电动低速车行业龙头，全球化布局优势突出 [Table_CoverStock] —涛涛车业(301345)公司首次覆盖报告 [Table_ReportDate] 2026 年 03 月 07 日 [Table_CoverAuthor] 姜文镪 骆峥 赵启政 S1500524120004 S1500525020001 S1500525030004 jiangwenqiang@cindasc.com luozheng1@cindasc.com zhaoqizheng@cindasc.com ''；、 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 涛涛车业(301345) 投资评级 买入 上次评级 [Table_Chart] -100% 0% 100% 200% 300% 400% 25/03 25/07 25/11 涛涛车业 沪深300 | 收盘价（元） | 202.00 | | --- | --- | | 52 周内股价波动区间 | 257.60-53.89 | | (元) | | | 最近一月涨跌幅(％) | -9.09 | | 总股本 ...

融资方面，涛涛车业当日融资买入2960.78万元。当前融资余额2.33亿元，占流通市值的3.76%，融资余 额超过近一年80%分位水平，处于高位。 来源：新浪证券-红岸工作室 截至1月30日，涛涛车业股东户数1.13万，较上期增加0.00%；人均流通股2580股，较上期增加0.00%。 2025年1月-9月，涛涛车业实现营业收入27.73亿元，同比增长24.89%；归母净利润6.07亿元，同比增长 101.27%。 2月12日，涛涛车业跌3.66%，成交额3.66亿元。两融数据显示，当日涛涛车业获融资买入额2960.78万 元，融资偿还1614.13万元，融资净买入1346.65万元。截至2月12日，涛涛车业融资融券余额合计2.37亿 元。 融券方面，涛涛车业2月12日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额2.11万 元；融券余量1.59万股，融券余额335.47万元，超过近一年90%分位水平，处于高位。 资料显示，浙江涛涛车业股份有限公司位于浙江省丽水市缙云县新碧街道新元路10号,香港铜锣湾希慎 道33号利园1期19楼1919室，成立日期2015年9月24日，上市日期2023 ...

Strategic Progress - The company plans to advance its Hong Kong listing to establish an "A+H" dual financing platform, aiming to enhance international brand influence and financing capabilities [2] - The company intends to acquire 100% of the American brand Champion Motorsports Group Holdings, LLC for $15 million to expand its North American sales channels and create a second growth curve [2] Project Positioning and Planning - The main factory in Thailand is expected to be completed by February 2026, and will collaborate with the Vietnam factory for supply [3] - The U.S. factory is planned to reach full production by the second quarter of 2026, while the Thailand factory is expected to achieve full production by the third quarter of 2026 to support North American market demand [3] - The company has disclosed its performance forecast for the full year of 2025, estimating a net profit attributable to shareholders of 800 million to 850 million yuan, although the formal annual report has yet to be released [3]

Core Viewpoint - TaoTao Automotive has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing and Trading Activity - On February 10, TaoTao Automotive's stock price decreased by 0.38%, with a trading volume of 206 million yuan. The financing buy-in amount for the day was 23.28 million yuan, while the financing repayment was 10.55 million yuan, resulting in a net financing buy-in of 12.73 million yuan. The total financing and securities balance reached 228 million yuan [1]. - The current financing balance of 225 million yuan accounts for 3.49% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, 100 shares were repaid, and 400 shares were sold on February 10, with a selling amount of 87,400 yuan. The securities lending balance was 3.46 million yuan, also above the 90th percentile level over the past year [1]. Company Overview - Zhejiang TaoTao Automotive Co., Ltd. was established on September 24, 2015, and went public on March 21, 2023. The company specializes in the research, production, and sales of electric vehicles and related accessories, focusing on outdoor leisure and short-distance transportation [1]. - The main revenue composition includes smart electric low-speed vehicles (67.23%), special vehicles (28.59%), and other products (4.17%) [1]. Financial Performance - For the period from January to September 2025, TaoTao Automotive achieved a revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89%. The net profit attributable to the parent company was 607 million yuan, showing a significant year-on-year increase of 101.27% [2]. Shareholder Information - As of January 20, the number of shareholders for TaoTao Automotive reached 11,300, an increase of 12.67% from the previous period. The average circulating shares per person decreased by 11.24% to 2,580 shares [2]. - The company has distributed a total of 708 million yuan in dividends since its A-share listing [3]. - Notable institutional shareholders include Yongying Ruixin Mixed A, which is the second-largest shareholder with 1.0247 million shares, and several other new institutional investors have entered the top ten shareholders list [3].

