Core Viewpoint - The company emphasizes the importance of communication with investors and is committed to providing careful and rigorous responses while adhering to relevant laws and regulations [1] Group 1: Company Commitment - The company has a solid industrial foundation and sustainable performance growth, which are core supports for its long-term market value [1] - The management team is dedicated to enhancing the company's overall competitiveness and sustainable profitability [1] Group 2: Performance and Value - The company aims to promote high-quality performance growth and will adopt multiple measures to convey its business philosophy and investment value [1] - There is a focus on aligning intrinsic value with market value to foster development [1]

沃尔核材（002130.SZ）12月8日在投资者互动平台表示，公司四季度整体订单情况良好，具体业绩情况 请关注公司后续披露的公告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问三季度营收下降的消费电子线等传统业务，在四 季度是否出现好转？ ...

Group 1 - The company maintains an open attitude and actively communicates with various investors [2] - The company focuses on the development dynamics of the industry chain [2] - The company seeks cooperation opportunities that are beneficial for its long-term development [2]

Core Viewpoint - The company is expected to lead the domestic market in revenue from DC charging guns in 2024 and has successfully mass-produced high-power liquid-cooled charging guns [2] Group 1: Company Performance - The company's revenue from DC charging guns is projected to be the highest among domestic peers in 2024 [2] - The company is one of the earliest developers of high-power liquid-cooled charging guns, which have now entered mass production [2] Group 2: Product Specifications - The maximum charging current of the company's liquid-cooled charging gun is 1000A, with a maximum voltage level of DC 1500V [2] Group 3: Market Strategy - The company plans to enhance its product lineup of liquid-cooled and air-cooled high-current charging guns to maintain its market leadership in national standard DC charging guns [2] - The company aims to expand its market presence for European and American standard charging guns to further penetrate international markets [2]

Core Viewpoint - The company emphasizes the importance of market value management and aims to enhance operational performance and sustainable profitability as its core objectives, committing to rewarding investors with better results [1] Group 1 - The company is focused on continuously improving its operational performance [1] - The company aims to enhance its sustainable profitability [1] - The company is committed to optimizing its market value management practices while adhering to relevant information disclosure laws and regulations [1]

Group 1 - The company,沃尔核材, has highlighted its high-speed communication cables as having excellent high-frequency performance, bend resistance, low cost, high reliability, and a complete industrial chain support [1] - The company operates upstream in the industrial chain and supplies leading domestic and international connector industry clients, ultimately serving major server manufacturers [1] Group 2 - An investor inquiry noted that Google's recent advancements using TPU clusters may lead to increased demand for the company's high-speed copper cables, as TPU architecture requires more copper cables for interconnection [3] - The inquiry suggests that the company's leading position in high-speed copper cables could result in significant benefits from Google's development [3] - The investor also asked whether the company supplies its cutting-edge single-channel 224G copper link products to Google [3]

Core Viewpoint - The company is positioned to lead the domestic market in direct current (DC) charging gun revenue in 2024, with a focus on high-power liquid-cooled charging technology and international market expansion [1]. Group 1: Business Highlights - The company is one of the earliest developers of high-power liquid-cooled charging guns, which have already entered mass production [1]. - The maximum charging current of the company's liquid-cooled charging gun is 1000A, with a maximum voltage level of DC 1500V [1]. Group 2: Market Position and Future Outlook - The company aims to strengthen its market leadership in national standard DC charging guns by continuously improving its product lineup, including liquid-cooled and air-cooled high-current charging guns [1]. - The company plans to increase its market presence for European and American standard charging guns, further expanding its international market reach [1].

