Investment Rating - The investment rating for the company is "Outperform the Market" [2][12][20] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.22 billion yuan, up 64.87% year-on-year, and net profit of 301 million yuan, up 47.4% year-on-year [6][12] - The company has successfully launched its electric golf cart production line in Texas, marking a significant step in its North American manufacturing strategy [8][12] - The company is expanding its overseas production capacity, with plans for a facility in Vietnam nearing completion [8][12] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's operating income was 2.22 billion yuan, with a year-on-year growth of 64.87%. The net profit attributable to shareholders was 301 million yuan, reflecting a 47.4% increase [6][12] - The gross margin for Q1-Q3 2024 was 36.32%, down 4.86 percentage points year-on-year, while the net margin was 13.57%, down 1.61 percentage points [7][12] Cost Management - The company maintained good control over its expense ratios, with a total expense ratio of 18.67% for Q1-Q3 2024, a decrease of 3.55 percentage points year-on-year [7][12] - The breakdown of expense ratios includes sales at 10.64%, management at 4.15%, financial at 0.24%, and R&D at 3.64% [7][12] Inventory and Cash Flow - As of September 2024, the company's inventory increased by 47.41% year-on-year to 1.198 billion yuan, while operating cash flow for Q1-Q3 2024 was 232 million yuan, up 52.26% year-on-year [8][12] Production Expansion - The company has officially launched its electric golf cart production line in Texas, completing the first vehicle in just 104 days, showcasing its operational efficiency [8][12] - The first phase of the production base in Vietnam is in the final stages, with small-scale trial production beginning [8][12] Revenue Forecast - The company is projected to achieve operating revenues of 3.101 billion yuan in 2024, 4.177 billion yuan in 2025, and 5.277 billion yuan in 2026, with year-on-year growth rates of 44.6%, 34.7%, and 26.3% respectively [12][16] - The net profit forecast for the same years is 385 million yuan, 471 million yuan, and 591 million yuan, with growth rates of 37.4%, 22.4%, and 25.3% respectively [12][16]

Investment Rating - The report maintains a "Recommend" rating for Taotao Vehicles (301345) with a target price of 85 yuan [1] Core Views - Taotao Vehicles achieved a 47.6% YoY revenue growth in Q3 2024, reaching 830 million yuan, and a 70.5% YoY increase in net profit attributable to shareholders, reaching 120 million yuan, exceeding market expectations [1] - The company's high revenue growth is primarily driven by the strong performance of its electric golf cart segment, which has become a core product category [2] - Despite short-term risks from US anti-dumping investigations, the company has rapidly implemented its "North America Manufacturing+" strategy and is transitioning some production to Vietnam to mitigate tariff risks [2] - The US golf cart market remains highly prosperous, and Taotao Vehicles is leveraging its cost-performance advantage to expand its dealer network and launch new products under its DENAGO brand [2] - The company's gross margin in Q3 2024 was 37%, down 4 percentage points YoY, mainly due to product mix, RMB appreciation, and rising shipping costs [2] - Sales, management, and R&D expense ratios decreased by 8.2, 0.9, and 0.3 percentage points respectively, contributing to a net profit margin of 14.4%, up 1.9 percentage points YoY [2] - Taotao Vehicles is accelerating its overseas channel expansion and capacity layout, particularly in the US and Vietnam, to support future growth [2] Financial Forecasts - Revenue is expected to grow from 2.144 billion yuan in 2023 to 5.163 billion yuan in 2026, with a CAGR of 34.1% [3] - Net profit attributable to shareholders is projected to