证券代码：603119 证券简称：浙江荣泰 公告编号：2025-043 重要内容提示： 投资标的名称：浙江荣泰智能机器人有限公司（暂定名，具体以工商最 终核准登记为准） 投资金额：2,000 万 相关风险提示：本次投资设立全资子公司尚未办理工商登记等手续，存 在程序风险、市场风险、经营风险及管理风险等。 一、对外投资概述 浙江荣泰电工器材股份有限公司 关于对外投资暨设立子公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （一）对外投资基本情况 浙江荣泰电工器材股份有限公司（以下简称"公司"）拟在浙江嘉兴投资设 立全资子公司，公司最终名称以市场监管部门登记为准。公司以自有资金出资 2,000 万元，占该公司注册资本的 100%。 本次对外投资不涉及关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 3、注册资本：2,000 万元 4、注册地址：浙江省嘉兴市南湖区 5、主要经营业务：电机及其控制系统研发；通用零部件制造；机械零件、 零部件加工；机械零件、零部件销售；精密模具；传感器；轴承、齿轮和传动部 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2025-042 (一)审议通过了《关于对外投资暨设立子公司的议案》 具体内容详见公司于同日在上海证券交易所网站披露的《浙江荣泰电工器材 股份有限公司关于对外投资暨设立子公司的公告》。（公告编号：2025-043） 浙江荣泰电工器材股份有限公司 第二届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 浙江荣泰电工器材股份有限公司（以下简称"公司"）第二届监事会第六次 会议的通知及资料已于2025年5月16日以电话、邮件等方式送达至全体监事，并 于2025年5月21日14:00在公司会议室以现场的方式召开。会议由监事会主席饶蕾 召集并主持，会议应参会监事3人，实际参会监事3人，公司董事会秘书列席了本 次会议。本次会议的召开符合《公司法》和《公司章程》的有关规定，会议合法 有效。 二、监事会会议审议情况 特此公告。 浙江荣泰电工器材股份有限公司监事会 2025 年 5 月 22 日 ...

浙江荣泰电工器材股份有限公司 第二届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603119 证券简称：浙江荣泰 公告编号：2025-041 一、董事会会议召开情况 浙江荣泰电工器材股份有限公司（以下简称"公司"）第二届董事会第八次 会议的通知及资料已于 2025 年 5 月 16 日以电话、邮件等方式送达至全体董事， 并于 2025 年 5 月 21 日 10：00 在公司会议室以现场结合通讯的方式召开。会议 由董事长曹梅盛召集并主持，会议应参会董事 7 人，实际参会董事 7 人，公司全 体监事、高级管理人员列席了本次会议。 本次会议的召开符合《公司法》和《公司章程》的有关规定，会议合法有效。 具体内容详见公司于同日在上海证券交易所网站披露的《浙江荣泰电工器材 股份有限公司关于对外投资暨设立子公司的公告》。（公告编号：2025-043） 特此公告。 浙江荣泰电工器材股份有限公司董事会 2025 年 5 月 22 日 二、董事会会议审议情况 (一)审议通过了《关于对外投资暨设立子公司的议 ...

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88%, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with Stellantis and Renault planning to launch multiple affordable B-segment electric vehicles by the end of 2024 [6][37] - The report discusses the impact of carbon emission regulations, noting that the EU has revised its assessment method to consider a three-year average from 2025 to 2027, which may alleviate immediate pressure on automakers [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88%, with a penetration rate of 17.1% in Europe. The Renault 5 model was the best-selling B-segment electric vehicle [15][18] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23][25] - Chinese automakers are increasing PHEV exports to mitigate the impact of tariffs, with BYD's sales in Europe rising by 124% [5][32] New Model Launches - Stellantis plans to launch several new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] - BMW is set to begin production of the iX3 by the end of 2025, with a series of NEUE KLASSE models to follow [46] Carbon Emission Regulations - The EU's revised carbon emission assessment method is expected to provide automakers with more time to meet targets, with a focus on increasing BEV penetration rates [53] - Stellantis believes that the revised timeline will prevent panic pricing in Q4 2025 [54] - Renault emphasizes the importance of reducing costs to maintain competitiveness in the electric vehicle market [55] - Volkswagen anticipates continued pressure in 2025, despite the regulatory changes [57] - BMW expresses confidence in meeting carbon emission targets due to its current BEV penetration rate [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Zhejiang Rongtai Intelligent Robot Co., Ltd., in Jiaxing, Zhejiang, with an investment of 20 million yuan, representing 100% of the subsidiary's registered capital [1] Group 1: Investment Purpose - The investment aims to clarify strategic layout, improve organizational structure and management system, and enhance the efficiency of existing asset utilization [1] - The establishment of the new company will provide a new platform for business development, facilitating the marketization and industrialization of the robotics business [1] - This investment is part of the company's strategic layout and is not expected to have a significant adverse impact on the company's finances [1] Group 2: Impact on Competitiveness - The investment is expected to positively contribute to the company's overall scale expansion and profitability enhancement [1] - The move is anticipated to strengthen the company's comprehensive competitiveness in the market [1]

证券代码：603119 证券简称：浙江荣泰 公告编号：2025-040 浙江荣泰电工器材股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 203 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 170,819,662 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.0928 | | 份总数的比例（%） | | (一) 非累积投票议案 1、 议案名称：《关于公司 2024 年年度报告全文及摘要的议案》 审议结果：通过 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会由公司董事会召集，公司董事长曹梅盛女士主持。本次股东会采 (一) 股东会召开的时间：2025 年 5 月 20 日 (二) 股东会召开的地点：浙江省嘉兴市南湖区凤桥镇中兴路 308 号浙江荣泰 电工器材股份有限公司会议室 ...

