证券研究报告 汽车｜ 摩托车及其他 成本端和渠道端双优势，新业务快速拓展 涨跌幅比较 | --- | --- | --- | --- | --- | |--------------|---------|---------|---------|---------| | -39% 2023-04 | 2023-07 | 2023-10 | 2024-01 | 2024-04 | | % | | 1M | 3M | 12M | | 涛涛车业 | | 24.21 | 29.12 | 58.29 | | 摩托车及其他 | | 5.30 | 24.46 | -12.99 | | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 亿元 ) | 17.66 | 21.44 | 30.80 | 38.31 | 46.04 | | 归母净利润 ( 亿元 ) | 2.0 ...

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 归母净利率 扣非净利率 请务必参阅正文后面的信息披露和法律声明 11 / 34 海外高尔夫球车泛指场地电动车市场。国内市场，场地电动车指旅游景区/高尔 夫球场等特定区域使用的专用车辆。海外市场，场地电动车最早应用于高尔夫球行 业，因此高尔夫球车也泛指场地电动车。根据是否可上公共道路，美国市场又可将 高尔夫球车分为合法上路车辆（取得 LSV 认证认定为 LSV 车辆，或得到相应州地区 法律允许）以及非合法上路车辆。 汽车/摩托车及其他 ——公司首次覆盖报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/24 | | 当前股价 ( 元 ) | 73.21 | | 一年最高最低 ( 元 ) | 80.48/43.50 | | 总市值 ( 亿元 ) | 80.04 | | 流通市值 ( 亿元 ) | 21.48 | | 总股本 ( 亿股 ) | 1.09 | | 流通股本 ( 亿股 ) | 0.2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [9]. Core Views - The company reported a revenue of 2.144 billion yuan in 2023, representing a year-on-year increase of 21.44%. The net profit attributable to shareholders was 280 million yuan, up 36.09% year-on-year. The gross margin was 37.60%, an increase of 1.85 percentage points [2][3]. - In Q4 2023, the company achieved a revenue of 798 million yuan, a year-on-year growth of 42.10%, while the net profit was 76 million yuan, an increase of 8.98% year-on-year. The gross margin for this quarter was 31.57%, down 7.68 percentage points [2]. - For Q1 2024, the company reported a revenue of 520 million yuan, a significant year-on-year increase of 49.06%, with a net profit of 51 million yuan, up 45.89% year-on-year. The gross margin was 37.47%, down 3.88 percentage points [2][3]. - The company has a cash dividend plan for 2023, proposing a distribution of 15 yuan per 10 shares, resulting in a cash dividend rate of 58.28% [2]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 2.144 billion yuan in 2023 to 4.965 billion yuan by 2026, with year-on-year growth rates of 21.4%, 43.3%, 29.3%, and 25.0% respectively [3]. - The net profit is expected to increase from 280 million yuan in 2023 to 577 million yuan in 2026, with growth rates of 36.1%, 32.4%, 28.0%, and 21.4% [3]. - The gross margin is forecasted to improve slightly from 37.6% in 2023 to 38.7% in 2026 [3]. Business Segments - The company’s various product lines, including electric scooters, electric balance bikes, and all-terrain vehicles, showed diverse performance, with electric bicycles experiencing a remarkable year-on-year growth of 111.11% in 2023 [2]. - Geographically, the company saw significant revenue growth in the U.S. market, with a year-on-year increase of 41.29% [2]. Future Outlook - The report indicates that the company has sufficient operational flexibility for future performance, supported by a rise in contract liabilities, which increased by 22 million yuan in Q1 2024 [2]. - The earnings per share (EPS) are projected to rise from 2.57 yuan in 2023 to 5.28 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 29.7 to 14.4 over the same period [3].

