Zhejiang Taotao Vehicles (301345) 开源证券·2024-08-27 09:47Investment Rating - Buy (Maintained) [1] Core Views - The company achieved significant revenue growth in H1 2024, with revenue reaching 1.391 billion yuan, a year-on-year increase of 77.23% [3] - Net profit attributable to the parent company in H1 2024 was 182 million yuan, up 35.36% year-on-year [3] - The electric golf cart business is driving rapid growth, with revenue from this segment reaching 371 million yuan in H1 2024, a year-on-year increase of 1201% [4] - The company is expanding its product line to include electric low-speed vehicles, with new models such as camping and six-seater versions expected to be launched [4] - Overseas factory construction is progressing steadily, with the Vietnam factory already in small-scale production and three electric golf cart factories in the US under construction [4] Financial Performance - Revenue in Q2 2024 was 871 million yuan, up 99.76% year-on-year [3] - Net profit attributable to the parent company in Q2 2024 was 131 million yuan, up 31.67% year-on-year [3] - Gross margin in Q2 2024 was 34.99%, down 6.25 percentage points year-on-year, mainly due to rising shipping costs and changes in sales structure [5] - The company's net profit margin in Q2 2024 was 15.06%, down 7.8 percentage points year-on-year [5] Market and Product Performance - Revenue from the US market in H1 2024 was 1.04 billion yuan, up 105.9% year-on-year [4] - Revenue from the Americas (excluding the US and Canada) in H1 2024 was 130 million yuan, up 390% year-on-year [4] - The company added over 60 new electric golf cart dealers in H1 2024, bringing the total to over 120 [4] - Revenue from all-terrain vehicles in H1 2024 was 369 million yuan, up 47.25% year-on-year [4] Future Outlook - The company is expected to achieve net profit attributable to the parent company of 391 million yuan in 2024, 521 million yuan in 2025, and 652 million yuan in 2026 [3] - EPS is forecasted to be 3.56 yuan in 2024, 4.74 yuan in 2025, and 5.94 yuan in 2026 [3] - The current PE ratio is 13.1x for 2024, 9.8x for 2025, and 7.9x for 2026 [3] - The company plans to extend its product line from electric golf carts to electric low-speed vehicles, with new models expected to drive further growth [4]