Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 96.42 [8][9]. Core Views - The company reported a revenue of RMB 2.98 billion in 2024, a year-on-year increase of 38.8%, and a net profit of RMB 431 million, up 53.8% year-on-year. The performance aligns with expectations [1]. - The company is expanding its product categories, particularly in electric low-speed vehicles and all-terrain vehicles, which are expected to drive revenue growth [2][4]. - The company is expected to benefit from improved profitability due to the introduction of new high-margin products and effective cost management [3][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.98 billion, with a year-on-year growth of 38.8%. The net profit reached RMB 431 million, reflecting a 53.8% increase [1]. - The first quarter of 2025 saw a revenue of RMB 640 million, a 23% increase year-on-year, while net profit was RMB 86 million, up 69.5% year-on-year [1]. Product Segmentation - The electric low-speed vehicle segment generated RMB 1.89 billion in revenue in 2024, a 48% increase, with electric golf carts being a significant growth driver [2]. - The special vehicle segment reported a revenue of RMB 920 million, a 24.5% increase, with all-terrain vehicles contributing RMB 740 million [2]. Cost Management and Profitability - The gross margin for North America and the Americas (excluding the US and Canada) was affected by exchange rate fluctuations, but the company remains optimistic about high-margin products [3]. - The sales expense ratio decreased by 4.2 percentage points to 10.5% in 2024, indicating effective cost control [3]. Growth Outlook - The company is expected to maintain strong growth momentum in 2025, supported by global production capacity expansion and a diversified product matrix [4]. - The introduction of new high-end products is anticipated to enhance the company's profitability structure [4]. Earnings Forecast and Valuation - The net profit estimates for 2025 and 2026 have been raised by 6% and 3% to RMB 539.63 million and RMB 663.58 million, respectively [5]. - The target price of RMB 96.42 corresponds to a 2025E PE of 18.3x, based on comparable company analysis [5].

Core Insights - The company is focusing on a "China + Southeast Asia + North America" capacity layout to enhance its global manufacturing system and respond to international trade barriers effectively [2] Group 1: Global Capacity Layout - The company plans to coordinate supply between its U.S. factories and Southeast Asian factories (Vietnam, Thailand) for the North American market [2] - For non-North American markets, the company will utilize its manufacturing capabilities in China to cover regions such as Europe, South America, and Southeast Asia [2] Group 2: Manufacturing Base Functions - The North American manufacturing base will focus on vehicle production and core component manufacturing, aiming for complete localization in the U.S. [2] - Southeast Asian factories will supply certain vehicle products to the North American market and provide component support to U.S. factories [2] - The Chinese manufacturing center will deliver products to non-North American markets and serve as a technical hub, providing core components, process standards, and technical support to overseas bases [2] Group 3: Strategic Goals - The company aims to balance market response speed with trade policy adaptability through its global capacity layout and collaborative effects [2] - By deepening its capacity layout and leveraging synergies, the company seeks to enhance its global market competitiveness and brand influence [2]

Financial Performance - In 2024, the company achieved a revenue of 2.977 billion CNY, a year-on-year increase of 38.82% [1] - Sales revenue from electric golf carts reached 812 million CNY, up 934.78% [1] - Sales revenue from all-terrain vehicles was 738 million CNY, an increase of 18.92% [1] - Net profit attributable to the parent company was 431 million CNY, growing by 53.76% [1] - The net profit margin for 2024 was 14.49% [1] Q1 2025 Performance - In Q1 2025, the company reported a revenue of 639 million CNY, a year-on-year growth of 22.96% [2] - Net profit for the same period was 86 million CNY, reflecting a 69.46% increase [2] Response to Tariff Changes - The company employs a strategy of "price increase + overseas capacity expansion + global supply chain optimization + new channel development" to mitigate tariff impacts [3] - The company has successfully navigated multiple rounds of tariff increases due to its proactive global layout and efficient operational system [3] Overseas Capacity Development - The company has established three factories in the U.S. (Texas, Florida, California) and is working on local production of key components [4] - The Vietnam factory has achieved core manufacturing capabilities and is ramping up production for the U.S. market [4] - A factory in Thailand is under construction, and the Chinese factory supports global market demand [4] Competitive Landscape in North America - Tariffs present both challenges and opportunities, leading to a restructuring of the industry [5] - Companies with overseas capacity, like this one, gain structural advantages as domestic competitors face high tariffs [5] Profit Margin Defense - The company has implemented measures to protect its profit margins against tariffs, including diversifying production and expanding into markets outside North America [6] - The net profit margin increased to 14.49% in 2024, supported by cost control and favorable shipping and material costs [6] Future Growth Outlook - The company anticipates continued rapid growth in electric golf carts in 2025, with plans to expand its product lineup and dealer network [7] - The U.S. factories will play a crucial role in local production and market expansion [8] - The management is confident in achieving growth in 2025 despite external uncertainties [10]

