证券研究报告 | 公司深度报告 2025 年 07 月 11 日 九号公司（689009.SH） 短交通为基、机器人为翼，成长为智慧生态级玩家 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 10,222 | 14,196 | 20,281 | 26,117 | 32,366 | | 增长率 yoy（%） | 1.0 | 38.9 | 42.9 | 28.8 | 23.9 | | 归母净利润（百万元） | 598 | 1,084 | 1,796 | 2,417 | 3,245 | | 增长率 yoy（%） | 32.5 | 81.3 | 65.7 | 34.6 | 34.3 | | ROE（%） | 10.8 | 17.4 | 22.4 | 23.2 | 23.7 | | EPS 最新摊薄（元） | 0.83 | 1.51 | 2.50 | 3.36 | 4.51 | | P/E（倍） | 69.8 | 38.5 | 23.2 | 17.3 | 12.9 | ...

九号公司：智能短交通+机器人领域的全能玩家。 公司以"简化人和物的移动"为使命，通过核心技术的复用和升级打造"智能短交通+服务机器人"的平台 化业务生态，形成了电动平衡车、电动滑板车、智能两轮电动车、E-Bike、全地形车、割草机器人和配 送机器人等丰富的产品线。2024 年公司营收/归母净利润分别为142 亿/11 亿（ 同比+39%/+81%），两 轮电动车已成为公司的营收主体（占比51%），割草机器人、全地形车等逐步开始放量，业绩潜力加速 释放可期。 稳中有进-两轮车：高端智能化龙头，享行业结构性升级机遇 当前电动两轮车消费需求呈现明显的高端智能化导向，九号电动车自诞生以来便聚焦智能化&中高端 化，在品牌认知度、购买优先度和智能化性能等维度均行业领先，2024 年九号以60 万+销量独占4000 元以上市场第一梯队。 同时，新国标的实施对车辆性能提出更高要求，市场份额有望向有技术研发实力、规模和品牌优势的优 质厂家集中，公司有望充分受益。另外，公司依托两轮车智能化基因与Segway 品牌优势进军全球E- Bike 市场，进一步实现短交通全场景覆盖。 二次腾飞-服务机器人：抢滩机器人新赛道，助力成长 公司 ...

春风动力 20250710 摘要 2025 年 1-5 月中国摩托车出口额同比增长 40.22%，达 45 亿美元，5 月单月增速约 27%，行业景气度高。春风动力一季度营收增长约 38%，受益于行业增长。 春风动力通过泰国工厂投产和墨西哥基地建成，分散产能布局，有效应 对特朗普政府反复的关税政策带来的风险，保障供应链稳定。 春风动力全地形车收入占比约 49%，是公司基本盘；集合电动车作为新 业务板块，2024 年销量 10 万辆，收入达 4 亿元，同比增速超 400%， 目标构筑第三成长曲线。 春风动力 2019 年至 2024 年营收复合增速为 35%，利润增速为 52%。全地形车辆产品高端化战略提升美国市场毛利率，净利润率逐渐 提升至接近 10%。 中国摩托车出口量在疫情后显著提升，2022 年至 2024 年出口占比不 断上升，反映全球市场对中国摩托车产品需求增加，春风动力摩托车外 销是增长的重要驱动引擎。 全球全地形车年销量约 100 万辆，UTV 和 SSV 是主要增量市场，2007 年至 2024 年销量从 28 万辆增长到 62 万辆，渗透率从 23%增长到 Q&A 美国与越南达成贸易协议以及 ...

证券研究报告 | 2025年07月04日 | 晨会纪要 | | --- | | 数据日期:2025-07-03 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3461.15 | 10534.58 | 3968.06 | 11978.99 | 3031.14 | 984.94 | | 涨跌幅度（%） | 0.18 | 1.17 | 0.61 | 1.00 | 1.33 | 0.23 | | 成交金额（亿元） | 5002.11 | 8095.21 | 2696.09 | 3031.02 | 3820.01 | 197.04 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 宏观与策略 固定收益周报:政府债务周度观察-三季度地方债计划发行 2.7 万亿 策略专题:震荡前行，飘红收官-A 股市场 2025 上半年极简复盘 行业与公司 ...

证券研究报告 | 2025年07月03日 九号公司-WD（689009.SH） 优于大市 智能短交通及服务类机器人领军企业，多元新业务持续成长 智能短交通及服务类机器人领军企业，具备创新及智能化基因。九号公司早 期以平衡车及滑板车起步，依托小米销售渠道实现扩张，上市后发力自主品 牌，布局产品线广泛，2024 年电动平衡车及滑板车/电动两轮车/机器人/全 地形车收入占比分别为 23.8%/50.8%/6.3%/6.9%，电动两轮车收入占比最高。 公司智能化技术壁垒深厚，管理团队拥有较强智能化背景、技术中台能够实 现底层技术复用、积累智能化核心技术，获得市场认可。 智能化为矛，打开高端电动两轮车市场空间。2025 年以旧换新政策提升行业 景气度；新国标有望促进头部企业份额提升，长期看电动两轮车行业进入门 槛有望提高，头部品牌持续加强高端产品布局，引导消费者付出更高溢价， 高端电动两轮车市场空间有望扩容。高端市场主要以九号、小牛、极核等品 牌为主，九号在电动两轮车领域侧重软件及智能化布局，真智能系统从 1.0 到 3.0 持续迭代升级，构建完善智能化功能矩阵，带来较强感知。公司已经 在消费者心中树立智能化、高端品牌 ...

