证券代码：603119 证券简称：浙江荣泰 公告编号：2024-082 浙江荣泰电工器材股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 特别风险提示：尽管公司本次购买的保本浮动收益型存款产品属于较低 风险理财品种，但金融市场受宏观经济影响较大，不排除该项投资受到市场波动 影响的风险。 一、本次现金管理到期赎回情况 公司使用暂时闲置募集资金向交通银行嘉兴南湖支行、杭州银行股份有限公 司嘉兴分行分别购买了总金额为 30,000 万元人民币的结构性存款产品，上述结 构性存款产品已到期赎回，收回本金 30,000 万元，实现收益 37.44 万元，具体情 本次现金管理金额：150,000,000 元、150,000,000 元 现金管理产品名称：蕴通财富定期型结构性存款、添利宝结构性存款 现金管理期限：29 天、29 天 况如下： 金额单位：万元 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 现金管理受托方：交通银行嘉兴南湖支行、杭州银行股份有限公司嘉兴 分行 履行的审议程序：浙 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-081 浙江荣泰电工器材股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/22，由董事长提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 2,500 万元~5,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 93.659 万股 | | 累计已回购股数占总股本比例 | 0.26% | | 累计已回购金额 | 万元 2,251.25 | | 实际回购价格区间 | 17.83 元/股~26.83 元/股 | 一、 回购股份的基本情况 因公司实施 2023 年年度利润分配及资本公积金转增股本方案，根据相关规定 及《浙江荣泰电工器材股份有限公司关于以集中竞价交易方式回 ...

投资者关系活动记录表 浙江荣泰电工器材股份有限公司 投资者关系活动记录表 证券代码：603119 证券简称：浙江荣泰 编号：2024-010 浙江荣泰电工器材股份有限公司 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------------|----------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | | □媒体采访 | ☑ 业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位名称 | 参与业绩说明会的广大投资者 | | | 时间 | 2024 年 11 月 29 日 | 10:00-11:00 | | 地点 | 上海证券交易所上证路演中心 | | | | 董事长、首席技术官：曹梅盛女士 | | | 上市公司接待人 员姓名 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-080 浙江荣泰电工器材股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 履行的审议程序：浙江荣泰电工器材股份有限公司（以下简称"公司"） 于 2024 年 8 月 19 日召开的第一届董事会第二十八次会议、第一届监事会第十六 次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。具体 内容详见公司于 2024 年 8 月 20 日在上海证券交易所网站（www.sse.com.cn）披 露的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2024-053）。 特别风险提示：尽管公司本次购买的保本浮动收益型存款产品属于较低 风险理财品种，但金融市场受宏观经济影响较大，不排除该项投资受到市场波动 影响的风险。 一、本次现金管理到期赎回情况 公司使用暂时闲置募集资金向交通银行嘉兴南湖支行购买了金额为 17,000 万元人民币的结构性存款产品，上述结构 ...