Core Viewpoint - The company, focusing on "new energy smart travel," has achieved significant growth in revenue and profit, driven by its strategic focus on electric golf carts and all-terrain vehicles, while enhancing its brand presence and market penetration in North America [3][15][16]. Company Overview - The company specializes in "new energy smart travel," offering a range of products including electric low-speed vehicles and specialty vehicles, catering to various consumer needs across multiple scenarios [3][4]. - The product matrix includes electric golf carts, electric bicycles, electric scooters, and all-terrain vehicles, appealing to a wide demographic [3][4]. Financial Performance - In 2024, the company reported a revenue of 2.977 billion yuan, a year-on-year increase of 38.82%, with net profit reaching 431 million yuan, up 53.76% [15][16]. - The sales revenue for electric golf carts surged to 812 million yuan, marking a 934.78% increase, while electric bicycles generated 231 million yuan, a 40.17% growth [15][16]. Strategic Initiatives - The company has established a comprehensive value chain covering R&D, production, marketing, and service, leveraging vertical integration advantages in North America [4][15]. - A robust dealer network of over 520 has been developed, enhancing market penetration and brand recognition [20]. Product Development - Continuous innovation in product offerings has led to the introduction of high-value products, including upgraded electric golf carts and all-terrain vehicles, with a focus on user experience and performance [17][18]. - The company holds 491 patents, reinforcing its commitment to R&D and competitive product positioning [19]. Brand and Market Strategy - The company emphasizes brand value creation, with 63% of sales coming from its own brands, and actively engages in digital marketing and social media to enhance brand visibility [19][20]. - Participation in major industry events and leveraging celebrity endorsements have further elevated brand recognition and consumer engagement [19]. Shareholder Returns - The company has implemented a dual approach to shareholder returns, including cash dividends and share buybacks, with a cash dividend of 15 yuan per 10 shares announced for 2023 [21].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, achieving operating income of 2.977 billion yuan, a year-on-year growth of 38.82%, and a net profit of 431 million yuan, up 53.76% [1] Group 1: Business Performance - The electric golf cart segment experienced explosive growth, with sales revenue reaching 812 million yuan, a staggering increase of 934.79% year-on-year [2] - The all-terrain vehicle (ATV) segment also showed strong performance, generating sales revenue of 738 million yuan, reflecting an 18.92% year-on-year growth [3] Group 2: Global Supply Chain Strategy - The company has established a resilient global supply chain with production bases in China, Southeast Asia, and North America, enhancing efficiency and flexibility [4] - Key breakthroughs in local manufacturing in North America were achieved, with the Texas plant producing the first locally assembled electric golf cart [4] Group 3: Market Expansion and Brand Development - The company has expanded its sales channels by signing over 170 dealers, penetrating various markets including family communities, universities, and professional fields [2] - Participation in international events like PGA SHOW and MotoGP has strengthened brand presence and attracted high-profile users [2] Group 4: Future Outlook - The company aims to enhance its global market competitiveness and brand influence through its strategic production layout and collaborative synergies [5] - With the establishment of overseas manufacturing bases and continuous product iterations, the company is positioned to become a leading player in the electric low-speed vehicle industry [5]

