涛涛车业(301345)：高尔夫球车表现亮眼 业绩符合预告表现

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven primarily by the performance of electric golf carts and strategic partnerships, indicating a positive outlook for future growth [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.71 billion yuan, a year-on-year increase of 23.2%, with Q2 revenue reaching 1.07 billion yuan, also up 23.3% year-on-year [1][2]. - The net profit attributable to shareholders for H1 2025 was 340 million yuan, reflecting an impressive year-on-year growth of 88.0%, with Q2 net profit at 260 million yuan, up 95.3% year-on-year [1][3]. Business Segments - The revenue from smart electric low-speed vehicles in H1 2025 was 1.152 billion yuan, a year-on-year increase of 30.65%, with significant growth in the electric golf cart segment, which expanded into over 230 high-end professional channels in North America [2]. - The special vehicle segment generated revenue of 490 million yuan, a year-on-year increase of 8.2%, with stable sales performance and an expanding dealer network [2]. Profitability and Cost Management - The company’s profitability improved significantly, with a gross margin in Q2 2025 increasing by 6.6 percentage points to 41.6%, and the net profit margin rising by 8.8 percentage points to 23.8% [3]. - The sales, management, R&D, and financial expense ratios for Q2 2025 were 7.0%, 4.0%, 2.4%, and -1.2% respectively, indicating overall operational efficiency improvements [3]. Strategic Initiatives - The company is expanding its dealer network for electric golf carts in the U.S. and has entered a strategic partnership with Yushu Technology to explore new growth avenues in overseas markets [4]. - The collaboration with Yushu Technology aims to enhance the company’s capabilities in the North American market and support the commercialization of new products [4]. Investment Outlook - The company’s electric golf cart segment is entering a growth phase, contributing positively to financial results, and the strategic partnership is expected to open new growth opportunities [4]. - The earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 6.56 yuan and 8.72 yuan respectively, with a new forecast for 2027 set at 11.11 yuan, indicating a favorable valuation outlook [4].