Summary of Conference Call Records Company Overview - The company discussed is Zhejiang Longtai, which specializes in insulation and fireproof materials for household appliances and automotive applications. The company has transitioned from a focus on household appliances to automotive, with 80% of its business now in the automotive sector, particularly in battery insulation and thermal management materials [8][9]. Industry Insights - The market for mica materials, particularly in the automotive sector, is expected to grow rapidly, with a projected annual growth rate of 40% over the next three years. The current market size is approximately 20 billion [18][19]. - The company is positioned as a leader in the mica materials industry, holding a 40% market share, with increasing competition from companies like Swiss firm Von Roll and South Korean company Suwon [19][20]. Key Points and Arguments 1. **Product Development and Market Position**: - The company has developed a competitive edge in mica insulation materials, which are crucial for electric vehicle (EV) battery safety and performance. The mechanical and thermal properties of mica materials are expected to enhance their market penetration [3][4]. - The company has a strong customer base, primarily consisting of European and American automotive manufacturers, including Tesla, BMW, and Volvo, which contributes to its robust order book of nearly 10 billion [4][9]. 2. **Financial Performance**: - The company has maintained a gross margin of around 40% for its automotive products, with an operating margin of approximately 20%, indicating strong profitability in the manufacturing sector [10][14]. - Future revenue growth is anticipated to exceed 30% annually, driven by a solid order backlog and expanding product lines [24][30]. 3. **Product Expansion**: - The company is diversifying its product offerings to include non-mica polymer materials, which are expected to contribute significantly to revenue growth. This segment is projected to account for 50% of total revenue within three years [25][30]. - The introduction of high-performance polymer materials for battery applications is expected to enhance the company's profitability, potentially surpassing traditional mica products [5][11]. 4. **Strategic Partnerships**: - The company has established strong partnerships with major automotive manufacturers, which enhances its credibility and market access. The collaborative development with Tesla is particularly noteworthy, as it allows for early-stage involvement in product design and innovation [32][31]. 5. **Market Trends and Regulatory Environment**: - The introduction of stringent safety standards for battery insulation in the automotive industry has accelerated the adoption of mica materials. The company is well-positioned to benefit from these regulatory changes, which favor high-performance materials [18][19]. Additional Important Insights - The company is actively expanding its production capacity, with new facilities being established in Vietnam, Mexico, and Thailand to meet growing demand [24]. - The competitive landscape is characterized by high barriers to entry due to the need for early-stage collaboration with automotive manufacturers, which creates a strong customer loyalty and retention [21][22]. - The company’s management team has a strong background in materials science, which supports its innovation and product development capabilities [13]. This summary encapsulates the key insights and strategic outlook for Zhejiang Longtai, highlighting its competitive advantages, market opportunities, and financial performance.

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-079 浙江荣泰电工器材股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 22 日(星期五)至 11 月 28 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （public@glorymica.com）进行提问。浙江荣泰电工器材股份有限公司（以下简 称"公司"）将在业绩说明会上对投资者普遍关注的问题进行回答。 公司已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 29 日（星期五）上 ...

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].

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]

Key Points Industry and Company 1. **Company Profile**: Zhejiang Longpai, an industry leader in high-end materials, focusing on mica-based thermal insulation and fireproof materials, as well as non-mica high polymer lightweight materials. 2. **Industry**: Automotive, robotics, low-altitude flying, energy storage, and other related fields. Core Views and Arguments 1. **Growth Prospects**: Longpai's load growth is expected to reach 41% over the next three years, with a profit load growth of 68% in the past few years, showing strong growth potential. 2. **Valuation**: Currently valued at 30 times this year and 20 times next year, indicating an undervalued position. 3. **New Growth Points**: Non-mica lightweight materials and expansion into new industries such as humanoids, low-altitude flying, and energy storage. 4. **Humanoid Robots**: Potential for significant orders and profit growth in the humanoid robot sector, driven by the integration of Newlink and humanoid robots. 5. **Platform Expansion**: Longpai's strong horizontal and vertical expansion capabilities, leveraging its accumulated experience and customer base in the automotive supply chain. Other Important Points 1. **Traditional Main Business**: Mica-based thermal insulation and fireproof materials, with a focus on battery protection and structural safety. 2. **Non-Mica High Polymer Lightweight Materials**: Breakthroughs in product and client development, expected to significantly boost revenue and profit in the next two to three years. 3. **Expansion into New Downstream Markets**: High barriers to entry and high manufacturing requirements in the automotive supply chain, providing opportunities for expansion into other industries such as robotics and low-altitude flying. 4. **Application Prospects**: Potential applications in humanoid robots, including thermal insulation and weight reduction materials. 5. **Recommendation**: Strongly recommended with a significant upside potential in terms of valuation and growth prospects.

证券代码：603119 证券简称：浙江荣泰 公告编号：2024-078 浙江荣泰电工器材股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/22，由董事长提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 2,500 万元~5,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 93.659 万股 | | 累计已回购股数占总股本比例 | 0.26% | | 累计已回购金额 | 万元 2,251.25 | | 实际回购价格区间 | 17.83 元/股~26.83 元/股 | 一、 回购股份的基本情况 浙江荣泰电工器材股份有限公司（以下简称"公司"）于 2024 年 2 月 21 日召 开的第一届董事会第二十三次会议，审议通过了《关 ...