Zhejiang Taotao Vehicles (301345) 开源证券·2024-10-30 06:23Investment 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]