increase from 280 million yuan in 2023 to 691 million yuan in 2026, with a CAGR of 35.4% [3] - EPS is forecasted to rise from 2.56 yuan in 2023 to 6.29 yuan in 2026 [3] - The company's P/E ratio is expected to decline from 17x in 2024 to 10x in 2026, reflecting strong earnings growth [3] Valuation and Investment Recommendation - The report values Taotao Vehicles using a DCF model, setting a target price of 85 yuan, corresponding to a 2025 P/E of 17.4x [2] - The company is positioned as a leader in the recreational riding products sector, with strong profitability and competitive advantages in both R&D and branding [2] - The electric golf cart segment is entering a period of rapid growth, supported by overseas capacity expansion and new product launches [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved significant year-on-year growth in performance, with a revenue increase of 64.87% to 2.22 billion yuan and a net profit increase of 47.40% to 301 million yuan for the first nine months of 2024 [3]. - The growth was primarily driven by increased sales of all-terrain vehicles and electric golf carts, with Q3 revenue reaching 829 million yuan, up 47.61% year-on-year, and net profit reaching 119 million yuan, up 70.53% year-on-year [3]. - The company is accelerating its global manufacturing strategy in response to the U.S. anti-dumping and countervailing investigations, with plans to expedite the construction of its factories in Vietnam and the U.S. [3]. - The company has successfully launched a new production line for electric golf carts in Texas, marking a significant step in its "North American Manufacturing+" strategy [3]. - The company has changed the purpose of its share repurchase program to cancellation, reflecting confidence in its development [3]. Financial Forecast - The company is projected to achieve revenues of 3.02 billion yuan, 3.70 billion yuan, and 4.33 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 40.69%, 22.61%, and 17.03% [4][7]. - The net profit is expected to be 404 million yuan, 483 million yuan, and 580 million yuan for the same years, with growth rates of 43.87%, 19.65%, and 20.13% [4][7]. - The corresponding price-to-earnings (P/E) ratios are projected to be 17.76, 14.84, and 12.35 for 2024, 2025, and 2026, respectively [4][7].

证券代码：301345 证券简称：涛涛车业 公告编号：2024-082 浙江涛涛车业股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江涛涛车业股份有限公司（以下简称"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案》，同 意公司自董事会审议通过该回购方案之日起不超过 12 个月内，使用不低于人民 币 5,000 万元（含本数）且不超过人民币 10,000 万元（含本数）的自有资金， 以集中竞价交易方式回购公司部分已发行的人民币普通股（A 股）股票（以下简 称"本次回购"），用于实施员工持股计划或股权激励；于 2024 年 7 月 6 日召 开第三届董事会第二十一次会议，审议通过了《关于变更回购股份用途的议案》， 同意本次回购股份的用途由"用于员工持股计划或股权激励"变更为"用于注 销 并 减 少 相 应 注 册 资 本 " 。 具 体 内 容 详 见 公 司 在 巨 潮 资 讯 网 (www.cninfo.com.cn)于 2024 年 2 月 5 日披露 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains high revenue growth, with Q3 2024 revenue reaching 2.22 billion yuan, a year-on-year increase of 64.87%, and a net profit attributable to the parent company of 301 million yuan, up 47.4% [1] - The company is rapidly advancing its localization strategy in the U.S., with a new electric golf cart production line launched in Texas on October 5, 2024 [2] - The company is expected to extend its product line from electric golf carts to electric low-speed vehicles, with new models such as camping and six-seat versions to be introduced [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 829 million yuan, with a net profit of 119 million yuan, reflecting a year-on-year increase of 70.53% [1] - The gross margin for Q1, Q2, and Q3 of 2024 was 37.47%, 34.99%, and 36.99%, respectively, with a year-on-year decline primarily due to high base effects and changes in sales structure [3] - The net profit margin for Q1, Q2, and Q3 of 2024 showed a year-on-year change of -0.21%, -7.8%, and +1.9%, respectively, indicating an improvement in profitability due to reduced impairment losses and scale effects on expenses [3] Revenue and Profit Forecast - The company forecasts revenue growth from 3.28 billion yuan in 2024 to 5.67 billion yuan in 2026, with year-on-year growth rates of 52.9%, 35.1%, and 28.0% for the respective years [5] - The net profit attributable to the parent company is projected to increase from 391 million yuan in 2024 to 652 million yuan in 2026, with corresponding year-on-year growth rates of 39.4%, 33.2%, and 25.3% [5] - The expected EPS for 2024, 2025, and 2026 is 3.56 yuan, 4.74 yuan, and 5.94 yuan, respectively, with P/E ratios of 18.5, 13.9, and 11.1 [5]

Summary of Conference Call Company and Industry - **Company**: 滔滔职业 (TaoTao) - **Industry**: Recreational vehicles, specifically focusing on golf carts and electric vehicles Key Points and Arguments 1. **Q3 Performance**: The company reported a revenue of 1.19 billion, representing a year-on-year growth of 70.53%, exceeding market expectations of over 40% growth [1][2][4] 2. **Product Focus**: The primary growth driver was the launch of new products, particularly the electric golf carts, which significantly boosted performance [1][2] 3. **Market Concerns**: There are concerns regarding potential risks in the export chain due to the upcoming U.S. elections and the possibility of increased tariffs under a new administration [2][3] 4. **Tariff Speculation**: The anticipated tariffs could range from 44% to 60%, with discussions around potential negotiations affecting the final rates [3] 5. **Sales Performance**: Sales of golf carts decreased slightly from 7,000 units in Q2 to 6,600 units in Q3, but revenue remained stable due to price adjustments [7][8] 6. **Profit Margins**: The gross margin improved from approximately 35% in Q2 to 37% in Q3, attributed to reduced transportation costs and effective cost management [8][23] 7. **Currency Impact**: The company faced a foreign exchange loss of approximately 36 million due to the depreciation of the RMB, but expects some recovery in Q4 as the currency stabilizes [5][6] 8. **Q4 Outlook**: The company remains optimistic about Q4 sales, traditionally a strong season, and anticipates maintaining or improving revenue and profit levels [6][34] 9. **Production Capacity**: The company is expanding production capabilities in the U.S. and Vietnam, with plans to increase output of golf carts and other vehicles [10][11][31] 10. **Market Strategy**: The company is considering launching a second brand to target lower-end markets, aiming to diversify its product offerings and increase market share [15][16] 11. **Sales Channels**: The company is focusing on enhancing sales channels and expanding its dealer network to improve sales performance in the U.S. market [19][22] 12. **Competitive Landscape**: The company believes that the competitive landscape may become more favorable due to potential barriers for other manufacturers, allowing it to leverage its existing market position [34] Other Important but Possibly Overlooked Content 1. **Product Declines**: Sales of scooters and balance bikes saw declines of 30% and 20% respectively, attributed to increased tariffs and competitive pricing pressures [18][20] 2. **Inventory Management**: The company is managing its inventory levels carefully, especially in light of fluctuating demand and potential tariff impacts [12][13] 3. **Regulatory Environment**: The company is preparing for potential regulatory changes and tariffs, with a focus on maintaining flexibility in its operations [30][34] 4. **Future Projections**: The company is cautious about projecting future sales due to market uncertainties but is optimistic about its ability to adapt to changing conditions [32][34]

