研报掘金丨华创证券：首予浙江荣泰“推荐”评级，目标价139.8元

Core Viewpoint - Zhejiang Rongtai is a leading global manufacturer of mica products and has expanded its business into the robotics sector, which is expected to grow significantly alongside the increasing penetration of the new energy market [1] Segment Summary - Traditional Business: The traditional business, primarily focused on the automotive sector, is projected to grow further with the increasing market share in the new energy sector. It is estimated to achieve a net profit of 470 million by 2026, with a target valuation of 14 billion based on a 30x PE ratio [1] - Robotics Business: The robotics segment is currently small and in the customer and product development phase. It is expected to generate mid-term revenue of 9 billion, corresponding to a net profit of 1.8 billion. Given the market's premium valuation for core components in robotics, a mid-term valuation of 30x is applied, leading to a target valuation of 54 billion, which, when discounted to 2026, results in a valuation of 36.9 billion [1] - Overall Valuation: The combined target market valuation for the company in 2026 is estimated at 50.9 billion, with a target price of 139.8 per share. The company is covered for the first time with a "recommended" rating [1]