Zhejiang Rongtai(SH:603119) GOLDEN SUN SECURITIES·2025-09-02 07:06Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company reported a revenue of 572 million yuan for H1 2025, representing a year-on-year increase of 15%, and a net profit attributable to shareholders of 120 million yuan, up 22% year-on-year [1] - The revenue growth rate in Q2 2025 showed a slowdown, primarily attributed to the deceleration in Tesla's sales, but overseas customer acquisition is expected to drive future revenue growth [1][2] - The company is strategically positioned in the robotics sector, with a clear layout and ongoing expansion into precision transmission and humanoid robotics through acquisitions [2] Financial Performance - For H1 2025, the gross margin was 35.7%, an increase of 2.0 percentage points year-on-year, while the net profit margin was 21.6%, up 1.3 percentage points year-on-year [2] - The company’s revenue forecast for 2025-2027 is adjusted to 308 million, 415 million, and 577 million yuan respectively, with year-on-year growth rates of 34%, 34%, and 38.9% [3][5] - The projected P/E ratios for 2025, 2026, and 2027 are 93x, 69x, and 50x respectively [3] Business Strategy - The company has made strategic acquisitions to enhance its capabilities in the robotics field, including a 15% stake in Guangzhou Jinli Intelligent Transmission Technology Co., which will facilitate entry into emerging sectors [2] - The company is expected to benefit from partnerships with leading global automotive manufacturers and battery suppliers, which will likely increase its overseas revenue share [1][2]