Core Viewpoint - Rongtai Co., Ltd. is experiencing steady growth in its main business, with improved profitability and overall growth rate meeting expectations [1] Group 1: Business Performance - The company has achieved a record high in system product delivery volume, further solidifying its position as a global leader [1] - The production of shells is expected to exceed 17 million units in 2024, with a year-on-year sales increase of 16.3% [1] Group 2: Global Expansion - Rongtai continues to deepen its global layout, with Zhuhai Rongtai expanding its European export projects and securing several key project designations [1] Group 3: Financial Outlook - The company’s Leon factory reported a loss of 15.703 million yuan in 2024, but is expected to reduce losses in 2025 [1] - The acquisition of Zhongshan Aoduo supplements the company's motor business portfolio [1] Group 4: Innovation and Patents - A new patent for lead screws has been disclosed, laying the foundation for large-scale production [1] Group 5: Investment Rating - The investment rating is maintained at "Buy" [1]

Core Viewpoint - China is a significant player in the global aluminum die-casting alloy industry, with the market size expected to reach 215.26 billion yuan in 2024, reflecting a year-on-year increase of 3.67% driven by the automotive market, electronics industry, and high-end equipment manufacturing [1][10]. Industry Overview - Aluminum die-casting alloys are produced through die-casting processes, primarily composed of silicon, manganese, magnesium, and trace elements, with production involving melting, refining, molding, and pouring [3]. - The industry benefits from the lightweight, high strength, and corrosion resistance of aluminum die-casting alloys, which are widely used in automotive, aerospace, medical, military, and electronic sectors [3]. Market Size and Growth - The aluminum die-casting alloy market in China is projected to grow, supported by the country's large automotive market and rapid advancements in the electronics sector [1][10]. - The global aluminum die-casting alloy market is expected to reach $142.78 billion by 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031 [10]. Competitive Landscape - International companies like Nemak, Ahresty, and Ryobi dominate the industry due to their technological expertise and extensive market presence [10]. - Domestic companies such as Aikodi, Wencan Group, and Guangdong Hongtu are emerging as significant players, benefiting from China's market demand and industrial support [10]. Industry Trends - The industry is moving towards precision and high performance, driven by the increasing quality and performance requirements from the automotive sector, especially for electric vehicles [12]. - There is a growing demand for customized solutions, necessitating improved customer communication and tailored product designs [13]. - The industry is also expanding into international markets, seeking to enhance competitiveness and brand influence through global partnerships and participation in international events [14].

证券代码：605133 证券简称：嵘泰股份 公告编号：2025-060 江苏嵘泰工业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： ●投资者可于 2025 年 11 月 21 日（星期五）至 11 月 27 日（星期四），通 过公司邮箱 wei.chen@rtco.com.cn 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 江苏嵘泰工业股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日 发布了公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 28 日上午 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投 ...

