研报掘金丨国盛证券：维持浙江荣泰“买入”评级，机器人业务产品开发、量产推进顺利

Core Viewpoint - Zhejiang Rongtai plans to establish a joint venture with Weichuang Electric to advance the layout of key components for robots, leveraging Weichuang's expertise in motor technology and Rongtai's customer advantages [1] Group 1: Joint Venture and Strategic Development - The collaboration aims to develop applications for the mechatronics market in intelligent robotics, enhancing Zhejiang Rongtai's product offerings in the robotics sector [1] - The company has acquired Diz Precision, Guangzhou Jinli, and is focusing on products like lead screws and gearboxes, with ongoing partnerships with several leading robotics companies [1] Group 2: Business Expansion and Growth Potential - The construction of the factory in Thailand is progressing well, with production expected to commence soon [1] - The development and mass production of the company's robotics business are on track, with a clear strategic layout that is anticipated to drive growth [1] Group 3: Financial Projections - The forecast for net profit attributable to the parent company for 2025-2027 is set at 310 million, 420 million, and 580 million yuan, representing year-on-year growth of 34%, 35%, and 39% respectively [1] - Corresponding price-to-earnings ratios are projected to be 122x, 91x, and 65x for the same period, maintaining a "buy" rating [1]