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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][8]. Core Insights - The company is projected to achieve a significant increase in revenue and net profit over the next few years, with expected revenues of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. Corresponding net profits are forecasted at 4.11 billion yuan, 4.96 billion yuan, and 6.09 billion yuan respectively [6][7]. - The company is actively expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive edge in the market [6]. - The golf cart market is expanding, with the company leveraging its brand advantages and distribution channels to capture market share, particularly in North America [6]. Financial Projections - The company's main financial metrics show a steady growth trajectory, with projected earnings per share (EPS) increasing from 3.78 yuan in 2024 to 5.61 yuan in 2026. The price-to-earnings (P/E) ratio is expected to decrease from 16.79 in 2024 to 11.32 in 2026, indicating improving valuation [6][7]. - The report highlights a significant expected growth in operating income from 21.44 billion yuan in 2023 to 40.74 billion yuan in 2025, reflecting a robust growth strategy [7]. Recent Developments - The company anticipates a net profit of 4.05 to 4.45 billion yuan for 2024, representing a year-on-year growth of 44.40% to 58.66%. The fourth quarter of 2024 is expected to show a net profit growth of 36.84% to 89.47% [6]. - The company plans to invest up to 9.5 million USD in Thailand to establish a production base, which will support its expansion in Southeast Asia [6].

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Views - The company is expected to achieve a significant increase in revenue and profit, with projected revenue of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. The net profit attributable to shareholders is forecasted to be 4.11 billion yuan in 2024, 4.96 billion yuan in 2025, and 6.09 billion yuan in 2026 [6][7] - The company is expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive advantage in the golf cart market [6][7] - The company is leveraging its brand and distribution channels to capture market share in the North American golf cart market, which is expected to grow due to its recreational and low-speed transportation attributes [6][7] Financial Projections - The company's main revenue and profit projections are as follows: - 2022A: Revenue of 17.66 billion yuan, Net Profit of 2.06 billion yuan - 2023A: Revenue of 21.44 billion yuan, Net Profit of 2.80 billion yuan - 2024E: Revenue of 32.09 billion yuan, Net Profit of 4.11 billion yuan - 2025E: Revenue of 40.74 billion yuan, Net Profit of 4.96 billion yuan - 2026E: Revenue of 49.35 billion yuan, Net Profit of 6.09 billion yuan [6][7] Valuation Metrics - The company is expected to have a P/E ratio of 16.79 in 2024, 13.91 in 2025, and 11.32 in 2026, indicating a favorable valuation trend [6][7] - The projected price range for the stock in 2025 is between 72.96 and 82.08 yuan based on a P/E multiple of 16-18 times [6][7]

证券代码：301345 证券简称：涛涛车业 公告编号：2025-009 浙江涛涛车业股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 特别提示： 1、浙江涛涛车业股份有限公司（以下简称"公司"）本次注销的回购股份 数量为 1,113,259 股，占注销前公司总股本的 1.01%，本次实际回购注销金额为 63,836,494.91 元。本次注销完成后，公司总股本由 109,745,000 股变更为 108,631,741 股。 2、经中国证券登记结算有限责任公司深圳分公司确认，公司本次回购股份 注销事宜已于 2025 年 2 月 12 日办理完成。 公司因实施注销回购股份导致公司总股本、无限售条件流通股数量发生变 化，根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现就公司本次回购股份注销完成暨股份变动的 具体情况公告如下： 一、本次回购股份的审批及实施情况 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 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the golf cart industry and the company's performance within this sector, focusing on North America and potential international markets. Key Points and Arguments 1. **Growth Projections for Golf Carts**: The company aims for a growth of over 50% in golf cart sales, projecting to sell more than 30,000 units by 2025, up from approximately 20,000 units sold this year [1][3][11]. 2. **Market Focus**: North America remains the largest market for golf carts, with the company also exploring opportunities in Europe and Turkey, although current sales in these regions are minimal, around a few hundred units [2][4]. 3. **Small Displacement ATV Sales**: The company anticipates a growth rate of over 20% for small displacement ATVs, despite previous years falling short of expectations [3][4]. 4. **Challenges in North America**: The North American market has faced challenges, including high prices and inventory issues, leading to a cautious outlook for growth in this region [4][5][10]. 5. **Competitive Landscape**: Increased competition is expected in the small displacement ATV segment, with competitors potentially lowering prices to gain market share [7][22]. 6. **Product Development**: The company is developing new products, including electric camping vehicles, with pricing expected to be higher than existing models, ranging from $14,999 to $15,999 [13][18]. 7. **Impact of Tariffs**: The company is assessing the impact of tariffs on its pricing strategy, noting that the 10% tariff may not significantly affect operations as production is shifting to Southeast Asia [14][21]. 8. **Sales and Inventory Management**: The company has a significant inventory of golf carts in the U.S., with ongoing assessments of market demand and competitor inventory levels [10][11]. 9. **Channel Expansion**: Plans for expanding distribution channels for golf carts are in place, focusing on both on-course and off-course sales [16][17]. 10. **Profitability Factors**: Profitability is influenced by shipping costs and exchange rates, with expectations that increased sales will improve overall margins as fixed costs stabilize [10][25]. Other Important but Overlooked Content 1. **Market Dynamics**: The company notes that the demand for its products is closely tied to the economic conditions and income levels in the U.S., suggesting that external economic factors will play a significant role in future sales [21][22]. 2. **Long-term Strategy**: The company is committed to a long-term growth strategy, aiming for a 25% increase in sales by 2025 based on market conditions and internal efforts [25]. 3. **Product Diversification**: While the focus remains on golf carts and ATVs, there is consideration for expanding into other vehicle categories, including off-road vehicles, although this will take time [27][28].