Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 311 million yuan in Q3 2024, representing a year-on-year growth of 33% and a quarter-on-quarter growth of 10%. The net profit attributable to the parent company was 66 million yuan, up 36% year-on-year and 21% quarter-on-quarter [7][8]. - The overall gross margin for Q3 was 37.17%, which is a 6 percentage point increase from the previous quarter, indicating a recovery in profitability [8]. - The company is positioned as a representative flexible stock in the European and Tesla supply chains, with revenue growth exceeding 30% year-on-year, primarily driven by new customer acquisitions and production capacity release [9]. Summary by Sections Revenue Performance - The revenue growth in Q3 was significantly supported by the release of production capacity and the acquisition of new customers, particularly in the automotive safety parts sector [8]. - The contribution from overseas markets has increased, with major automotive manufacturers like Tesla, Volkswagen, Volvo, Daimler, and Mercedes-Benz providing positive incremental growth [8]. Profitability Analysis - The company achieved a net profit margin of 21.1%, reflecting improvements both year-on-year and quarter-on-quarter [8]. - The increase in operating expenses was noted, particularly in sales and management expenses, which are expected to be related to delivery schedules and personnel incentive bonuses [8]. Future Outlook - The company is expected to maintain a compound annual growth rate in production capacity that exceeds the industry average, driven by demand from passenger vehicle replacements and new vehicle requirements [9]. - The introduction of lightweight and electrical insulation new material businesses is progressing well, with production ramping up and opening new demand spaces such as unmanned aerial vehicles [9]. - Forecasted net profits for 2024 and 2025 are 240 million yuan and 350 million yuan, respectively, with corresponding price-to-earnings ratios of 31 and 21 times [10].

Investment Rating - The report initiates coverage with a "Buy" rating, setting a target price of 27.8 RMB per share based on a 2025 PE of 30x [6][45] Core Views - The company is a platform-type enterprise in the field of high-temperature insulation, with mica materials serving as a key component in thermal runaway safety systems for new energy vehicles [1] - Growth drivers include product category expansion, ASP improvement, accelerated overseas expansion, and the development of non-mica materials as a second growth curve [1][11] - Overseas revenue grew 65% YoY in H1 2024, reaching 240 million RMB and accounting for 49% of total revenue, with overseas gross margin at 39.9%, 12.3 percentage points higher than domestic business [2][32] - The company has secured nearly 10 billion RMB in orders and established production facilities in Thailand and Mexico to accelerate its overseas expansion [2][35] Business Overview Mica Business - Mica materials are primarily used for insulation and high-temperature resistance in new energy vehicles, with applications in multiple areas including battery cells/modules, high/low voltage wiring, and autonomous driving modules [2][27] - The company has developed a unique integrated molding process for three-dimensional mica products, enhancing mechanical strength and breaking through shape limitations of traditional mica insulation products [3][37] - Mica products accounted for 74.6% of new energy vehicle revenue in 2022, with applications in battery cells/modules and battery covers generating 350 million RMB [27][28] Non-Mica Materials - The company is expanding into non-mica materials such as lightweight safety structural components, with a 365 million RMB order from a North American new energy vehicle customer in March 2024 [3][41] - Non-mica materials are expected to contribute 1.4 billion, 2.2 billion, and 3.4 billion RMB in revenue from 2024 to 2026, with a gross margin of 43% [42][44] Financial Projections - Revenue is projected to grow from 1.18 billion RMB in 2024 to 1.99 billion RMB in 2026, with a CAGR of 30% [4][43] - Net profit attributable to shareholders is expected to increase from 240 million RMB in 2024 to 450 million RMB in 2026, with a CAGR of 35% [4][43] - Gross margin is forecasted to remain stable at around 37.9% from 2025 to 2026 [43][44] Industry and Competitive Position - The company is a leading player in high-temperature insulation materials, with a strong presence in the new energy vehicle sector [12] - It serves as a Tier 1 supplier to major automotive manufacturers including Tesla, Volkswagen, BMW, Mercedes-Benz, and Volvo [2][29] - Compared to lithium battery materials, mica materials are more akin to Tier 1 automotive components due to their customization attributes and direct relationships with automakers [31] Expansion and Innovation - The company is expanding production capacity with investments in Thailand and Mexico, targeting 18,000 tons of mica materials and 500,000 sets of new energy vehicle components annually [35][36] - Continuous innovation in production processes and material development has enabled the company to maintain a competitive edge in the industry [37][41]

