Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.24 CNY per share [78][96] Core Views - The company is a leading player in the large and medium-sized bus market, with a market share of 36.1% in 2023, up 8 percentage points year-on-year [80][63] - The company's new energy bus sales accounted for 40.7% of total sales in 2018, up from 12.1% in 2014 [80][69] - The company's export business has been growing rapidly, with export sales increasing by 78.9% in 2023, accounting for 27.9% of total sales [107][109] - The company's profitability has improved significantly, with net profit increasing by 131.49% year-on-year in the first three quarters of 2024 [8][96] Industry Overview - The new energy bus industry has seen strong growth, with cumulative sales of 6-meter and above new energy buses reaching 39,400 units from January to November 2024, up 22.9% year-on-year [1] - The industry is benefiting from policy support, including subsidies for new energy city buses and battery replacements, with subsidies of up to 80,000 CNY per vehicle [72] - The export market for buses has also been growing, with industry exports reaching 55,000 units from January to November 2024, up 38.7% year-on-year [93] Company Performance - The company's revenue in the first three quarters of 2024 was 24.075 billion CNY, up 27.04% year-on-year, while net profit attributable to shareholders was 2.432 billion CNY, up 131.49% year-on-year [8] - The company's gross margin in Q3 2024 was 12.32%, or 23.9% after adjusting for accounting standards, with overseas business gross margin significantly higher at 31.7% compared to 23% for domestic business [12][13] - The company's operating cash flow has been strong, with net operating cash flow reaching 4.717 billion CNY in 2023, up 45% year-on-year [17] Export Business - The company's export business has been a key growth driver, with export sales reaching 10,200 units in 2023, up 78.9% year-on-year, and accounting for 27.9% of total sales [107][109] - The company's export ASP is nearly double the domestic ASP, contributing to improved profitability [8] - The company has achieved significant export milestones, including the largest single delivery of new energy buses to Chile (214 units) and the largest batch of new energy buses to Europe (250 units to Greece) [6] New Energy and Hydrogen Strategy - The company is actively exploring hydrogen fuel cell solutions, with its fuel cell system platform offering advantages such as low hydrogen consumption (4.43kg/100km for 12-meter buses), long lifespan (11,062 hours with 1.8% decay), and good low-temperature performance [1] - The company has been involved in hydrogen fuel cell bus demonstrations in Zhengzhou, with 423 hydrogen fuel cell buses in operation as of November 2023 [1] - The company's hydrogen fuel cell bus sales are expected to grow significantly, with a target of 5,000 units by 2025 and 20,000 units by 2030 [3] Financial Projections - The company is expected to achieve revenue of 34.424 billion CNY in 2024, up 27.3% year-on-year, with net profit attributable to shareholders of 3.246 billion CNY, up 78.65% year-on-year [96] - The company's revenue is projected to grow to 46.521 billion CNY by 2026, with net profit reaching 5.022 billion CNY [96] - The company's EPS is expected to be 1.47 CNY in 2024, 1.88 CNY in 2025, and 2.27 CNY in 2026, with a PE ratio of 17.90x, 13.96x, and 11.57x respectively [96]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company in the high-end vehicle manufacturing industry, particularly focusing on electric and intelligent vehicle technologies. The company has established a strong competitive position in Western markets through significant R&D investments, leading to higher selling prices compared to peers [1][2]. Key Points and Arguments 1. **High-End Strategy Success**: The company's high-end strategy is deemed successful, especially in export markets where average selling prices are significantly above industry levels. For instance, the average selling price of BYD's products in Europe has reached over 4.4 million RMB, while Yutong's average is around 3.3 million RMB, compared to Yutong's overall new energy export average of approximately 2.34 million RMB [1][2]. 2. **Cost Control Advantages**: The company employs an accelerated depreciation method, specifically the double declining balance method, resulting in a high annual depreciation rate of 9.7% to 19.4%. This approach, combined with stable fixed asset investments, enhances cost control and profitability [1][2]. 