Zhejiang Taotao Vehicles (301345) 国海证券·2024-11-01 13:18Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved significant year-on-year growth in performance, with a revenue increase of 64.87% to 2.22 billion yuan and a net profit increase of 47.40% to 301 million yuan for the first nine months of 2024 [3]. - The growth was primarily driven by increased sales of all-terrain vehicles and electric golf carts, with Q3 revenue reaching 829 million yuan, up 47.61% year-on-year, and net profit reaching 119 million yuan, up 70.53% year-on-year [3]. - The company is accelerating its global manufacturing strategy in response to the U.S. anti-dumping and countervailing investigations, with plans to expedite the construction of its factories in Vietnam and the U.S. [3]. - The company has successfully launched a new production line for electric golf carts in Texas, marking a significant step in its "North American Manufacturing+" strategy [3]. - The company has changed the purpose of its share repurchase program to cancellation, reflecting confidence in its development [3]. Financial Forecast - The company is projected to achieve revenues of 3.02 billion yuan, 3.70 billion yuan, and 4.33 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 40.69%, 22.61%, and 17.03% [4][7]. - The net profit is expected to be 404 million yuan, 483 million yuan, and 580 million yuan for the same years, with growth rates of 43.87%, 19.65%, and 20.13% [4][7]. - The corresponding price-to-earnings (P/E) ratios are projected to be 17.76, 14.84, and 12.35 for 2024, 2025, and 2026, respectively [4][7].