涛涛车业：低速电动全球领跑，2025业绩高增兑现成长-20260401

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a revenue of 3.941 billion yuan for 2025, representing a year-on-year growth of 32.41%. The net profit attributable to shareholders was 816 million yuan, with a significant increase of 89.29% [2] - The sales revenue from electric low-speed vehicles reached 2.787 billion yuan, marking a year-on-year increase of 47.64%, and the company holds a global market share of approximately 10.9% in this segment [3] - The company has expanded its distribution network, adding 100 new quality dealers, bringing the total to over 270, covering all 47 states in the U.S. [3] - The company has established a dual-brand strategy with the launch of the TEKO brand, focusing on "intelligent/technology/fashion" to attract younger consumers [3] Financial Performance - The gross margin and net margin for 2025 were 41.48% and 20.71%, respectively, both showing improvements of 6.49 percentage points and 6.22 percentage points year-on-year [5] - The company’s operating cash flow for 2025 was 754 million yuan, a significant increase compared to the previous year [2] - The company’s revenue projections for 2026-2028 are 5.357 billion yuan, 6.646 billion yuan, and 8.285 billion yuan, with growth rates of 35.9%, 24.1%, and 24.7%, respectively [7] Product Development - The company has optimized its product structure, with a focus on high-value-added products, which has driven profitability [5] - The company has successfully launched new models in the all-terrain vehicle segment, with stable production of 350CC and 500CC models [4] - The company is actively enhancing its product lines in the mid-small displacement category, which is crucial for growth in markets outside North America [4]