Core Viewpoint - The company,沃尔核材, is focusing on high-speed communication cables primarily used in data center applications, which are designed to transmit high-speed communication signals effectively [1] Group 1: Product Overview - The high-speed communication cables utilize a high parallel pair structure design, capable of achieving testing frequencies up to several tens of gigahertz, meeting the demands for high-speed signal transmission in data centers [1] - The company's single-channel 224G high-speed communication cable is currently the highest single-channel speed product in mass production [1] - The company has completed the development of the next-generation single-channel 448G high-speed communication cable samples, which are currently being validated by key customers [1]

Core Insights - The rise of high-speed copper cables is driven by increasing AI computing power demands and the need for efficient interconnects in server clusters [1][2] - NVIDIA's introduction of the GB200 cabinet, utilizing 5000 NVLink copper cables, highlights the cost-effectiveness of copper over optical modules, saving six times the cost [1] Industry Overview - The high-speed copper cable market is experiencing rapid growth due to the urgent demand for high-speed interconnects in AI data centers [2] - The main connection solutions in AI data center networks include optical modules with fiber, active optical cables (AOC), and direct attach copper (DAC) cables [4][5] Company Positioning - Wolong Materials has successfully captured a significant market share, achieving 24.9% in the global high-speed copper cable market, making it the second-largest globally and the largest in China [3][4] - The company has a strong technological foundation, having expanded into high-speed communication products through the acquisition of Le Ting Zhi Lian in 2013 [8] Competitive Landscape - The global copper cable connector market is highly concentrated, with major players like Amphenol and Molex holding significant market shares of approximately 40% and 20%, respectively [10] - Wolong Materials is positioned as a key supplier of core wire materials to downstream connector manufacturers, which assemble complete high-speed copper cable connectors for end users [9] Technological Advantages - Wolong Materials is a pioneer in mass-producing 224G communication lines, which are currently the most advanced products in the market, and is developing 448G samples for key clients [12] - The company has a competitive edge due to its access to specialized production equipment, particularly the Rosen Tai foaming machine, which is critical for high-speed copper cable production [15][17] Production Capacity and Expansion - Wolong Materials is aggressively expanding its production capacity to meet the surging demand driven by AI, with significant capital expenditures planned [18][21] - The company has secured multiple industrial land plots for production expansion and is increasing its manufacturing equipment, including foaming and winding machines [17][18] Future Outlook - The demand for high-speed copper cables is expected to grow further as AI hardware continues to evolve, positioning Wolong Materials favorably in the market [21] - The company's strategic focus on technology, equipment control, and global capacity expansion is likely to strengthen its competitive position in the high-speed copper cable market [21]

Group 1: Data Center Short-Distance Transmission Solutions - AOC (Active Optical Cable) is defined as an integrated optical fiber cable with built-in optical transceiver modules at both ends, functioning as a complete product of optical modules, fiber, and connectors, primarily used for interconnection between racks with a transmission distance of up to 100 meters [1][20]. - DAC (Direct Attach Copper) is a passive copper cable without built-in chips, designed for physical connections using copper conductors to transmit electrical signals, mainly used for connections within cabinets, with a very short transmission distance of up to 3 meters due to high-frequency signal attenuation [1][20]. - ACC (Active Copper Cable) integrates a signal driver (Redriver chip) at the receiving end to amplify and equalize the signal, providing a balanced solution in terms of performance, cost, and power consumption [1][20]. - AEC (Active Electrical Cable) is a high-performance active copper cable that integrates a retimer chip at both ends, allowing for more precise signal compensation and extending the transmission distance to 10 meters, filling the gap between DAC and AOC [1][20]. Group 2: AEC Supply Landscape - Major overseas manufacturers in the AEC market include Credo, Amphenol, Broadcom, Molex, and Marvell, with Credo being the global leader and standard setter, supplying to Microsoft and Amazon [4][13]. - Amphenol is recognized as a leading global connector manufacturer and a primary supplier of copper cables to NVIDIA [5][14]. - Domestic leading manufacturers include Wolong Nuclear Materials, which ranks first in domestic revenue for high-speed communication cables and supplies AEC materials to Amphenol, Molex, and TE Connectivity [6][15]. - Other notable domestic players include Shenyu Co., a leader in high-frequency RF coaxial cables supplying AEC materials to Amphenol, and Zhaolong Interconnect, which focuses on high-speed interconnection in data centers [6][16][17]. - Changxin Bochuang is developing a full-stack optoelectronic interconnection solution, supplying AOC, AEC, and MPO through its subsidiary [6][18]. - Xinya Electronics specializes in high-frequency and high-speed data cables, collaborating with Amphenol to develop a new structure copper cable that overcomes traditional manufacturing dependencies [6][19].