涛涛车业 20250413 摘要 Q&A 涛涛车业在中美贸易战背景下的市场表现如何？ 涛涛车业作为出海企业的典型代表，在中美贸易战背景下展现了强大的抗压能 力。尽管北美市场电动高尔夫球车遭遇反倾销税和反补贴税，总税率高达 248% 和 28%，公司通过全球产能布局有效应对。涛涛车业不仅在国内保持产能，还 在美国、越南和泰国建立生产基地，特别是加快了美国本土制造基地的建设。 这种布局使得公司能够迅速适应关税变化，提升竞争力。 • 涛涛车业通过全球产能布局，包括美国、越南和泰国基地，有效应对贸易 壁垒和关税变化，尤其是在美国对中国电动高尔夫球车启动双反调查后， 加速美国本土制造，提升了市场竞争力。 • 公司财务表现优异，2024 年业绩达 4.3 亿元，高于预期，预计 2025 年达 5.5 亿元，自 2023 年上市以来，复合增长率保持在 30%-40%，展现出成长 股特征，产品线涵盖全地形车、电动平衡车、滑板车等。 • 涛涛车业提前布局越南工厂，有效应对供应链优化和市场需求变化。董事 长常驻美国，深入了解北美市场，灵活调整价值链，应对宏观环境和经贸 关系变化，确保供应链稳定。 • 公司积极应对中美脱钩和双反政 ...

Group 1 - 18 companies listed on the ChiNext board have announced their first-quarter performance forecasts, with 14 expecting profit increases, 1 expecting profit, and 1 expecting a decline [1] - The median expected net profit growth for the companies forecasting profit increases is significant, with the highest being 568.02% for Hanyu Pharmaceutical [1] - The sectors represented include pharmaceuticals, electronics, automotive, environmental protection, and defense, indicating a diverse range of industries performing well [1] Group 2 - The company HanShuo Technology is forecasting a profit decline of 26% [2] - The latest closing price for HanShuo Technology is 54.02, with a year-to-date decline of 19.28% [2]

长江商报消息 ●长江商报记者 江楚雅 在新能源汽车与智能出行领域持续升温的背景下，涛涛车业（301345.SZ）交出了一份令人瞩目的业绩 答卷。 日前，涛涛车业发布的2024年业绩快报显示，公司全年实现营业收入29.72亿元，同比增长38.59%；归 母净利润4.33亿元，同比增幅达54.3%。 同日，公司披露了2025年一季度业绩预告，预计当季归母净利润为7500万至8800万元，同比增长 47.42%至72.98%。 对此，公司表示，业绩增长主要得益于公司加大研发投入、加快海外产能建设及电动高尔夫球车和全地 形车等核心产品销量的显著提升。 净利增超五成 涛涛车业作为一家专注于智能电动低速车和特种车研发、生产和销售的企业，近年来在新能源汽车与智 能出行领域崭露头角。 在具体业务层面，涛涛车业在智能电动低速车和特种车领域均取得了显著成绩。公司凭借强大的研发实 力和创新能力，成功推出了多款符合市场需求的新产品，丰富了产品线，满足了不同客户的多样化需 求。同时，公司积极开拓国内外市场，通过线上线下多渠道营销，不断扩大销售网络，提高了市场占有 率。 在成本控制和费用管理方面，涛涛车业也取得了显著成效。公司通过优化生 ...

