Core Viewpoint - The company has successfully launched its single-channel 224G high-speed communication cable and has completed validation for its multi-channel 1.6T high-speed communication cable, which is composed of eight pairs of 224G cables twisted together [2] Group 1 - The single-channel 224G high-speed communication cable is now in mass production [2] - The multi-channel 1.6T high-speed communication cable has passed validation from key customers [2]

Core Viewpoint - The company has successfully developed and validated nuclear safety (1E level) cable accessories for nuclear power plants, filling an international gap and achieving advanced international standards [1] Group 1 - The company's nuclear safety cable accessories have been applied in multiple domestic and international nuclear power projects [1] - The company has completed the research and validation of cable accessories for an 80-year lifespan in nuclear power plants [1] - The company plans to increase R&D investment and actively explore emerging industry demands [1]

Group 1 - The company has confirmed that its single-channel 224G high-speed communication cable has entered mass production [2] - The multi-channel 1.6T high-speed communication cable is composed of eight pairs of 224G high-speed cables twisted together, and this product has completed validation with key customers [2]

Group 1 - The company has achieved advanced industry standards in the debugging of key technical parameters for production equipment [2] - The company currently owns nearly one thousand winding machines [2]

Core Viewpoint - The company has successfully launched its single-channel 224G high-speed communication cable and has completed validation for its multi-channel 1.6T high-speed communication cable, which is composed of eight pairs of 224G high-speed cables twisted together [1] Group 1 - The single-channel 224G high-speed communication cable has entered mass production [1] - The multi-channel 1.6T high-speed communication cable has passed validation from key customers [1]

Core Viewpoint - The company is focusing on the development of liquid cooling technology, primarily for high-power liquid cooling charging guns, and plans to increase R&D investment while exploring new application areas in the industry [1] Group 1 - The company's liquid cooling technology is currently applied in high-power liquid cooling charging guns [1] - The company will continue to increase R&D investment [1] - The company is actively exploring new application areas in response to industry development trends [1]

Core Viewpoint - The company is focusing on enhancing its research and development efforts and expanding its market presence to seize opportunities in the intelligent robotics sector [1] Group 1: Product Applications - The company's cable products, including power cables, encoder cables, USB cables, and coaxial cables, meet the high requirements for diameter and torsional performance needed in embodied intelligent robots [1] - The company's electronic materials, such as heat shrink tubing, have broad applications in the robotics field [1] Group 2: Strategic Initiatives - The company plans to increase its investment in research and development to capture industry opportunities [1] - The company aims to continuously expand its business development space through proactive market expansion efforts [1]

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Views - The report highlights that the company is a leading player in the global high-speed copper cable market, benefiting from the AI era and the increasing demand for copper interconnect solutions [4][5] - The company has shown steady revenue growth, with total revenue expected to rise from 41 billion yuan in 2020 to 69 billion yuan in 2024, representing a CAGR of 14% [4][34] - The company is positioned to capture significant market share in the high-speed copper cable sector, with an anticipated global market growth from 1.9 billion yuan in 2025 to 4.9 billion yuan in 2029, reflecting a CAGR of approximately 27% [5][50] Summary by Sections Company Overview - Shenzhen Wole Cable Co., Ltd. was established in 1998 and listed on the Shenzhen Stock Exchange in 2007, focusing on electronic materials, communication cables, power, new energy vehicles, and wind power [4][14] - The company has a stable shareholding structure and multiple subsidiaries that work collaboratively [28] Business Segments - The electronic materials segment, including heat shrink materials, is the largest revenue contributor, accounting for 32% of total revenue in 2025H1 [36] - The communication cable segment is experiencing rapid growth, with a revenue share of 32% in 2025H1, driven by the demand for high-speed copper interconnects [36][27] - The new energy vehicle segment is projected to grow significantly, with a market size expected to increase from 50.8 billion yuan in 2025 to 97.1 billion yuan in 2029, achieving a CAGR of 18% [22] Financial Performance - The company forecasts revenues of 86.1 billion yuan, 118.7 billion yuan, and 146.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.8 billion yuan, 18.7 billion yuan, and 25.5 billion yuan [7][9] - The gross margin is expected to improve from 31.7% in 2024 to 36.4% in 2027, indicating enhanced profitability [9] Market Trends - The report emphasizes the increasing demand for copper interconnect solutions driven by the AI computing boom, with significant growth in the high-speed copper cable market anticipated [5][50] - The global high-speed copper cable market is expected to grow rapidly, with a projected increase from 1.2 billion yuan in 2024 to 4.9 billion yuan in 2029 [50] Product Development and Capacity - The company has made significant advancements in product development, including the launch of 224G single-channel high-speed copper cables and the initiation of 800G multi-channel production [6] - The company plans to enhance its production capacity significantly by acquiring additional advanced equipment by 2026 [6]

