涛涛车业（301345）：全球布局深化，品牌全域升级，渠道生态持续优化

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has demonstrated significant growth in its performance, with a revenue of 3.941 billion yuan in 2025, representing a year-on-year increase of 32.4%, and a net profit of 816 million yuan, up 89.3% year-on-year [1][4] - The electric low-speed vehicle (LSEV) segment is identified as the core growth engine, achieving the highest global sales revenue with a year-on-year increase of 140.98% [2] - The company is expanding its global presence, particularly in North America, with a robust sales growth of 34.6% in the Americas region [3] Financial Performance - In 2025, the company achieved a gross margin of 41.5%, an increase of 6.5 percentage points year-on-year, and a net profit margin of 20.7%, up 6.2 percentage points year-on-year [3] - The company plans to distribute a cash dividend of 15 yuan per 10 shares to all shareholders [1] - Revenue projections for 2026-2028 are estimated at 5.405 billion yuan, 6.715 billion yuan, and 8.154 billion yuan, respectively, with corresponding net profits of 1.211 billion yuan, 1.579 billion yuan, and 2.011 billion yuan [4][5] Product and Market Development - The company launched a new brand, TEKO, to complement its existing brand DENAGO, enhancing its marketing strategy through participation in major global events and collaborations with well-known brands [2] - The dealer network has expanded to over 790, with more than 270 focused on electric low-speed vehicles, enhancing market penetration and service capabilities [2] - The company has established a comprehensive manufacturing system across the globe, with production capabilities in the U.S., Vietnam, and Thailand, ensuring flexibility in regional capacity allocation [3]