Financial Performance - Revenue for the third quarter reached 829.47 million yuan, a year-on-year increase of 47.61%[3] - Net profit attributable to shareholders of the listed company was 119.37 million yuan, up 70.53% year-on-year[3] - Total operating revenue for the period reached 2,220,207,073.66 RMB, a significant increase from 1,346,655,202.88 RMB in the same period last year[19] - Net profit attributable to the parent company's shareholders was 301,360,645.31 RMB, up from 204,451,089.66 RMB in the previous year[20] - Basic earnings per share (EPS) increased to 2.77 RMB from 2.04 RMB in the same period last year[22] - Total comprehensive income for the period was 297,329,061.18 RMB, compared to 206,432,310.54 RMB in the previous year[22] - Interest income for the period was 43,342,818.37 RMB, up from 30,972,457.41 RMB in the previous year[20] Asset and Liability Changes - Total assets as of the end of the reporting period were 4.52 billion yuan, an increase of 19.39% compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, amounted to 4,521,888,454.18 RMB, an increase from 3,787,483,622.84 RMB at the beginning of the year[15][16] - The company's total liabilities as of September 30, 2024, were 1,488,139,924.48 RMB, up from 845,651,208.25 RMB at the beginning of the year[16][17] - The company's total equity increased to 3,033,748,529.70 RMB as of September 30, 2024, from 2,941,832,414.59 RMB at the beginning of the year[17] - Total assets increased to 4,521,888,454.18 RMB from 3,787,483,622.84 RMB in the previous year[18] - Total equity attributable to the parent company's shareholders rose to 3,033,674,918.42 RMB from 2,941,832,414.59 RMB[18] - Total liabilities and equity reached 4,521,888,454.18 RMB, compared to 3,787,483,622.84 RMB in the previous year[18] Inventory and Fixed Assets - Inventory increased by 67.62% to 1.20 billion yuan, mainly due to expanded sales scale and stockpiling[6] - The company's inventory increased significantly to 1,198,138,768.69 RMB as of September 30, 2024, compared to 714,804,667.80 RMB at the beginning of the year[15] - The company's fixed assets grew to 350,620,319.08 RMB as of September 30, 2024, compared to 316,583,154.33 RMB at the beginning of the year[16] - Construction in progress surged by 9653.41% to 414.28 million yuan, driven by the purchase and construction of factories and warehouses[6] - The company's construction in progress surged to 414,278,729.69 RMB as of September 30, 2024, from 4,247,527.44 RMB at the beginning of the year[16] Cash Flow - Operating cash flow increased by 52.26% to 232.11 million yuan, primarily due to increased sales collections and export tax refunds[7] - Investment cash flow decreased by 960.77% to -472.77 million yuan, mainly due to increased purchases of long-term assets[7] - Financing cash flow decreased by 105.24% to -91.48 million yuan, largely due to the receipt of raised funds in the previous period[7] - Operating cash inflow totaled 2.44 billion yuan, a significant increase from 1.46 billion yuan in the previous period[24] - Operating cash outflow amounted to 2.21 billion yuan, up from 1.31 billion yuan in the prior period[24] - Net cash flow from operating activities was 232.11 million yuan, compared to 152.45 million yuan previously[24] - Investment activities resulted in a net cash outflow of 472.77 million yuan, a substantial increase from 44.57 million yuan[24] - Financing activities generated a net cash inflow of 997.86 million yuan, down from 2.48 billion yuan[24] - Net cash flow from financing activities was -91.48 million yuan, a sharp decline from 1.75 billion yuan[25] - The net increase in cash and cash equivalents was -336.12 million yuan, compared to 1.86 billion yuan in the previous period[25] - Ending cash and cash equivalents balance stood at 1.46 billion yuan, down from 2.01 billion yuan[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 10,012[8] - Zhejiang