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Chinese maker of ATVs, go-karts and off-road recreational vehicles, sold widely under its own export brand.
Chinese maker of ATVs, go-karts and off-road recreational vehicles, sold widely under its own export brand.
Sells ATVs, go-karts and similar vehicles at low prices, mainly to retailers and online buyers, under its own export brand rather than as a supplier to others. North America is its main market, so US tariffs, rules and recreational demand matter more than demand in China.
In one line: A China-based Polaris/Can-Am peer (budget segment).
Moat: none (distribution). Value-brand recognition in export markets but limited pricing power versus major powersports OEMs.
Headquarters: Zhejiang, China · Employees: 3,013
Size Zhejiang Taotao Vehicles (301345.SZ) is a China Consumer Discretionary company (Motor Vehicles) with a market value of $1.91B, the 1316th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥124.60 on 6 Nov 2026.
Performance Over six months the shares fell 53.9%, against -13.9% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 52.6% over the last twelve months (peer median +6.1%); the operating margin is 25.2% (peer median 3.8%).
Valuation It trades at 11.9× forward earnings against a peer median of 12.8× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.8 points above its cost of capital (11.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.39B | CN¥3.94B | CN¥2.97B | CN¥2.14B | CN¥1.76B |
| Revenue growth | — | +33% | +39% | +21% | — |
| Gross profit | CN¥2.29B | CN¥1.61B | CN¥1.02B | CN¥790M | CN¥618M |
| EBITDA | n/a | CN¥1.05B | CN¥520M | CN¥335M | CN¥267M |
| Net income | CN¥1.02B | CN¥816M | CN¥431M | CN¥280M | CN¥206M |
| Free cash flow | CN¥1.05B | CN¥545M | -CN¥311M | CN¥105M | -CN¥37.6M |
| Capital expenditure | CN¥142M | CN¥212M | CN¥525M | CN¥71.9M | CN¥76.6M |
| Total debt | CN¥1.67B | CN¥1.17B | CN¥624M | CN¥340M | CN¥333M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zhejiang Taotao Vehicles 301345.SZ | $1.91B | -54% | +53% | 25% | 11.9× | 2.2% |
| Zhejiang CFMoto Power 603129.SS | $7.23B | +16% | +40% | 11% | 19.9× | -3.9% |
| Polaris PII | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% |
| BRP DOO.TO | $4.65B | +20% | +20% | 7% | 19.6× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 301345.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.0% | -0.9% | lowest of 21 |
| 6-month return | -53.9% | -13.9% | lowest of 20 |
| Distance from 52-week high | -57.2% | -34.3% | 4th lowest of 21 |
| Revenue growth (TTM) | +52.6% | +6.1% | 2nd highest of 21 |
| Operating margin | 25.2% | 3.8% | highest of 21 |
| Forward P/E | 11.9× | 12.8× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 2.2% | 4.9% | 6th least demanding of 13 |
| Growth delivered (Del g) | +23.3% | +5.4% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -21.1 pp | -2.0 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +18.8 pp | +0.2 pp | 2nd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Taotao Vehicles 301345.SZ | China | $1.91B | -54% | +53% | 25% | 11.9× | 2.2% | +23.3% |
| Blue Bird BLBD | United States | $1.82B | -18% | +13% | 12% | 12.8× | 3.7% | +11.0% |
| Ola Electric Mobility OLAELEC.NS | India | $1.81B | -3% | -49% | -83% | n/a | n/a | n/a |
| Jiangling Motors 000550.SZ | China | $1.70B | -12% | +7% | 1% | 11.9× | n/a | n/a |
| China Railway Materials 000927.SZ | China | $2.20B | -14% | +1% | 2% | n/a | 6.3% | -5.0% |
| Xuzhou Handler Special Vehicle 300201.SZ | China | $1.64B | -9% | +18% | 22% | 22.5× | 22.0% | -3.3% |
| Dongfeng Automobile 600006.SS | China | $1.53B | -24% | -5% | -13% | n/a | n/a | n/a |
| Thule THULE.ST | Sweden | $2.39B | -6% | +2% | 17% | 18.3× | 9.3% | +5.9% |
| Sanyang Motor 2206.TW | Taiwan | $1.43B | +8% | -3% | 8% | n/a | 1.2% | +9.0% |
| Force Motors FORCEMOT.NS | India | $2.64B | -8% | +16% | 12% | n/a | 25.2% | +35.4% |
| Aima Technology 603529.SS | China | $2.67B | -11% | -11% | 5% | 12.7× | n/a | n/a |
| Lucid LCID | United States | $1.30B | -48% | +67% | -259% | n/a | n/a | n/a |
| Beiqi Foton Motor 600166.SS | China | $2.88B | -31% | +13% | 1% | 10.1× | -1.2% | +1.3% |
| Trigano TRI.PA | France | $2.93B | -16% | +2% | 9% | 9.4× | -6.0% | +10.9% |
| Tianjin FUJI-TA Bicycle Industrial 603468.SS | China | $1.19B | n/a | +3% | 8% | n/a | 13.5% | +4.9% |
| Brilliance China Automotive 1114.HK | Hong Kong | $1.15B | -40% | +18% | -30% | 6.0× | n/a | n/a |
| Tianrun Industry Technology 002283.SZ | China | $1.14B | -39% | +31% | 9% | 16.0× | 6.1% | -1.7% |
| Mitsubishi Motor 7211.T | Japan | $3.21B | +13% | +5% | 3% | 17.9× | n/a | n/a |
| Aerosun 600501.SS | China | $1.10B | -28% | +10% | -5% | n/a | n/a | n/a |
| Yadea 1585.HK | Hong Kong | $3.36B | -28% | +13% | 7% | 8.9× | -11.2% | +13.0% |
| Harley-Davidson HOG | United States | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% | +2.0% |