涛涛车业(301345) - 301345涛涛车业投资者关系管理信息20250429

Financial Performance - In 2024, the company achieved a revenue of 2.977 billion CNY, a year-on-year increase of 38.82% [1] - Sales revenue from electric golf carts reached 812 million CNY, up 934.78% [1] - Sales revenue from all-terrain vehicles was 738 million CNY, an increase of 18.92% [1] - Net profit attributable to the parent company was 431 million CNY, growing by 53.76% [1] - The net profit margin for 2024 was 14.49% [1] Q1 2025 Performance - In Q1 2025, the company reported a revenue of 639 million CNY, a year-on-year growth of 22.96% [2] - Net profit for the same period was 86 million CNY, reflecting a 69.46% increase [2] Response to Tariff Changes - The company employs a strategy of "price increase + overseas capacity expansion + global supply chain optimization + new channel development" to mitigate tariff impacts [3] - The company has successfully navigated multiple rounds of tariff increases due to its proactive global layout and efficient operational system [3] Overseas Capacity Development - The company has established three factories in the U.S. (Texas, Florida, California) and is working on local production of key components [4] - The Vietnam factory has achieved core manufacturing capabilities and is ramping up production for the U.S. market [4] - A factory in Thailand is under construction, and the Chinese factory supports global market demand [4] Competitive Landscape in North America - Tariffs present both challenges and opportunities, leading to a restructuring of the industry [5] - Companies with overseas capacity, like this one, gain structural advantages as domestic competitors face high tariffs [5] Profit Margin Defense - The company has implemented measures to protect its profit margins against tariffs, including diversifying production and expanding into markets outside North America [6] - The net profit margin increased to 14.49% in 2024, supported by cost control and favorable shipping and material costs [6] Future Growth Outlook - The company anticipates continued rapid growth in electric golf carts in 2025, with plans to expand its product lineup and dealer network [7] - The U.S. factories will play a crucial role in local production and market expansion [8] - The management is confident in achieving growth in 2025 despite external uncertainties [10]