Key Points Industry and Company 1. **Company Profile**: Zhejiang Longpai, an industry leader in high-end materials, focusing on mica-based thermal insulation and fireproof materials, as well as non-mica high polymer lightweight materials. 2. **Industry**: Automotive, robotics, low-altitude flying, energy storage, and other related fields. Core Views and Arguments 1. **Growth Prospects**: Longpai's load growth is expected to reach 41% over the next three years, with a profit load growth of 68% in the past few years, showing strong growth potential. 2. **Valuation**: Currently valued at 30 times this year and 20 times next year, indicating an undervalued position. 3. **New Growth Points**: Non-mica lightweight materials and expansion into new industries such as humanoids, low-altitude flying, and energy storage. 4. **Humanoid Robots**: Potential for significant orders and profit growth in the humanoid robot sector, driven by the integration of Newlink and humanoid robots. 5. **Platform Expansion**: Longpai's strong horizontal and vertical expansion capabilities, leveraging its accumulated experience and customer base in the automotive supply chain. Other Important Points 1. **Traditional Main Business**: Mica-based thermal insulation and fireproof materials, with a focus on battery protection and structural safety. 2. **Non-Mica High Polymer Lightweight Materials**: Breakthroughs in product and client development, expected to significantly boost revenue and profit in the next two to three years. 3. **Expansion into New Downstream Markets**: High barriers to entry and high manufacturing requirements in the automotive supply chain, providing opportunities for expansion into other industries such as robotics and low-altitude flying. 4. **Application Prospects**: Potential applications in humanoid robots, including thermal insulation and weight reduction materials. 5. **Recommendation**: Strongly recommended with a significant upside potential in terms of valuation and growth prospects.

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-078 浙江荣泰电工器材股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/22，由董事长提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 2,500 万元~5,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 93.659 万股 | | 累计已回购股数占总股本比例 | 0.26% | | 累计已回购金额 | 万元 2,251.25 | | 实际回购价格区间 | 17.83 元/股~26.83 元/股 | 一、 回购股份的基本情况 浙江荣泰电工器材股份有限公司（以下简称"公司"）于 2024 年 2 月 21 日召 开的第一届董事会第二十三次会议，审议通过了《关 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-077 浙江荣泰电工器材股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 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。 重要内容提示： 现金管理受托方：杭州银行股份有限公司嘉兴分行、交通银行嘉兴南湖 支行 本次现金管理金额：150,000,000 元、150,000,000 元 现金管理产品名称：添利宝结构性存款、蕴通财富定期型结构性存款 金额单位：万元 | 受托方 | 产品名称 | 收益类型 | 投资金额 | 预计年化收 | 产品 | 赎回金额 | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 益率 | 期限 | | 收益 | | 杭州银行股份有 | 添利宝结构性 | 保本浮动 | 15,000 | 1.25%-2.70% | 23 天 | 15,000 | 23.63 | | 限公司嘉兴分行 | 存款 | 收益型 | | | | | | | ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥310,951,405.62, representing a year-on-year increase of 33.06%[2] - The net profit attributable to shareholders for Q3 2024 was ¥65,584,419.92, reflecting a growth of 36.05% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥61,667,033.82, up by 35.93% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.18, an increase of 28.57% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 808,956,158.67, a significant increase of 38.8% compared to CNY 582,618,352.48 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was CNY 166,548,136.66, representing a 41.5% increase from CNY 117,676,153.62 in 2023[16] - The company's total equity reached CNY 1,767,037,725.99, an increase from CNY 1,661,442,001.45 in the previous year, marking a growth of 6.4%[14] - The company reported a total profit of CNY 187,834,926.98 for the first three quarters of 2024, up from CNY 133,042,630.04 in 2023, a growth of 41.0%[16] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥2,125,647,196.80, marking an increase of 8.74% from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2024 was ¥1,767,037,725.99, which is a 6.36% increase compared to the end of the previous year[3] - Total liabilities as of the end of Q3 2024 amounted to CNY 358,609,470.81, compared to CNY 293,426,557.57 at the end of Q3 2023, reflecting a growth of 22.2%[14] - The company's total assets increased to CNY 2,000,149,252.19 as of September 30, 2024, compared to CNY 1,846,077,940.91 at the end of 2023, marking a growth of 8.3%[22] - The total liabilities of the company were CNY 279,961,487.51, compared to CNY 211,906,625.71 in the previous year, indicating a rise of 32.1%[22] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥159,635,726.85, reflecting a growth of 25.12% year-on-year[2] - Operating cash inflow for the first three quarters of 2024 reached CNY 667,825,817.70, a 30.6% increase from CNY 511,320,059.52 in the same period of 2023[19] - The cash flow from operating activities for the first three quarters of 2024 was ¥113,187,623.02, slightly up from ¥107,885,119.33 in the same period of 2023[28] - The company reported a decrease in cash flow from financing activities, with a net cash flow of -CNY 83,062,819.08 compared to CNY 819,805,640.19 in the same period last year[20] - The company experienced a net decrease in cash and cash equivalents of -668,281,967.40 CNY during the period[29] Investments and Expenses - Research and development expenses increased to CNY 46,048,320.98 in 2024, up 40.3% from CNY 32,827,419.68 in 2023[15] - The company reported an investment income of ¥3,970,797.26 in the first three quarters of 2024, compared to a loss of ¥492,464.62 in the same period of 2023[26] - The company's financial expenses showed a significant decrease, with interest expenses dropping to ¥266,494.43 in the first three quarters of 2024 from ¥3,347,965.43 in the same period of 2023[24] Shareholder Information - The top ten shareholders hold a combined 78.92% of the total shares, with the largest shareholder, Ge Tai Rong, holding 32.52%[8] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[9] Market and Product Development - The company attributed the revenue growth to increased market demand for thermal runaway protection components in the new energy vehicle sector[6] - The company has not indicated any new product launches or technological developments in the current reporting period[10]

