Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is a global leader in mica insulation materials, with a significant market share in the electric vehicle sector, driving high growth in performance [1][2]. - The acquisition of Diz Precision aims to position the company in the robotics sector, which is expected to have substantial growth potential [3]. - The company is expanding its product offerings and entering new markets, which will further solidify its competitive advantages [2][3]. Summary by Sections Company Overview - Founded in 2003, the company has over 20 years of experience in high-temperature insulation mica products, primarily serving the electric vehicle, home appliance, and cable industries [1]. - The company achieved a global market share of 4.4% in mica insulation materials in 2022, with a leading position in the electric vehicle sector, capturing 27% of the market share in 2022 [1]. Financial Performance - The company has experienced rapid growth, with a projected compound annual growth rate (CAGR) of 33% in revenue and 63% in net profit from 2020 to 2024 [1]. - The gross margin and net margin are expected to remain high, with projections of 35% and 20.3% respectively in 2024 [1]. Market Demand and Competitive Landscape - The mica market has a broad demand potential, with the global market for mica fire-resistant insulation materials in electric vehicles expected to reach 10.4 billion yuan by 2027, growing at a CAGR of 38% from 2023 to 2027 [2]. - The company has established strong technical and customer barriers, securing partnerships with top global automotive brands such as Tesla and Volkswagen [2]. Strategic Initiatives - The acquisition of 51% of Diz Precision is aimed at enhancing the company's capabilities in the robotics sector, which is anticipated to grow significantly [3]. - The company is also expanding its product range to include lightweight safety structural components and is exploring applications in energy storage and commercial vehicles [2]. Profit Forecast - The company is expected to achieve net profits of 327 million yuan, 465 million yuan, and 637 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 42%, 42%, and 37% [4][5].

浙江荣泰电工器材股份有限公司 （浙江省嘉兴市南湖区凤桥镇中兴路 308 号） 首次公开发行股票并在主板上市 招股说明书 保荐机构（主承销商） （北京市西城区金融大街 5 号（新盛大厦）12 层、15 层） 浙江荣泰电工器材股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 浙江荣泰电工器材股份有限公司 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 | 本次发行概况 | | --- | | 发行股票类型： | ...

浙江荣泰电工器材股份有限公司 （浙江省嘉兴市南湖区凤桥镇中兴路 308 号） 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （北京市西城区金融大街 5 号（新盛大厦）12 层、15 层） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 首次公开发行股票并在主板上市 招股说明书 （上会稿） 浙江荣泰电工器材股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 浙江荣泰电工器材股份有限公司 招股说明书 | 本次发行概况 | | --- | 1-1-3 浙江荣泰电工 ...