> 数据图表各位网友请教一下宇通客车：25Q2业绩符合预期，中期分红11亿元2025-8-0宇通客车：25Q2业绩符合预期，中期分红11亿元◆25Q2年收入/利润符合我们预期。25Q2收入97亿元，同环比-0.1%/+51.3%，符合预期。单车ASP为79万元，同环比+4.1%/+10.8%（销量结构优化，出口比例提升）； 25Q2毛利率为22.9%，同环比+1.2pct/+4.1pct，同环比提升，主要为销量结构优化；资产处置收益，25Q2为1.76亿，主要为处置了自持的员工住房，之前此科目几乎没有； 25Q2归母净利润11.8亿元，同环比+16.1%/+56.4%。中期分红每股0.5元（总计11亿元），兑现了中期分红的承诺。表：宇通客车核心财务指标拆分（未特殊标注单位为亿元，毛利率/销售净利率和费用率同环比单位为pct）◆ 风险提示：国内外需求不及预期，地缘政治风险数据来源：公司公告，东吴证券研究所92营业收入毛利率期间费用率资产减值损失信用减值损失资产处置收益其他收益公允价值变动净收益归母净利润/亿元归母净利率扣非后归母净利润扣非归母净利率经营性现金流客车总销量/辆2.1出口/辆2.1.1新能源出口/辆2.2国内/辆单车收入/万元扣非单车净利/万元66.1621.48%10.48%销售费用率 3.49%管理费用率 2.82%研发费用率 4.70%财务费用率 -0.53%-0.550.860.030.870.156.579.9%5.718.6%33.08773190%262134%44417%511085.587.39出口占比大中客占比新能源出口占比601238 2024Q12024Q22024Q397.2021.76%10.51%3.96%2.28%4.41%-0.14%-1.15-1.100.122.030.6610.1710.5%8.618.9%20.571282489%374929%73019%907575.796.7277.3920.65%10.99%3.59%2.11%4.84%0.44%0.10-0.220.030.900.237.589.8%6.398.3%-8.291079187%258624%32012%820571.725.922024Q4131.4325.90%9.37%3.46%1.42%5.13%-0.64%-1.54-1.580.021.242.2416.8412.8%13.9710.6%26.751557281%484931%118024%1072384.408.972025Q12025Q264.1818.89%10.83%3.36%2.78%4.57%0.12%-0.373.170.000.810.187.5511.8%6.4210.0%14.17901181%205023%29014%696171.227.1397.1222.94%9.79%2.95%2.33%4.66%-0.15%-1.09-0.591.761.050.1911.8112.2%9.089.3%2.971231083%396032%80020%835078.897.3825Q2同比 25Q2环比51.33%4.05%-1.04%-0.42%-0.44%0.09%-0.27%-0.08%1.18%-0.72%-1.02%0.06%0.25%-0.01%/////16.11%1.70%5.42%0.49%/-4.01%-5.85%5.63%2.93%9.59%0.73%-7.99%4.09%9.82%/////56.36%0.39%41.36%-0.66%/36.61%2.22%93.17%9.42%175.86%6.06%19.95%10.77%3.48%东吴证券综合其他
