涛涛车业(301345)：高尔夫球车放量 加速布局新兴领域

Core Viewpoint - The company exceeded revenue expectations in Q2 2025, driven by emerging categories such as electric golf carts, electric bicycles, and large-displacement ATVs, while traditional strong categories like electric scooters and balance bikes maintained steady growth, leading to a stable increase in market share [1] Revenue Analysis - The company achieved a revenue of 1.713 billion in H1 2025, representing a year-over-year increase of 23.19%, with a net profit of 342 million, up 88.04%, and a net profit margin of 19.97%, an increase of 6.89 percentage points [2] - In Q2 2025, revenue reached 1.074 billion, a year-over-year increase of 23.33%, with a net profit of 256 million, up 95.25%, and a net profit margin of 23.84%, an increase of 8.78 percentage points [2] - The smart electric low-speed vehicles generated revenue of 1.152 billion, a 30.65% increase, accounting for 67.23% of total revenue, with electric golf carts contributing significantly [3] - The company expanded its dealer network for electric golf carts, adding 60 high-end dealers, and has entered the North American market with a strong brand presence [3] - Electric bicycles saw strong growth through partnerships with major retailers like Walmart and Amazon, enhancing brand influence and market penetration [3][4] Profitability Analysis - The gross margin for H1 2025 was 39.99%, an increase of 4.08 percentage points, with Q2 gross margin at 41.64%, up 6.65 percentage points, benefiting from high-margin products [7] - The net profit margin for H1 2025 was 19.97%, an increase of 6.89 percentage points, with Q2 net profit margin at 23.84%, up 8.78 percentage points, driven by improved gross margins and reduced expense ratios [8] Regional Performance - The company generated 1.649 billion in foreign markets, a year-over-year increase of 20.61%, with the U.S. contributing 1.338 billion, up 29.09% [6] - Domestic revenue reached 60 million, a significant increase of 184.02%, accounting for 3.48% of total revenue [7]