研報掘金丨國聯證券:維持宇通客車“買入”評級,政策加持看好公司銷量向上
國聯證券研報指出,宇通客車(600066.SH)2月客車銷售1571輛,同比+13.4%,1-2月累計銷售4121輛,同比-1.5%。交付淡季表現穩健,政策加持看好公司銷量向上。對比2024 年政策,2025 年客車政策補貼金額提升、執行期貫穿全年,預計拉動效果更明顯。國內8 年及以上新能源公交保有量在10 萬左右,潛在更新量較大,隨着政策效果逐步開始顯現,2025 年新能源公交國內銷量有望進一步增長。作為國內客車龍頭,公司內銷有望進一步向上。出口方面,歐洲、南美等地對於新能源公交需求旺盛,公司新能源客車產品競爭力領先,海外渠道佈局全面,客車出口有望進一步增長。鑑於公司出口與內需持續向上,紅利資產屬性突出,維持“買入”評級。
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