证券代码：301345 证券简称：涛涛车业 公告编号：2025-010 浙江涛涛车业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 （二）业绩预告情况 预计的业绩： ?扭亏为盈 ? 同向上升 ?同向下降 单位：人民币 项目 本报告期 上年同期 归属于上市公司股东的 盈利：7,500 万元-8,800 万元 盈利：5,087.36 万元 净利润 比上年同期增长：47.42%-72.98% 扣除非经常性损益后的 盈利：7,450 万元-8,750 万元 盈利：5,037.13 万元 净利润 比上年同期增长：47.90%-73.71% 二、业绩预告审计情况 本次业绩预告相关的财务数据未经会计师事务所审计。 三、业绩变动原因说明 报告期内，公司继续加大研发力度，积极开拓国际市场，不断提高运营效率， 进一步加快海外产能建设，电动高尔夫球车和全地形车等主要产品的销售持续扩 大，实现了业绩的良好增长。 报告期内，预计非经常性损益对归属于上市公司股东的净利润的影响金额约 为 50 万元。 四、其他相关说明 本次业绩预告是 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-011 报告期内，公司实现营业收入 297,163.22 万元，较上年同期增长 38.59%； 营业利润 51,521.58 万元，较上年同期增长 51.21%；利润总额 51,367.44 万元， 较上年同期增长 52.62%；归属于上市公司股东的净利润 43,277.00 万元，较上 年同期增长 54.30%。 浙江涛涛车业股份有限公司 2024 年度业绩快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本公告所载 2024 年度的财务数据仅为初步核算数据，未经会计师事务所审 计，与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 注：1、上表数据为合并报表数据。 2、上述净利润、基本每股收益、净资产收益率、股东权益、每股净资产等指标均以归 属于上市公司股东的数据填列，基本每股收益、净资产收益率按加权平均法计算。 二、经营业绩和财务状况说明 项目 本报告期 上年同期 增减变动幅度 营业总收入（万元） 297,163.22 214,424.61 38.59% 营业利润 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-010 浙江涛涛车业股份有限公司 预计的业绩： 扭亏为盈 同向上升 同向下降 单位：人民币 | 项目 | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公司股东的 净利润 | 盈利：7,500 万元 | 万元-8,800 | 盈利：5,087.36 | 万元 | | | 比上年同期增长：47.42%-72.98% | | | | | 扣除非经常性损益后的 净利润 | 盈利：7,450 万元 | 万元-8,750 | 盈利：5,037.13 | 万元 | | | 比上年同期增长：47.90%-73.71% | | | | 二、业绩预告审计情况 本次业绩预告相关的财务数据未经会计师事务所审计。 2025 年第一季度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 3 月 31 日。 （二）业绩预告情况 本次业绩预告是公司财务部门初步测算的结 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][8]. Core Insights - The company is projected to achieve a significant increase in revenue and net profit over the next few years, with expected revenues of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. Corresponding net profits are forecasted at 4.11 billion yuan, 4.96 billion yuan, and 6.09 billion yuan respectively [6][7]. - The company is actively expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive edge in the market [6]. - The golf cart market is expanding, with the company leveraging its brand advantages and distribution channels to capture market share, particularly in North America [6]. Financial Projections - The company's main financial metrics show a steady growth trajectory, with projected earnings per share (EPS) increasing from 3.78 yuan in 2024 to 5.61 yuan in 2026. The price-to-earnings (P/E) ratio is expected to decrease from 16.79 in 2024 to 11.32 in 2026, indicating improving valuation [6][7]. - The report highlights a significant expected growth in operating income from 21.44 billion yuan in 2023 to 40.74 billion yuan in 2025, reflecting a robust growth strategy [7]. Recent Developments - The company anticipates a net profit of 4.05 to 4.45 billion yuan for 2024, representing a year-on-year growth of 44.40% to 58.66%. The fourth quarter of 2024 is expected to show a net profit growth of 36.84% to 89.47% [6]. - The company plans to invest up to 9.5 million USD in Thailand to establish a production base, which will support its expansion in Southeast Asia [6].

