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 ...

Company Overview - Zhongtong Bus's stock price closed at 11.14 yuan on July 29, 2025, down by 0.01 yuan, a decrease of 0.09% from the previous trading day [1] - The stock opened at 11.15 yuan, reached a high of 11.17 yuan, and a low of 10.97 yuan, with a trading volume of 151,700 lots and a transaction value of 168 million yuan [1] Business Operations - Zhongtong Bus specializes in the research, development, manufacturing, and sales of buses and components, including both new energy buses and traditional fuel buses [1] - The company's products are primarily used in public transport, tourism, and group travel sectors [1] - Zhongtong Bus is part of the automotive manufacturing industry and is also involved in new energy vehicles and vehicle networking concepts [1] Financial Performance - The company expects a year-on-year increase in net profit attributable to shareholders for the first half of the year [1] - Zhongtong Bus's valuation is currently below the 30th percentile for the year [1] Market Context - The scale of share buybacks among A-share listed companies has been increasing, with a cumulative buyback amount nearing 90 billion yuan this year [1]