东兴证券股份有限公司 关于浙江荣泰电工器材股份有限公司 首次公开发行部分限售股上市流通公告的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为浙江 荣泰电工器材股份有限公司(以下简称"浙江荣泰"或"公司")首次公开发行 股票并在上交所主板上市的保荐机构，根据《中华人民共和国公司法》《中华人 民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 1 号 -- 规范运作》等相关规 定,对浙江荣泰首次公开发行部分限售股上市流通事项进行了审核核查,核查情 况及核查意见如下: 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意浙江荣泰电工器材股份有限公司首次 公开发行股票注册的批复》(证监许可[2023]1288 号）同意，浙江荣泰首次公开 发行人民币普通股（A 股）股票 70,000,000 股，并于 2023 年 8 月 1 日在上海证 券交易所主板上市。发行完成后公司总股本为 280,000,000 股,其中有限售条件 流通股为 211,404,747 股，无限售条件流通股为 68,595,253 股。 本次上市 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-076 浙江荣泰电工器材股份有限公司 首次公开发行部分限售股上市流通公告 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为 5,023,200 股。 本次股票上市流通总数为 5,023,200 股，其中首发限售股份上市流通数量为 5,023,200 股、首发战略配售股份上市流通股数量为 0 股。 本次股票上市流通日期为 2024 年 11 月 4 日。 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意浙江荣泰电工器材股份有限公司首次 公开发行股票注册的批复》（证监许可[2023]1288 号）同意，浙江荣泰电工器材股 份有限公司（以下简称"公司"或"浙江荣泰"）首次公开发行人民币普通股（A 股）股票 70,000,000 股，并于 2023 年 8 月 1 日在上海证券交易所主板上市。发行 完成后公司总股本为 280,000,000 股，其中有限售条件流通股为 211,404,747 股，无 限售条件流通股为 68,595,253 股。 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 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-075 浙江荣泰电工器材股份有限公司 关于使用部分闲置募集资金进行现金管理 的进展公告 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： 履行的审议程序：浙江荣泰电工器材股份有限公司（以下简称"公司"） 于 2024 年 8 月 19 日召开的第一届董事会第二十八次会议、第一届监事会第十六 次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。具体 内容详见公司于 2024 年 8 月 20 日在上海证券交易所网站（www.sse.com.cn）披 露的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2024-053）。 特别风险提示：尽管公司本次购买的保本浮动收益型存款产品属于较低 风险理财品种，但金融市场受宏观经济影响较大，不排除该项投资受到市场波动 影响的风险。 一、本次使用闲置募集资金进行现金管理的基本情况 （一） 现金管理目的 为提高募集资金使用效率，在确保募集资金安全、不影响募集资金投资计划 正常进行及公司正常生产经 ...

金额单位：万元 | 受托方 | 产品名称 | 收益类型 | 投资金额 | 预计年化收 | 产品 | 赎回金额 | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 益率 | 期限 | | 收益 | | 交通银行嘉兴 | 蕴通财富定期 | 保本浮动 | 23,000 | 1.05%-1.65% | 10 | 天 | 23,000 | 6.62 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 南湖支行 | 型结构性存款 | 收益型 | | | | | | | 证券代码：603119 证券简称：浙江荣泰 公告编号：2024-074 浙江荣泰电工器材股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 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。 浙江荣泰电工器材股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日召开的第一届董事会第二十八次会议、第一届监 ...