Zhejiang Taotao Vehicles (301345) 海通证券·2024-10-07 23:36Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights the successful launch of the electric golf cart production line in Texas, marking a significant step in the company's "North American Manufacturing+" strategy and enhancing its global presence [4] - The company has expanded its sales channels in the U.S. for electric golf carts, with over 120 dealers now covering key market areas, and has successfully entered major online platforms [4] - The overseas revenue for the first half of 2024 reached 1.391 billion yuan, a year-on-year increase of 77.23%, driven by significant growth in the U.S. and other regions [4] Financial Forecast - The company is projected to achieve revenues of 2.942 billion yuan, 3.787 billion yuan, and 4.522 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 37.2%, 28.7%, and 19.4% [5][7] - The net profit attributable to the parent company is expected to be 362 million yuan, 441 million yuan, and 524 million yuan for the same years, with growth rates of 29.1%, 21.7%, and 18.9% respectively [5][7] - The report estimates a reasonable valuation range for the company's stock at 66.00 to 75.90 yuan per share based on a PE ratio of 20-23 times for 2024 [5][7] Business Segments - Electric Golf Carts: Revenue is expected to grow by 720% in 2024, 80% in 2025, and 30% in 2026, with a gross margin of 31% [7][9] - Electric Bicycles: Anticipated revenue growth of 45%, 35%, and 30% for 2024 to 2026, with a gross margin of 44% [7][9] - Electric Scooters: Projected revenue growth of 6% annually from 2024 to 2026, maintaining a gross margin of 42% [7][9] - All-Terrain Vehicles: Expected revenue growth of 15%, 20%, and 20% for the next three years, with a gross margin of 34% [7][9] - Off-Road Motorcycles: Revenue growth forecasted at 20%, 30%, and 30% for 2024 to 2026, with a gross margin of 35% [8][9]