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Views - The company is expected to achieve a significant increase in revenue and profit, with projected revenue of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. The net profit attributable to shareholders is forecasted to be 4.11 billion yuan in 2024, 4.96 billion yuan in 2025, and 6.09 billion yuan in 2026 [6][7] - The company is expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive advantage in the golf cart market [6][7] - The company is leveraging its brand and distribution channels to capture market share in the North American golf cart market, which is expected to grow due to its recreational and low-speed transportation attributes [6][7] Financial Projections - The company's main revenue and profit projections are as follows: - 2022A: Revenue of 17.66 billion yuan, Net Profit of 2.06 billion yuan - 2023A: Revenue of 21.44 billion yuan, Net Profit of 2.80 billion yuan - 2024E: Revenue of 32.09 billion yuan, Net Profit of 4.11 billion yuan - 2025E: Revenue of 40.74 billion yuan, Net Profit of 4.96 billion yuan - 2026E: Revenue of 49.35 billion yuan, Net Profit of 6.09 billion yuan [6][7] Valuation Metrics - The company is expected to have a P/E ratio of 16.79 in 2024, 13.91 in 2025, and 11.32 in 2026, indicating a favorable valuation trend [6][7] - The projected price range for the stock in 2025 is between 72.96 and 82.08 yuan based on a P/E multiple of 16-18 times [6][7]

证券代码：301345 证券简称：涛涛车业 公告编号：2025-009 浙江涛涛车业股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、浙江涛涛车业股份有限公司（以下简称"公司"）本次注销的回购股份 数量为 1,113,259 股，占注销前公司总股本的 1.01%，本次实际回购注销金额为 63,836,494.91 元。本次注销完成后，公司总股本由 109,745,000 股变更为 108,631,741 股。 2、经中国证券登记结算有限责任公司深圳分公司确认，公司本次回购股份 注销事宜已于 2025 年 2 月 12 日办理完成。 公司因实施注销回购股份导致公司总股本、无限售条件流通股数量发生变 化，根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现就公司本次回购股份注销完成暨股份变动的 具体情况公告如下： 一、本次回购股份的审批及实施情况 公司于 2024 年 2 月 2 日召开第三届董事会第十七次会议，审议通过了《关 于回购公司股份方案的议 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the golf cart industry and the company's performance within this sector, focusing on North America and potential international markets. Key Points and Arguments 1. **Growth Projections for Golf Carts**: The company aims for a growth of over 50% in golf cart sales, projecting to sell more than 30,000 units by 2025, up from approximately 20,000 units sold this year [1][3][11]. 2. **Market Focus**: North America remains the largest market for golf carts, with the company also exploring opportunities in Europe and Turkey, although current sales in these regions are minimal, around a few hundred units [2][4]. 3. **Small Displacement ATV Sales**: The company anticipates a growth rate of over 20% for small displacement ATVs, despite previous years falling short of expectations [3][4]. 4. **Challenges in North America**: The North American market has faced challenges, including high prices and inventory issues, leading to a cautious outlook for growth in this region [4][5][10]. 5. **Competitive Landscape**: Increased competition is expected in the small displacement ATV segment, with competitors potentially lowering prices to gain market share [7][22]. 6. **Product Development**: The company is developing new products, including electric camping vehicles, with pricing expected to be higher than existing models, ranging from $14,999 to $15,999 [13][18]. 7. **Impact of Tariffs**: The company is assessing the impact of tariffs on its pricing strategy, noting that the 10% tariff may not significantly affect operations as production is shifting to Southeast Asia [14][21]. 8. **Sales and Inventory Management**: The company has a significant inventory of golf carts in the U.S., with ongoing assessments of market demand and competitor inventory levels [10][11]. 9. **Channel Expansion**: Plans for expanding distribution channels for golf carts are in place, focusing on both on-course and off-course sales [16][17]. 10. **Profitability Factors**: Profitability is influenced by shipping costs and exchange rates, with expectations that increased sales will improve overall margins as fixed costs stabilize [10][25]. Other Important but Overlooked Content 1. **Market Dynamics**: The company notes that the demand for its products is closely tied to the economic conditions and income levels in the U.S., suggesting that external economic factors will play a significant role in future sales [21][22]. 2. **Long-term Strategy**: The company is committed to a long-term growth strategy, aiming for a 25% increase in sales by 2025 based on market conditions and internal efforts [25]. 3. **Product Diversification**: While the focus remains on golf carts and ATVs, there is consideration for expanding into other vehicle categories, including off-road vehicles, although this will take time [27][28].