Zhongtao Investment Co., Ltd. holds 41.00% of the shares, totaling 45,000,000 shares[8] - Cao Matao, an individual shareholder, holds 25.97% of the shares, totaling 28,500,000 shares[8] - Jinyun County Zhongjiu Investment Partnership holds 3.51% of the shares, totaling 3,850,000 shares[8] - Hong Kong Securities Clearing Company Ltd. holds 2.80% of the shares, totaling 3,071,842 shares[8] - Donghai Securities - ICBC - Donghai Securities Growth Enterprise Market Taotao Vehicle 1st Strategic Placement Asset Management Plan holds 1.60% of the shares, totaling 1,757,501 shares[8] - Cao Xiashu, an individual shareholder, holds 1.37% of the shares, totaling 1,500,000 shares[8] - CITIC Securities Asset Management (Hong Kong) Ltd. - Client Funds holds 0.71% of the shares, totaling 781,087 shares[8] - China Construction Bank Corporation - Orient Red Zhihua Three-Year Holding Mixed Securities Investment Fund holds 0.70% of the shares, totaling 772,750 shares[8] - Jinyun County Zhongbang Investment Partnership holds 0.68% of the shares, totaling 750,000 shares[8] Research and Development - R&D expenses increased by 50.20% to 80.87 million yuan, reflecting enhanced R&D efforts[6] - Research and development expenses increased to 80,866,834.13 RMB from 53,839,390.81 RMB in the same period last year[19] Share Repurchase and Incentives - The company repurchased 1,113,259 shares, accounting for 1.01% of the total shares, with a total transaction amount of 63,836,494.91 RMB[12] - The company granted 255,000 restricted shares to 47 incentive recipients at a grant price of 24.16 RMB per share[13] Accounts Receivable and Short-term Borrowings - The company's accounts receivable increased to 600,046,715.84 RMB as of September 30, 2024, from 588,103,440.61 RMB at the beginning of the year[15] - The company's short-term borrowings rose to 500,816,432.64 RMB as of September 30, 2024, from 224,278,809.68 RMB at the beginning of the year[16] Cash from Sales and Services - Cash received from sales of goods and services amounted to 2,226,067,604.74 RMB, up from 1,317,355,657.29 RMB in the same period last year[23] Audit Status - The company's third quarter report was unaudited[25]

证券代码：301345 证券简称：涛涛车业 公告编号：2024-079 浙江涛涛车业股份有限公司 第四届董事会第一次会议决议公告 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。 2、审议并通过《关于选举公司第四届董事会专门委员会委员的议案》 经审议，董事会认为：根据《公司法》《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》《公司章程》等相关规定，公司第四 一、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）2024年第二次临时股东大 会选举产生第四届董事会成员后，经全体董事同意豁免会议通知时间要求，第四 届董事会第一次会议于2024年10月21日在公司会议室以现场方式召开。本次会议 通知于2024年10月21日以口头方式发出。本次会议应出席董事7人，实际出席董 事7人。经全体董事推举，本次会议由曹马涛先生召集并主持。公司监事、高级 管理人员列席了本次会议。本次会议的召集、召开符合有关法律、法规及《浙江 涛涛车业股份有限公司章程》（以下简称《公司章程》）的规定，决议合法有效。 二、会议审议情况 本次会议审议了如下议案： 1、审议 ...

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、本次股东大会召开期间无变更、否决提案的情况； 证券代码：301345 证券简称：涛涛车业 公告编号：2024-080 浙江涛涛车业股份有限公司 2024 年第二次临时股东大会决议公告 2、本次股东大会未涉及变更前次股东大会决议的情况； 3、本次股东大会采取现场投票、网络投票相结合的方式召开。 一、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）第三届董事会第二十四次 会议决定于 2024 年 10 月 21 日召开 2024 年第二次临时股东大会，详情见公司于 2024 年 9 月 30 日披露在巨潮资讯网（www.cninfo.com）上的《关于召开 2024 年第二次临时股东大会的通知公告》。 本次股东大会具体情况如下： 1、会议召开时间： （1）现场会议召开时间：2024 年 10 月 21 日（星期一）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2024 年 10 月 21 日的交易时间，即 9:15—9:25、9:30—11:30 和 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2024-076 浙江涛涛车业股份有限公司 关于公司董事会、监事会完成换届选举及聘任高级管理人员、内 部审计负责人、证券事务代表的公告 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。 浙江涛涛车业股份有限公司（以下简称"公司"）于2024年10月21日分别召 开2024年第二次临时股东大会和职工代表大会，选举产生第四届董事会董事、第 四届监事会监事。同日，公司召开第四届董事会第一次会议、第四届监事会第一 次会议，选举产生了董事长、董事会专门委员会委员、监事会主席，聘任了高级 管理人员、内部审计负责人、证券事务代表。现将相关事项公告如下： 一、公司第四届董事会组成情况 公司第四届董事会由7名董事组成，其中非独立董事4名，独立董事3名，具 体情况如下： （一）非独立董事：曹马涛先生（董事长兼总经理）、曹跃进先生、孙永先 生（财务负责人兼董事会秘书）、姚广庆先生（副总经理） （二）独立董事：张建新先生、陈东坡先生（会计专业人士）、陈军泽先生 上述董事会成员未受过中国证监会及其他相关部门的处罚或证券交易所惩 戒，也 ...