涛涛车业·深度（2）|未被充分关注的真成长

Core Viewpoints - The report highlights two main points: 1) Product advantage with the introduction of high-cost performance golf carts, opening up demand in North America; 2) Capacity advantage with a strategic layout in China, the U.S., and Southeast Asia to proactively address trade frictions [1] Group 1: Company Performance - The company reported a 25% revenue growth and a 102% profit growth in the first three quarters, indicating that "true growth" is expected to materialize by 2026 [1] - The core growth driver is the transition of golf carts from B2B to B2C, expanding usage scenarios from senior communities to middle-class families in the Midwest [1] Group 2: Market Potential - There are approximately 130 million households in the U.S., with around 40% classified as middle class, suggesting a potential consumer base of about 30 million households living in villas [2] - A conservative 10% penetration rate could lead to a demand for 300,000 golf carts, supporting an annual sales volume of 100,000 units [2] Group 3: Industry Trends - The rising prices of new and used cars in the U.S. present an opportunity for golf carts to replace some small cars [3] - The average transaction price of new cars in the U.S. is projected to exceed $50,000 by September 2025, while the share of used cars priced below $20,000 has significantly decreased from 49.3% in 2019 to 11.5% currently [4][13] Group 4: Product Development - The company is enhancing its product line with the Teko brand, which will feature four models by 2026, catering to different usage scenarios [18] - Teko aims to incorporate automotive-grade features into golf carts, improving aspects such as lithium battery technology, smart electronics, and comfort [21] Group 5: Robotics Business - The company is exploring the robotics and robotic dog market, leveraging its existing market presence in North America [27] - The overlap in user demographics and channels between golf carts and robotic products may facilitate market entry and growth [27] Group 6: Investment Outlook - The sustained high growth in golf cart sales and the potential for the robotics business to contribute to future growth are viewed positively [33] - The expansion of golf carts as a "second vehicle" for middle-class families is expected to continue, with increasing application scenarios [34]