Investment Rating - The investment rating for the company is "Buy" [12][21]. Core Insights - The company successfully raised a net amount of 1.865 billion yuan through its IPO in March 2023, which will support the development of new product lines and market expansion [10]. - The company has launched new projects including the production of 40,000 large-displacement special vehicles and 30,000 smart electric low-speed vehicles, along with establishing a marketing network and a production base in Vietnam [10]. - In 2023, the company's revenue reached 2.144 billion yuan, a year-on-year increase of 21.44%, and the net profit attributable to the parent company was 280 million yuan, up 36.09% [10][21]. - For Q1 2024, the company reported a revenue of 520 million yuan, representing a 49.06% year-on-year growth, with a net profit of 51 million yuan, up 45.89% [10][21]. - The company has increased its market share in the high-end consumer market, with its self-owned brand sales accounting for 62.85% in 2023, an increase from 2022 [11]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.017 billion yuan, 3.699 billion yuan, and 4.329 billion yuan respectively, with growth rates of 41%, 23%, and 17% [12][23]. - The net profit attributable to the parent company is projected to be 404 million yuan in 2024, 496 million yuan in 2025, and 593 million yuan in 2026, with growth rates of 44%, 23%, and 20% respectively [12][23]. - The diluted EPS is expected to be 3.69 yuan in 2024, 4.53 yuan in 2025, and 5.42 yuan in 2026 [12][23].

Financial Performance - The company's revenue for Q1 2024 reached ¥519,895,243.01, representing a 49.06% increase compared to ¥348,779,858.82 in the same period last year[5] - Net profit attributable to shareholders was ¥50,873,633.37, up 45.89% from ¥34,870,998.77 year-on-year[5] - The net cash flow from operating activities increased by 57.65% to ¥250,443,927.39, compared to ¥158,856,500.16 in Q1 2023[5] - The company reported total operating revenue of RMB 519,895,243.01 for Q1 2024, an increase of 49% compared to RMB 348,779,858.82 in the same period last year[21] - The net profit for the first quarter of 2024 was CNY 50,873,633.37, an increase of 45.9% compared to CNY 34,870,998.77 in the same period last year[23] - Operating profit reached CNY 70,138,400.19, up from CNY 41,167,134.81, reflecting a growth of 70.5% year-over-year[23] - Total revenue from operating activities was CNY 761,101,358.44, compared to CNY 459,937,701.54 in the previous year, marking a 65.5% increase[26] - The company reported a total comprehensive income of CNY 51,676,447.46, compared to CNY 34,756,848.21, indicating a 48.7% increase[24] - Basic earnings per share increased to CNY 0.47 from CNY 0.43, reflecting a growth of 9.3%[24] Expenses and Costs - Research and development expenses surged by 142.61% to ¥29,328,090.85, reflecting the company's commitment to increasing R&D efforts[8] - The gross profit margin for Q1 2024 was impacted by a 58.92% increase in operating costs, which totaled ¥325,067,587.76 compared to ¥204,545,024.20 in the previous year[8] - Total operating costs for Q1 2024 were RMB 456,597,033.61, up 46% from RMB 313,259,201.58 in Q1 2023[21] - The income tax expense increased by 287.80% to ¥19,163,964.42, driven by a rise in total profit[8] - The company reported a tax expense of CNY 19,163,964.42, compared to CNY 4,941,726.06, reflecting a significant increase of 287.5%[23] Assets and Liabilities - Total assets as of March 31, 2024, amounted to ¥4,084,563,481.65, a 7.84% increase from ¥3,787,483,622.84 at the end of the previous year[5] - The company's cash and cash equivalents increased to RMB 2,352,202,141.02 as of March 31, 2024, compared to RMB 1,937,506,697.96 at the beginning of the year, reflecting a growth of 21%[18] - Total liabilities increased to RMB 1,106,671,480.25 from RMB 845,651,208.25, marking a rise of 31%[20] - The company's net profit for the period is not explicitly stated but can be inferred from the increase in retained earnings to RMB 924,642,372.21 from RMB 873,768,738.84, an increase of 6%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 11,051[10] - Zhejiang Zhongtao Investment Co., Ltd. holds 41.16% of shares, totaling 45,000,000 shares[10] - Cao Matao directly holds 26.07% of shares, totaling 28,500,000 shares[10] - The total number of restricted shares at the beginning of the period was 84,037,440, with 4,037,440 shares released during the period[14] - The remaining restricted shares at the end of the period are 80,000,000[14] - The first release date for restricted shares held by Zhejiang Zhongtao Investment Co., Ltd. and Cao Matao is September 21, 2026[13] - New investors include Tibet Zhefuyuanfeng Investment Management Co., Ltd. with 500,000 shares[14] - The company has no preferred shareholders or changes in limited shares during the reporting period[12] - The top ten shareholders do not participate in margin trading[11] - The company has a clear structure of related party relationships among major shareholders[11] Cash Flow and Financing - The cash flow from financing activities generated a net inflow of CNY 289,492,412.37, down from CNY 1,896,078,489.55 in the previous year[28] - The company plans to use between RMB 50 million and RMB 100 million for share repurchase to implement employee stock ownership plans or equity incentives within 12 months[15] - The company repurchased 357,859 shares, accounting for 0.33% of the total share capital, with a total transaction amount of RMB 19,723,259.90[15] Accounts Receivable and Inventory - The company experienced a 33.84% decrease in accounts receivable, which fell to ¥389,071,914.32, attributed to higher collections from major clients[8] - Accounts receivable decreased to RMB 389,071,914.32 from RMB 588,103,440.61, a reduction of 34%[18] - Inventory increased to RMB 774,799,337.76, up from RMB 714,804,667.80, representing a growth of 8%[18] Credit and Impairment - The company incurred a credit impairment loss of CNY 8,255,013.14, compared to CNY 5,124,203.48 in the previous year, indicating a rise of 61.5%[23]

