证券代码：301345 证券简称：涛涛车业 公告编号：2024-088 浙江涛涛车业股份有限公司 2024 年第三次临时股东大会决议公告 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。 特别提示： 本次股东大会具体情况如下： 1、会议召开时间： （1）现场会议召开时间：2024 年 12 月 26 日（星期四）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2024 年 12 月 26 日的交易时间，即 9:15—9:25、9:30—11:30 和 13:00— 15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2024 年 12 月 26 日 9:15—15:00。 1、本次股东大会召开期间无变更、否决提案的情况； 2、本次股东大会未涉及变更前次股东大会决议的情况； 3、本次股东大会采取现场投票、网络投票相结合的方式召开。 一、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）第四届董事会第三次会议 决定于 2024 年 12 月 26 日召开 2024 年第三次临时股东大会，详情见公司于 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2024-084 浙江涛涛车业股份有限公司 第四届董事会第三次会议决议公告 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。 一、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）第四届董事会第三次会议 通知于2024年12月7日以电子邮件方式发出，会议于2024年12月10日在公司会议 室以现场结合通讯方式召开。本次会议应出席董事7人，实际出席董事7人，其中 以通讯表决方式出席会议的董事有曹马涛、张建新、陈东坡、陈军泽。公司监事、 高级管理人员列席了本次会议。会议由董事长曹马涛先生召集并主持。本次会议 的召集、召开符合有关法律、法规及《浙江涛涛车业股份有限公司章程》的规定， 决议合法有效。 二、会议审议情况 本次会议审议了如下议案： 1、审议并通过《关于公司2024年前三季度利润分配预案的议案》 具体内容详见公司刊登在巨潮资讯网(www.cninfo.com.cn)上的《关于2024 年前三季度利润分配预案的公告》。 表决结果：同意7票，反对0票，弃权0票。 本议案尚需提交公司股东大会审议通过。 2 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2024-087 浙江涛涛车业股份有限公司 关于召开 2024 年第三次临时股东大会的公告 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。 现场会议时间为：2024 年 12 月 26 日（星期四）14:30； 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 12 月 26 日的交易时间，即 9:15—9:25、9:30—11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2024 年 12 月 26 日 9:15—15:00。 5、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 本次股东大会将通过深圳证券交易所交易系统和互联网投票系统向公司股 东提供网络形式的投票平台，公司股东可以在网络投票时间内通过深圳证券交易 所交易系统或互联网投票系统对本次股东大会审议事项进行投票表决。公司股东 应选择现场投票、网络投票中的一种方式，如果同一表决权出现重复投票表决的， 以第一次投票表决结果为准。 浙江涛涛车业股份有 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2024-086 浙江涛涛车业股份有限公司 关于 2024 年前三季度利润分配预案的公告 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 2024 年 12 月 10 日召 开第四届董事会第三次会议和第四届监事会第三次会议，审议通过了《关于公司 2024 年前三季度利润分配预案的议案》，本事项尚需提交公司 2024 年第三次临 时股东大会审议。现将有关事宜公告如下： 一、2024 年前三季度利润分配预案的基本情况 根据公司 2024 年前三季度财务报表，公司合并报表归属于母公司股东的净 利润为 301,360,645.31 元，母公司实现净利润 344,414,387.40 元；截至 2024 年 9 月 30 日，公司合并报表中可供股东分配的利润为 1,011,793,722.65 元，母 公司可供股东分配的利润为 1,150,833,266.10 元（以上数据均未经审计）。 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通知》《上 市公司监管指引 ...

1、审议并通过《关于公司2024年前三季度利润分配预案的议案》 经审议，监事会认为：公司2024年前三季度利润分配预案是在不影响公司正 常经营的前提下依据公司实际情况所做出，有利于与全体股东共享公司发展的经 营成果，公司本次利润分配符合相关法律法规的规定和要求，有利于公司长远发 展，不存在损害公司及股东利益的情形。 证券代码：301345 证券简称：涛涛车业 公告编号：2024-085 浙江涛涛车业股份有限公司 第四届监事会第三次会议决议公告 本公司及监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、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）第四届监事会第三次会议 通知于2024年12月7日以专人送达方式发出，会议于2024年12月10日在公司会议 室以现场方式召开。本次会议应出席监事3人，实际出席监事3人，会议由监事会 主席朱飞剑召集并主持。本次会议的召集、召开符合有关法律法规及《浙江涛涛 车业股份有限公司章程》的规定，决议合法有效。 二、会议审议情况 本次会议审议了如下议案： 具体内容详见公司刊登在巨潮资讯网(www.cninfo.com.cn) ...

