2025 年 10 月 27 日 公司点评 买入/维持 <<春风动力：2025Q1 业绩高增，全球 化加速+高端化引领成长>>--2025- 04-17 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 春风动力(603129) 目标价: 昨收盘:252.41 春风动力：2025Q3 业绩快速增长，关税等因素致使净利率短期波动 ◼ 走势比较 (10%) 12% 34% 56% 78% 100% 24/10/28 25/1/8 25/3/21 25/6/1 25/8/12 25/10/23 春风动力 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.53/1.53 总市值/流通(亿元) 385.12/385.12 12 个月内最高/最低价 (元) 304.8/130.99 <<春风动力：2025Q2 业绩超预期高 增，极核电动打开增量空间>>-- 2025-08-14 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：j ...

Core Insights - The company expects a significant increase in net profit for the first three quarters of the year, projecting between 580 million to 620 million yuan, representing a year-on-year growth of 92.46% to 105.73% [1][2] - The company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1][5] Financial Performance - The company reported an operating income of 1.713 billion yuan for the first half of the year, a year-on-year increase of 23.19% [3] - Sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, up 30.65%, while special vehicle sales amounted to 490 million yuan, growing by 8.22% [3][4] - The net profit after deducting non-recurring items is expected to be between 575 million to 615 million yuan, reflecting a growth of 94.97% to 108.54% [2] Global Strategy - Over 90% of the company's revenue comes from overseas markets, focusing on a manufacturing layout in "China + Southeast Asia + North America" [4] - The company is accelerating its overseas production capacity, with a local manufacturing facility in North America and ongoing construction of a production base in Thailand [4] - The establishment of a dual-hub structure in Southeast Asia is expected to enhance supply capabilities for the U.S. market [4] Future Plans - The company aims to strengthen its capital base through the H-share issuance, which will support overseas capacity building, channel expansion, and technology research and development [5]

回溯来看，涛涛车业已在全球化运营方面积累深厚优势。公司创始人团队深耕北美市场近二十年，精准把握前端消费需求，构建了"研发—制造—销售—售后"全链条本土化运营体系。目前，公司已 在研发方面，涛涛车业正积极构建覆盖全球的创新网络。国内方面，全资子公司上海极帜智能科技有限公司及筹建中的上海张江研究院、重庆研究院，将分别聚焦智能技术研发与大排量发动机攻 此外，对接国际资本市场监管标准与投资者群体，将推动涛涛车业治理结构、透明度和管理效率全面提升，同时增强国际投资者信任，深化公司在全球市场的价值认同。 涛涛车业表示，未来将以"A+H"上市为契机，进一步深化全球化布局，通过技术升级、供应链整合与渠道品牌建设不断巩固市场地位，提升品牌渗透率与市场份额，最终实现公司长期稳健发展 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 孙小程）9月19日，涛涛车业发布《关于筹划发行H股股票并在香港联合交易所有限公司上市的提示性公告》。公告显示，公司为进一步扩大公司全球化战略布局、提 据介绍，涛涛车业始终以全球化视野推动战略落地。此次筹划H股发行，是公司推进国际化资本运作、构建双融资平台的重要举措。公司希望通过赴港融资，进一步增 ...

Core Insights - The company, TaoTao Automotive, reported a significant increase in both revenue and net profit for the first half of 2025, with revenue reaching 1.713 billion yuan, a year-on-year growth of 23.19%, and net profit of 342 million yuan, up 88.04% [1] Sales Performance - Sales revenue from smart electric low-speed vehicles amounted to 1.152 billion yuan, reflecting a year-on-year increase of 30.65%, while special vehicle sales generated 490 million yuan, growing by 8.22% [2] - The electric golf cart and all-terrain vehicle segments were highlighted as key drivers of the company's performance, with a focus on expanding market penetration in North America [2] Product Development - The company has introduced various models of electric golf carts, including 2+2 seaters and panoramic camping vehicles, targeting new and retirement communities, hotels, and resorts [2] - The company is actively developing new products such as utility vehicles and cargo trucks, while also enhancing existing products to meet diverse market demands [2] Production Capacity - The company's U.S. factory is advancing local production of electric golf carts, while the Vietnam facility has achieved full-chain autonomous production [3] - A new production base in Thailand is under construction, expected to be completed by February 2026, with the Chinese factory continuing to support overseas manufacturing [3] Technological Innovation - The company is exploring cutting-edge fields such as humanoid robots and autonomous driving, aiming to integrate AI technologies into core products for smart upgrades [3] - Strategic partnerships have been established with companies like K-SCALE and Kepler Robotics to enhance product development and iteration [3] Future Outlook - TaoTao Automotive plans to continue capacity expansion and channel deepening in the second half of 2025, optimizing management and product technology layout to further penetrate the new energy smart mobility market [3]

Group 1 - The company, TaoTao Automotive, announced that it will hold its first extraordinary general meeting of shareholders for 2025 on September 10, 2025 [2] - The agenda for the meeting will include the review of "proposals regarding the company" [2]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, indicating strong operational performance [1] Financial Performance - The company achieved a revenue of 1.713 billion yuan, representing a year-on-year increase of 23.19% [1] - The net profit attributable to shareholders reached 342 million yuan, showing a substantial year-on-year growth of 88.04% [1] - The basic earnings per share were reported at 3.15 yuan [1]

Group 1 - The company, TaoTao Automotive, reported that as of July 31, 2025, the number of shareholders is expected to reach 9,080 [2]