投资要点 北美电动低速车（LSV）持续扩圈，行业渗透率有望提升。 ③场景端：截至2025 年6 月末，公司已实现球场内突破，2 家球场小规模进驻。 ④产能端：目前公司越南基地冲刺满产、美国工厂全力推进、泰国工厂预计26年2 月基本建成。 ⑤产品端&渠道端：定价15500 美元的新品全景露营车CITY 正式发售；第二品牌TEKO 已于9 月北美首 发，50+高端经销商、12+专属旗舰店布局，与北美TOP1 电动高尔夫球车连锁经销商战略合作，覆盖美 国15 个核心州。截至2025 年6 月末，高尔夫球车高端经销商突破230 家，另进驻北美高端购物中心 NorthPark；电动自行车高端经销商突破300 家。 2）中美领导人通话释放积极信号：9 月19 日晚中美领导人通话，双方肯定了最新一轮中美经贸谈判取 得的成果，并表示将继续努力在其他领域取得更多成果。 事件：9 月20 日公司发布公告称拟发行H 股 公司拟首次公开发行H 股股票并在香港联交所主板上市，以推动公司全球化战略布局、提升国际品牌影 响力、增强境外融资能力、打造国际化资本运作平台、进一步提高综合竞争力。 需求+供给双轮驱动， 公司有望强者恒强 1）渠道 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 1.71 billion yuan for the first half of 2025, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 340 million yuan, which is an 88% increase year-on-year [1] - The company is expected to maintain strong growth due to robust production and sales, with its own brand sales accounting for 65% of total sales, indicating increasing brand recognition [1][2] - The company has made significant progress in the electric low-speed vehicle segment, achieving a revenue of 1.15 billion yuan, a 31% increase year-on-year, with rapid advancements in electric golf carts [2] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.07 billion yuan, a 23% year-on-year increase, and a net profit of 260 million yuan, reflecting a 95% growth year-on-year [1] - The company’s weighted average ROE was 10.4%, up 4.2 percentage points year-on-year, and the net profit margin was 20.0%, an increase of 6.9 percentage points year-on-year [1] Market Position and Growth Drivers - The company is expected to strengthen its market position as the supply side of the North American electric low-speed vehicle industry continues to decline, allowing the company to increase its market share [2] - The company has expanded its dealer network significantly, with over 230 high-end dealers for golf carts and more than 300 for electric bicycles [2] - The introduction of new products, such as the panoramic camping vehicle CITY priced at $15,500, and the launch of the second brand TEKO in North America, are expected to enhance the product lineup and brand presence [2] Future Projections - Revenue projections for 2025-2027 are estimated at 4.2 billion, 5.6 billion, and 7.4 billion yuan, with year-on-year growth rates of 40%, 34%, and 33% respectively [3] - Net profit projections for the same period are 750 million, 980 million, and 1.28 billion yuan, with growth rates of 74%, 31%, and 31% respectively [3] - The company is expected to maintain a compound annual growth rate of 44% from 2024 to 2027, with corresponding P/E ratios of 28, 21, and 16 for 2025-2027 [3]