Summary of the Conference Call on Humanoid Robot Supply Chain Industry Overview - The conference focused on the humanoid robot supply chain, involving nine companies including Sanhua, Tuopu, Rongtai, Shuanghuan, Minth, Joyson, Zhaowei, Best Precision, and Shuanglin [1][4][5] Key Takeaways Capacity Planning and Production - Most suppliers are actively planning capacity in China and overseas (primarily Thailand) to support potential mass production of humanoid robots, with current capacity planning ranging from approximately 100,000 to 1 million robot equivalent units per year [4][5] - Companies are optimistic about industry growth, with a global humanoid robot shipment forecast of 1.38 million units by 2035 [4] - Suppliers are broadening their product portfolios from single components to integrated modules, targeting ambitious market share gains [4] Company-Specific Insights - **Sanhua**: Maintains over 50% market share in actuator assemblies, focusing on a single leading global customer for now [9] - **Tuopu**: Plans to establish humanoid-related production capacity in Thailand, Mexico, and the U.S., with an annual capacity of 1 million units in Thailand, contingent on customer demand [9] - **Rongtai**: Emphasizes precision machining capabilities and aims to secure a position as a supplier for North American customers, with plans to increase capacity by 2025 [10] - **Minth**: Targets RMB 5 billion in humanoid-related revenue by 2030, with a completed production line for head and face assemblies expected to start commercial production in Q1 2026 [13] - **Joyson**: Focuses on head assembly and anticipates production ramp-up after Q2 next year, pending customer orders [15] - **Zhaowei**: Offers micro hardware components for humanoid robots and expects RMB 100 million revenue from dexterous hand-related business in 2026 [16] - **Best Precision**: Currently has limited sales contribution from humanoid applications, mainly from sampling demand [18] - **Shuanglin**: Plans to expand capacity for planetary roller screws, with a current capacity of 12,000 units for initial samples [20] Market Dynamics - Companies are showcasing technical capabilities and scalable production readiness as key competitive edges [4] - The ecosystem is evolving with companies eager to expand into robotics components to find new growth engines [4] - The competitive landscape includes various technologies for reduction gears, with companies exploring innovative solutions to enhance performance [15] Future Outlook - Key checkpoints include the Tesla Optimus Gen 3 launch by February/March 2026 and public disclosure of order/shipment targets by the end of 2025 [5] - The overall sentiment remains constructive on the long-term humanoid robot technology trend, with a need to monitor product performance and application developments [5] Additional Important Points - The conference highlighted the importance of collaboration among companies and the need for flexibility in production planning based on customer demand [9][10] - Companies are focusing on developing low-cost production equipment to reduce reliance on overseas equipment [18] - The anticipated growth in the humanoid robot market is driving companies to innovate and adapt their strategies to secure market share [4][5]

Group 1 - The core point of the news is that Rongtai Co., Ltd. experienced a decline of 5.04% in its stock price, reaching 40.12 CNY per share, with a trading volume of 377 million CNY and a turnover rate of 3.29%, resulting in a total market capitalization of 11.346 billion CNY [1] - Rongtai Co., Ltd. is located in Jiangdu District, Yangzhou City, Jiangsu Province, and was established on June 15, 2000, with its listing date on February 24, 2021. The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts [1] - The main business revenue composition of Rongtai Co., Ltd. includes automotive components at 81.14%, molds at 8.61%, equipment at 6.81%, other (supplementary) at 3.24%, and motorcycle components at 0.20% [1] Group 2 - From the perspective of the top ten heavy stocks held by funds, data shows that a fund under Puyin Ansheng holds a significant position in Rongtai Co., Ltd. The Puyin Ansheng Environmental New Energy A Fund (007163) held 141,400 shares in the third quarter, accounting for 4.3% of the fund's net value, making it the fifth-largest heavy stock [2] - The Puyin Ansheng Environmental New Energy A Fund (007163) was established on July 9, 2019, with a latest scale of 65.5531 million CNY. Year-to-date returns are at 47.95%, ranking 1274 out of 8148 in its category; the one-year return is 38.52%, ranking 1550 out of 8053; and since inception, the return is 131.54% [2] - The fund manager of Puyin Ansheng Environmental New Energy A Fund is Yang Dawei, who has been in the position for 4 years and 75 days, with a total asset scale of 136 million CNY. The best fund return during his tenure is -15.16%, while the worst is -52.3% [2]

