证券日报网讯 2月2日，涛涛车业（301345）在互动平台回答投资者提问时表示，目前北美电动高尔夫 球车竞争格局整体稳定。公司将通过继续深化"北美制造+中国、东南亚补充"三地产能联动布局，不断 提高电动高尔夫球车产品力，持续拓展销售渠道和优化全流程售后服务体系，多维度夯实竞争力，稳步 提升市场份额。 ...

Core Viewpoint - The company, Taotao Automotive (301345), has indicated that the rising prices of battery cells have a limited impact on its profitability due to the relatively low proportion of battery cell procurement costs in the overall vehicle manufacturing expenses and the good gross margin of its products [1] Group 1 - The company assembles various models and configurations of battery packs for electric mobility products, with battery cell procurement being a minor cost component in the overall manufacturing process [1] - The company has established a mature mechanism to respond to fluctuations in raw material prices, which helps mitigate the impact of sustained price increases on profitability [1] - The company possesses strong bargaining power on the sales side, allowing it to effectively counteract the effects of rising raw material costs on its profitability [1]

浙商证券股份有限公司 2025 年度持续督导现场检查报告 | 保荐人名称：浙商证券股份有限公司 | 被保荐公司简称：涛涛车业 | | | --- | --- | --- | | 保荐代表人姓名：冉成伟 | 联系电话：0571-87902572 | | | 保荐代表人姓名：王永恒 | 联系电话：0571-87902572 | | | 现场检查人员姓名：冉成伟、王永恒 | | | | 现场检查对应期间：2025 年度 | | | | 现场检查时间：2026 年 1 月 28 日至 29 日 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 是 | 否 | 不适用 | | 现场检查手段： | | | | （一）对上市公司董事、高级管理人员进行访谈； | | | | （二）查看公司章程和公司治理制度； | | | | （三）查阅公司股东大会、董事会和监事会相关会议文件； | | | | （四）现场查看公司主要管理场所； | | | | （五）对有关文件及其他资料或者客观状况进行查阅、复制、记录。 | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | 2.公司章程和 ...

Core Viewpoint - The company has been expanding its sales scale through new product launches, sales channel expansion, and enhancing brand influence, while maintaining high gross margins and strong pricing power to mitigate impacts from raw material price increases and exchange rate fluctuations [1] Group 1 - The company has continuously launched new products and actively expanded sales channels to increase sales scale [1] - The company’s products have a high gross margin level and strong pricing power, enabling it to cope with rising raw material prices and exchange rate volatility [1] - The company closely monitors exchange rate trends and employs foreign exchange hedging and forward foreign exchange settlement to reduce the impact of exchange rate fluctuations, ensuring stable operations and enhancing profit stability [1]

Group 1 - The core point of the article is that Taotao Automotive (301345) reported a total of 11,261 shareholders as of January 20, 2026 [1]

| 华安研究 2026年2月金股组合 | 归母净利润 | （百万元 | ） | 归母净利润增速 | 营业收入 | （百万元） | 营业收入增速 | eps | pe(其余有说明 | ) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

Group 1 - The motorcycle and other sectors experienced a slight increase of 0.1% on January 27, with Longxin General leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up by 0.18%, while the Shenzhen Component Index closed at 14329.91, up by 0.09% [1] - Key stocks in the motorcycle sector showed varied performance, with Jiangti General rising by 3.23% and Xinlong Health increasing by 0.83% [1] Group 2 - The motorcycle and other sectors saw a net outflow of 20.82 million yuan from main funds, while retail investors contributed a net inflow of 3.25 million yuan [2] - Among individual stocks, Chuncheng Power had a significant net inflow of 28.71 million yuan from main funds, while Xinri Co. experienced a net outflow of 33.22 million yuan from retail investors [3] - The overall trading volume and turnover in the motorcycle sector reflected mixed investor sentiment, with some stocks like Chuncheng Power and Xinlong Health attracting positive attention [3]

Core Insights - The low-speed electric vehicle market, known as "old man happiness," has seen significant growth in rural and county areas of China, driven by affordability and practicality for older residents [2][4][7] - The market experienced rapid expansion post-2013, with production reaching 1.233 million units by 2018 and a market size growing from 24 billion in 2015 to 81.2 billion in 2023, reflecting a compound annual growth rate of over 16% [5][7] - However, safety concerns have emerged due to the vehicles' poor construction and lack of safety features, leading to a high accident rate and prompting regulatory responses [9][10][12] Market Growth and Dynamics - The low-speed electric vehicle market filled a transportation gap for older adults who previously relied on walking or bicycles, with prices ranging from a few thousand to twenty thousand yuan [4][7] - By 2018, the number of vehicles in use surpassed ten million, with production concentrated in Shandong and Henan provinces, where over a thousand manufacturers operated [5][7] - The market's rapid growth attracted attention from traditional automakers, but the vehicles effectively addressed transportation needs in rural areas [7] Regulatory Challenges - Safety issues became apparent, with significant accident statistics reported between 2013 and 2021, leading to increased government scrutiny and regulatory measures [10][12] - In response to safety concerns, the Ministry of Industry and Information Technology and other agencies implemented stricter regulations starting in 2018, resulting in a sharp decline in production from 850,000 units in 2019 to 32,000 in 2021 [12][14] - By 2024, Beijing plans to ban low-speed electric vehicles entirely, with other regions following suit, leading to a projected halving of the vehicle population by 2025 [14][16] Industry Transformation - Many small manufacturers have struggled to adapt to the new regulatory environment, with a significant number going out of business, while larger companies attempt to pivot towards compliant electric vehicle models [14][19] - Some companies have found success in exporting vehicles, with one manufacturer reporting a 23% revenue increase in 2025, indicating a shift towards international markets [19] - The industry is moving towards standardization and safety improvements, with new vehicle types being approved for production and a focus on technological advancements [21][22]

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]