Zhejiang Taotao Vehicles (301345) 浙商证券·2024-06-26 08:02Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to achieve a year-on-year growth of 23-38% in net profit attributable to shareholders for the first half of 2024, with a midpoint estimate of 1.75 billion yuan, representing a 30% increase [1] - The growth in profit is primarily driven by the ramp-up of new products such as golf carts and electric bicycles, alongside steady growth in traditional products like electric scooters through channels like Amazon and Walmart [1][2] - The company is positioned as a leader in the North American leisure vehicle market, benefiting from a dual advantage of "North American branding + Chinese manufacturing" [1] Financial Forecast and Valuation - Revenue projections for 2023 to 2026 are as follows: 2.144 billion yuan in 2023, 3.257 billion yuan in 2024 (52% growth), 4.896 billion yuan in 2025 (50% growth), and 6.864 billion yuan in 2026 (40% growth) [3] - Net profit attributable to shareholders is forecasted to be 280 million yuan in 2023, 402 million yuan in 2024 (43% growth), 527 million yuan in 2025 (31% growth), and 728 million yuan in 2026 (38% growth) [3] - The estimated P/E ratios are projected to decrease from 22 in 2023 to 9 in 2026, indicating a favorable valuation trend [3] Product Development and Market Expansion - The company is actively expanding its product offerings, including electric golf carts and electric bicycles, with significant traction in the North American market [6][18] - The company has established a strong presence with over 120 high-end dealers for its golf carts and plans to increase this to 200 by the end of 2024 [6] - The company is also expanding its manufacturing capabilities overseas, with factories in Vietnam and the U.S., which is expected to enhance its global competitiveness [5]