浙江荣泰：出货端持续验证阿尔法，盈利能力修复

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].