“涛”声渐起：涛涛车业预计25年实现净利8亿元，揭示海外“掘金”新范式

Core Viewpoint - The company expects to achieve a net profit of 800 million to 850 million yuan in 2025, representing a significant year-on-year growth of 85.5% to 97.1%, marking the highest growth rate since its listing [1] Group 1: Performance Drivers - The company's performance growth is attributed to its main products aligning with market changes, particularly in the context of global low-carbon travel and lifestyle shifts, creating a substantial incremental market for electric golf carts [2] - Electric golf carts are transitioning from traditional sports settings to mainstream consumer markets, being widely adopted by middle- and high-income families for short-distance commuting and leisure activities, partially replacing small vans and SUVs [2] - The company has expanded its product matrix to include various models, from 2+2 seaters to panoramic camping vehicles, and is actively developing new products like utility vehicles and cargo trucks to meet diverse demands [2] Group 2: Market Strategy - The company employs a multi-channel strategy combining Amazon platform sales, independent websites, and offline dealer networks, with the number of high-end dealers exceeding 230 [2] - The company has successfully entered high-end shopping centers, gated communities, and public institutions in North America, and plans to launch a second brand "TEKO" in July 2025 to capture a broader incremental market [2] Group 3: Market Penetration and Growth Potential - The company has rapidly increased its market penetration in North America, benefiting from a leading production layout in Southeast Asia and North America, high-quality products, and an extensive dealer network [3] - The golf cart application scenarios are expanding beyond golf courses, indicating significant market potential, with expectations of achieving hundreds of thousands of unit sales and a revenue scale in the tens of billions [3] - Compared to industry giants, the company’s all-terrain vehicles still have considerable growth potential, and its ventures into humanoid robots and autonomous driving can leverage existing channels, production, and brand capabilities [3] Group 4: Future Growth Strategies - The company is actively exploring the integration of cutting-edge technologies like artificial intelligence into its core business and is venturing into emerging fields such as humanoid robots and autonomous driving [4] - In 2025, the company plans to manufacture its first humanoid robot prototype and has formed strategic partnerships with companies like K-SCALE and Kepler Robotics to enhance sales, explore new scenarios, and develop products [4] - The company is establishing a dual model of "domestic R&D base + overseas innovation hubs," aiming to connect global talent and technology resources while utilizing its established channels in the U.S. market to empower domestic robotics companies [4] Group 5: Overall Strategic Outlook - The anticipated near-doubling of net profit in 2025 reflects the company's strategic layout, product innovation, channel development, and capacity planning over the past few years [5] - The company has built a solid operational moat through clever global capacity layout and successfully positioned itself in high-growth niche markets, achieving simultaneous growth in scale and profit [5] - The company's growth trajectory aligns with national policies promoting "steady growth," "export promotion," and "intelligent transformation" in the automotive industry, providing a solid macroeconomic foundation for its expansion [5]