Summary of Conference Call Company and Industry - The conference call primarily discusses a company involved in the manufacturing and sales of golf carts and related vehicles, with a focus on the impact of U.S.-China trade relations and production strategies in Southeast Asia, particularly Vietnam and Thailand. Key Points and Arguments 1. **Sales Growth and Expectations** The company has experienced significant growth compared to the previous year, but anticipates a slowdown in growth rates due to a higher base from last year. Preliminary sales data for October and November indicate satisfactory performance, aligning with internal expectations [1][2][3]. 2. **Impact of U.S.-China Trade Relations** The company is actively considering how to navigate U.S.-China trade policies, particularly tariffs. There is a focus on localizing production in Southeast Asia to mitigate risks associated with trade tensions [2][3]. 3. **Production Localization** Plans are in place to enhance local manufacturing capabilities in Vietnam and Thailand, with a target of achieving a local value-added rate of over 35% to qualify for origin certification [2]. 4. **Inventory Management** The company has been managing inventory levels effectively, with a significant amount of stock already shipped to dealers. The current inventory situation is deemed manageable, and there are no immediate concerns regarding excess stock [3][4]. 5. **Pricing Strategy** The company has adjusted prices for certain models, with increases of $500 and $400 for different models. The mid-range pricing remains stable at $9,999, and dealers have generally accepted these price changes [7][8]. 6. **New Product Development** The company is planning to introduce new models, including a six-seater vehicle, with pricing strategies that reflect the increased material costs associated with these models [8][9]. 7. **Market Competition** The golf cart market is competitive, with the company opting not to engage in aggressive discounting strategies. Instead, it focuses on maintaining the value of its products [6][7]. 8. **E-Bike Market Dynamics** The e-bike segment is experiencing growth, with expectations of reaching sales of 50,000 to 60,000 units this year. However, future growth rates may decline as the base increases [21][22]. 9. **Tariff Implications** The company faces a 25% tariff on e-bikes imported into the U.S. and is considering production strategies in Southeast Asia to avoid these tariffs [22][23]. 10. **Future Growth Projections** The company aims for a 50% increase in sales volume next year, contingent on market conditions and the successful launch of new products [28][30]. 11. **Profitability Outlook** The company maintains a stable gross margin of 35-40% and a net margin of 10-15%. Future profitability will depend on managing costs and optimizing production [34][35]. 12. **Trade Policy Uncertainty** The company acknowledges that trade policies remain a significant uncertainty that could impact future growth and operational strategies [36][37]. Other Important but Overlooked Content - The company is exploring the potential for entering the golf course vehicle market, which has been previously underdeveloped [12]. - There is a recognition of the need to adapt to changing consumer preferences and competitive pressures in the e-bike market, with a focus on maintaining product diversity [23][24]. - The company is also considering the implications of U.S. manufacturing requirements and how they align with its production strategies in Southeast Asia [37].

证券代码：301345 证券简称：涛涛车业 公告编号：2024-083 浙江涛涛车业股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 2024 年 2 月 2 日召开 第三届董事会第十七次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司自董事会审议通过该回购方案之日起不超过 12 个月内，使用不低于人民 币 5,000 万元（含本数）且不超过人民币 10,000 万元（含本数）的自有资金， 以集中竞价交易方式回购公司部分已发行的人民币普通股（A 股）股票（以下简 称"本次回购"），用于实施员工持股计划或股权激励；于 2024 年 7 月 6 日召 开第三届董事会第二十一次会议，审议通过了《关于变更回购股份用途的议案》， 同意本次回购股份的用途由"用于员工持股计划或股权激励"变更为"用于注 销 并 减 少 相 应 注 册 资 本 " 。 具 体 内 容 详 见 公 司 在 巨 潮 资 讯 网 (www.cninfo.com.cn)于 2024 年 2 月 5 日披露 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 83.6 CNY based on a PE of 18x for 2025 [6][56]. Core Insights - The company, TaoTao, focuses on outdoor leisure vehicles and aims to become a leader in the low-speed vehicle industry, particularly in the North American market [1][12]. - The company has shown strong revenue growth, with a 41.3% year-over-year increase in revenue from the U.S. market, which constitutes 71.3% of total revenue [1][19]. - The electric golf cart segment is expected to be a major growth driver, with significant sales growth anticipated in the coming years [54]. Summary by Sections 1. Introduction - TaoTao has experienced a significant stock price drop due to trade investigations affecting electric golf carts, but the company has quickly adapted by establishing local production in the U.S. [12]. 2. Market Focus and Product Expansion - The primary market for TaoTao is North America, with a focus on expanding its product line in leisure vehicles [13][20]. - The company has diversified its offerings to include electric scooters, electric bicycles, and electric golf carts, enhancing its market presence [20]. 3. Electric Golf Carts - The electric golf carts are categorized as low-speed vehicles in the U.S., primarily used in golf courses and gated communities [23][24]. - TaoTao's Denago brand offers competitive pricing, with models priced lower than competitors, which is expected to expand market demand [29][30]. 