上海市广发律师事务所 关于浙江荣泰电工器材股份有限公司 2024 年年度股东会的法律意见书 致:浙江荣泰电工器材股份有限公司 浙江荣泰电工器材股份有限公司(以下简称"公司")2024年年度股东会 于 2025年5月20日在浙江省嘉兴市南湖区风桥镇中兴路 308号公司会议室召开。 上海市广发律师事务所经公司聘请,委派朱嘉意律师、陈艺臻律师出席现场会议, 根据《中华人民共和国公司法》(以下简称"《公司法》")、《上市公司股东 会规则》(以下简称"《股东会规则》")等法律法规、其他规范性文件以及《浙 江荣泰电工器材股份有限公司章程》(以下简称"《公司章程》")的规定,就 本次股东会的召集和召开程序、召集人及出席会议人员的资格、会议议案、表决 方式和表决程序、表决结果和会议决议等出具本法律意见书。 为出具本法律意见书,本所律师对本次股东会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已将本次股东会召开的时间、地点、审议事项、出席会议人员资格等公 告告知全体股东,并确定股权登记日为 2025年5月15日。 本所认为,本次股东会召集、召开的程序符合《公司法》《股东会规则》等 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 45.28 CNY and a target value of 55.28 CNY [3]. Core Views - Zhejiang Rongtai is positioned as a leading player in the high-temperature insulation mica materials sector, benefiting from the growth of the new energy vehicle (NEV) market. The company has established partnerships with major automotive manufacturers such as Tesla, Volkswagen, and BMW, which has significantly contributed to its revenue growth [8][13]. - The company is expanding into the humanoid robot sector through the acquisition of Diz Precision, which will enhance its product offerings in precision components for robotics [8][80]. - The global mica materials market is projected to grow significantly, with a compound annual growth rate (CAGR) of 40.5% from 2023 to 2027, driven by increasing demand in the NEV sector [8][60]. Summary by Sections 1. Company Overview - Zhejiang Rongtai has been a key player in the mica materials industry since its establishment in 2003, transitioning from traditional applications to focus on NEV safety components [13][17]. - The company has developed a strong customer base in the NEV sector, with products that meet international safety standards [16][17]. 2. Financial Performance - The company reported a revenue of 1.135 billion CNY in 2024, a year-on-year increase of 41.8%, with a net profit of 230 million CNY, up 34% [2][28]. - The gross margin and net margin for 2024 were 34.55% and 20.29%, respectively, indicating strong profitability [28][32]. 3. Market Dynamics - The mica materials market is experiencing high growth due to the increasing safety requirements for NEV batteries, with the global market expected to reach 12.37 billion CNY by 2027 [8][60]. - The competitive landscape is characterized by high barriers to entry, with established players like Zhejiang Rongtai holding significant market share [66][69]. 4. Strategic Initiatives - The acquisition of Diz Precision is aimed at diversifying the company's product line into the humanoid robotics sector, leveraging existing relationships with NEV manufacturers [8][80]. - The company is actively expanding its production capabilities both domestically and internationally, with new facilities planned in Thailand and Mexico [24][25]. 5. Future Outlook - The company is expected to achieve a net profit of 335 million CNY in 2025, with continued growth driven by its focus on NEV components and the new robotics segment [2][8]. - The strong order backlog, particularly in the NEV sector, provides a solid foundation for future revenue growth [77].

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is a global leader in mica insulation materials, with a significant market share in the electric vehicle sector, driving high growth in performance [1][2]. - The acquisition of Diz Precision aims to position the company in the robotics sector, which is expected to have substantial growth potential [3]. - The company is expanding its product offerings and entering new markets, which will further solidify its competitive advantages [2][3]. Summary by Sections Company Overview - Founded in 2003, the company has over 20 years of experience in high-temperature insulation mica products, primarily serving the electric vehicle, home appliance, and cable industries [1]. - The company achieved a global market share of 4.4% in mica insulation materials in 2022, with a leading position in the electric vehicle sector, capturing 27% of the market share in 2022 [1]. Financial Performance - The company has experienced rapid growth, with a projected compound annual growth rate (CAGR) of 33% in revenue and 63% in net profit from 2020 to 2024 [1]. - The gross margin and net margin are expected to remain high, with projections of 35% and 20.3% respectively in 2024 [1]. Market Demand and Competitive Landscape - The mica market has a broad demand potential, with the global market for mica fire-resistant insulation materials in electric vehicles expected to reach 10.4 billion yuan by 2027, growing at a CAGR of 38% from 2023 to 2027 [2]. - The company has established strong technical and customer barriers, securing partnerships with top global automotive brands such as Tesla and Volkswagen [2]. Strategic Initiatives - The acquisition of 51% of Diz Precision is aimed at enhancing the company's capabilities in the robotics sector, which is anticipated to grow significantly [3]. - The company is also expanding its product range to include lightweight safety structural components and is exploring applications in energy storage and commercial vehicles [2]. Profit Forecast - The company is expected to achieve net profits of 327 million yuan, 465 million yuan, and 637 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 42%, 42%, and 37% [4][5].