深 度 研 汽车行业 买入（维持） 中国客车龙头，海外业务量价齐升 宇通客车（600066.SH）深度报告 2026 年 1 月 29 日 投资要点： SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 公 分析师：刘梦麟 行业龙头地位稳固，全品类产品矩阵完善 宇通客车是国内客车行业首 家上市公司，截至2025年，大中型客车销量已连续23年稳居国内第一， 国内市占率超30%。公司产品覆盖公路、公交、校车、机场摆渡及自动 驾驶微循环车等全细分市场，并具备全系列新能源适配能力。 究 研究助理：吴镇杰 财务盈利能力强劲，从规模向效益成功转型 公司业绩呈现"营收稳健、 利润爆发"的特征，2025年前三季度归母净利润同比增长35.4%，显著 高于营收增速，验证了向"效益驱动"转型的成功。受益于海外高毛 利业务占比提升及国内存量置换，公司净利率稳步提升至12.76%的高 水平。 深筑技术护城河，"睿控E平台"领跑智能化 公司拥有全球商用车行 业规模最大、体系最完善的研发团队，持续保持高强度研发投入。依 托自主研发的"睿控E平台"，集 ...

Core Viewpoint - The article highlights the significant transformation of China's commercial vehicle industry during the "14th Five-Year Plan," emphasizing the shift from traditional manufacturing to intelligent manufacturing, and the leadership in new energy vehicles, with Yutong as a key example of innovation and high-quality development [1]. Group 1: Innovation and Core Competitiveness - Innovation is the primary driving force for development, with Yutong demonstrating this through early investments in the new energy sector, launching its first pure electric bus in 1999, and maintaining a research and development investment of over 5% of revenue annually during the "14th Five-Year Plan" [2]. - Yutong has established a research team of over 3,000 people and multiple national and provincial research platforms, leading to breakthroughs in core technologies such as batteries, motors, and control systems, earning the National Science and Technology Progress Award for the fourth time [2]. Group 2: Technological Advancements - Yutong has introduced industry-leading battery systems with warranties of 1 million kilometers over 10 years and 1.5 million kilometers over 15 years, addressing user concerns about battery lifespan [4]. - The efficiency of Yutong's electric drive and control systems has reached 97.5% for motors and 99.5% for controllers, significantly reducing vehicle energy consumption [4]. - The integration of thermal management technology has improved winter range by 10%-15%, enhancing vehicle reliability and operational economics [4]. Group 3: High-End Manufacturing and Brand Power - Yutong's focus on high-end public and business vehicles has led to the T7 model breaking the monopoly of joint venture brands, serving national events for over a decade and showcasing the confidence of Chinese manufacturing [6]. - In the airport shuttle bus sector, Yutong has achieved 100% localization of components and has secured significant international orders, including a record delivery of 46 electric airport shuttle buses to Spain in 2024 [7]. Group 4: Internationalization and Global Reach - Yutong has exported over 120,000 buses to more than 100 countries, establishing a strong presence in high-end markets like Europe, supported by its core technologies and manufacturing capabilities [9]. - The company has developed a localized service network globally, with over 400 service points and a dedicated team providing 24/7 support, enhancing trust in international markets [10]. Group 5: Commitment to Green Development - Yutong has sold over 240,000 new energy commercial vehicles globally, contributing to a reduction of 28.7 million tons of carbon emissions, equivalent to reforesting 140,000 hectares [11]. - The company is actively involved in providing green solutions for various sectors, including logistics and mining, with innovations such as autonomous mining trucks and electric sweepers [13]. Group 6: Future Outlook - Looking ahead to the "15th Five-Year Plan," Yutong aims to deepen its domestic market presence while expanding internationally, focusing on self-sufficiency in key industry segments and contributing to the transformation towards green and intelligent manufacturing [15].

Core Insights - The article highlights the transformation of China's commercial vehicle industry over the past five years, emphasizing the shift from manufacturing to intelligent manufacturing, and from traditional power to new energy leadership. Yutong serves as a model for this transformation through its strategic focus on electrification, intelligent networking, high-end development, and internationalization [2]. Innovation and Competitive Edge - Innovation is identified as the primary driver of development, with Yutong leading in the new energy commercial vehicle sector since 1997, launching its first pure electric bus in 1999. The company has consistently increased R&D investment, averaging over 5% of revenue annually, and has built a research team of over 3,000 people [2]. - Yutong has achieved significant breakthroughs in core technologies related to batteries, motors, and control systems, leading to industry-leading standards and reliability. The company has been awarded the National Science and Technology Progress Award for the fourth time [2]. - The introduction of a proprietary electric platform, "Rui Control E Platform," has resulted in a 10% increase in driving range and a 20% reduction in operating costs, showcasing Yutong's systematic strategic layout and platform construction [3]. Product Competitiveness - Yutong's heavy-duty truck, "Yuanjie T800," features an 800 kWh battery, extending its driving range to over 550 kilometers, while its light-duty trucks have achieved breakthroughs in energy density and electric chassis technology [4]. High-End Manufacturing - Yutong is committed to high-end manufacturing, exemplified by its T7 model, which has served significant national events for over a decade, breaking the monopoly of joint venture brands. The company has also achieved 100% localization of electric airport shuttle buses, exporting to over 30 countries [5]. - The Yutong Tianyu S12, designed for high-end tourism and business reception, incorporates 102 patents and sets new benchmarks in the high-end bus market, reflecting the company's transition from a follower to a standard-setter in the industry [5]. Internationalization - Yutong has exported over 120,000 buses to more than 100 countries, establishing a strong presence in high-end markets like Europe. The company employs a localized operational strategy, with a vast service network and rapid response capabilities [7]. - The company has transitioned from product output to technology output and solutions in over ten countries, integrating Chinese standards and technology into global supply chains [7]. Sustainable Development - Yutong aligns its development with national "dual carbon" goals, having sold over 240,000 new energy commercial vehicles globally, significantly reducing carbon emissions by 28.7 million tons [8]. - The company is leading in the logistics sector with its new energy heavy and light trucks, and its autonomous mining trucks are promoting safety and efficiency in the mining industry [8]. Future Outlook - Looking ahead, Yutong aims to deepen its domestic market presence and expand internationally while ensuring the autonomy of key industry chain segments. The company is poised to contribute further to the commercial vehicle industry's transformation towards green and intelligent solutions [9].