3. **Export Price Trends**: The company has seen a significant increase in export prices, with new energy product export prices exceeding 2.3 million RMB, which is higher than the industry average of 1.6 million RMB. The potential for further price increases is anticipated as Yutong's export volume in Europe grows [1][2]. 4. **Acquisition Impact**: The acquisition of a parts supplier, Jindai, has led to improved operational synergies, reducing procurement costs and logistics expenses, thereby enhancing overall profitability. Jindai had previously demonstrated strong profitability with gross margins above 26% and net margins between 13% to 15% [3]. 5. **Labor Cost Advantages**: The company benefits from lower labor costs in Henan province, which is advantageous for a labor-intensive industry like bus manufacturing. This geographic advantage helps in maintaining competitive pricing and reducing operational costs [3]. 6. **Dividend Policy**: The company maintains a high dividend payout ratio, with a current dividend yield exceeding 8%. This is supported by increasing profits and low capital expenditures, making it an attractive option for investors seeking dividend income [4]. 7. **Profit Forecasts**: Short-term profit forecasts indicate a projected profit of approximately 3.4 billion RMB for the current year, increasing to around 4.2 billion RMB next year, and reaching 4.8 to 5 billion RMB by 2026. This reflects a strong growth trajectory, particularly in the context of new energy vehicle demand [4]. 8. **Market Positioning**: The company is positioned as a leading global player in new energy technology, expected to benefit from ongoing industry growth and policy support for electric vehicles. The combination of dividend yield and growth potential is highlighted as a compelling investment opportunity [4]. Other Important Insights - The company has implemented stock incentive plans for over 1,000 key personnel, indicating a commitment to aligning employee interests with company performance [3]. - The call emphasizes the importance of monitoring the timing for investment in Yutong, suggesting that the company is well-positioned for future stock price appreciation [4].

证券代码:600066 证券简称：宇通客车 编号：临 2024-059 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宇通客车股份有限公司（以下简称"公司"）董事会于2024 年12月19日收到财务总监吴屹伦先生的辞职报告书，吴屹伦先生 因个人原因申请辞去公司财务总监职务，辞职报告书自送达董事 会之日起生效。公司董事会对吴屹伦先生在任职期间为公司所做 的工作表示衷心感谢。 李盼盼先生简历后附。 宇通客车股份有限公司 2024 年 12 月 20 日，公司召开董事会审计委员会 2024 年第 五次会议和董事会提名委员会 2024 年第二次会议，审议通过了 《关于聘任财务负责人的议案》；同日，公司召开第十一届董事 会第九次会议，同意聘任李盼盼先生兼任公司财务负责人，任期 与本届董事会一致。 特此公告。 宇通客车股份有限公司董事会 二零二四年十二月二十日 附简历： 李盼盼 男，1985 年出生，本科学历。2008 年毕业于湖南 大学车辆工程专业，同年 7 月进入公司，历任公司公交产品开发 经理、质量保证部副部长、质量总监兼质量保证 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [3][6][15]. Core Views - The company has shown significant growth in sales, with November sales increasing year-on-year by 39.6% and month-on-month by 31.1% for large buses, and 13.7% and 16.0% for medium buses, respectively [3][6]. - The demand for new energy buses is expected to rise due to policy incentives, with an average subsidy of 60,000 yuan per vehicle for replacing old buses and 80,000 yuan for new energy city buses [3][6]. - The company is positioned as a leader in the new energy bus sector, with a market share of 14.5% in exports and a total of 8,844 new energy buses sold from January to November, reflecting a year-on-year increase of 64.0% [3][6]. Summary by Sections Market Data - The closing price of the company is 23.46 yuan, with a market capitalization of 51.939 billion yuan [3]. - The company achieved a total bus sales volume of 38,303 units from January to November, representing a year-on-year growth of 20.4% [3]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 34.424 billion yuan, 39.864 billion yuan, and 46.521 billion yuan, respectively, with corresponding EPS of 1.47 yuan, 1.87 yuan, and 2.25 yuan [6][7]. - The expected PE ratios for the same years are 15.71, 12.32, and 10.23, respectively [6][7]. Sales Performance - The company reported a significant increase in light bus sales, with a month-on-month growth of 254.3% in November [3]. - The total sales of buses in November reached 4,665 units, with a notable increase in light bus exports, including a large order of 500 units to Latin America [3]. Industry Outlook - The report anticipates continued demand growth in the bus industry driven by the implementation of the 14th Five-Year Plan and the ongoing recovery of the tourism sector [3][6]. - The company is expected to benefit from the upward cycle in the industry, with a strong focus on expanding its overseas market presence [3][6].