研報掘金丨長江證券:維持宇通客車“買入”評級,6月銷量同環比大幅提升
長江證券研報指出,宇通客車6月銷售客車5919輛,同比+24.8%,環比+93.9%。6月出口總量和新能源出口強勁,銷量同環比大幅提升。國內方面,“以舊換新”政策催動國內公交換車需求,疊加國內公交車逐漸進入自然更換週期,支撐國內新能源客車銷量。行業來看,2025年1-5月大中客行業銷量3.9萬輛,同比-1.3%;出口方面,2025年1-5月大中客出口實現2.0萬輛,同比+13.1%。產品力向上疊加直銷直服拓展,海外產能持續佈局,出口+電動化凸顯盈利,打開新成長空間。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,“以舊換新”政策加碼,促進新能源公交增長;海外市場,全球化+高端化戰略推進,出口凸顯盈利水平,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,2024年全年每股分紅1.5元(含稅),共派發33.2億元,分紅率80.7%,股息率5.8%。維持“買入”評級。
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