Summary of Taotao Vehicle's Conference Call Company Overview - **Company**: Taotao Vehicle - **Industry**: Electric Vehicles, specifically focusing on golf carts, all-terrain vehicles (ATVs), electric bicycles, and scooters Key Points and Arguments 2024 Performance and Future Plans - In 2024, Taotao Vehicle's main products, including golf carts and ATVs, performed well, while sales of balance bikes and scooters declined. Overall, the company met its expected targets [3][4] - For 2025, the company plans to enhance production capacity in Vietnam to meet U.S. market demand and is acquiring land in Thailand for a new factory, expected to partially commence production in the second half of 2026 [3][4] Market Strategy and Regulatory Challenges - The U.S. has preliminarily ruled an anti-dumping duty exceeding 200% on imports of fourth-generation vehicles from China. To mitigate this, Taotao is leasing facilities in Vietnam to produce golf carts and ATVs, relying on inventory and Vietnamese production for U.S. sales [4][5] - Sales of electric scooters and balance bikes accounted for about 20% of revenue and profit in Q4 2024, with expectations for flat or slight growth in 2025. The company aims to secure origin tariff benefits and develop new models [4][6] Product Focus and Market Dynamics - Golf carts are projected to be the main growth driver in 2024 and will continue to be a focus in 2025. The company plans to launch a second brand, Tackle, to attract new dealers and develop new industrial and multi-seat camping models [4][7] - The ATV market is becoming increasingly competitive, with a price war emerging due to the rise in Chinese manufacturers. Taotao plans to expand from small to mid-large displacement models and optimize costs to enhance competitiveness [4][9] Financial Performance and Profitability - The company maintains a pricing principle of a 10% net profit margin. Golf cart gross margins are stable, while ATV margins fluctuate based on distribution regions. The net profit margin is expected to remain high in 2025 [4][16][20] - The impact of a 10% tariff imposed by the U.S. is being mitigated through production in Vietnam, with a focus on maintaining profitability despite potential cost increases [17][18] Production and Supply Chain - Taotao has production bases in Vietnam and the U.S., with plans to increase golf cart production by at least 50% in 2025. The Vietnamese factory is also producing ATVs and electric balance bikes for the U.S. market [23] - The company will continue to source over 60% of components from China, although complete vehicle production in China is expected to cease unless significant changes occur [24] New Product Development - The average price and gross margin of golf carts are expected to rise due to price increases and improved production efficiency. The company anticipates further opportunities for price and margin enhancement in 2025 [25] - New models will include electric camping vehicles and six-seat models, which are expected to have higher gross margins and meet dealer demand [26][27] Brand Strategy - The dual-brand strategy involves positioning Diageo as a high-end brand while Tackle focuses on cost-effectiveness, aiming to increase dealer numbers and market coverage [28][29] Additional Important Insights - The company is closely monitoring regulatory changes affecting electric bicycles, which have seen significant growth but face challenges due to varying overseas regulations [13][14] - The competitive landscape in the U.S. is shifting, with local brands responding to the influx of Chinese manufacturers by pushing for protective policies [22][21]

Summary of the Conference Call for TaoTao Automotive Company Overview - **Company**: TaoTao Automotive - **Industry**: Automotive, specifically focusing on all-terrain vehicles (ATVs), electric scooters, golf carts, and related components Key Points and Arguments Strategic Response to Anti-Dumping Duties - TaoTao Automotive has implemented a three-step strategy to address the challenges posed by the U.S. anti-dumping duties: 1. **Increase Production in China**: Accelerating shipments to ensure sales targets for 2024 are met and maintaining sufficient inventory for 2025 [3] 2. **Establish Production in Southeast Asia**: Particularly in Vietnam, to mitigate the impact of anti-dumping duties. Components from the Vietnam factory began shipping to the U.S. by the end of 2024, with customs clearance completed [3][6] 3. **Local Production in the U.S.