to 2027 are projected at 46.3 billion, 55.5 billion, and 67.5 billion yuan, with year-on-year growth rates of 12%, 20%, and 22% respectively [5][9]. For King Long, the expected profits are 4.4 billion, 6.4 billion, and 8.3 billion yuan, with growth rates of 182%, 45%, and 28% respectively [5][9]. Group 3 - The April report indicates a decline in overall bus production and wholesale volume, with a slight increase in exports [12][14]. - The wholesale volume for April was 45,000 units, showing a year-on-year decrease of 0.6% and a month-on-month decrease of 16.1% [14][15]. - The report highlights that the domestic market for buses is stabilizing, with Yutong and King Long maintaining significant market shares in both domestic and export markets [48][54].