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric vehicles, specifically golf carts, all-terrain vehicles (ATVs), and robotics Key Points and Arguments Financial Performance - **Q2 Performance**: TaoTao Vehicle's Q2 performance exceeded expectations, primarily driven by golf cart sales, with all-terrain vehicles and off-road vehicles also performing well. Electric bicycles are expected to grow due to tariff impacts, with clients like Walmart potentially shifting orders to Chinese manufacturers [2][5][6] - **Sales Growth**: Sales revenue increased by approximately 20% in the first half of 2025, with net profit growth expected to outpace revenue growth due to high margins on golf carts [3][10] - **Golf Cart Sales**: Approximately 10,000 golf carts were sold in Q2, with an average price of around 43,000 to 44,000 yuan [12][23] Market Dynamics - **Tariff Impact**: The introduction of anti-dumping tariffs has led to a drastic decline in exports of golf carts from China to the U.S., with a drop of 80-90%. This has created opportunities for companies with overseas production capabilities [13][14] - **U.S. Market Strategy**: The company has established a localized operation in the U.S. and has a significant team, enhancing brand and channel advantages. Inventory levels are healthy, with no immediate impact from tariffs expected [7][8][36] Product Performance - **Product Categories**: Besides golf carts, all-terrain vehicles and off-road vehicles showed good performance, while electric bicycles are anticipated to grow due to shifting orders from major clients [5][6][9] - **Regional Performance**: In non-U.S. markets, all-terrain vehicles have seen over 20% annual growth, while electric scooters in Europe have faced declines [9][28] Robotics Business - **Development Plans**: The company is accelerating its robotics business, establishing a smart technology company in Shanghai to develop humanoid robots and autonomous vehicles. Collaborations with TSKL focus on efficient research and data collection, with expectations for revenue generation by 2026 [11][20][22] Competitive Landscape - **Market Positioning**: TaoTao Vehicle differentiates itself through its established brand, localized operations, and extensive sales channels in North America. The company aims to capture a significant market share in the golf cart segment, targeting sales of over 100,000 units in the coming years [15][18][30] - **Challenges in Europe**: The company faces challenges in the European market due to high anti-dumping taxes and competition from low-priced Chinese manufacturers [32][28] Future Outlook - **Growth Projections**: The company anticipates continued growth, with a long-term goal of achieving a market share of 20-30% in the golf cart segment. The natural growth rate of the golf cart market is estimated at 8-10% annually [16][18] - **Investment in Robotics**: Future investments in robotics are expected to increase operational costs, but the company is prepared to manage these expenses based on market conditions [22][19] Supply Chain and Production - **Production Strategy**: The company has divided its production capabilities, with Vietnam and Thailand serving the U.S. market and China focusing on non-U.S. markets. This strategy is aimed at mitigating tariff impacts [24][25] Conclusion - **Core Competitiveness**: TaoTao Vehicle's core competitiveness lies in its established brand, localized operations, and global supply chain, positioning it as a significant player in the electric vehicle market [38][39]

6月30日，涛涛车业（301345）发布2025年半年度业绩预告显示，公司预计归属于上市公司股东的净利 润盈利31,000万元-36,000万元，比上年同期增长：70.34%-97.81%。扣除非经常性损益后的净利润盈利 30,720万元-35,720万元，比上年同期增长：71.97%-99.96%。 公告显示，报告期内，随着品牌影响力的不断提升、销售渠道的持续完善、经营效率的进一步提高，公 司的销售收入和利润均实现了良好的增长。 浙商证券（601878）点评认为，公司中报业绩大超预期，北美休闲车巨头有望强者恒强。 涛涛车业是一家专注于"新能源智能出行"的高新技术企业，立足国际视野，致力于为全球消费者提 供"无限户外驾乘体验"。公司聚焦智能电动低速车和特种车，其中：智能电动低速车以道路用车为主， 包括电动高尔夫球车、电动自行车、电动滑板车和电动平衡车等新能源智能系列产品；特种车以非道路 用车为主，涵盖全地形车和越野摩托车等燃油类产品。 公司产品主要用于休闲运动、智能出行、特种作业等方面，适合各年龄段和多场景使用，满足单人、双 人、多人及整个家庭等需求，应用范围十分广泛，凭借卓越实用性和高度适应性赢得了消费者的 ...

