Zhejiang Taotao Vehicles (301345) 财信证券·2025-03-17 09:51Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][8]. Core Insights - The company is projected to achieve a significant increase in revenue and net profit over the next few years, with expected revenues of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. Corresponding net profits are forecasted at 4.11 billion yuan, 4.96 billion yuan, and 6.09 billion yuan respectively [6][7]. - The company is actively expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive edge in the market [6]. - The golf cart market is expanding, with the company leveraging its brand advantages and distribution channels to capture market share, particularly in North America [6]. Financial Projections - The company's main financial metrics show a steady growth trajectory, with projected earnings per share (EPS) increasing from 3.78 yuan in 2024 to 5.61 yuan in 2026. The price-to-earnings (P/E) ratio is expected to decrease from 16.79 in 2024 to 11.32 in 2026, indicating improving valuation [6][7]. - The report highlights a significant expected growth in operating income from 21.44 billion yuan in 2023 to 40.74 billion yuan in 2025, reflecting a robust growth strategy [7]. Recent Developments - The company anticipates a net profit of 4.05 to 4.45 billion yuan for 2024, representing a year-on-year growth of 44.40% to 58.66%. The fourth quarter of 2024 is expected to show a net profit growth of 36.84% to 89.47% [6]. - The company plans to invest up to 9.5 million USD in Thailand to establish a production base, which will support its expansion in Southeast Asia [6].