Yangtze River Business Daily News ● Yangtze River Business Daily reporter Shen Yourong
Recreational vehicle leader Taotao Automobile Industry (301345. SZ) handed over its first financial report after listing.
According to the annual report, in 2023, Taotao Automobile Industry will achieve operating income of more than 2 billion yuan and net profit attributable to shareholders of the parent company (hereinafter referred to as "net profit") of 280 million yuan, both of which will grow at a double-digit rate year-on-year.
In 2022, the company's operating income and net profit both declined, and in 2023, the company landed on the A-share market, and its revenue and net profit returned to the growth track.
Not only that, in the first quarter of this year, the company's net profit increased by more than 40% year-on-year.
Taotao Automobile Industry focuses on intelligent electric low-speed vehicles and special vehicles, and its products are sold to the global market. In 2023, the sales revenue from the US market will be 1.529 billion yuan, accounting for 71.32% of the company's operating income.
The company focuses on R&D innovation, and in recent years, the company's R&D investment has continued to grow, reaching 88 million yuan in 2023.
After the IPO listing, Taotao's financial situation has improved significantly. At the end of 2023, the company's monetary funds exceeded 1.9 billion yuan. The company actively returns to shareholders, and the annual dividend rate has exceeded 50% for two consecutive years.
The operating reversal turned from a decline in revenue and net profit to an increase
The global economy is showing a recovery trend, and the operating performance of Taotao Automobile Industry has also recovered rapidly.
The annual report shows that in 2023, Taotao Automobile Industry will achieve an operating income of 2.144 billion yuan, a record high, a year-on-year increase of 21.44%. Net profit and net profit after deducting non-recurring gains and losses (hereinafter referred to as "deducting non-net profit") were 280 million yuan and 270 million yuan respectively, an increase of 36.09% and 32% year-on-year respectively.
In 2022, the company's operating income and net profit will be 1.766 billion yuan and 206 million yuan respectively, a year-on-year decrease of 12.49% and 15%.
The comparison found that in 2023, the company's operating income and net profit will both change from decline to increase.
From the perspective of a single quarter, in the first, second, third and fourth quarters of 2023, the company's operating income will be 349 million yuan, 436 million yuan, 562 million yuan and 798 million yuan respectively, with a year-on-year change of -4.97%, 7.24%, 30.42% and 42.10%, and the net profit will be 35 million yuan, 100 million yuan, 70 million yuan and 76 million yuan, an increase of 21.73%, 45.21%, 78.96% and 8.98% year-on-year respectively.
Taotao has many product categories and performs well overall. In 2023, the company's electric scooters will achieve sales revenue of about 718 million yuan, accounting for 33.49% of operating income, a year-on-year increase of 4.52%, and achieve sales growth for three consecutive years. The sales revenue of electric self-balancing vehicles was about 296 million yuan, accounting for 13.79% of operating income, a year-on-year increase of 1.78%. The sales revenue of electric bicycles was about 165 million yuan, accounting for 7.69% of operating income, a year-on-year increase of 111.11%. The sales revenue of electric golf carts was 78.50 million yuan, accounting for 3.66% of operating income. The sales revenue of all-terrain vehicles was about 620 million yuan, accounting for 28.93% of operating income, a year-on-year increase of 21.21%. The sales revenue of off-road motorcycles was about 123 million yuan, accounting for 5.72% of operating income, a year-on-year increase of 303.21%.
Taotao Automobile Industry said that the company relies on the integration advantages of the cost manufacturing end and the brand channel end, accurately locks the market positioning, accurately cuts into the market with cost-effective products, and quickly seizes market share through multi-channel marketing, so as to achieve scale effect and enhance profitability.
In 2023, the company's comprehensive gross profit margin and net profit margin will be 37.60% and 13.08% respectively, an increase of 1.85 percentage points and 1.4 percentage points year-on-year, respectively.
In the first quarter of this year, the company's operating income and net profit were 520 million yuan and 51 million yuan respectively, a year-on-year increase of 49.06% and 45.89%, a rapid growth.
Build an integrated model of independent research, production and marketing
Taotao vehicle industry has shown a certain growth, which is related to the industrial model it has built.
Judging from the operating performance data, in 2017, Taotao Automobile's operating income and net profit were 486 million yuan and 27 million yuan respectively, and by 2020, the operating income and net profit were 2.018 billion yuan and 243 million yuan respectively, both of which have increased significantly.
Taotao Automobile Industry adheres to the "independent" business model, after years of efforts, the company has independently controlled the core resources and key links, and built an integrated model of research, production and marketing of "independent research and development, independent production, independent brand, and independent channel".
In recent years, the company has mainly enhanced its competitive advantage on the cost manufacturing side and the brand channel side.
On the cost manufacturing side, the company takes the Chinese factory as the core, relies on the "Yongwujin" 100 billion hardware industrial belt and production technology accumulation, realizes the vertical integration of the industrial chain, and strictly controls the production cost and product quality by virtue of the high self-made rate of core components, and continuously improves the profit margin. At the same time, the company has set up factories in the United States and Vietnam to enhance its ability to resist risks and adapt to the needs of global development through the layout of overseas production capacity.
On the brand channel side, the company focuses on its own brand sales, and conducts warehousing sales through the establishment of overseas subsidiaries (grandchildren) and the construction of overseas self-owned warehouses and operation centers.
THE COMPANY'S PRODUCTS ARE SOLD GLOBALLY, IN THE NORTH AMERICAN MARKET, THE COMPANY MAINLY SELLS ITS OWN BRANDS, OFFLINE SALES ARE MAINLY FOR LARGE SUPERMARKETS, WHOLESALERS, RETAILERS AND DISTRIBUTORS, AND ONLINE SALES COVER THIRD-PARTY E-COMMERCE PLATFORMS SUCH AS AMAZON, WALMART AND EABY AND MULTIPLE SELF-OWNED WEBSITES. For markets outside of North America, the company mainly sells in the form of ODM through wholesaler retailers.
The U.S. market is the main source of revenue for Taotao. In 2022 and 2023, the company's revenue from the U.S. market will be 1.082 billion yuan and 1.529 billion yuan respectively, accounting for 61.30% and 71.32% of the company's operating income respectively.
Taotao Automobile Industry is undergoing industrial layout. In March 2023, the company raised 2.008 billion yuan through IPO, which will be used for the construction of an annual output of 1 million smart electric vehicles, an all-terrain vehicle intelligent manufacturing improvement project, a R&D center construction project, a marketing platform project, and a large-displacement special vehicle project with an annual output of 40,000 units, as well as replenishment of working capital and repayment of bank loans.
According to the latest disclosure, the above projects are progressing smoothly, among them, the annual output of 1 million smart electric vehicles project and the all-terrain vehicle intelligent manufacturing improvement project will achieve benefits of about 157 million yuan and 49.2712 million yuan respectively in 2023, reaching the expected benefits.
Taotao Automobile actively returns to shareholders. In 2023, the company plans to distribute a cash dividend of 15 yuan (tax included) to all shareholders for every 10 shares, with a total dividend of about 164 million yuan, accounting for 58.57% of the net profit of the year.
In 2022, the cash dividend distributed by the company was also 164 million yuan, accounting for 79.49% of the net profit of the year.
It can be seen that the company's annual dividend rate has exceeded 50% for two consecutive years.
As of the end of 2023, Taotao Automobile Industry's monetary funds were 1.938 billion yuan (including the fundraising that was not invested in the project), and by the end of March this year, the monetary funds were 2.352 billion yuan.