Financial Performance - Total operating revenue for Q1 2024 reached ¥519,895,243.01, a 49% increase from ¥348,779,858.82 in Q1 2023[1] - Operating profit for Q1 2024 was ¥70,138,400.19, up 70.5% from ¥41,167,134.81 in the same period last year[2] - Net profit for Q1 2024 was ¥50,873,633.37, representing a 45.9% increase compared to ¥34,870,998.77 in Q1 2023[3] - Comprehensive income for Q1 2024 totaled ¥51,676,447.46, compared to ¥34,756,848.21 in the previous year, reflecting a growth of 48.7%[3] - Net profit attributable to the parent company was $50.87 million, an increase from $34.87 million in the previous period, representing a growth of approximately 45.9%[6] - Total comprehensive income amounted to $51.68 million, compared to $34.76 million last year, reflecting an increase of about 48.7%[6] Earnings Per Share - Basic earnings per share for Q1 2024 were ¥0.47, up from ¥0.43 in Q1 2023[3] - Basic earnings per share increased to $0.47 from $0.43, marking an increase of 9.3%[6] - Diluted earnings per share also rose to $0.46 from $0.43, showing a growth of 7%[6] Expenses and Costs - Research and development expenses increased to ¥29,328,090.85, up 142.5% from ¥12,088,400.74 in the previous year[4] - Tax expenses for Q1 2024 were ¥19,163,964.42, compared to ¥4,941,726.06 in the same quarter last year, indicating a substantial increase[2] - The total operating costs for Q1 2024 were ¥456,597,033.61, a 46% increase from ¥313,259,201.58 in the same period last year[1] Financial Improvements - Financial expenses showed a significant improvement, with a net income of -¥13,816,221.19 compared to a loss of ¥18,388,441.65 in Q1 2023[5] - The company reported a significant increase in interest income to ¥30,972,457.41 from ¥270,383.30 in Q1 2023[2] - The company corrected its interest expenses to $4.32 million and interest income to $14.96 million, which were previously misstated[7] - Other comprehensive income attributable to the parent company was $802,814.09, a significant recovery from a loss of $114,150.56 in the previous period[6] Future Plans and Disclosures - The company emphasized that the corrections will not materially affect its financial position or operating results for Q1 2024[7] - The company plans to enhance the quality of its information disclosure in the future[7] - The company will publish the corrected Q1 2024 report on the designated information disclosure platform[7]