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [4] Core Views - In November 2024, Yutong Bus sold 3,726 units, with month-on-month increases of 14% and 16%, while production reached 4,665 units, reflecting month-on-month growth of 40% and 31% [2] - The company is expected to see a strong performance in December, driven by increased demand for public buses due to the vehicle replacement policy and a surge in export orders [2][3] - The light commercial vehicle segment has shown significant growth, with a 254% year-on-year increase in sales for light buses in November 2024 [2] Financial Forecasts and Valuation - The projected total revenue for Yutong Bus is 34.733 billion yuan in 2024, with a year-on-year growth of 28% [4] - The forecasted net profit attributable to shareholders is 3.314 billion yuan in 2024, representing an 82% year-on-year increase [4] - The report anticipates a price-to-earnings (P/E) ratio of 15.50 for 2024, decreasing to 10.36 by 2026 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has shown strong sales performance with November sales of 3,736 buses, representing a year-on-year increase of 13.7% and a month-on-month increase of 16.0%. Cumulatively, from January to November, total sales reached 38,303 buses, up 20.4% year-on-year [5][7]. - The company is benefiting from a decline in battery costs and economies of scale, which support continuous performance improvement. Additionally, the company has a strong cash flow that ensures high dividends [5][7]. - The domestic market is experiencing growth in seated buses, while the overseas market is advancing through globalization and high-end strategies, enhancing profitability [5][7]. Sales Performance - In November, the company sold 3,736 buses, with a year-on-year increase of 13.7% and a month-on-month increase of 16.0%. The sales of large and medium buses were 2,744, showing a year-on-year decrease of 8.7% and a month-on-month decrease of 1.4% [5][6]. - From January to November, the total sales of buses reached 38,303, with large and medium bus sales at 33,204, reflecting a year-on-year increase of 20.4% and 19.6%, respectively [5][6]. Export and New Energy Vehicles - The company has seen strong performance in exports and new energy vehicle exports, with the export volume and proportion continuing to rise. The company maintains its annual sales guidance and expects strong performance in new energy exports in December [5][6]. - The export market for large and medium buses achieved a total of 36,000 units from January to October, representing a year-on-year increase of 39.8% [5][6]. Market Strategy and Competitive Position - The company is enhancing its direct sales and service model, which improves service quality and efficiency. It has maintained a market share of 32.7% in the large and medium bus segment from January to October 2024 [6][7]. - The company has a competitive edge in the electric bus sector and is accelerating its international expansion under the "Belt and Road" initiative, which is expected to contribute to new growth [6][7]. Financial Performance and Dividends - The company has a robust cash flow that supports high dividends, with a projected dividend of 0.5 yuan per share (including tax) for the first three quarters of 2024, totaling 1.11 billion yuan and a dividend payout ratio of 45.5% [7]. - The expected net profit attributable to the parent company for 2024-2026 is projected to be 3.51 billion, 4.21 billion, and 5.02 billion yuan, respectively, with corresponding price-to-earnings ratios of 14.3X, 11.9X, and 10.0X [7].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus [3][6]. Core Views - In November 2024, Yutong Bus achieved a sales volume of 3,736 units, representing a year-on-year increase of 14% and a month-on-month increase of 16%. The company is expected to benefit from a strong year-end delivery season [2]. - The company has a solid order backlog, and the overseas demand for its products is increasing, with exports in October 2024 reaching 176 units, a year-on-year increase of 487% [2][3]. - The "old-for-new" subsidy policy is expected to boost domestic demand for new energy buses, with significant purchases recorded in the first ten months of 2024 [3]. Financial Summary - Revenue for 2024 is projected to be 33,257 million yuan, with a year-on-year growth rate of 23% [5]. - The net profit attributable to the parent company is expected to reach 3,317 million yuan in 2024, reflecting a year-on-year growth of 82.6% [5]. - The earnings per share (EPS) for 2024 is forecasted at 1.50 yuan, with a price-to-earnings (P/E) ratio of 15.7 times [5][11].

