涛涛车业（301345）：业绩符合预期，新品类快速放量

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 96.42 [8][9]. Core Views - The company reported a revenue of RMB 2.98 billion in 2024, a year-on-year increase of 38.8%, and a net profit of RMB 431 million, up 53.8% year-on-year. The performance aligns with expectations [1]. - The company is expanding its product categories, particularly in electric low-speed vehicles and all-terrain vehicles, which are expected to drive revenue growth [2][4]. - The company is expected to benefit from improved profitability due to the introduction of new high-margin products and effective cost management [3][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.98 billion, with a year-on-year growth of 38.8%. The net profit reached RMB 431 million, reflecting a 53.8% increase [1]. - The first quarter of 2025 saw a revenue of RMB 640 million, a 23% increase year-on-year, while net profit was RMB 86 million, up 69.5% year-on-year [1]. Product Segmentation - The electric low-speed vehicle segment generated RMB 1.89 billion in revenue in 2024, a 48% increase, with electric golf carts being a significant growth driver [2]. - The special vehicle segment reported a revenue of RMB 920 million, a 24.5% increase, with all-terrain vehicles contributing RMB 740 million [2]. Cost Management and Profitability - The gross margin for North America and the Americas (excluding the US and Canada) was affected by exchange rate fluctuations, but the company remains optimistic about high-margin products [3]. - The sales expense ratio decreased by 4.2 percentage points to 10.5% in 2024, indicating effective cost control [3]. Growth Outlook - The company is expected to maintain strong growth momentum in 2025, supported by global production capacity expansion and a diversified product matrix [4]. - The introduction of new high-end products is anticipated to enhance the company's profitability structure [4]. Earnings Forecast and Valuation - The net profit estimates for 2025 and 2026 have been raised by 6% and 3% to RMB 539.63 million and RMB 663.58 million, respectively [5]. - The target price of RMB 96.42 corresponds to a 2025E PE of 18.3x, based on comparable company analysis [5].