来源：新浪证券-红岸工作室 融券方面，涛涛车业2月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量1.55万股，融券余额340.40万元，超过近一年90%分位水平，处于高位。 资料显示，浙江涛涛车业股份有限公司位于浙江省丽水市缙云县新碧街道新元路10号,香港铜锣湾希慎 道33号利园1期19楼1919室，成立日期2015年9月24日，上市日期2023年3月21日，公司主营业务涉及专 注于户外休闲娱乐兼具短途交通代步功能的汽动车、电动车及其配件、用品研发、生产和销售。主营业 务收入构成为：智能电动低速车67.23%，特种车28.59%，其他4.17%。 2月9日，涛涛车业涨0.18%，成交额1.93亿元。两融数据显示，当日涛涛车业获融资买入额1008.34万 元，融资偿还1331.62万元，融资净买入-323.28万元。截至2月9日，涛涛车业融资融券余额合计2.15亿 元。 融资方面，涛涛车业当日融资买入1008.34万元。当前融资余额2.12亿元，占流通市值的3.28%，融资余 额超过近一年60%分位水平，处于较高位。 分红方面，涛涛车业A股上市后累计派现7.08亿元 ...

Core Viewpoint - TaoTao Automotive has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Group 1: Financial Performance - As of January 20, 2025, TaoTao Automotive achieved a revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89% [2]. - The net profit attributable to shareholders for the same period was 607 million yuan, reflecting a substantial increase of 101.27% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 708 million yuan in dividends [3]. Group 2: Shareholder and Market Activity - As of January 20, 2025, the number of shareholders for TaoTao Automotive reached 11,300, an increase of 12.67% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.24% to 2,580 shares [2]. - On February 5, 2025, the company experienced a financing buy-in of 13.37 million yuan, with a net financing outflow of 1.72 million yuan, indicating active trading [1]. Group 3: Company Overview - TaoTao Automotive, established on September 24, 2015, is located in Lishui City, Zhejiang Province, and specializes in the research, production, and sales of electric vehicles and related accessories [1]. - The company's main revenue sources include smart electric low-speed vehicles (67.23%), special vehicles (28.59%), and other products (4.17%) [1]. Group 4: Institutional Holdings - As of September 30, 2025, several new institutional investors have entered the top ten shareholders, including Yongying Ruixin Mixed A and Hong Kong Central Clearing Limited, indicating growing institutional interest [3].

Core Viewpoint - TaoTao Automotive has shown significant growth in both revenue and net profit, indicating strong market performance and investor interest [2][3]. Group 1: Stock Performance - On February 3, TaoTao Automotive's stock rose by 3.29%, with a trading volume of 569 million yuan [1]. - The financing buy-in amount for the day was 39.70 million yuan, while the financing repayment was 26.77 million yuan, resulting in a net financing buy-in of 12.93 million yuan [1]. - As of February 3, the total financing and securities lending balance for TaoTao Automotive was 215 million yuan, with the financing balance accounting for 3.31% of the circulating market value, indicating a high level of investor engagement [1]. Group 2: Financial Performance - For the period from January to September 2025, TaoTao Automotive achieved a revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89% [2]. - The net profit attributable to the parent company for the same period was 607 million yuan, showing a remarkable year-on-year increase of 101.27% [2]. Group 3: Shareholder Information - As of January 20, the number of shareholders for TaoTao Automotive reached 11,300, an increase of 12.67% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.24% to 2,580 shares [2]. - The company has distributed a total of 708 million yuan in dividends since its A-share listing [3]. Group 4: Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Yongying Ruixin Mixed A, which is the second-largest shareholder with 1.0247 million shares, and several new institutional investors have entered the top ten shareholders list [3].

