宇通客車 (600066.CH): 行業洗牌利好龍頭擴張 April 23, 2018

投資概要

因為行業政策變動影響,宇通客車2017 年的業績下滑超過兩成,補貼政策退坡、賬期拉長,以及產品促銷削弱了公司盈利能力。不過公司市占率逆勢上升,壞賬有望轉回有利於2018 年公司業績回暖,海外市場也值得期待。我們下調目標價,但維持增持評級。

2017 年業績下滑逾兩成

宇通客車2017 年實現營業收入 332.22 億元,同比減少 7.33%;歸母淨利潤 31.29 億元,同比減少 22.62%;每股收益1.41 元,每股派息0.5 元。業績低於預期的主要原因是客車行業受到新能源車補貼政策退坡打擊。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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