浙江荣泰：荣辱不惊，耐温绝缘领域平台型公司

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]