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric and Specialty Vehicles Key Points Financial Performance - **Significant Profit Growth**: In the first half of 2025, net profit growth significantly outpaced revenue growth, primarily due to a substantial increase in high-margin golf cart sales and effective cost control [2][4] - **Revenue Drivers**: The growth in net profit was attributed to continuous sales growth, particularly in golf carts, which have a higher unit price and margin [4] Product Performance - **Golf Carts**: Golf carts were the standout product in the first half of 2025, with a notable increase in sales volume and pricing adjustments of approximately $400-$500 per unit [2][6] - **Other Products**: All-terrain vehicles (ATVs) and off-road vehicles showed stable sales, while electric products like balance scooters and skateboards faced production capacity constraints and slight declines in sales [2][6] - **Production Capacity**: The company is enhancing production capacity in its Vietnam factory to meet U.S. market demand [2][6] Market Dynamics - **Export Challenges**: Chinese golf cart exports to the U.S. have significantly declined due to anti-dumping and countervailing duties, with market share being captured by manufacturers from Fujian and Zhejiang [2][8] - **Competitive Landscape**: Major competitors in the U.S. market include Easy Go, Club Car, and Yamaha, with TaoTao focusing on both on-course and off-course markets [3][9] Strategic Initiatives - **Market Share Goals**: The company aims to capture 20%-30% of the U.S. market share, which has an estimated 600,000 units in circulation, with plans to increase production capacity to approximately 100,000 units per factory [3][9] - **Product Development**: Future investments will focus on brand building and product R&D, including smart golf carts, humanoid robots, and autonomous vehicles [2][7][10] Future Outlook - **Growth Projections**: The company expects significant growth in the all-terrain vehicle segment with the introduction of new models (350cc and 550cc) in 2026 [5][15] - **Production Strategy**: The Vietnam and Thailand factories will primarily serve the U.S. market, while the Chinese factory will cater to other regions [16] Financial Policies - **Dividend Policy**: The company maintains a high dividend payout policy, with potential adjustments based on significant capital expenditures [17] - **Performance Expectations**: The company anticipates that the second half of 2025 will perform at least as well as the first half, driven by seasonal demand during holidays [18] Research and Development - **Technological Advancements**: The company is exploring advancements in humanoid robots and autonomous vehicles, with ongoing collaborations for technology upgrades [10][11][13] Additional Insights - **Market Positioning**: The company is strategically positioned to leverage its inventory and market share gained in 2024 to improve its competitive stance in the U.S. market [8][9] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, product dynamics, market strategies, and future outlook.

长江商报消息 ●长江商报记者 汪静 业绩利好释放，涛涛车业（301345.SZ）股价创下新高。 6月30日，涛涛车业发布公告称，预计2025年上半年实现归属于上市公司股东的净利润（下称"净利 润"）为3.1亿元—3.6亿元，同比增长70.34%—97.81%。 涛涛车业表示，报告期内，随着品牌影响力的不断提升、销售渠道的持续完善、经营效率的进一步提 高，公司的销售收入和利润均实现了良好的增长。 公开资料显示，涛涛车业创始人曹马涛深耕北美市场近20年，积累了丰富的行业和市场经验，2015年， 其成立涛涛车业，主营业务为全地形车、摩托车的生产销售，2017年开始切入电动滑板车、电动平衡车 等短途代步工具的研发与销售。 当日，二级市场上，涛涛车业股价创下历史新高，最高触及109.92元/股，收盘报108.1元/股，当日涨幅 3.94%。 涛涛车业主要从事全地形车、电动高尔夫球车、电动滑板车等的研发、生产和销售。2024年，其向美国 市场销售的收入达22.92亿元，占比增至77%。长江商报记者还注意到，涛涛车业越南工厂产能放量， 将为美国市场的销售增长打下良好的基础。 上半年净利预计增长超七成 涛涛车业业绩预喜。 以 ...

摘要 大消费联合会议 20260629 老铺黄金积极拓展海外市场，首站选择新加坡，并计划进军日本、东南 亚及欧美等地。华人占比高、零售价与国内相近等因素，将支撑其在东 南亚市场的扩张，满足华人区及出境购物需求。 618 大促期间快递行业揽收和派送环比增速约 4%，周度件量近 41 亿件， 与去年同期相似，反映购物节拉长趋势。同比增速低于 15%，属正常现 象，预计未来两月行业增速维持在 10%-15%水平，受去年高基数影响。 京东物流承接京东外卖订单，短期内作为托底方，收入和成本同步增加， 对业绩影响可控。长期来看，旨在降本增效，提升人效，打造同城即时 配送能力，并为 KA 客户提供门店配送服务。 顺丰增发港股和发行可转债，旨在补足去年募资缺口，用于科技和国际 业务发展。短期内维持稳中有降的资本开支计划，优先实现国际业务减 亏，长期仍将国际业务视为第二增长曲线。 2025 年 5 月中国摩托车行业大排量内外销销量超 10 万台，同比增长 30%，前五个月累计 40 万台，同比增长 50%。出口量达 15 万台，同 比增长超 50%，主要由春风、隆鑫等头部企业驱动。 Q&A 老铺黄金近期新开门店的店效水平如何， ...