新股前瞻|“A+H”双重上市，涛涛车业(301345.SZ)能否打开资本与增长新空间？

Core Viewpoint - The company, TaoTao Vehicle, is seeking to list on the Hong Kong Stock Exchange to establish an "A+H" dual capital platform, leveraging its strong position in the global low-speed electric vehicle market and aiming for sustained growth and competitive advantage [1][2]. Business Strategy - TaoTao Vehicle focuses on high-growth segments, including electric mobility products and outdoor specialty vehicles, while strategically avoiding intense domestic competition, with over 99% of its revenue generated from high-value overseas markets, particularly North America [2][3]. - The company has built a robust multi-tiered sales network, partnering with major retailers like Walmart and Amazon, and utilizing a diverse distribution strategy to enhance market penetration [2]. Financial Performance - The company has demonstrated strong revenue growth, with projected revenues of approximately RMB 17.66 billion, RMB 21.44 billion, and RMB 29.77 billion for 2022, 2023, and 2024 respectively, reflecting a year-on-year increase of 38.82% in 2024 [2][3]. - For the first seven months of 2025, the company reported revenue of approximately RMB 20.68 billion, continuing its strong growth trajectory [2]. Profitability - The company's gross margin improved from 35.2% in 2022 to 37.3% in 2023, although it slightly decreased to 34.7% in 2024, before rebounding to 40.2% in the first seven months of 2025, surpassing industry averages [3]. Global Expansion and Production Strategy - TaoTao Vehicle has established a collaborative production capacity across China, Southeast Asia, and North America, enhancing its global manufacturing footprint to support its growth strategy [3]. - The company plans to upgrade its existing production facilities in China and establish new ones overseas to meet the increasing demand for electric mobility and power sports products [4]. Research and Development - The company intends to invest in R&D to innovate core components such as battery packs and motors, and expand its product offerings, including new models in the low-speed vehicle segment and high-value products like panoramic camping vehicles [4]. Shareholder Returns - TaoTao Vehicle has maintained a consistent cash dividend policy, distributing approximately RMB 3.82 billion in dividends from 2022 to 2024, representing about 41.6% of the net profit attributable to shareholders during that period [4]. Governance and Compliance - The dual listing structure will require the company to adhere to stricter regulatory standards in both markets, which is expected to enhance corporate governance and compliance [4].