Zhejiang Taotao Vehicles (SZ:301345) 市值风云·2025-07-02 10:03Core Viewpoint - Taotao Automotive (301345.SZ) is expected to report a strong performance in the first half of 2025, with a projected net profit of 310 million to 360 million, representing a year-on-year growth of 70.34% to 97.81% [3][5]. Financial Performance - The company reported a total revenue of 6.4 billion in Q1 2025, with a year-on-year growth of 23%, and a net profit growth of 69.5% [5]. - The upper limit of the half-year profit forecast (360 million) is close to the total profit for the entire year of 2024, which was 430 million [3]. Business Segments - Taotao Automotive's revenue primarily comes from two segments: smart electric low-speed vehicles and special vehicles. The smart electric low-speed vehicles include electric golf carts, electric bicycles, electric scooters, and electric balance bikes, while special vehicles include all-terrain vehicles and off-road motorcycles [6]. - In 2024, the total revenue was approximately 2.98 billion, with smart electric low-speed vehicles contributing 1.89 billion (63.42%) and special vehicles contributing 924 million (31.06%) [8]. Growth Drivers - The electric vehicle segment has shown consistent growth, with a compound annual growth rate of 36% from 2020 to 2024, making it the primary driver of revenue growth for the company [10]. - The introduction of new electric vehicle products, particularly the electric golf cart, has significantly contributed to revenue, with sales expected to reach around 800 million in 2024 [14]. Market Dynamics - The U.S. market is crucial for Taotao Automotive, accounting for 77% of its revenue in 2024, with a year-on-year growth of 50% [20]. - Despite challenges from U.S.-China trade tensions, the company has maintained strong sales of its electric golf carts in the U.S. market [22][24]. Stock Performance - Following the onset of U.S.-China trade tensions in April, Taotao Automotive's stock experienced a decline of 25.8% over four trading days. However, it rebounded significantly, with a cumulative increase of 129% by July 1 [26].