九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，，维持 "买入"评级。 ：欧洲和非美地区销量同比增长 20-30%。 ：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自行车需 求未改善仍处冰点，需等待春节后是否出现拐点。 九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，，维持 "买入"评级。 ：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自行车需 求未改善仍处冰点，需等待春节后是否出现拐点。 一线城市监管严格，需求低迷且仅占九号销量的 10-20%；非一线城市中，电动摩托车正逐步取代电动自行车。 ：面向消费者（to C）业务需求保持增长面向企业（to B）业务较 2025 年高基数持平。 ...

Summary of Conference Call for Ninebot Company Industry and Company Overview - **Company**: Ninebot Company - **Industry**: Electric Mobility, specifically focusing on electric bicycles and scooters Key Points and Arguments 1. **Demand for Electric Bicycles**: The demand for electric bicycles remains sluggish as of Q1 2026, with other product categories performing better. The company anticipates a potential recovery post-Chinese New Year [1] 2. **Profit Forecast Adjustment**: The company reported lower-than-expected profits for Q4 2025, leading to a downward revision of net profit forecasts for 2026-2028 by 11-12%. The target price has been adjusted from 81 CNY to 75 CNY while maintaining a "Buy" rating [1][2] 3. **Product Demand Breakdown**: - **Electric Two-Wheelers**: Mixed performance; electric motorcycles saw a 50% year-on-year increase, accounting for 80% of electric two-wheeler demand (up from 51% in 2025). However, electric bicycle demand remains stagnant [1] - **Electric Scooters**: Consumer-facing (to C) business demand continues to grow, while business-facing (to B) demand remains flat compared to the high base in 2025 [2] - **Lawn Mowers**: Sales are expected to double year-on-year, similar to 2025 performance [2] - **All-Terrain Vehicles**: Sales in Europe and non-US regions increased by 20-30% year-on-year [2] Additional Important Information 1. **Profitability Issues**: The company’s net profit for 2025 is projected to be around 1.7-1.9 billion CNY, reflecting a year-on-year increase of 54%-71%. However, Q4 profits are expected to be at breakeven, significantly below the previous expectation of 200-300 million CNY [2] 2. **Reasons for Profit Shortfall**: - Transition in domestic electric two-wheeler policies and dealer inventory reduction led to lower sales - A net loss of 70 million CNY from currency exchange, contrasting with a net gain of over 20 million CNY in Q4 2024 - Tax expenses exceeding 70 million CNY related to pre-distributed cash dividends [2] 3. **Earnings Forecast and Valuation**: Despite an optimistic outlook from management for 2026, net profit forecasts have been adjusted downwards due to factors like exchange rates and rising costs. The compound annual growth rate for net profit from 2025-2028 is now projected at 29%. The target price is based on a 22x expected P/E ratio for 2026, with the current stock price reflecting a lower 16x expected P/E ratio, indicating a historically low valuation [3]

Core Viewpoint - The company, Taotao Automotive (301345), has indicated that the rising prices of battery cells have a limited impact on its profitability due to the relatively low proportion of battery cell procurement costs in the overall vehicle manufacturing expenses and the good gross margin of its products [1] Group 1 - The company assembles various models and configurations of battery packs for electric mobility products, with battery cell procurement being a minor cost component in the overall manufacturing process [1] - The company has established a mature mechanism to respond to fluctuations in raw material prices, which helps mitigate the impact of sustained price increases on profitability [1] - The company possesses strong bargaining power on the sales side, allowing it to effectively counteract the effects of rising raw material costs on its profitability [1]