汽车/摩托车及其他 涛涛车业（301345.SZ） 2025Q2 业绩延续高增，长期关注机器人/无人驾驶等 2025 年 08 月 27 日 智能化领域进展 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 189.99 | | 一年最高最低(元) | 198.20/44.01 | | 总市值(亿元) | 206.39 | | 流通市值(亿元) | 54.52 | | 总股本(亿股) | 1.09 | | 流通股本(亿股) | 0.29 | | 近 3 个月换手率(%) | 646.53 | 股价走势图 -100% 0% 100% 200% 300% 400% 2024-08 2024-12 2025-04 涛涛车业 沪深300 数据来源：聚源 相关研究报告 《2025Q2 业绩延续高增，向机器人/ 智能化领域拓展 —公司信息更新报 告》-2025.7.3 《2024Q3 营收维持高增，美国本土化 制造快速推进 —公司信息更新报告》 -2024.10.30 《2024H1 业绩高增，电动高尔夫球车 进入快车道—公司信息更新报 ...

"全地形车龙头"涛涛车业（301345.SZ）业绩延续增长趋势。 8月25日，涛涛车业发布2025年半年度报告。报告期内，公司实现营收17.13亿元，同比增长23.19%；实 现净利润3.42亿元，同比增长88.04%。公司整体业务发展呈持续向好态势。 涛涛车业是一家专注于"新能源智能出行"的国家级专精特新小巨人企业，产品主要包括智能电动低速 车、特种车，用于智能出行、休闲运动、特种作业等方面。2023年3月，涛涛车业在创业板上市。 长江商报记者注意到，涛涛车业产品以外销为主，美国地区为主要目标市场之一，2025年上半年，来自 美国市场的销售收入为13.38亿元，占公司总营收的比重增至78.11%。 两大核心主业均实现增长 长江商报消息 ●长江商报记者 张璐 财报显示，近年来，该公司研发投入持续增长，2021年—2024年，其研发投入分别为6290万元、 6435.59万元、8765.42万元、1.25亿元，占总营收的比例分别为3.12%、3.64%、4.09%、4.22%。 2025年上半年，涛涛车业研发投入为5417.4万元，近四年半研发投入累计达3.94亿元。截至2025年上半 年，涛涛车业拥有专利50 ...

报告期内，公司智能电动低速车销售收入11.52亿元，同比增长30.65%；特种车销售收入4.90亿元，同 比增长8.22%。其中，电动高尔夫球车与全地形车表现比较突出，是推动公司业绩增长的主要产品。在 电动高尔夫球车领域，公司依托北美市场渠道和本地化运营，产品渗透率持续提升。目前已推出2+2 座、正四座、4+2座、正六座及全景式露营车型，主要应用于新型及退休社区、酒店、景区、度假村、 大学与大型园区等场景。公司正在积极研发场地车、货斗车等新品。截至上半年，公司高端经销商突破 230+，核心市场高度渗透；进入北美高端购物中心、封闭社区及公共机构，并小规模进驻高尔夫球 场，C端消费场景不断拓展；第二品牌"TEKO"于2025年7月进入北美市场，首台车辆已在得州工厂下 线。全地形车方面，公司不断完善产品结构。300CC ATV作为主力车型，持续贡献销量；350CC ATV 已实现批量生产，500CC ATV进入小批量试产阶段。同时，公司对现有产品进行外了观与性能升级， 以适应多元化市场需求。 涛涛车业表示，2025年下半年将继续推进产能释放与渠道深化，优化经营管理，完善产品与技术布局， 持续拓展新能源智能出行市场。 ...

本报记者邬霁霞见习记者王楠 近年来，涛涛车业加速构建"中国+东南亚+北美"的全球化产能布局，海外产能建设不断完善。今年上 半年，涛涛车业推动北美本土化制造加速落地，其美国工厂全力推进电动高尔夫球车组装生产，通过人 员有效组织与工序节拍优化，产线日均产能实现稳步增长，为满足北美区域市场快速交付需求提供重要 支撑。 与此同时，涛涛车业还进一步完善东南亚地区产能布局。今年1月，涛涛车业通过旗下公司成立新加坡 孙公司TBLAZER（SG）PTE.LTD.和泰国孙公司TRAILBLAZER VEHICLES（THAILAND）CO.， LTD.，并在泰国投资建设生产基地。目前，泰国春武里府"开拓者"自有生产基地建设正有序推进，该生 产基地计划于2026年2月基本建成，正式投产后将与现有的越南工厂形成东南亚双枢纽架构，显著增强 对美国市场的供应能力。 盘古智库（北京）信息咨询有限公司高级研究员江瀚对《证券日报》记者表示，涛涛车业强化东南亚制 造枢纽建设，在分散地缘政治风险的同时，还能与北美和国内的生产基地形成产能协同网络，提升公司 的供应链韧性。此外，东南亚基地作为辐射亚太地区的重要枢纽，还可助力公司拓展新兴市场，进一步 ...

