涛涛车业（301345）：中报利润高增，布局人形机器人领域

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 310 million to 360 million yuan, representing a year-on-year growth of 70.34% to 97.81% [2]. - The company's Q2 net profit is projected to be between 224 million and 274 million yuan, reflecting a year-on-year increase of 71% to 109% [4]. - The company is expanding into the humanoid robotics sector through a strategic partnership with K-Scale, which has led to the successful launch of the K-Bot humanoid robot [5]. Financial Performance - The company forecasts revenues of 3.823 billion yuan, 4.767 billion yuan, and 5.944 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.4%, 24.7%, and 24.7% [6]. - The projected net profits for the same years are 668 million yuan, 836 million yuan, and 1.043 billion yuan, with growth rates of 54.9%, 25.2%, and 24.7% respectively [6]. - The earnings per share (EPS) are expected to be 6.15 yuan, 7.70 yuan, and 9.60 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 22.1, 17.7, and 14.2 [6]. Market Position and Strategy - The company has demonstrated improved operational efficiency, with a notable increase in gross margins for its main products, driven by scale effects and effective cost control [4]. - The introduction of new electric golf cart models has diversified the product line, allowing the company to cater to a broader customer base and various scenarios, thereby enhancing revenue potential [4]. - The company plans to establish a research institute in Zhangjiang, Shanghai, to attract industry talent and collaborate with leading robotics firms to enhance its technological capabilities [5].