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric vehicles, specifically golf carts and all-terrain vehicles Key Points and Arguments 1. **2024 Performance and 2025 Outlook**: - In 2024, net profit reached 433 million yuan, exceeding the median forecast. Growth was driven by golf carts and all-terrain vehicles, with net profit margin increasing from 13% in 2023 to over 14% in 2024 [3][4][21] - For Q1 2025, revenue is expected to maintain double-digit growth, with net profit projected between 75 million to 88 million yuan, a year-on-year increase of approximately 60% [4][21] 2. **Response to U.S. Tariff Policies**: - The company plans to mitigate tariff impacts through price increases, leveraging Vietnam's lower effective tax rate (expected to be below 25%) and promoting U.S. domestic manufacturing [4][5] - Price increases of over 20% for all-terrain vehicles have been confirmed, with costs being passed on to importers and reflected in dealer or retail prices [4][12] 3. **Market Opportunities**: - A significant reduction in vehicle exports from Chinese manufacturers to the U.S. (68% in January and 80% in February) has created more market space for TaoTao Vehicle [4][7] - The company has begun establishing production capabilities in Vietnam since the second half of 2023, with full production expected by 2025, providing a competitive time advantage [4][8] 4. **Product Strategy**: - The company is focusing on promoting a second brand produced in Vietnam, with sales expected to begin in June 2025. The first brand will continue to grow naturally [4][10] - The golf cart is a strategic product, with expectations of significant sales growth in the U.S. market, aiming for over 50% increase [6][11] 5. **Cost Management**: - The company anticipates that if tariffs increase to 25%, they can manage costs through price adjustments, with dealers willing to accept price increases of $500 to $700 per vehicle [18][22] - Local procurement in Vietnam is currently about 30%, with plans to increase to 60%-70% in the future [26] 6. **Sales Performance**: - As of Q1, North America accounted for approximately 20% of total revenue, with golf carts showing a nearly 90% year-on-year growth [19] - The company expects to sell 30,000 units in 2025, up from 20,000 in 2024, driven by market share gains as competitors exit [24][30] 7. **Competitive Advantages**: - TaoTao Vehicle has a faster Southeast Asia layout and a leading position in the U.S. compared to competitors, providing a unique opportunity to capture market share due to changing tariff policies [30][31] 8. **Challenges and Future Plans**: - The company acknowledges the challenges posed by tariffs but remains confident in its ability to adapt through global manufacturing strategies and product diversification [31] - Plans for production in the U.S. are underway, focusing on specific products like golf carts and larger all-terrain vehicles, with a timeline extending to 2026 or later [16][28] Additional Important Insights - The company is actively monitoring the economic conditions in Western Europe, where scooter sales have declined due to poor economic performance [20] - The overall strategy includes maintaining a balance between price adjustments and market demand to ensure sustained growth despite potential short-term impacts from tariffs [17][24]

证券研究报告 | 公司点评 | 摩托车及其他 涛涛车业(301345) 报告日期：2025 年 04 月 06 日 一季度业绩中枢同比预增 60%，强者恒强市占率有望持续提升 ——涛涛车业点评报告 投资要点 ❑ 事件：公司发布 2024 年业绩快报及 2025 年一季度业绩预告 1）2024 年公司实现营收 29.7 亿元，同比增长 39%；实现归母净利润 4.3 亿元， 同比增长 54%。2024 年度，公司加权 ROE 为 14.2%，同比提升 2.6pct。 2）2025Q1，公司预计实现归母净利润 0.75-0.88 亿元，同比预增 47%-73%。 ❑ 公司有望强者恒强，行业竞争格局大幅改善，公司市占率逆势提升 1）2025 年 4 月 3 日，特朗普宣布加征"对等关税"，其中对中国进一步加征的 "对等关税"税率为 34%。 2）2025 年初，美国商务部对进口自中国的低速载人车辆的双反调查初裁税率落 地。其中在华生产的高尔夫球车的反倾销初裁税率为 248%左右，反补贴初裁税 率为 28%左右。 3）目前公司已形成美国+越南+泰国（拟）工厂的海外产能布局。自从去年七月 份美国针对中国电动高尔夫球车提 ...

证券代码：301345 证券简称：涛涛车业 浙江涛涛车业股份有限公司 投资者关系活动记录表 编号：2025-002 4、公司对本次美国加征关税的应对策略？ 答：自从去年七月份美国针对中国电动高尔夫球车提出双反之 后，公司就加快启动了全球产能布局的规划，以及美国本土制造的 推进，在美国库存、国内国外生产、全球采购，包括终端销售等方 面都做了一定的准备，以提高我们的核心竞争力。公司应对本次美 国加征关税的主要策略为：实时关注，分别对策，积极应对，加快 布局。具体为：涨价+海外产能继续加快+计划扩大全球供应链+新销 售渠道开拓。大致分产品说明如下： 投资者关系 活动主要内 容介绍 ①国内出口的电动高尔夫球车被双反后，公司在 2023 年就开始 了越南工厂建设的筹划，2024 年 6 月高尔夫球车被双反后，其产能 就开始考虑调整到东南亚。目前，高尔夫球车继续按照去年双反确 定的计划做：越南+泰国+美国本土制造。按照美国销售预计和后续 实际销售情况，越南产能计划逐月提升，预计今年产能将会有较大 提高； ②美国拟对越南出口货物加征的关税税率为 46%，公司将视具 体关税落地或后续变化等情况，通过涨价形式基本抵消关税成本的 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-010 浙江涛涛车业股份有限公司 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。 一、本期业绩预计情况 （一）业绩预告期间 （二）业绩预告情况 预计的业绩： ?扭亏为盈 ? 同向上升 ?同向下降 单位：人民币 项目 本报告期 上年同期 归属于上市公司股东的 盈利：7,500 万元-8,800 万元 盈利：5,087.36 万元 净利润 比上年同期增长：47.42%-72.98% 扣除非经常性损益后的 盈利：7,450 万元-8,750 万元 盈利：5,037.13 万元 净利润 比上年同期增长：47.90%-73.71% 二、业绩预告审计情况 本次业绩预告相关的财务数据未经会计师事务所审计。 三、业绩变动原因说明 报告期内，公司继续加大研发力度，积极开拓国际市场，不断提高运营效率， 进一步加快海外产能建设，电动高尔夫球车和全地形车等主要产品的销售持续扩 大，实现了业绩的良好增长。 报告期内，预计非经常性损益对归属于上市公司股东的净利润的影响金额约 为 50 万元。 四、其他相关说明 本次业绩预告是 ...

