涛涛车业：制造、品牌、渠道兼具竞争力的休闲车龙头

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 83.6 CNY based on a PE of 18x for 2025 [6][56]. Core Insights - The company, TaoTao, focuses on outdoor leisure vehicles and aims to become a leader in the low-speed vehicle industry, particularly in the North American market [1][12]. - The company has shown strong revenue growth, with a 41.3% year-over-year increase in revenue from the U.S. market, which constitutes 71.3% of total revenue [1][19]. - The electric golf cart segment is expected to be a major growth driver, with significant sales growth anticipated in the coming years [54]. Summary by Sections 1. Introduction - TaoTao has experienced a significant stock price drop due to trade investigations affecting electric golf carts, but the company has quickly adapted by establishing local production in the U.S. [12]. 2. Market Focus and Product Expansion - The primary market for TaoTao is North America, with a focus on expanding its product line in leisure vehicles [13][20]. - The company has diversified its offerings to include electric scooters, electric bicycles, and electric golf carts, enhancing its market presence [20]. 3. Electric Golf Carts - The electric golf carts are categorized as low-speed vehicles in the U.S., primarily used in golf courses and gated communities [23][24]. - TaoTao's Denago brand offers competitive pricing, with models priced lower than competitors, which is expected to expand market demand [29][30]. 4. All-Terrain Vehicles (ATVs) - The company specializes in small-displacement ATVs, targeting children and youth, with plans to expand into larger displacement models [37][41]. - The all-terrain vehicle segment has shown a revenue increase of 21.2% year-over-year, contributing significantly to overall sales [17][42]. 5. Company Advantages - TaoTao benefits from strong brand recognition, a localized operational team, and cost advantages through in-house production of key components [4][5]. - The company operates multiple brands, including Denago and Gotrax, which cater to different consumer segments, with over 60% of sales coming from proprietary brands [4][45]. 6. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 33.1 billion, 41.1 billion, and 49.9 billion CNY, with corresponding net profits of 4.0 billion, 5.1 billion, and 6.3 billion CNY [54][55]. - The company is expected to maintain a strong growth trajectory, particularly in the electric golf cart segment, which is projected to grow significantly [54].