不断的增长而且我们的毛利率净利率相对都会稳定在一个比较高的水平那么对于2023年刚才王总也说了2023年应该来说我们整个销售收入达到了21.4那么跟我们年初或者当初我们做路演的时候 我们当时觉得是20个亿左右那么实际结果比原来的应该还是要好一些那么同比增长了21%当时我们觉得是整个情况当时也不是那么乐观所以我们当时是觉得增加15%左右其实也可以那么最终我们增长21%那么从板块来说我们的全地形车去年二三年销售了6.2个亿那么同比增长21% 越野车销售1.2个亿同比增长303%电动滑板车销售7.2个亿同比增长4.5电动平衡车销售3个亿同比增长1.8电动自行车销售1.6个亿同比增长111%电动高尔夫球车销售0.8个亿那么也就是我们这几个产品 它的整个都是增长只不过幅度有些大一些有些可能是相对比较平稳一些那么整个利润是2.8个亿同比增长36%总体来看我们各项业务还是都是一个稳定发展的这么一个趋势那么第二个是我们2024年的这个一季报一季报我们实现营业收入5.2个亿同比增长49% 利润是5087万,同比增长46%两个增长幅度基本也是符合我们自己的预期那么2024年一季度的增长主要来自于我们一些新的产品 当然我们老产品包 ...

浙江涛涛车业股份有限公司 2023 年度监事会工作报告 2023 年，浙江涛涛车业股份有限公司（以下简称"公司"）监事会严格遵 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》（以下简称《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》《浙江 涛涛车业股份有限公司章程》（以下简称《公司章程》）以及《监事会议事规则》 等相关规定，本着维护公司利益，对股东负责的态度，忠实履行了监事会职权， 监事会成员出席/列席了公司召开的股东大会及董事会。针对公司财务状况、重 大事项、公司董事和高级管理人员的履职情况进行了认真监督，为促进公司规范 运作，切实维护股东和员工合法权益做出了积极努力。现将监事会 2023 年度的 主要工作情况报告如下： 一、报告期监事会的工作情况 报告期内，公司监事会共召开监事会会议 8 次，会议的召开、召集程序符合 《公司法》《公司章程》及《监事会议事规则》的有关规定，全体监事无缺席会 议的情况，对提交监事会审议的议案未提出异议，具体情况如下： | 序号 | 会议届次 | 召开日期 | 会议决议 ...

浙江涛涛车业股份有限公司 第三届监事会第十七次会议决议公告 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 证券代码：301345 证券简称：涛涛车业 公告编号：2024-024 具体内容详见公司于同日刊登在中国证监会指定的创业板信息披露网站巨 潮资讯网（www.cninfo.com.cn）上的《2023年度监事会工作报告》。 浙江涛涛车业股份有限公司（以下简称"公司"）第三届监事会第十七次会 议通知于2024年4月9日以专人送达方式发出，会议于2024年4月19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》（以下简称《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<2023年年度报告>及其摘要的议案》 经审议，监事会认为：董事会编制的《2023年年度报告》及其摘要内容真实、 准确、完整地反映了公司的实际情况，没有虚假记载、误导性陈述或者重大遗漏。 具 ...

| | | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | --- | --- | --- | | （一）合并资产负债表…………………………………………… 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | 8 | 页 | | （三）合并利润表………………………………………………… 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 天健审〔2024〕2293 号 浙江涛涛车业股份有限公司全体股东： 我们审计了浙江涛涛车业股份有限公司（以下简称涛涛车业公司）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债 ...