涛涛车业：公司季报点评：收入维持高增，海外产能加速布局

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]