研報掘金丨長江證券:宇通客車Q1業績大超預期,維持“買入”評級
長江證券研報指出,宇通客車(600066.SH)一季度歸母淨利潤為6.57億元,同比增長445.09%,Q1業績大超預期,盈利能力持續提升。經濟復甦和競爭市場化帶來份額快速提升,出口+電動化凸顯盈利,成長空間逐步打開。宇通作為有寬廣護城河的全球客車龍頭,長期成長性較好+持續高分紅能力,凸顯投資價值。國內市場,座位客車持續增長,後補貼時代加速洗牌,新能源份額提升空間大;海外市場,全球化+高端化戰略推進,出口凸顯盈利水平;電池成本下降疊加規模效應,支撐公司業績持續提升。公司資本開支放緩,現金流充足保障高分紅。2023年每股分紅1.5元(含税),共派發33.2億,分紅率182.8%,股息率5.6%。維持“買入”評級。
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