**: A production line was established in the U.S. in October 2024, with applications for U.S. manufacturer qualifications underway to fully avoid anti-dumping duties [3][5] Cost Management and Competitive Advantage - The company estimates that shipping components from Southeast Asia to the U.S. will result in manageable cost increases, even with potential tax rates as high as 30%-50% [9] - The Vietnam factory is expected to meet 60%-70% of the ATV sales volume by 2025, with electric vehicle components covering nearly all demand [10][12] - Despite a new 10% tariff, the company has not yet incurred related costs due to a transitional period, allowing for negotiation opportunities [7] Product Development and Market Strategy - Plans for 2025 include small-scale production of high-displacement ATVs and the development of high-end products such as utility vehicles and camping cars to expand market presence and enhance brand competitiveness [3][16] - The company has adjusted pricing for golf carts in response to anti-dumping policies, reducing gross margins but maintaining sales volume due to dealer acceptance [13][14] Market Outlook and Sales Projections - The sales target for 2024 is set at approximately 70,000 to 80,000 units, with expectations of increased market share as competitors exit the market [15] - The company aims to leverage its production capabilities to compete effectively with Dell Technologies in the North American market [15] Production and Supply Chain Considerations - The Southeast Asia factory, particularly in Vietnam, is progressing well, with plans to ensure component exports to the U.S. to avoid high tariffs [6][10] - The company is also considering establishing a factory in Thailand due to its robust automotive supply chain and favorable economic conditions [18] Future Product Structure and Market Positioning - TaoTao Automotive is focusing on high-end products while maintaining cost advantages, with plans to introduce new models in 2025 that align with market demands [22] - The company believes that cost control will be crucial in a competitive market, emphasizing the importance of performance alongside cost efficiency [23] Industry Dynamics and Competitive Landscape - The market is expected to see a shift as weaker players exit, particularly in the electric low-speed vehicle segment, due to financial pressures and inventory challenges [24] - Local production of golf course vehicles is anticipated to open up larger market opportunities, with ongoing development of high-end products [25] Additional Important Insights - The company has successfully navigated the complexities of U.S. tariffs and anti-dumping duties through strategic planning and operational adjustments [8] - The focus on local production and supply chain optimization is critical for maintaining competitiveness in the evolving automotive landscape [19][21]

Financial Performance - The company's 2024 net profit is expected to grow by 44.40% to 58.66% year-on-year, driven by improved operational efficiency, product structure optimization, and enhanced sales channel layout [1] - The 2025 performance target aims for a year-on-year growth of no less than 70% based on 2022 revenue or net profit [11] Operational Strategy - The U.S. team consists of over 200 members covering the entire value chain, with a focus on local manufacturing capabilities to enhance market responsiveness [2] - The company has established production bases in Vietnam and the U.S. to mitigate risks from international trade policy changes and enhance competitiveness in the electric golf cart market [4][5] Product Development - The company plans to expand its product line for electric golf carts, including new models for commercial and industrial use, with a strong focus on R&D investment in 2025 [10][11] - The 300CC ATV has already been mass-produced in 2024, with plans for the 700CC UTV to begin small-scale production in 2025 [10] Market Challenges - The U.S. anti-dumping measures have increased market entry barriers, but the company remains confident in its long-term growth prospects in the electric golf cart sector [10] - The recent 10% tariff imposed by the U.S. will be addressed through global supply chain strategies and potential price adjustments to maintain competitiveness [5][6] Supply Chain Management - The domestic production capacity will focus on supplying markets outside the U.S. and supporting overseas production bases, ensuring efficient supply chain operations [8] - The company aims to optimize costs through strategic planning of component production and assembly processes, despite initial higher costs in Southeast Asia and the U.S. [8]