涛涛车业 20251126 摘要 淘淘车业主要通过越南工厂生产并出口车辆至美国，泰国工厂预计 2026 年 Q1 投产，满产后年产能达 4 万台。美国工厂已有一条生产线运 行，计划 12 月增加第二条，团队近 400 人负责组装，效率逐步提升。 第二品牌"开口"旨在加密经销商网络，产品、价格及毛利与迪纳狗一 致，但外观和智能化有所提升。经销商多为年轻化新势力，已发展 50 多家，计划扩展至 80-100 家，自 2025 年 8 月起已出货 500 多台，仍 供不应求。 美国电动低速车市场需求增长超预期，主要面向中产家庭。本土品牌收 入增长明显，雅马哈油动车业务预计增长。淘淘车业凭借综合实力和产 能布局，在供应链和客户转移方面具备优势，有望超越竞争对手。 高尔夫球车毛利率高于公司平均水平，自有品牌占比超 70%。2025 年 Q3 公司整体毛利率为 42%，球车毛利率更高。两次涨价因越南关税和 生产成本增加，公司具备议价能力，预计未来球车净利润率和毛利率仍 能保持较高水平。 Q&A 淘淘车业在海外产能方面的进展和未来规划是怎样的？ 淘淘车业在海外产能方面取得了显著进展。越南工厂自 2025 年 7 月开始生产 ...

| | √特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | | □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | | | √现场参观 | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 财通证券轻工行业分析师 | | | | 及人员姓名 | | | | | 时间 | 年 月 日（星期二）上午 11 25 | 2025 | 11:00-14:00 | | 地点/形式 | 公司现场交流 | | | | 上市公司接待 | 董事会秘书陈彬海、财务负责人赵琪、证券事务代表林贵华 | | | | 人员姓名 | | | | | | 1、简单介绍公司经营业务情况 | | | | | 回复：公司主要业务包括纸制印刷包装产品的研发、设计、生产 | | | | | 和销售，为客户提供创新研发、创意设计、色彩管理、智能化生 | | | | | 产、供应链管理、终端营销服务及其他个性化需求配套解决方案 | | | | | 服务。 | | | | | 公司主要产品包括折叠彩盒、礼盒、彩箱、纸浆模塑、标签、促 | | | ...

每经AI快讯，深天马Ａ（000050.SZ）11月25日在投资者互动平台表示，2025年前三季度，公司武汉 AMOLED产线净利润同比改善超30%，经营质效持续改善。公司也会持续通过优化产品结构，推动极 致降本等方式，不断提升产线经营水平。公司所在的显示行业具有资金密集、技术密集、工艺复杂以及 建设周期较长等特点，在产能布局方面，公司会综合考量自身战略发展方向、宏观经济走势及行业技术 迭代趋势等多种因素审慎规划，稳步推进中长期高质量发展。 （文章来源：每日经济新闻） ...

工商登记资料显示，四川省古蔺郎酒厂（泸州）有限公司成立于2012年2月，法定代表人为汪健，经营范围包括白酒 的生产、包装与销售。作为郎酒集团在泸州的重要生产与供应基地，该公司承担着集团核心产品生产、仓储及部分市 场供应职能，是郎酒产能布局的重要组成部分。 白酒龙头企业郎酒集团再度加码资本投入。近日，四川省古蔺郎酒厂（泸州）有限公司完成工商变更，注册资本由28 亿元人民币增至35亿元，增幅约25%。根据天眼查App信息显示，该公司由四川郎酒股份有限公司全资控股。 业内预计，随着郎酒在产能、品质与品牌端的多重发力，公司在高端白酒市场的竞争优势有望持续扩大，也将带动泸 州地区白酒产业链的协同发展。 泸州作为中国白酒产业集群的重要城市，拥有完善的酿造产业链与配套基础设施。业内分析认为，郎酒通过增资泸州 公司，不仅有助于完善区域产能布局，还将推动企业在原酒储能、生产线智能化改造以及环保节能项目上的持续投 入。 从产业趋势来看，高端白酒企业正普遍加快生产基地现代化建设与资本扩充步伐，以巩固市场地位并强化长期竞争 力。郎酒集团通过此次资本增资，进一步增强了集团在四川乃至全国市场的生产与供应能力，为品牌持续增长奠定了 坚实基 ...

Core Insights - The company, Hunan YN, reported that industry demand has remained at a high level since the fourth quarter, with full production and sales, maintaining a leading capacity utilization rate in the industry [2] - The company plans to cautiously manage its capacity layout based on market conditions in the future [2]

证券代码：001338 证券简称：永顺泰 编号：2025-012 投资者关系活动记录表 投资者关系 活动类别 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他： 参与单位名称 及人员姓名 太平洋证券程晓东 时间 2025 年 11 月 21 日上午 地点 广州市黄埔区金华西街 1 号公司 6 楼会议室 上市公司接待 人员姓名 董事会秘书温敏、证券事务代表仝国明 投资者关系 活动记录 1.公司作为国内第一大、全球第四大麦芽公司，中长期发展远景是？ 答：公司作为国内产销规模最大的麦芽企业，发展战略是深耕麦芽 主业，巩固公司在行业内的领先地位，致力于打造世界一流的麦芽供应 商，推动企业可持续发展。在主业拓展方面，公司积极提升自主创新能 力，持续做强做优麦芽主业，近年来陆续建成 2 个募投项目，即广麦 4 期扩建项目和宝麦年产 13 万吨中高档啤酒麦芽项目，产能增加 27%，目 前均已实现满产；2024 年以来公司下属宝麦公司新建 5 万吨/年特制麦 芽生产线，目前正按计划施工；后续将继续结合客户需求，不断优化、 完善产能布局，适时寻求行业内的收并购机会，持续提升公司 ...