浙江涛涛车业股份有限公司 2024 年度董事会工作报告 2024 年，浙江涛涛车业股份有限公司（以下简称"公司"）董事会严格遵 守《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》以及《浙江涛涛车业股份有限公司章程》 （以下简称《公司章程》）等相关规定，本着对公司和全体股东负责的精神，勤 勉尽责地履行董事会职责和义务，有效执行股东大会的各项决议，切实保障公司 规范运作。现将董事会 2024 年度的主要工作情况报告如下： 一、2024 年度经营情况 2024 年宏观环境错综复杂，公司坚持稳中求进，始终将高质量发展作为首 要任务，优化经营策略，强化内部管理，加大研发投入，积极开发新产品，加强 费用管控，提高经营效率，不断开拓新的销售渠道，实现了经营业绩的良好增长， 同时也推动了公司综合实力迈上新的台阶。 2024 年，公司实现营业收入 297,662.88 万元，归属于母公司所有者的净利 润 43,126.33 万元。2024 年末，公司总资产 453,858.88 万元，归属于母 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-020 浙江涛涛车业股份有限公司 （二）2024年度日常关联交易实际发生情况 | | 单位：人民币万元 | | --- | --- | | 实际发生额 | 实际发生额与 | 关于公司 2025 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江涛涛车业股份有限公司（以下简称"公司"）于2025年4月28日召开第 四届董事会第六次会议、第四届监事会第四次会议，审议通过了《关于公司2025 年度日常关联交易预计的议案》，关联董事曹马涛、曹跃进先生回避表决。该议 案已经独立董事专门会议审议通过，保荐人浙商证券股份有限公司出具了无异议 的专项核查意见。 根据《深圳证券交易所创业板股票上市规则》《公司章程》等相关规定，本 次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组，无 需提交公司股东大会审议。现将具体情况公告如下： 一、日常关联交易基本情况 公司根据业务发展和日常经营需要，2025年度公司拟与关联方2201 LUNA ROAD,LLC、Plano Est ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-025 浙江涛涛车业股份有限公司 关于使用自有资金进行现金管理的公告 浙江涛涛车业股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第四届董事会第六次会议，审议通过了《关于使用自有资金进行现金管理的议案》， 同意公司及子公司在不影响公司日常经营的情况下，拟使用不超过人民币 100,000.00 万元或等额外币（含本数）自有资金进行现金管理。现将具体情况 公告如下： 一、本次使用闲置自有资金进行现金管理的基本情况 1、投资目的 为提高资金使用效率，合理利用闲置自有资金，在不影响公司日常经营的情 况下，使用暂时闲置的自有资金进行现金管理，增加公司收益，为公司和股东获 取较好的投资回报。 2、投资额度 公司拟使用不超过人民币 100,000.00 万元或等额外币（含本数）闲置自有 资金适时进行现金管理，在上述额度内资金可循环滚动使用。 3、投资品种 公司将按照相关规定严格控制风险，对理财产品进行审慎评估，拟购买安全 性高、流动性较好的中低风险或稳健型的理财产品。 4、投资期限 该决议自董事会审议通过后 12 个月内有效。 本公司及 ...

浙江涛涛车业股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第四届董事会第六次会议，审议通过了《关于公司 2025 年度向银行申请综合授 信额度的议案》。现将相关事项公告如下： 一、本次申请综合授信的基本情况 为满足公司业务发展的需求，公司（含子公司）拟向银行申请总额不超过 20 亿元人民币（或等值外币）的综合授信额度，授信业务包括但不限于贷款、 商业汇票、押汇、信用证、保函、票据贴现、内保外贷、内存外贷等各类业务， 具体授信业务品种及额度、期限、利率等条件以公司与银行签订的相关授信合同 约定为准。该综合授信额度有效期为 12 个月，在授信期限内，授信额度可循环 使用。上述授信额度不等于实际发生的授信金额，最终以各家银行实际审批的授 信额度为准。 为提高工作效率，公司董事会授权法定代表人或是其指定的授权代理人在上 述额度内与银行签署相关合同及法律文件。本次公司申请授信的授权有效期自本 次董事会审议通过之日起一年内有效。 二、备查文件 1、第四届董事会第六次会议决议。 证券代码：301345 证券简称：涛涛车业 公告编号：2025-023 浙江涛涛车业股份有限公司 关于公司 2025 年 ...

浙江涛涛车业股份有限公司 关于 2024 年度会计师事务所履职情况评估报告 及审计委员会履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》和《公司章程》等规 定和要求，公司董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将 2024 年度会计师事务所履职情况及董事会审计委员会对会计师事务所 2024 年度履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所的基本情况 （一）机构信息 （4）注册地址：浙江省杭州市西湖区灵隐街道西溪路 128 号。 （5）首席合伙人：钟建国。 （6）人员信息：2024 年末合伙人数量 241 人、注册会计师数量 2,356 人、 签署过证券服务业务审计报告的注册会计师人数 904 人。 （7）业务信息：2023 年度，天健会计师事务所经审计总收入 34.83 亿元， 审计业务收入 30.99 亿元，证券业务收入 18.4 亿元。 1、基本信息 （1）机构名称：天健会计师事务所（特殊普通合伙）（ ...