Zhejiang Rongtai Electric Material "Robotics business set to take off;..."

研报英文原文证据摘录

Zhejiang Rongtai Electric Material "Robotics business set to take off;..."

) NM

penetration; 2) increasing battery capacity per vehicle; and 3) the migration from 400V EPS (UBS, diluted) (Rmb)

to 800V architecture and evolving battery integration methods. Given the company's From To % ch Cons.

technical expertise and deep ties with customers such as CATL, VW Group and Tesla, we 12/26E - 0.88 - 0.78

forecast a 24% revenue CAGR for its traditional business in 2026-30. 12/27E - 1.32 - 1.14

12/28E - 1.92 - 1.59

Humanoid robotic dexterous hand business to gain traction

Nora Min

Leveraging its long-standing relationship with the leading NA humanoid robot OEM in

Analyst

the NEV business, Rongtai has rapidly entered the OEM's core robotics component S1460518050001

space through acquisitions and JVs with supply chain companies. Rongtai's product nora.min@ubs.com

portfolio covers c15% of the humanoid robot BOM. Its precision screws have passed +86-21-3866 8905

verification by a leading NA humanoid robot OEM, and are set for rapid volume ramp-up

Jenny Wang

based on the customer's schedule. According to Rongtai, the supply of products, such as Analyst

motors and gearboxes, is progressing smoothly with the same OEM, transitioning from S1460523110001

sampling to small batch delivery. We expect rapid growth in segment revenue from jenny-zb.wang@ubs.com

Rmb580m (26% of the total) in 2026E to Rmb6.55bn (64%) in 2030E. +86-21-3866 8837

Valuation: Initiate coverage with a price target of Rmb105.6 and a Buy rating

Our DCF-based PT (WACC 9.1%) implies 80x 2027E PE, slightly above the average since

Rongtai entered robotics business in 2025, reflecting its swift progress. We cross-check

this with a SOTP valuation (using 22x 2027E PE for traditional business and 52.5x 2030E