Core Viewpoint - The company is actively exploring merger and acquisition opportunities within its industry, emphasizing a cautious approach to decision-making based on various strategic factors [2] Group 1: Mergers and Acquisitions - The company is paying close attention to beneficial merger and acquisition opportunities that align with its development goals, but acknowledges the complexity and need for suitable timing in such processes [2] - Decisions regarding mergers and acquisitions will be made after a comprehensive evaluation of strategic planning, industry prospects, business synergies, and acquisition costs [2] Group 2: Production Capacity and Market Demand - By mid-next year, the company will have over 30 imported foam core line extruders to match market demand [2] - The company’s power products, including cable accessories and various insulation protection products across voltage levels of 1-500kV, hold a leading position in the industry, serving major clients such as State Grid, Southern Power Grid, and local power bureaus [2] Group 3: Nuclear Power Products - The company’s nuclear-grade cable accessory products have been successfully applied in multiple domestic and international nuclear power projects, achieving a leading bid rate in the industry [2] - Collaborations exist with major nuclear power companies, including China National Nuclear Corporation, China General Nuclear Power Group, and State Power Investment Corporation [2] Group 4: Research and Development Investment - To align with the development needs of its various business segments and seize industry opportunities, the company is increasing its investment in research and development and capacity layout [2] - Currently, there are no plans for share buybacks, but the company will adhere to legal disclosure requirements if such plans arise in the future [2]

Core Viewpoint - The article emphasizes the investment potential of PEEK+ lithium battery materials, highlighting their role in filling domestic technological gaps and the company's significant production capacity [1] Group 1: Company Overview - PEEK+ has commenced the use of a thousand-ton production capacity for lithium battery materials, marking a significant step in the industry [1] - The company is positioned as a leader in the production of pharmaceutical and lithium battery upstream raw materials, achieving the highest global output [1] Group 2: Financial Projections - Institutions forecast a 170% year-on-year growth in net profit for the company by 2025, indicating strong future performance [1] - The company is planning to establish a new production capacity for lithium salts, targeting an annual output of 10,000 tons [1]

Group 1 - The core point of the article is the current production status of the Zhuhai plant of Chongda Technology, which is in the ramp-up phase with a monthly capacity of 120,000 square meters [1] - There is a discrepancy in the information regarding the operational status of the Zhuhai plant, as the company’s official news states it has achieved full production, while the investor interaction indicates it is still ramping up [2]

Core Viewpoint - The company's Q3 performance was weak with a year-on-year decline of 82.5% in net profit attributable to the parent company, but this does not indicate a growth bottleneck. Short-term costs related to the transition of domestic capacity to Malaysia have impacted management expenses and operating costs, alongside factors like increased depreciation of fixed assets and decreased investment income. Future prospects include stable capacity and delivery under favorable tariff policies, a potential rebound in orders during the interest rate cut cycle, and growth opportunities in the elderly care robot sector [1][2][3]. Capacity Layout and Tariff Stability - The Malaysian factory is set to achieve large-scale production by May 2025, with a designed annual output value of 2 billion RMB, primarily serving the U.S. market. By October, it has met all U.S. order production needs, with further expansion potential available [2]. - The company also operates a factory in Suzhou, China (serving non-U.S. markets), a new base in Nantong (under construction for non-U.S. markets), and a warehouse center in the U.S. for logistics and maintenance [2]. - Recent U.S.-China tariff negotiations have led to the postponement of retaliatory tariffs and significant reductions in fentanyl tariffs, with tariffs on Southeast Asia also stabilizing. This is expected to alleviate shipping and production issues caused by tariffs in the coming year, leading to a recovery in profitability [2]. Market Share and Product Expansion - The company is expected to see order growth due to its strong R&D capabilities, with major clients concentrating orders for existing products like air compressors and vacuum cleaners. Additionally, the company has successfully entered new markets such as pneumatic tools and outdoor camping equipment, which have a market potential several times larger than existing businesses and align well with core competencies [2]. Elderly Care Robots as a Growth Driver - The company's elderly care robot product has reached technological maturity (now in its fifth generation) and has been included in the Ministry of Industry and Information Technology's promotion directory for intelligent elderly care service robots. It is the only selected enterprise in the subcategory of intelligent handling robots, indicating recognition from national authorities. The development of national intelligent elderly care demonstration projects is expected to significantly boost this business [3]. - With the rapid aging of the population in China and rising costs for caregivers, intelligent handling robots are anticipated to become essential products with a broad market outlook [3]. Profit Forecast - The company forecasts net profits attributable to the parent company of 216 million RMB, 288 million RMB, and 364 million RMB for 2025-2027, corresponding to current P/E ratios of 29x, 22x, and 17x, respectively, maintaining a "recommended" rating [3].