研报掘金丨浙商证券：维持涛涛车业“买入”评级，前三季度业绩同比预增92%-106%

Core Viewpoint - TaoTao Automotive is expected to achieve a year-on-year profit increase of 92%-106% in the first three quarters of 2025, with Q3 net profit projected to be between 240-280 million yuan, reflecting a growth of 99%-133% [1] Group 1: Financial Performance - The company anticipates a net profit of 240-280 million yuan for Q3, indicating a significant year-on-year growth of 99%-133% [1] - For the first three quarters of 2025, the expected profit increase is between 92%-106% [1] Group 2: Strategic Initiatives - The company plans to conduct its initial public offering (IPO) of H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, brand influence, and overseas financing capabilities [1] - Strategic partnerships have been established with companies like Kepler and K-Scale to leverage robotics as a starting point for smart technology development [1] Group 3: Market Position and Supply Chain - The North American electric low-speed vehicle industry is expected to see a continuous decline in inventory, allowing the company to increase its market share [1] - The company is ramping up production at its facilities in Vietnam, the U.S., and Thailand, with the latter expected to be operational by February 2026 [1]