Zhejiang Taotao Vehicles (301345) Caixin Securities·2024-06-06 03:30Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Insights - The company has a high self-manufacturing rate for core components upstream and possesses advantages in brand and distribution channels downstream, contributing to stable performance [7]. - The new business segment, particularly in golf carts, shows significant growth potential, driven by strong overseas demand and competitive pricing [11]. Financial Projections - The projected operating revenues for 2024, 2025, and 2026 are 30.33 billion, 37.08 billion, and 43.33 billion yuan respectively, with corresponding net profits of 3.67 billion, 4.50 billion, and 5.21 billion yuan [8][11]. - Earnings per share (EPS) are expected to be 3.36 yuan, 4.12 yuan, and 4.77 yuan for the years 2024, 2025, and 2026, respectively [8][11]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 19.47, 15.89, and 13.71 for the years 2024, 2025, and 2026 [8][11]. Market Performance - The company has shown a 43.33% increase over the past 12 months, outperforming the motorcycle and other segments [19]. - The stock price has fluctuated between 43.78 and 80.52 yuan over the past year, with a current price of 65.40 yuan [4]. Business Growth Drivers - The company benefits from a robust supply chain and manufacturing capabilities, allowing it to maintain lower costs and higher profit margins [11][19]. - The North American market for golf carts is expanding, with the company positioned to capitalize on this trend through competitive pricing and product offerings [11].