Core Viewpoint - Rongtai Co., Ltd. has seen a stock price increase of 5.24% to 41.99 CNY per share, with a total market capitalization of 11.875 billion CNY, indicating strong investor interest and performance in the market [1] Company Overview - Jiangsu Rongtai Industrial Co., Ltd. was established on June 15, 2000, and went public on February 24, 2021. The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts [1] - The revenue composition of the company is as follows: automotive sector 81.14%, molds 8.61%, equipment 6.81%, others 3.24%, and motorcycles 0.20% [1] Fund Holdings - Jin Yuan Shun An Fund has a significant holding in Rongtai Co., with its fund "Jin Yuan Shun An Growth Power Flexible Allocation Mixed" (620002) holding 19,900 shares, representing 2.92% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 25.94%, ranking 3374 out of 8149 in its category, and a one-year return of 25.74%, ranking 2724 out of 8053 [2] Fund Manager Information - The fund is managed by Kong Xiangpeng and Han Chenyang. Kong has been in the position for 8 years and 134 days, with a total asset size of 143 million CNY, while Han has been managing for 2 years and 252 days with an asset size of 830 million CNY [3] - The best and worst fund returns during Kong's tenure are -3.29% and -11.58%, respectively, while Han's best and worst returns are 7.88% and -10.27% [3]

Core Viewpoint - The rapid growth of the new energy vehicle (NEV) market is driving the demand for aluminum alloy components in the automotive industry, leading to significant market expansion in China's aluminum alloy automotive parts sector, projected to reach 697.84 billion yuan in 2024, a year-on-year increase of 22.46% [1][8]. Market Overview - Aluminum alloy automotive parts are defined as components made from aluminum-based alloys, which are processed through various methods to achieve lightweight, high strength, corrosion resistance, and recyclability, contributing to vehicle weight reduction and energy efficiency [2]. - The application of aluminum alloy parts spans the entire vehicle, categorized into powertrain, chassis, body, electronic systems, and decorative components [2]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including initiatives aimed at enhancing manufacturing reliability and promoting high-quality development in the NEV sector [2]. Industry Chain - The aluminum alloy automotive parts industry consists of upstream suppliers of aluminum materials and production equipment, midstream manufacturers of aluminum parts, and downstream automotive manufacturers and aftermarket services [4]. Market Growth - China's automotive market has seen substantial growth, with production and sales reaching 21.05 million and 21.12 million vehicles respectively from January to August 2025, marking a year-on-year increase of 12.7% and 12.6% [6]. Competitive Landscape - The aluminum alloy automotive parts market in China is characterized by a large number of companies, leading to a fragmented market structure. Key players include He Sheng Co., Ltd., Xusheng Group, and Wan Feng Ao Wei, among others [9][10]. - In 2024, Lichung Group led the industry with a revenue of 27.25 billion yuan, followed by Top Group and Minshi Group with revenues of 26.6 billion yuan and 23.15 billion yuan respectively [10]. Company Analysis - Lichung Group specializes in lightweight aluminum alloy products and has a complete industrial chain, with 54.5% of its revenue coming from casting aluminum alloys [11]. - Wan Feng Ao Wei focuses on lightweight metal components, achieving 80.81% of its revenue from automotive lightweight parts, totaling 6.056 billion yuan in the first half of 2025 [11]. Development Trends - The industry is expected to adopt smart factory and digital twin technologies, enhancing production efficiency and quality control. The use of recycled aluminum is anticipated to rise, aligning with sustainability goals and reducing production costs [12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.6 CNY, based on a comparable company PE average valuation of 54 times for 2025 [3][6]. Core Insights - The company is expected to achieve stable profit growth, with projected net profits for 2025, 2026, and 2027 at 254 million, 322 million, and 402 million CNY respectively, reflecting a year-on-year growth of 55.3%, 26.8%, and 24.9% [3][10]. - The company has made significant progress in its robotics business, establishing a comprehensive layout that includes metal shells, lead screws, and motors, which are expected to create a dual main business model of "automobiles + robotics" [10]. - The acquisition of a 51% stake in Zhongshan Aoduo is anticipated to enhance the company's profitability and create synergies, with expected net profits of 45 million, 55 million, 60 million, and 60 million CNY from 2025 to 2028 [10]. Financial Summary - The company's revenue is projected to grow from 2,020 million CNY in 2023 to 4,032 million CNY in 2027, with year-on-year growth rates of 30.7%, 16.4%, 22.8%, 17.8%, and 18.5% [5][11]. - Operating profit is expected to increase from 157 million CNY in 2023 to 470 million CNY in 2027, with significant growth rates of 3.7%, 28.3%, 46.6%, 27.1%, and 25.1% [5][11]. - The gross margin is projected to improve from 21.8% in 2023 to 25.2% in 2027, while the net margin is expected to rise from 7.2% to 10.0% over the same period [5][11].

