研報掘金丨中信建投:宇通客車Q2歸母淨利同比+191%,盈利核心變量來自出口
中信建投證券研報指出,宇通客車(600066.SH)24Q2公司營收、歸母淨利潤分別為97.20億元、10.17億元,同比分別+28.95%、+190.63%。公司作為全球客車龍頭,出海量利雙升,享受出口帶來的新增長曲線及高業績彈性。當前公司盈利的核心變量來自客車(尤其新能源客車)出口銷量,2023年外銷毛利率高於內銷8.7pct;疊加24H2設備更新高額補貼政策驅動客車內需回暖,或帶動公司國內業務規模效應,夯實盈利基礎。預計公司2024-2025年歸母淨利潤33億元、41億元,對應當前股價PE為15X、12X。
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