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涛涛车业(301345):新股覆盖研究

Taotao Auto Industry (301345): IPO Coverage Research

華金證券 ·  Feb 27, 2023 00:00  · Researches

Main points of investment

On Thursday (March 2), Taotao Automobile Industry, a listed company on gem, made an inquiry.

Taotao Automobile Industry (301345): the company is an enterprise specializing in R & D, production and sales of motor vehicles, electric vehicles and their accessories and supplies for outdoor leisure and entertainment. From 2020 to 2022, the company achieved operating income of 1.386 billion yuan / 2.018 billion yuan / 1.766 billion yuan, YOY of 84.33%, 45.62%, 12.49%, and a compound annual growth rate of 32.93%. The net profit of homing was 218 million yuan / 243 million yuan / 206 million yuan, and the YOY was 203.62%, 11.41%, 15.00%, respectively, and the annual compound growth rate of three years' net profit was 42.20%. According to the preliminary forecast, the net profit attributed to the shareholders of the parent company from January to March 2023 is 32.5 million yuan to 38 million yuan, an increase of 13.46% to 32.66% compared with the same period in January to March 2022.

Investment highlights: 1. At the beginning of its establishment, the company focused on small-displacement all-terrain vehicles for leisure and entertainment, and gradually became a domestic leader in the field of all-terrain vehicles (beach vehicles). Based on market demand, the company expanded to the field of electric scooters and electric balanced vehicles. In the early days of its establishment, the company accurately located its product attributes, all-terrain car owners should focus on leisure and entertainment areas of low-emission products under 300cc, customer groups are mainly teenagers and children. With the advantages of high performance-to-price ratio and stable quality, the company's leading position in this subdivision is gradually stable; according to the statistics of the Motorcycle Branch of China Automobile Industry Association, in 2021, the company ranked first in the export quantity of all-terrain vehicles (ATVs), and ranked second in export amount. Based on the accumulation of original technology, the company expanded into electric scooters, electric balanced vehicles and other fields in 2018; during the reporting period, the compound growth rate of electric scooter sales reached 111.38%, and the compound growth rate of electric balanced vehicle sales reached 88.02%. Since 2021, electric vehicle products have become the company's primary source of income, reaching 931 million yuan. From the sales of Amazon.Com Inc website, from 2020 to 2021, the company H600, H853 and other electric scooter products ranked in the forefront of similar products for a long time. 2. Relying on the favorable location advantage, the company has rich raw material resources; at the same time, by extending to the upstream layout, the company now has the ability of independent research and development of core components, which is helpful to strengthen its cost advantage. The company is located in Zhejiang "Yongwu" 100 billion hardware industrial belt, which can effectively reduce the circulation cost of raw materials; "Yongwu" area has formed industrial clusters such as automobiles, motorcycles and accessories, which is rich in hardware resources and sufficient supply of raw materials. At the same time, the company has gradually realized independent production of core components, including engines, frames, wheels, motors, batteries, and main cables, helping to reduce dependence on suppliers and enhance cost control advantages. among them, the self-made proportion of the engine reached more than 50%, the battery reached more than 80%, and the frame and motor reached more than 90% during the reporting period.

In addition, the company has set up warehouses in the United States and Canada, which can flexibly schedule products according to actual inventory and projected demand, which is conducive to the continuation of economies of scale and further consolidate the company's cost advantage. According to the relevant financial data in 2021, the company's sales gross profit margin reached 32.97%, which is obviously superior among the same industry companies.

Comparison with listed companies in the same industry: Chunfeng Power, No. 9 Robot, Longxin General Motors, Lifan shares and Qianjiang Motorcycle are selected as comparable listed companies in Tao Tao automobile industry. Judging from the above comparable companies, the average income in 2021 is 7.67 billion yuan, the comparable PE-TTM (excluding Lifan shares / arithmetic average with large differences in net profit) is 36.45X, and the sales gross profit margin is 20.15%. Comparatively speaking, the company's revenue scale is lower than the industry average, but the sales gross profit margin is in the middle and upper reaches of the industry.

Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.

The translation is provided by third-party software.


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