涛涛车业（301345）：与宇树科技达成战略合作，开辟增长新曲线

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 181.20 CNY [4]. Core Views - The strategic partnership between the company and Yushu Technology aims to create a "channel + technology" collaborative model, which is expected to accelerate the deployment of robotic products in North America and expand consumer-level applications and product development, forming a new growth curve [2][11]. - The company has raised its EPS forecasts for 2025, 2026, and 2027 to 6.01, 7.55, and 9.26 CNY respectively, and has adjusted the target price to 174.29 CNY based on a 29x PE ratio for 2025, maintaining the "Accumulate" rating [11]. Financial Summary - The total revenue for 2023 is projected at 2,144 million CNY, with a growth rate of 21.4%. By 2027, the revenue is expected to reach 5,801 million CNY, reflecting a growth rate of 22.3% [12]. - The net profit attributable to the parent company for 2023 is estimated at 280 million CNY, with a growth rate of 36.1%. The net profit is expected to increase to 1,005 million CNY by 2027, with a growth rate of 22.5% [12]. - The company’s net asset return rate is projected to rise from 9.5% in 2023 to 22.8% in 2027 [12]. Market Data - The company's market capitalization is approximately 17,070 million CNY, with a 52-week stock price range of 43.04 to 161.35 CNY [5]. - The current stock price is 157.14 CNY, with a price-to-book ratio of 5.3 and a net debt ratio of -37.04% [6][11]. Strategic Initiatives - The partnership focuses on three main areas: joint exploration of overseas sales, collaborative research on consumer-level applications, and enhancing commercialization efficiency [11]. - The company is advancing its global production capacity with a manufacturing system that integrates China, Southeast Asia, and North America, enhancing its risk resistance capabilities [11].