Financial Performance - The company achieved total operating revenue of 297,163.22 million yuan, representing a 38.59% increase compared to the previous year [1][2] - Operating profit reached 51,521.58 million yuan, up 51.21% year-on-year [1][2] - Total profit amounted to 51,367.44 million yuan, reflecting a 52.62% growth from the prior year [1][2] - Net profit attributable to shareholders was 43,277.00 million yuan, marking a 54.30% increase compared to the same period last year [2] Financial Indicators - Basic earnings per share were reported at 3.98 yuan, a 45.26% increase from 2.74 yuan in the previous year [1] - The weighted average return on equity rose to 14.24%, an increase of 2.62 percentage points from 11.62% [1] - Total assets reached 454,042.71 million yuan, a 19.88% increase from the beginning of the period [2] - Shareholders' equity attributable to the company was 318,230.88 million yuan, up 8.17% [2] - Net asset value per share increased to 29.00 yuan, a 7.77% rise [2] Operational Strategy - The company focused on high-quality development, optimizing operational strategies, and enhancing research and development investments [2] - New product development and expansion of sales channels, particularly in electric golf carts and all-terrain vehicles, contributed to revenue growth [2] - Cost advantages in manufacturing and effective expense management were emphasized to improve operational efficiency [2]

Financial Performance - The company expects a net profit attributable to shareholders of approximately 75 million RMB for Q1 2025, compared to a loss of 88 million RMB in the same period last year, indicating a growth of 47.42% to 72.98% year-on-year [5]. - The net profit after deducting non-recurring gains and losses is projected to be around 74.5 million RMB, also showing a year-on-year increase of 47.90% to 73.71% [5]. - The estimated impact of non-recurring gains and losses on the net profit attributable to shareholders is approximately 500,000 RMB [7]. Research and Development - The company has increased its R&D efforts and actively expanded into international markets, contributing to the growth in sales of key products such as electric golf carts and all-terrain vehicles [7]. Financial Reporting - The financial data in this earnings forecast has not been audited by an accounting firm [6]. - The specific financial data will be detailed in the company's Q1 2025 report, and investors are advised to make cautious decisions [9].

Financial Performance - The company achieved total operating revenue of 2,971.63 million yuan, an increase of 38.59% compared to the same period last year[6] - Operating profit reached 515.22 million yuan, reflecting a growth of 51.21% year-on-year[6] - Net profit attributable to shareholders was 432.77 million yuan, up 54.30% from the previous year[6] - The basic earnings per share increased to 3.98 yuan, representing a growth of 45.26%[6] - The weighted average return on equity rose to 14.24%, an increase of 2.62 percentage points[6] Assets and Equity - Total assets amounted to 4,540.43 million yuan, a 19.88% increase from the beginning of the period[8] - Shareholders' equity attributable to the company increased to 3,182.31 million yuan, up 8.17%[8] - The net asset per share attributable to shareholders increased to 29.00 yuan, a growth of 7.77%[8] Business Strategy and Operations - The company focused on high-quality development and enhanced R&D investment, leading to expanded sales of electric golf carts and all-terrain vehicles[7] - The company maintained cost advantages in manufacturing and improved operational efficiency[7]