Review on Management of Yutong Bus Board in 2020

The business review of Yutong Bus (600066) in the first half of 2020 is as follows:

I. Discussion and analysis of operating conditions

(A) business analysis

According to the statistics of China Public Transport Statistics Information Network, from June to June, 2020, the public transport industry sold a total of 38,564 buses of 7 meters and above, a decrease of 34.36% compared with the same period in 20 19. Affected by this, the company's sales have also declined, but the leading position in the industry is still stable.

During the reporting period, according to the annual work plan approved by the board of directors, the management of the company earnestly implemented and promoted the requirements of the "Thirteenth Five-Year Plan" and the strategic planning of the five main lines, and achieved a cumulative sales volume of 65,438+04,898 buses in the first half of the year, down 465,438+0.465,438+0% year-on-year; The operating income was 76 1 1 billion yuan, down 39.17% year-on-year; The net profit attributable to shareholders of listed companies was 630,654,38+0,890 yuan, down 90.78% year-on-year. The main reason for the decline of the company's net profit is that the sales volume decreased in the first half of the year due to the COVID-19 epidemic.

(2) Technological breakthrough

Following the development trend of low-carbon, intelligent, networked, electrified and lightweight technologies, we have conducted in-depth research on safety, energy saving, comfort and environmental protection. The company is the first enterprise in the industry to obtain 5A certification of "Healthy Cockpit" of school bus; The company's visual full-time intelligent online monitoring and early warning platform is the only demonstration project of integrated and innovative application of industrial Internet platform of the Ministry of Industry and Information Technology. Breakthroughs have been made in key technologies such as infrared temperature measurement system, collision perception and automatic power-off system, new generation bus network communication and intelligent central thermal management; Automatic emergency braking system II. Collision protection system for new energy buses, integrated seat safety restraint system, intelligent forgetting-proof quick escape system for school buses, electrically controlled hydraulic active steering system, lane keeping control system, fuel-saving driving system "blue core" III. AI active safety system, CN95 air conditioning system, active intelligent air purification device, etc. It has been applied in the main sales models, improving the technical leadership and market competitiveness of the products. Completed the development of the third generation high-voltage integrated controller, high-integration and high-safety battery system and "Sharp Shield" safety function. The integration efficiency of lithium iron phosphate battery pack is improved to over 89%, and the battery system realizes multi-dimensional fault early warning, which improves the driving safety factor of vehicles and forms the core technical advantage.

(3) R&D and popularization

In 2020, in terms of new energy products, domestic pure electric buses and road vehicles have completed the comprehensive technical upgrade of the "three electricity" system; According to the overseas market layout and promotion 12m and 18m pure electric bus products. In terms of intelligent networking products, the normal operation of Zhengzhou 5-meter self-driving micro-circulation bus was realized, and Zhengdong New District 1 Line 12-meter self-driving bus was put into demonstration operation. In terms of traditional products, the ability of products to adapt to customer demand classification has been improved, and the customer satisfaction of products continues to lead the industry; Completed the brand-new 7.7-meter pre-replacement products, as well as overseas 9-meter post-replacement products and 8-meter pre-replacement products. In terms of high-end products, the layout of T7 pure electric, overseas high-end public transportation, overseas high-end tourism and other products has been completed, and the competitiveness of products has been further enhanced.

(IV) Company honor

In 2020, Yutong was awarded the "Second Prize of National Scientific and Technological Progress" by the state for its project of "Laser Welding Technology and Equipment for Thick Plates and Refractory Materials and Laser Cutting for Complex Curved Surfaces", becoming the only enterprise in the industry that won the first prize of National Scientific and Technological Progress twice.

During the reporting period, the company provided high-quality service oriented to customer satisfaction, and won the honors of "Listed Company with Trustworthy Investment Value of the Year", "National Product and Service Quality Integrity Demonstration Enterprise" and "National Bus Industry Quality Leading Enterprise".

Second, possible risks

1, the new energy is affected by the overdraft demand in previous years, and there may be downside risks in the market demand.

Countermeasures: the company will further refine the market classification, strengthen in-depth cooperation with customers and provide adaptive products; Make full use of the opportunity of subsidies rising instead of falling in 2020, seize more orders and improve profitability; Take advantage of the opportunity of 202 1 subsidy to send policies to customers, seize more orders and increase the share.