Summary of Conference Call Records Company and Industry - The conference call discusses **Yutong**, a company in the **bus manufacturing industry**, particularly focusing on its performance and market outlook for the upcoming year. Core Points and Arguments 1. **Sales Data and Market Outlook**: November sales data indicates a significant increase, with total sales reaching **3,700 units**, a **15%** month-over-month increase. Exports accounted for **1,250 units**, reflecting a **12% to 14%** increase. The company is expected to meet its annual sales target of **44,000 units**, with **13,000 units** from exports and **31,000 units** domestically [1][3][6]. 2. **Confidence in Achieving Targets**: The company expresses confidence in achieving its sales targets for the year, with a projected **3 billion** in earnings. The management believes that the current sales momentum will continue into the next year, particularly in the export segment [1][2][6]. 3. **Inventory Management**: The company has accumulated approximately **1,800 units** in inventory, with expectations to clear **500 to 1,000 units** by the end of December. This suggests a strong sales push in the final month of the year [5][6]. 4. **Export Performance**: The export strategy is highlighted, with a focus on increasing sales in Europe. The average selling price (ASP) for vehicles exported to Europe has risen significantly, indicating a positive trend in profitability [7][8][11]. 5. **Profitability Projections**: The company anticipates profits exceeding **4.5 billion** next year, with a valuation of **12 to 13 times** earnings based on projected profits. This suggests a favorable investment opportunity as the company continues to grow [9][10][14]. 6. **Market Trends and Historical Context**: The call references historical performance, noting that Yutong's stock price and earnings have historically moved in tandem during market upswings. The current market conditions are seen as favorable for continued growth [10][12]. 7. **Dividend Expectations**: The company is expected to maintain a strong dividend policy, with projections for dividends to remain at or above **3.3 billion** this year, reflecting a commitment to returning value to shareholders [13]. Other Important but Possibly Overlooked Content - **Regulatory Environment**: The end of the vehicle replacement subsidy policy is expected to drive demand in December, as manufacturers seek to capitalize on the remaining incentives [4][6]. - **Customization in Production**: The production process for buses is noted to be highly customized, which may impact production timelines and inventory levels [5]. - **Long-term Growth Potential**: The company is positioned for long-term growth, with a focus on increasing market penetration in international markets, particularly in the electric vehicle segment [11][12]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of Yutong's current performance and future outlook in the bus manufacturing industry.

证券代码:600066 证券简称：宇通客车 编号：临 2024-058 宇通客车股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 11 月发生担保事项（以下简称"本次担保"）的被 担保人为宇通客车股份有限公司（以下简称"公司"）全资子公 司香港宇通国际有限公司（以下简称"香港宇通"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"），控股子公司宇威顺通 （成都）汽车销售服务有限公司（以下简称"成都宇威顺通"） 等。 2024 年 11 月新增对子公司担保发生额为 50,411.12 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 2,262.50 万元； 为购车客户等销售业务链相关企业提供担保/回购责任发生额为 42,032.59 万元。（外币金额根据 2024 年 11 月 29 日即期汇率折 算为人民币，如无特别说明，本公告中金额币种均为人民币） 截至本公告披露日，公司无逾期担保。 一、担保情况概述 （一）担保事项审议程序 本次担保事项已 ...

Group 1: Company Performance Overview - In the first three quarters of 2024, the company achieved bus sales of 31,346 units, a year-on-year increase of 19.3% [4] - Revenue reached 24.07 billion CNY, reflecting a year-on-year growth of 27.0% [4] - Net profit attributable to shareholders was 2.43 billion CNY, up 131.5% year-on-year [4] Group 2: Market Demand and Growth Drivers - The bus industry saw sales of 111,951 units for buses over 5 meters, marking an 18.0% increase year-on-year [4] - Growth in overseas markets contributed significantly to sales, driven by improved competitiveness of Chinese bus products [5] - Domestic sales benefited from the recovery in the tourism sector, leading to increased demand for passenger transport [4] Group 3: Export and New Energy Vehicles - The company exported over 6,000 new energy buses to more than 40 countries, including Qatar, Mexico, and the UK [5] - The "Belt and Road" initiative has opened up project opportunities, enhancing export growth in the new energy bus sector [5] Group 4: Production Capacity and Financial Returns - The total design capacity across three plants is 65,000 units per year, meeting current production demands [5] - Since its listing in 1997, the company has distributed a total of 22.7 billion CNY in cash dividends, representing 77.5% of net profits [5] Group 5: Customer Service and Market Expansion - The company operates over 330 authorized service stations globally, ensuring comprehensive customer support [5] - Plans for local assembly in countries like Kazakhstan and Pakistan aim to transition from product output to technology and brand licensing [5] Group 6: Recent Sales Performance - In October 2024, the company sold 3,221 buses, a year-on-year increase of 43.22% [9] - Cumulative sales from January to October 2024 reached 34,567 units, up 21.19% year-on-year [9]