涛涛车业(301345)：2025年10月25日投资评级：买入(维持)

Core Viewpoint - The company has demonstrated significant growth in Q3 2025, with revenue reaching 1.06 billion yuan, a year-on-year increase of 27.73%, and net profit attributable to shareholders at 264 million yuan, up 121.44% [1] Group 1: Financial Performance - In Q3 2025, the company's gross margin improved to 46.05%, reflecting a product mix upgrade and price increases to distributors [3] - The net profit margin for Q3 2025 increased by 10.6 percentage points year-on-year, driven by a reduction in expense ratios [3] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 794 million, 1.047 billion, and 1.326 billion yuan respectively, with corresponding EPS of 7.30, 9.64, and 12.21 yuan [1] Group 2: Business Expansion and Strategy - The company continues to expand its golf cart business, with a total of over 230 distributors by the end of H1 2025 and strategic partnerships with top distributors in the U.S. [2] - The company is well-positioned in the market with sufficient production capacity in Southeast Asia and the U.S., allowing it to capture orders from domestic manufacturers [2] - There is potential for the golf cart market to expand from residential to commercial applications, creating additional growth opportunities [2] Group 3: Competitive Advantage - The company is one of the few in the golf cart industry with ample overseas production capacity, which enhances its long-term competitiveness [1] - The company has established strategic collaborations with firms in robotics and autonomous driving, indicating a focus on intelligent product development [2]