2. Affected by substitution factors such as private cars and high-speed rail, there is a risk of further shrinking market demand.

Countermeasures: First, deeply understand the customer's needs, develop products that suit and lead the customer's operational needs, and enhance the market share; The second is to assist long-term cooperative customers to transform from intercity passenger transport to tourist passenger transport, scenic spots and commuter bus rental services, and to assist customers in the transformation of customized passenger transport and urban-rural bus integration; Third, actively occupy market segments, such as high-end commercial vehicles and airport car ferries.

3. There may be risks of insufficient policy support and declining demand in the school bus market.

Countermeasures: on the one hand, strengthen the understanding of customer needs, actively adjust products to meet the needs of customers' current business environment, and further enhance market share by taking advantage of brands, channels and services; On the other hand, strengthen communication with government departments and schools, promote the socialized service of students commuting to school, and promote the transformation of potential needs into real needs.

4. There are risks in the export market, such as the global macroeconomic downturn, the unstable political and economic conditions in the target country market, and the decline in the ability to pay.

Countermeasures: Continue to strengthen the capacity building of risk management and enhance the financial service capacity of overseas business.

5. There are uncertainties in the prospect of trade friction, and some countries have a tendency of trade protectionism.

6. The epidemic situation in COVID-19 may have a negative impact on bus demand and business development.

Three. Analysis of core competitiveness during the reporting period

(A) R&D capability

1, R&D investment

During the reporting period, the company incurred R&D expenditure of 632 million yuan, accounting for 8.3 1% of the operating income, which is at a high level in the same industry. In the first half of 2020, the main investment in R&D expenditure will be as follows:

(1) Development and perfection of T7 high-end commercial vehicle products;

(2) Lightweight and safety improvement of vehicles and research and development of "Three Electricity" technologies;

(3) Autopilot technology and product development.

2.R&D achievements

The company focuses on the independent research and development of key technologies in the bus field. Through years of independent research and development and systematic technological innovation, we have gradually mastered new energy, intelligence, safety, energy saving, comfort, environmental protection and other technologies and kept ahead, forming corresponding leading technologies and product advantages.

The company's new energy focuses on the research and development and industrialization of pure electric, hybrid and fuel cell buses, with the independent research of key technologies of "electric drive, electronic control and battery" as the starting point. Based on the development concept of "lowest life cycle cost", after more than ten years of technical research, many major breakthroughs have been made in efficient power system, vehicle control and energy saving, and automatic driving.

(1) Efficient power supply system

Complete the development of the third generation high-voltage integrated controller and realize batch application, with the highest efficiency of 99%, power density 14.2kVA/kg, protection level meeting the requirements of IP68 and IP6K9K, and electromagnetic radiation meeting the requirements of the highest emission level limit of CISPR25 international standard CLASS5, keeping the industry leading; Based on the brand-new platform design, the fourth-generation high-efficiency lightweight motor has improved the torque density 15%, the average efficiency under ordinary working conditions 10%, and the highest efficiency of the motor system reached 96.75%. Based on the bearing selection method, accelerated life prediction technology and the whole work area health detection technology, the motor bearing is maintenance-free for 8 years.

(2) Power battery integration and management

The joint supplier has developed a highly integrated safety battery system, and the integration efficiency of lithium iron phosphate batteries has increased to over 89%. Unequal power heating technology of battery pack and liquid-cooled battery system were developed, and the battery temperature difference dropped below 5℃, which effectively improved the environmental adaptability of the battery. The remote battery heating reservation technology is developed, and the driver can make an appointment to start the battery heating function in advance through the mobile phone application, which greatly improves the dynamic performance of the vehicle before starting in winter. High-precision intelligent battery management technology in full-time domain is developed, and the SOC state estimation error is less than 4%. It pioneered a visual full-time intelligent online monitoring and early warning platform in the field of commercial vehicles, realized multi-dimensional fault monitoring and early warning of battery systems, and won the only industrial Internet platform integration and innovative application demonstration project of the Ministry of Industry and Information Technology.