Group 1 - The core point of the article highlights the recent decline in the stock price of Rongtai Co., which fell by 5.01% to 39.64 CNY per share, with a trading volume of 394 million CNY and a turnover rate of 3.43%, resulting in a total market capitalization of 11.21 billion CNY [1] - Rongtai Co. is primarily engaged in the research, production, and sales of aluminum alloy precision die-casting parts, with its main business revenue composition being 81.14% from automotive, 8.61% from molds, 6.81% from equipment, 3.24% from other sources, and 0.20% from motorcycles [1] Group 2 - Jin Yuan Shun An Fund has a significant holding in Rongtai Co., with its fund "Jin Yuan Shun An Growth Power Flexible Allocation Mixed" (620002) holding 19,900 shares, accounting for 2.92% of the fund's net value, making it the fourth-largest holding [2] - The fund has a total scale of 28.17 million CNY and has achieved a year-to-date return of 29.27%, ranking 3137 out of 8150 in its category, with a one-year return of 33.68%, ranking 2474 out of 8043 [2] Group 3 - The fund manager of "Jin Yuan Shun An Growth Power Flexible Allocation Mixed" is Kong Xiangpeng, who has been in the position for 8 years and 132 days, with a total asset scale of 143 million CNY, while the other manager, Han Chenyang, has been in the role for 2 years and 250 days, managing 830 million CNY [3] - The best and worst fund returns during Kong's tenure are -2.75% and -11.58%, respectively, while Han's tenure has seen a best return of 8.37% and a worst return of -9.91% [3]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is deeply engaged in the automotive aluminum die-casting sector and is expanding into the robotics field through acquisitions, aiming for new growth momentum [1][3]. - The company has established a strong customer base, with the top five clients accounting for 84% of revenue by 2024, including major players like Bosch and Thyssenkrupp [1][14]. - The company is expected to benefit from the increasing penetration of automotive lead screws and the expansion into new energy vehicle components, projecting significant profit growth from 2025 to 2027 [3]. Summary by Sections 1. Focus on Automotive Lightweight Die-Casting and Robotics Core Sector - The company specializes in the research and manufacturing of automotive aluminum die-casting parts and is entering the core components of humanoid robots [13]. - It has a history of expanding its business and enhancing its global strategy since its establishment in 2000, including partnerships with Bosch and the establishment of production bases in Mexico and Thailand [13][48]. 2. Financial Performance and Structural Optimization - The company has shown robust revenue growth, with a CAGR of 25% from 2020 to 2024, driven by the lightweight trend in new energy vehicles [22]. - Revenue from automotive-related businesses increased from 0.9 billion to 1.9 billion from 2020 to 2024, with a CAGR of 21% [23]. - The gross margin has remained stable between 22% and 24% over the past three years, with a slight increase in 2024 [28]. 3. Steering Business: Accelerating Smart Steering System Transformation - The domestic market for automotive aluminum die-casting parts is expected to grow at a CAGR of 3.6% from 2021 to 2030, with the market size reaching 186.3 billion in 2023 [37]. - The company has established long-term partnerships with leading global firms, enhancing its competitive advantage through a global production layout [46]. 4. Robotics Business: Joint Ventures in the Robotics Sector - The company has formed joint ventures to enter the robotics lead screw market, leveraging high-precision products recognized by military research institutions [3]. - The acquisition of a motor company aims to enhance its capabilities in the robotics motor sector, creating product synergy [3].