Core Viewpoint - The article highlights the mid-year performance disclosures of several leading companies across various industries, showcasing significant revenue and profit growth for many, while also noting some companies facing challenges. Group 1: Company Performance - Changcheng Military Industry reported a revenue of 699 million yuan, a year-on-year increase of 29.55%, but a net loss of 27.4 million yuan, an improvement from a loss of 39.63 million yuan in the previous year [2] - Taotao Vehicle achieved a revenue of 1.713 billion yuan, up 23.19%, with a net profit of 342 million yuan, a growth of 88.04% [2] - Tianfu Communication's revenue reached 2.456 billion yuan, a 57.84% increase, with a net profit of 899 million yuan, up 37.46% [3] - Dayuan Pump's revenue was 965 million yuan, a 14.55% increase, but net profit decreased by 27.99% to 101 million yuan [3] - Shutaishen reported a revenue of 126 million yuan, down 31.14%, with a net loss of 24.64 million yuan [4] - Jinfake Technology's revenue was 31.636 billion yuan, a 35.5% increase, with a net profit of 585 million yuan, up 54.12% [4] - Inner Mongolia First Machinery Group reported a revenue of 5.727 billion yuan, a 19.62% increase, with a net profit of 290 million yuan, up 9.99% [5] - Huadong Cable's revenue was 3.425 billion yuan, a 12.95% increase, but net profit fell by 29.3% to 138 million yuan [5] - Tuowei Information's revenue was 1.306 billion yuan, down 24.42%, but net profit surged by 2262.83% to 78.81 million yuan [6] Group 2: Industry Leaders - Gaode Infrared reported a revenue of 1.934 billion yuan, a 68.24% increase, with a net profit of 181 million yuan, up 906.85% [7] - Xinyi Technology achieved a revenue of 10.437 billion yuan, a 282.64% increase, with a net profit of 3.942 billion yuan, up 355.68% [7] - Sunshine Power's revenue was 43.533 billion yuan, a 40.34% increase, with a net profit of 7.735 billion yuan, up 55.97% [7] - Nairui Radar reported a revenue of 155 million yuan, a 112.84% increase, with a net profit of 56.946 million yuan, up 866.97% [8] - Lixun Precision's revenue reached 124.503 billion yuan, a 20.18% increase, with a net profit of 6.644 billion yuan, up 23.13% [9] - Anji Technology's revenue was 1.141 billion yuan, a 43.17% increase, with a net profit of 376 million yuan, up 60.53% [9] - Wolong Material's revenue was 3.945 billion yuan, a 27.46% increase, with a net profit of 558 million yuan, up 33.06% [10] - Kailaiying's revenue reached 3.188 billion yuan, an 18.20% increase, with a net profit of 617 million yuan, up 23.71% [10]

证券研究报告 | 公司点评 | 摩托车及其他 涛涛车业(301345) 报告日期：2025 年 08 月 25 日 上半年业绩同比增长 88%，北美休闲车龙头有望持续产销两旺 ——涛涛车业点评报告 投资要点 ❑ 事件：公司发布 2025 半年报 2）25H1 特种车收入 4.9 亿元，同比增长 8%，全地形车持续发力市场攻坚 ①ATV 排量段持续完善：300CC 销量进一步突破，350CC 已批量生产，500CC 小批量试 产，新增研发 130、180CC 等小排量产品，创新迭代 200、250CC 及电动 ATV 等车型。 ②渠道突破：高端经销商拓展至 100 多家。 ❑ 核心逻辑：公司有望强者恒强，行业竞争格局大幅改善，公司市占率逆势提升 1）公司海外产能布局持续完善，预计行业后续供给端逻辑将大幅体现，公司市占率有望 逆势提升。目前越南工厂已完成车架成型、表面处理、动力总成等关键工艺环节布局，产 能持续提升；公司在布局东南亚产能、美国本土产能方面行业领先，已形成美国+越南+ 泰国（拟）工厂的海外产能布局，龙头地位有望进一步稳固。 2）公司产品端推陈出新、渠道端持续突破：2024 年，公司电动高尔夫球车营收 ...