Market Overview - The three major indices showed a strong upward trend on September 29, with the Shenzhen Component Index and the ChiNext Index both rising over 2% [1] - The lithium battery sector experienced a surge, with over 10 stocks hitting the daily limit up, including Wanrun New Energy and Yicheng New Energy [1] Fund Flow Analysis - The net outflow of main funds in the Shanghai and Shenzhen markets was 3.385 billion yuan for the day [1] - Among 11 industries, non-bank financial and computer sectors saw the highest net inflows, amounting to 5.099 billion yuan and 1.256 billion yuan respectively [1] - Other sectors with net inflows exceeding 300 million yuan included power equipment, home appliances, automobiles, and steel [1] Individual Stock Performance - Five stocks received net inflows exceeding 1 billion yuan, with Lingyi Zhi Zao leading at 3.454 billion yuan [3] - Dongguan Lingzhi Innovation Robot Technology Co., Ltd. was established in partnership with Zhiyuan, focusing on industrial robot product development [1] - Dongfang Caifu followed with a net inflow of 2.981 billion yuan, benefiting from the surge in brokerage stocks [2] Net Outflow Rankings - The electronic industry had the highest net outflow, totaling 2.612 billion yuan, followed by communication, defense, and pharmaceutical sectors, each exceeding 1 billion yuan [1] - Leading stocks with significant net outflows included Xian Dao Intelligent and Woer Nuclear Materials, both exceeding 1 billion yuan [4][5] Tail-End Fund Flow - At the end of the trading day, the main funds saw a net inflow of 237 million yuan, with the computer, automotive, non-ferrous metals, electronics, and machinery sectors attracting over 100 million yuan each [6] - Individual stocks with notable tail-end inflows included Sanhua Intelligent Control and Beifang Huachuang, each exceeding 100 million yuan [7] Summary of Key Stocks - The top five stocks with net inflows included: - Lingyi Zhi Zao: 3.454 billion yuan - Dongfang Caifu: 2.981 billion yuan - Shanzi Gaoke: 1.419 billion yuan - Zhinanzhen: 1.207 billion yuan - Yihua Zhikong: 1.040 billion yuan [3] - Conversely, the top five stocks with net outflows included: - Xian Dao Intelligent: 1.531 billion yuan - Woer Nuclear Materials: 1.027 billion yuan - He Er Tai: 0.953 billion yuan - Haiguang Information: 0.596 billion yuan - Zhongji Xuchuang: 0.438 billion yuan [5][9]

深圳市沃尔核材股份有限公司 关于为控股子公司提供担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：002130 证券简称：沃尔核材 公告编号：2025-068 一、担保情况概述 （一）关于为控股子公司上海科特新材料股份有限公司向银行申请授信提 供担保事项 深圳市沃尔核材股份有限公司（以下简称"公司"）于2025年4月24日召开 的第七届董事会第二十六次会议，审议通过了《关于为控股子公司提供担保的议 案》，公司拟为控股子公司上海科特新材料股份有限公司（以下简称"上海科特"） 向银行申请授信额度提供总额度不超过人民币18,000万元的担保。具体授信银行、 担保金额、担保期限以签订的担保合同为准。上述担保额度的合同签署有效期自 董事会审议通过之日起12个月内有效。 （二）关于为控股子公司深圳市沃尔新能源电气科技股份有限公司向银行 申请授信提供担保事项 公司于2025年9月22日召开的第七届董事会第三十二次会议审议通过了《关 于为控股子公司提供担保的议案》，公司拟为控股子公司深圳市沃尔新能源电气 科技股份有限公司（以下简称"沃尔新能源"）向银行申请 ...