研報掘金丨華安證券:維持宇通客車“買入”評級 25M6銷量表現亮眼
華安證券研報指出,宇通客車6月25M6 實現客車銷量5919輛、同比+24.8%,實現客車產量5528輛、同比+30.0%。出口及新能源持續向好,有望保證公司未來高速增長。認為當前國內客車市場整體處於週期復甦階段,以舊換新政策有望助推國內公交客車實現恢復性增長,海外客車市場出口空間廣闊,同時新能源滲透率有望提升。中國客車出口呈增長態勢,公司作為客車出口的領先企業將充分受益於行業上行週期,2024年公司股息率為5.7%,未來高分紅有望延續。預計公司2025-2027年歸母淨利潤分別為48.0/54.4/62.9億元,同比+17%/+13%/+16%,維持“買入”評級。
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