Zhejiang Taotao Vehicles (SZ:301345) Xin Lang Cai Jing·2025-10-29 12:47Company Performance - In the first three quarters of 2025, the company achieved revenue of 2.773 billion yuan (+24.89%) and a net profit attributable to shareholders of 607 million yuan (+101.27%) [1] - For Q3 2025, the company reported revenue of 1.059 billion yuan (+27.73%) and a net profit attributable to shareholders of 264 million yuan (+121.44%) [1] - The company expects strong demand for electric golf carts and anticipates positive sales performance during the Q4 holiday season in Europe and North America [1] Profitability and Financial Metrics - The gross margin for Q3 2025 was 46.05% (+9.06 percentage points), attributed to price increases of main products, a higher proportion of high-value products, and supply chain optimization [2] - The net profit margin for Q3 2025 was 24.95% (+10.56 percentage points), indicating effective cost control [2] - The financial expense ratio decreased due to reduced exchange losses, with sales, management, R&D, and financial expense ratios at 7.30%, 4.68%, 2.57%, and 1.07% respectively [2] Industry Outlook - The demand for electric golf carts is expected to rise due to commercial and recreational needs, with Europe and North America leading the growth in the electric bicycle market [2] - The company is expanding its product categories, including smart electric low-speed vehicles and electric bicycles, and has formed strategic partnerships with companies like Kepler and Yushu Technology [2] - Forecasted net profits for the company from 2025 to 2027 are 789 million yuan, 1.047 billion yuan, and 1.364 billion yuan, with corresponding EPS of 7.23 yuan, 9.60 yuan, and 12.51 yuan [2]