Core Viewpoint - The company is actively embracing the wave of intelligence by strategically laying out plans in robotics and autonomous driving technologies while maintaining its core business in smart electric low-speed vehicles and special vehicles [1] Group 1: Business Development - The company aims to build a common technology platform across product lines by integrating research and development achievements from emerging fields into its core products, thereby enhancing the development of its main business [1] - The company is planning to establish a global technology research and development network, including a domestic research institute in Zhangjiang, Shanghai, and an overseas team for cutting-edge technology incubation in the United States [1] Group 2: Strategic Collaborations - The company has formed strategic partnerships with K-SCALE, Kepler Robotics, and Yushu Technology to collaborate on sales expansion, scenario applications, and product secondary development [1]

辽宁曙光汽车集团股份有限公司 2025 年 7 月产销数据快报如下： 单位：辆 | | | 产品名称 | | 月度对比 | | | 年度对比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本月 | 去年同期 | 增减 | 本年累计 | 去年累计 | 增减 | | | | 客车 | 2 | 1 | 100.00% | 37 | 46 | -19.57% | | | | 皮卡 | 395 | 66 | 498.48% | 1224 | 1452 | -15.70% | | 产 | 整车 | 特种车 | 12 | 10 | 20.00% | 112 | 121 | -7.44% | | 量 | | 合计 | 409 | 77 | 431.17% | 1373 | 1619 | -15.19% | | | | 其中：新能源客车 | 0 | 0 | — | 2 | 44 | -95.45% | | | 其他 | 客车非完整车辆 | 0 | 0 | — | 400 | 0 | — | | | 汽车零 | 车桥（支） | 91817 ...

Company Overview - Liaoning Shuguang Automobile Group Co., Ltd. was established on March 2, 1993, and is listed on the Shanghai Stock Exchange with the stock code 600303 [1] - The company has a total issued share capital of 683.604211 million shares as of December 31, 2024 [1] - The controlling shareholder is Beijing Weizi West Consulting Management Center (Limited Partnership), with actual controllers being Quan Wei and Liang Zi [1] Business Activities - The company operates in the automotive manufacturing industry, focusing on the research and development, manufacturing, wholesale, and retail of automotive parts and components [1] - Main products and services include passenger cars, buses, pickups, special vehicles, and automotive retail business [1] Financial Reporting - The financial statements have been prepared in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations [1] - The financial statements were approved by the board of directors on April 10, 2025, and will be submitted for shareholder review [1] Consolidation Scope - The company has included 28 subsidiaries in its consolidated financial statements for the current period, an increase of 4 compared to the previous period [1] Accounting Policies - The company adheres to the accrual basis of accounting and uses historical cost as the measurement basis, except for certain financial instruments measured at fair value [1][2] - The company evaluates its ability to continue as a going concern and has not identified any significant doubts regarding its ongoing viability [1] Financial Instruments - Financial assets and liabilities are recognized when the company becomes a party to the financial instrument contract [18] - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [17][18] Joint Arrangements - The company classifies joint arrangements into joint operations and joint ventures based on the structure and contractual terms [12] - In joint operations, the company recognizes its share of assets, liabilities, income, and expenses [12]

Core Viewpoint - Institutional enthusiasm for company research remains high since July, with nearly 400 listed companies receiving institutional visits, particularly those with positive mid-year performance forecasts [1][2] Group 1: Company Performance - Companies such as Guocheng Mining, *ST Chengchang, Haopeng Technology, Zhongrun Resources, Dongrui Co., and Chenguang Bio are expected to see a year-on-year increase in net profit attributable to shareholders exceeding 100% or turning losses into profits in the first half of 2025 [1][3] - Zhongji Xuchuang has received attention from 130 institutions, with a projected net profit growth of 52.64% to 86.57% for the first half of 2025 [2] - Haopeng Technology anticipates a year-on-year net profit increase of 228.03% to 271.77% for the first half of 2025, attracting 85 institutional visits [2] Group 2: Industry Focus - The industries receiving the most attention from institutions include pharmaceuticals, machinery, and electronics, with over 38 companies in each sector being researched [4] - The CXO (Contract Research Organization), humanoid robots, and the Nvidia supply chain are highlighted as promising investment opportunities [4] - The pharmaceutical sector has seen a significant recovery, with the index rising over 13% year-to-date, ranking fifth among 31 industry indices [4] Group 3: Future Investment Opportunities - The humanoid robot market is expected to see a breakthrough in 2025, with mass production potentially driving growth in the downstream supply chain [4] - The AI infrastructure construction is identified as a high-growth investment theme, with a focus on related companies in the electronics sector [5]