Group 1: Red Flag - The Red Flag brand showcased its unique national car style with the CA7601J as the review vehicle during the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War [2] - Red Flag has a historical legacy of serving as the review car in major parades since 1959, with each vehicle symbolizing historical glory [2] Group 2: Dongfeng - Dongfeng Motor's participation included 115 vehicles, with 89 officially reviewed, highlighting its significant role in military parades [5][8] - The Dongfeng "Warrior" vehicles were involved in various military formations, showcasing the brand's strength as "China's first military vehicle brand" [8] Group 3: BAIC - BAIC Group's Beijing Off-road BJ80 served as the ceremonial artillery towing vehicle and news support vehicle, demonstrating the hard power of China's automotive industry [9] - BAIC Foton played a crucial role in the parade support tasks, including the transportation of peace doves and providing high-quality passenger transport services [10] Group 4: Heavy-duty Trucks - Heavy-duty trucks from companies like Beiben, FAW Liberation, China National Heavy Duty Truck, and Shaanxi Heavy Truck were showcased for their off-road performance and reliability, serving as important platforms for transporting high-tech military equipment [13] Group 5: BYD - BYD's 23 pure electric sanitation vehicles formed a "green" formation, completing sanitation tasks with high efficiency and zero emissions, reflecting China's advancements in renewable energy technology [17][19] Group 6: Yutong - Yutong provided over 1,000 vehicles, including high-end business models and emergency support vehicles, for various transportation tasks during the parade, showcasing its strong capabilities in the bus sector [19]

Group 1 - The event on September 3rd commemorated the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, showcasing military and domestic automobile brands [1][25] - The Red Flag CA7601J, manufactured by FAW, served as the inspection vehicle, continuing a tradition of using Red Flag vehicles in major parades since 1958 [4][3] - Dongfeng participated with 115 vehicles, including 89 official review vehicles, marking its seventh participation in national parades since 1984 [6] Group 2 - Beijing Off-road showcased 61 BJ80 vehicles as artillery towing and news support vehicles, highlighting the brand's technological advancements and national confidence [10] - BYD contributed 23 pure electric sanitation vehicles, fulfilling sanitation support duties for the event, marking its third time in such a role [13] - North Benz Heavy Trucks deployed 28 vehicles equipped with radar and satellite jamming for electronic warfare, participating in the parade for the fifth consecutive time since 2009 [16] Group 3 - Yutong provided over 1,000 support vehicles, the largest fleet from a single brand, with nearly 200 high-end T7 models for core transportation tasks [23] - FAW Liberation, China National Heavy Duty Truck Group, and Shaanxi Automobile Heavy Truck also showcased various models, demonstrating China's industrial strength [23]

Core Viewpoint - Yutong Bus has established itself as a leading brand in high-end public service vehicles, showcasing its products at significant national events and international forums, thus promoting Chinese high-end manufacturing on the global stage [1]. Group 1 - On September 3, Yutong Bus provided over 1,000 vehicles, including high-end public service models like the Yutong T7, for the 80th anniversary of the victory in the War of Resistance Against Japan, making it the most represented bus brand at the event [1]. - The Yutong T7 has previously served at major national events such as the Two Sessions, the 75th Anniversary Award Ceremony, and various international forums, highlighting its reliability and quality [1]. - Over the past decade, Yutong T7 has become a standard vehicle for significant events, reinforcing its image as a "mobile exhibition" of Chinese high-end manufacturing [1].

Core Insights - Yutong Bus has successfully delivered 287 pure electric buses to Norway in Q1 2024, marking a significant milestone in expanding China's new energy bus market in Europe [1] - In 2024, Yutong Bus sold a total of 46,918 buses, with 14,000 exported, representing a growth of 37.73%, and 13,795 new energy buses over 6 meters, showing a year-on-year increase of 93.26%, maintaining the industry lead [1] Group 1: Technological Advancements - Yutong Bus has established a strong technological "moat" through over 20 years of research, leading in core technologies related to new energy vehicles [2] - The company has developed the RuiControl E platform, the first integrated hardware and software platform for electric buses in the industry, enhancing hardware integration and software upgrades [2] - Yutong Bus has launched five product series in public transportation, achieving full low-floor design for buses ranging from 5 to 18 meters, catering to diverse operational needs [2] Group 2: Research and Development Investment - Yutong Bus invests over 5% of its revenue annually in R&D, with a budget of 1 billion yuan for a national engineering research center, resulting in several globally leading technological achievements [3] Group 3: International Market Expansion - Yutong Bus has achieved significant growth in overseas markets, operating in over 60 countries and regions, with cumulative exports exceeding 110,000 units [5] - Recent orders include 287 buses to Norway and 100 buses to Greece, indicating a strong demand for new energy vehicles in international markets [5] - The company is actively participating in international exhibitions to enhance brand recognition and competitiveness globally [6]