格隆汇12月19日｜华西证券研报指出，涛涛车业收购境外标的，构建自主品牌与渠道核心壁垒。标的公 司在美国专业商超、亚马逊线上销售等渠道市场覆盖能力较强，具备稳定的客户资源、成熟的销售网络 体系，主要包括TractorSupplyCo.、Walmart、MidStatesDistributing、Sportsman'sWarehouse等大型连锁商 超在内的数十家稳定客户、2000多家商超门店、线上线下相结合的销售渠道。另外标的公司全资子公司 ChampionMotorsportsGroup,LLC.系公司主要客户，持有知名品牌Racka。的公司与公司现有业务在渠道 拓展、品牌布局及产品销售等方面具有较强协同效应，收购后凭借公司突出的运营能力有望使标的公司 经营各方面得到较大改善。公司是全球领先的户外休闲设备企业，电动高尔夫车、大排量全地形车、电 动自行车等核心品类不断升级扩充产品矩阵，提升产品力；另外公司在美国本土线上线下立体化营销网 络优势明显，越南/美国等海外产能加速布局提升应对全球贸易不确定性的能力。此外携手K-scale、宇 树科技等国内外优质科技企业战略布局人形机器人等前沿领域，开辟新的业务增长点。 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 12 月 18 日 [Table_Title] 收购境外标的，构建自主品牌与渠道核心壁垒 [Table_Title2] 涛涛车业(301345) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 301345 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 262.98/50.82 | | 目标价格： | | 总市值(亿) | 255.17 | | 最新收盘价： | 234 | 自由流通市值(亿) | 70.00 | | | | 自由流通股数(百万) | 29.00 | [Table_Summary] 事件概述 公司近日发布关于收购境外公司 100%股权的公告，为巩固和拓展公司销售渠道，公司的孙公司拟以 1500 万美 金收购 Champion Motorsports Group Investor,LLC.持有 Champion Motorsports Group Holdings,LLC.（标的 公司） 的 100% 股 权 。 Champion ...

Group 1: Market Strategy and Product Development - The company focuses on the North American market by leveraging localized branding, marketing networks, and production capabilities to create core advantages [1] - The multi-brand and multi-category strategy covers all consumer demographics, with electric golf carts benefiting from increased demand as a short-distance transportation tool [1] - The company is expanding its product range with high-displacement all-terrain vehicles (300-500CC) to enhance volume and pricing opportunities [1] Group 2: Sales Channels and Distribution - The company has established a robust "online and offline" sales channel strategy, entering major North American retail chains such as Walmart (3900+ stores) and Target (1800+ stores) [1] - The online presence includes over 10 third-party e-commerce platforms and 14 proprietary websites, with electric scooters leading sales on Amazon [1] Group 3: Production and Supply Chain - The company has developed a global production layout comprising "China + Southeast Asia + North America," which enhances supply chain advantages [1] - Domestic manufacturing bases in Yongkang and Lishui leverage local industrial strengths, achieving high self-manufacturing rates for core components and significant cost advantages [1] - Overseas production in Vietnam and the U.S. is ramping up, providing flexibility and resilience against geopolitical risks, particularly in the electric golf cart and all-terrain vehicle sectors [1] Group 4: Strategic Partnerships and Innovation - The company collaborates with quality tech firms like K-Scale to integrate AI algorithms and robotics control, creating new growth momentum [2] - This partnership helps the company avoid the common mass production shortcomings of pure tech firms while overcoming the technological limitations of traditional manufacturers [2] - The collaboration has established a first-mover advantage in industrial AGVs and home service robots, tapping into new growth areas [2] Group 5: Financial Projections and Investment Outlook - The company is a leading player in the outdoor leisure equipment sector, continuously upgrading its core product categories such as electric golf carts and high-displacement all-terrain vehicles [3] - Revenue projections for 2025-2027 are estimated at 40.55 billion, 50.11 billion, and 61.36 billion yuan, with growth rates of 36.2%, 23.6%, and 22.5% respectively [3] - Net profit forecasts for the same period are 6.93 billion, 8.78 billion, and 10.96 billion yuan, with growth rates of 60.6%, 26.8%, and 24.9% respectively [3] - The company is rated "Buy" with a projected PE ratio of 33x, 26x, and 21x for 2025, 2026, and 2027 based on the closing price of 211.51 yuan per share on October 9 [3]