(3) Vehicle control and energy saving

Developed "Ruidun" safety function to reduce the safety risks caused by irregular driving operation and improve the driving safety factor of pure electric vehicles; The energy-saving control technology of adaptive prediction of working conditions has been developed, and the technical indicators have reached the advanced level in China. The intelligent control technology of vehicle dynamic performance is developed, which improves the dynamic consistency and driving comfort of the vehicle under different loads.

(4) Safety technology

Based on the concept of active and passive safety integration, a series of active and passive safety technologies, such as lane keeping system, intelligent electronic anti-forgetting quick escape system of school bus, infrared temperature measuring system, automatic emergency braking system AEBSⅱ Ⅱ, collision induction and automatic power-off system, integrated seat safety restraint system, have been independently developed and widely used, which greatly improved the product safety.

(5) Energy saving technology

Based on the principle of vehicle energy flow analysis, three generations of "blue core" energy-saving control system are independently developed, and the development of adaptive thermal management system is completed by using Zhilian big data platform. Combined with new technologies such as typical vehicle structure with low wind resistance, comprehensive performance optimization of engine cooling system and lightweight composite exterior decoration, the fuel consumption of the vehicle is reduced by 6 ~ 10%, and the energy consumption index of the vehicle product has reached the international leading level.

(6) Comfort technology

From vibration and noise (NVH), ride comfort and handling stability (R&; H), ergonomics and other three aspects, developed a number of new technologies, such as the key technology of NVH forward design of skeleton system, NVH control technology of power transmission system, noise reduction technology of drive axle, electronically controlled active steering system, second-generation electronically controlled suspension system, intelligent dual-zone air conditioning system and so on, which significantly improved the driving comfort of passenger cars.

(7) Autopilot technology

Focusing on the core technologies such as multi-source sensor information fusion, decision-making and collaborative control, on-board supercomputer platform and cloud control platform, we independently developed multi-core heterogeneous on-board supercomputer platform, multi-source heterogeneous sensor information fusion system, multi-objective collaborative decision-making control system and high-precision integrated navigation and positioning system based on VSLAM, LSLAM, GPS/IMU. The overall function and performance of the system are ahead of the same industry level.

(8) Vehicle networking technology

Independent research and development of vehicle integrated service platform based on vehicle networking technology, providing customers with new operation management products and services such as vehicle integrated service platform and vehicle intelligent terminal. Based on the three major areas of safety, maintenance and dispatching, we provide differentiated industry solutions for customers in various bus market segments such as passenger transport, tourism, group, school bus, public transport and new energy. Breakthroughs have been made in key technologies such as intelligent charging scheduling engine technology, intelligent control technology of vehicle networking, driver's driving behavior evaluation model, and working state analysis and early warning model of key components.

(9) Big data analysis technology

Based on the company's digital transformation, product networking and intelligent upgrade requirements, we will build an industrial cloud integrated platform based on technologies such as cloud computing, big data, Internet of Things, mobile Internet and artificial intelligence, and strive to provide continuous and stable cloud computing services, standardized resource management and efficient resource utilization, and provide convenient and stable basic support for various business systems such as servers, networks, storage, monitoring, operation and maintenance, and fault handling. In terms of technological innovation, breakthroughs have been made in key technologies such as multi-protocol transparent transmission model technology, template design and regularization template engine, and customer-oriented secondary development.

Through technological innovation, the company has realized the development of hybrid, plug-in and pure electric * * * platform, formed 5- 18m series new energy bus products with international competitiveness, and put forward the industry's first new energy bus commercial promotion model covering products, supporting facilities, services and finance. The market share of new energy bus products continues to be the first in the industry.

3.R&D personnel

The company has a first-class R&D team in the industry. By the end of June 2020, the company had 3 162 R&D personnel, accounting for 18.67% of the total number of the company, including 47 doctors and 542 masters. With excellent project management and evaluation team, it can effectively complete bus innovation research, technology integration, project management and operation.

4, intellectual property rights and standards and regulations

By the end of June 2020, the company had valid patents and software copyrights 1983, including 282 invention patents and software copyrights 186. In 20 12, it won the national design patent gold medal; in 20 17, it was awarded as "the leading intellectual property enterprise in Henan province"; in 20 18, it was awarded the first patent prize of Henan province; and in 20 19, it was awarded as "the national intellectual property advantage enterprise".