4. All-Terrain Vehicles (ATVs) - The company specializes in small-displacement ATVs, targeting children and youth, with plans to expand into larger displacement models [37][41]. - The all-terrain vehicle segment has shown a revenue increase of 21.2% year-over-year, contributing significantly to overall sales [17][42]. 5. Company Advantages - TaoTao benefits from strong brand recognition, a localized operational team, and cost advantages through in-house production of key components [4][5]. - The company operates multiple brands, including Denago and Gotrax, which cater to different consumer segments, with over 60% of sales coming from proprietary brands [4][45]. 6. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 33.1 billion, 41.1 billion, and 49.9 billion CNY, with corresponding net profits of 4.0 billion, 5.1 billion, and 6.3 billion CNY [54][55]. - The company is expected to maintain a strong growth trajectory, particularly in the electric golf cart segment, which is projected to grow significantly [54].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][12][20] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.22 billion yuan, up 64.87% year-on-year, and net profit of 301 million yuan, up 47.4% year-on-year [6][12] - The company has successfully launched its electric golf cart production line in Texas, marking a significant step in its North American manufacturing strategy [8][12] - The company is expanding its overseas production capacity, with plans for a facility in Vietnam nearing completion [8][12] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's operating income was 2.22 billion yuan, with a year-on-year growth of 64.87%. The net profit attributable to shareholders was 301 million yuan, reflecting a 47.4% increase [6][12] - The gross margin for Q1-Q3 2024 was 36.32%, down 4.86 percentage points year-on-year, while the net margin was 13.57%, down 1.61 percentage points [7][12] Cost Management - The company maintained good control over its expense ratios, with a total expense ratio of 18.67% for Q1-Q3 2024, a decrease of 3.55 percentage points year-on-year [7][12] - The breakdown of expense ratios includes sales at 10.64%, management at 4.15%, financial at 0.24%, and R&D at 3.64% [7][12] Inventory and Cash Flow - As of September 2024, the company's inventory increased by 47.41% year-on-year to 1.198 billion yuan, while operating cash flow for Q1-Q3 2024 was 232 million yuan, up 52.26% year-on-year [8][12] Production Expansion - The company has officially launched its electric golf cart production line in Texas, completing the first vehicle in just 104 days, showcasing its operational efficiency [8][12] - The first phase of the production base in Vietnam is in the final stages, with small-scale trial production beginning [8][12] Revenue Forecast - The company is projected to achieve operating revenues of 3.101 billion yuan in 2024, 4.177 billion yuan in 2025, and 5.277 billion yuan in 2026, with year-on-year growth rates of 44.6%, 34.7%, and 26.3% respectively [12][16] - The net profit forecast for the same years is 385 million yuan, 471 million yuan, and 591 million yuan, with growth rates of 37.4%, 22.4%, and 25.3% respectively [12][16]

Investment Rating - The report maintains a "Recommend" rating for Taotao Vehicles (301345) with a target price of 85 yuan [1] Core Views - Taotao Vehicles achieved a 47.6% YoY revenue growth in Q3 2024, reaching 830 million yuan, and a 70.5% YoY increase in net profit attributable to shareholders, reaching 120 million yuan, exceeding market expectations [1] - The company's high revenue growth is primarily driven by the strong performance of its electric golf cart segment, which has become a core product category [2] - Despite short-term risks from US anti-dumping investigations, the company has rapidly implemented its "North America Manufacturing+" strategy and is transitioning some production to Vietnam to mitigate tariff risks [2] - The US golf cart market remains highly prosperous, and Taotao Vehicles is leveraging its cost-performance advantage to expand its dealer network and launch new products under its DENAGO brand [2] - The company's gross margin in Q3 2024 was 37%, down 4 percentage points YoY, mainly due to product mix, RMB appreciation, and rising shipping costs [2] - Sales, management, and R&D expense ratios decreased by 8.2, 0.9, and 0.3 percentage points respectively, contributing to a net profit margin of 14.4%, up 1.9 percentage points YoY [2] - Taotao Vehicles is accelerating its overseas channel expansion and capacity layout, particularly in the US and Vietnam, to support future growth [2] Financial Forecasts - Revenue is expected to grow from 2.144 billion yuan in 2023 to 5.163 billion yuan in 2026, with a CAGR of 34.1% [3] - Net profit attributable to shareholders is projected to increase from 280 million yuan in 2023 to 691 million yuan in 2026, with a CAGR of 35.4% [3] - EPS is forecasted to rise from 2.56 yuan in 2023 to 6.29 yuan in 2026 [3] - The company's P/E ratio is expected to decline from 17x in 2024 to 10x in 2026, reflecting strong earnings growth [3] Valuation and Investment Recommendation - The report values Taotao Vehicles using a DCF model, setting a target price of 85 yuan, corresponding to a 2025 P/E of 17.4x [2] - The company is positioned as a leader in the recreational riding products sector, with strong profitability and competitive advantages in both R&D and branding [2] - The electric golf cart segment is entering a period of rapid growth, supported by overseas capacity expansion and new product launches [2]