浙江荣泰（603119）：深度研究报告：全球云母绝缘制品领先者，机器人业务打开新成长空间

Investment Rating - The report gives a "Buy" rating for Zhejiang Rongtai (603119) for the first time [1] Core Views - Zhejiang Rongtai is a leading global supplier of mica insulation products and has opened new growth opportunities in the robotics sector [1] - The company has a strong historical performance with a revenue CAGR of 30% from 2019 to 2024 and a net profit CAGR of 61% during the same period [6] - The report anticipates significant growth in both traditional mica insulation products and new robotics components, driven by increasing penetration of new energy vehicles and supportive national policies [6][8] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,135 million, 1,567 million, 2,433 million, and 3,416 million respectively, with year-on-year growth rates of 41.8%, 38.1%, 55.3%, and 40.4% [2] - Net profit attributable to shareholders is projected to be 230 million, 319 million, 492 million, and 671 million for the same years, with growth rates of 34.0%, 38.5%, 54.1%, and 36.5% [2] - The target price is set at 139.8 yuan, with a current price of 118.17 yuan, indicating a potential upside of approximately 18% [2][6] Business Overview - The company has been deeply involved in the mica insulation product market for over 20 years, transitioning into the new energy vehicle sector since 2013 and expanding into robotics through acquisitions [6][12] - The main product categories include new energy vehicle safety components, other insulation safety components, and robotics parts [6][15] - The new energy vehicle safety components accounted for 81% of revenue in the first half of 2025, with a gross margin of 39.8% [15] Growth Drivers - The report highlights that the new energy vehicle safety components business is expected to accelerate due to increased penetration rates and overseas orders [8] - The robotics business is positioned for growth through strategic acquisitions and partnerships, including the acquisition of Diz Precision and collaborations with leading manufacturers [6][8] Valuation and Profit Forecast - The report estimates net profits for 2025-2027 to be 3.2 billion, 4.9 billion, and 6.7 billion respectively, with a CAGR of 43% [8] - A segmented valuation approach is used, with traditional business expected to grow alongside the new energy market, while the robotics segment is still in its early stages [6][8] - The target market capitalization for 2026 is projected at 509 billion yuan, with a corresponding target price of 139.8 yuan [6][8]