By the end of June 2020, the company * * * participated in the formulation of national, industry, local and group standards 134, of which 1 17 has been published; Six projects were released in the first half of 2020. By the end of June 2020, more than 200 papers have been published in core journals such as Bus Technology Research.

5. Construction of R&D institutions

The company has the first national certified enterprise technology center, enterprise postdoctoral research center, national electric bus control and safety engineering technology research center, national and local joint engineering laboratory of bus safety control technology, vehicle information technology sub-laboratory of national engineering laboratory of traffic safety emergency information technology, CNAS and other six national qualified scientific research platforms. It was awarded the title of the first batch of "National Innovative Enterprises" by the Ministry of Science and Technology, the State-owned Assets Supervision and Administration Commission of the State Council and the All-China Federation of Trade Unions, the "National Technological Innovation Demonstration Enterprise" by the Ministry of Industry and Information Technology and the Ministry of Finance, and the "National Industrial Enterprise Quality Benchmark" by the Ministry of Commerce and the National Development and Reform Commission. It is the first "National Demonstration Enterprise with Deep Integration of Informatization and Industrialization" and "National Torch Program Key High-tech Enterprise" in Henan Province.

6. Foreign cooperation

Relying on R&D platforms and open mechanisms such as Postdoctoral Research Center, National and Local Joint Engineering Laboratory of Bus Safety Control Technology, and National Electric Bus Control and Safety Engineering Technology Research Center, an effective technological innovation mechanism combining production, learning, research and application with enterprises as the main body has been established. With Tsinghua University, Beijing Institute of Technology, Jilin University, Xi Jiaotong University, Chang 'an University, Harbin Institute of Technology, Tongji University, Zhengzhou University, China Automotive Technology Research Center, China Automotive Engineering Research Institute and other well-known domestic universities and research institutes, we have established Industry-University-Research cooperation relations, integrated superior scientific and technological resources, and improved the research and development level and innovation ability. By the end of June 2020, the company had won 2 national and provincial science and technology progress awards1,including 2 national science and technology progress awards, 4 Henan science and technology progress awards, 4 Henan science and technology progress awards 1 1, and 4 Henan science and technology progress awards, which provided assistance for the company's technological innovation and improved its research and development level and innovation ability.

At the same time, the company uses national and local public innovation resources, such as establishing extensive and comprehensive cooperative relations with the State Key Laboratory of Automobile Safety and Energy Conservation of Tsinghua University, the National Engineering Laboratory of Electric Vehicles of Beijing Institute of Technology, the Scientific Research Institute of the Ministry of Transport, the National Automobile Quality Supervision and Inspection Center, the National Passenger Car Quality Supervision and Inspection Center, China Automobile Engineering Research Institute and other scientific research institutions, and making full use of public platform resources to provide assistance for the company's technological innovation.

Taking advantage of its own advantages, as the chairman unit of Henan Automotive Engineering Society and the chairman unit of Henan Automobile Industry Association, on the one hand, the company has continuously strengthened cooperation and exchanges with upstream and downstream enterprises in the supply chain, established extensive contacts and technical exchanges with partners, and jointly developed new products, new technologies and new processes to realize industrial production and application; On the other hand, through the strategic alliance of China fuel cell vehicle technology innovation, automobile lightweight technology innovation strategic alliance, Henan new energy automobile industry technology innovation strategic alliance and other industry enterprises, we will jointly carry out key technology research and industrialization.

Relying on these resources, the company has carried out technical research and engineering application research on key technologies such as new energy technology, intelligent networking technology, active and passive safety control technology and lightweight technology. And gradually established the corresponding technical standards and norms, and improved the independent innovation ability of bus-related technical fields.

(B) Industrial support conditions

The company is a manufacturing enterprise mainly engaged in bus production. Most of the main parts of traditional buses are purchased from domestic leading auto parts enterprises such as Baosteel, Wei Chai, Yuchai, Fast, Dongfeng Axle and Fuyao, as well as international auto parts giants such as Bosch, Continental, ZF, Michelin and Knorr-Bremse. After years of in-depth cooperation, the company has formed a long-term, stable and close cooperative partnership with most suppliers, created a stable and efficient supply chain, and continuously improved the company's competitive advantage in industrial support.

