研报掘金丨华西证券:维持涛涛车业“增持”评级,收购境外标的,构建自主品牌与渠道核心壁垒
Ge Long Hui A P P·2025-12-19 06:37

Core Viewpoint - Taotao Automotive is acquiring an overseas target to build a core barrier for its own brand and distribution channels, leveraging strong market coverage and stable customer resources in the U.S. retail sector [1] Group 1: Acquisition Details - The target company has a strong market presence in U.S. specialty supermarkets and online sales channels, including major clients like Tractor Supply Co., Walmart, and Sportsman's Warehouse, with over 2,000 retail stores [1] - The acquisition is expected to enhance operational capabilities and improve various aspects of the target company's business due to strong synergies with Taotao's existing operations [1] Group 2: Company Strengths - Taotao Automotive is a leading global outdoor leisure equipment company, continuously upgrading its product matrix in core categories such as electric golf carts, high-displacement all-terrain vehicles, and electric bicycles [1] - The company has a significant advantage in its integrated online and offline marketing network in the U.S., along with accelerated overseas production capacity in Vietnam and the U.S. to better respond to global trade uncertainties [1] Group 3: Strategic Partnerships - Taotao is collaborating with high-quality technology companies like K-scale and Yushu Technology to strategically enter cutting-edge fields such as humanoid robotics, opening new business growth points [1]

Huaxi Securities-研报掘金丨华西证券:维持涛涛车业“增持”评级,收购境外标的,构建自主品牌与渠道核心壁垒 - Reportify