浙江荣泰20241104

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.