Among the key components of the new energy bus, the vehicle control system is independently developed and produced by the company. Power battery system, motor and integrated motor controller are jointly developed with leading suppliers in the industry, and have formed close cooperative partnership with leading enterprises in the industry such as Contemporary Amp Technology Co., Ltd. (300750) and Suzhou Huichuan. By integrating industry resources, the company has developed advanced and competitive parts to support the company's technological leading edge in new energy buses.

A stable, efficient, agile and leading supply chain team, a dynamic and strict supply chain optimization and upgrading management mechanism, and the largest procurement scale in the bus industry all ensure the company's leading edge in quality, technology, delivery and service.

(3) Sales channels

1, domestic sales

Domestic sales adopt a combination of direct sales and distribution, with direct sales as the mainstay and distribution as the supplement. During the reporting period, domestic sales were divided into 265,438+0 operation areas (including 7 bus operation areas and 65,438+04 non-bus operation areas) and 65,438+0 sales management departments of high-end products and emerging markets, and * * * set up 560 direct sales personnel, thus achieving deep and effective coverage of all cities and counties in the country. In addition, there are 228 contracted dealers nationwide, covering all provinces and key cities. By the end of the reporting period, domestic distributors accounted for about 9.7% of the company's total sales, with sales accounting for about 7.9%.

The company has continuously expanded and optimized its service network, and successively established 13 4S central stations in Zhengzhou, Lanzhou, Guangzhou, Jinan, Changsha, Xi, Changchun, Shanghai, Urumqi, Chengdu, Wuhan, Nanning and Shenyang. Through more than 2,000 special service outlets and more than 190 parts dealers, it has formed a diversified operation with self-built stations as the core. The company continues to upgrade service productization and high-end service specialization. Combined with the characteristics of bus products in each market segment and the operational needs of customers, we will constantly explore and improve the service model for establishing differentiated products in each market segment. At the same time, build a comprehensive service platform to meet the diversified service needs of customers in the bus aftermarket, develop customized service product solutions, provide customers with a more professional, convenient and efficient after-sales service experience, and escort customers' beautiful travel.

2. Overseas markets

The company's overseas sales network has achieved a global layout. Through 120 overseas sales staff and more than 70 subsidiaries, offices and distribution partners, it covers six major regions, including Europe, CIS, America, Africa, Asia-Pacific and the Middle East. Through KD assembly, it has carried out localized cooperation in more than ten countries and regions, including Kazakhstan, Colombia, Pakistan, Malaysia and Ethiopia, realizing the transformation from product export to "technology export".

At present, the company has exported more than 73,000 buses of various types, and its products have been exported to France, Britain, Denmark, Finland, Russia, Kazakhstan, Chile, Ethiopia, South Africa, Nigeria, Malaysia, the Philippines, Australia, Saudi Arabia, Kuwait and other major global bus demand markets. In the main target market, the company has become one of the mainstream bus suppliers.

In the field of new energy buses, the company has steadily opened up overseas markets with its comprehensive advantages such as leading product technology, perfect comprehensive solution capability and rich marketing experience, and has formed batch orders in markets such as France, Britain, Bulgaria, Iceland, Denmark, Finland, Norway, Singapore, Mexico, Chile, Colombia and Kazakhstan.

The company is committed to improving the service and parts supply system to continuously improve the customer service experience. Up to now, the company has 208 authorized service stations or service companies and more than 330 authorized service outlets in overseas markets, covering more than 90 countries and regions. The company has also established a number of overseas parts central warehouses in Russia, Australia, Panama, South Africa, United Arab Emirates and other places, and authorized 104 parts dealers to provide fast and effective parts supply for end users. A first-line service team consisting of more than 150 service engineers and maintenance technicians travels to and from major overseas markets, and with the support of local service stations, it carries out customer demand understanding, technical training, vehicle problem solving and other work to ensure the good operation of products. At the same time, the company has signed joint service agreements with Cummins, ZF, Meichi and other world-renowned auto parts suppliers to provide comprehensive and high-quality services and parts guarantee for overseas customers.