Financial Performance - The total operating revenue for 2024 reached CNY 6,931,425,857.89, representing a year-on-year increase of 21.11%[3] - Operating profit amounted to CNY 1,091,335,144.85, reflecting a growth of 24.60% compared to the previous year[3] - The total profit for the year was CNY 1,078,701,103.18, which is an increase of 23.58% year-on-year[3] - Net profit attributable to shareholders was CNY 859,504,698.83, showing a growth of 22.70% from the prior year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 812,821,289.06, up by 25.56% year-on-year[3] - Basic earnings per share increased to CNY 0.68, a rise of 21.43% compared to the previous year[3] - The weighted average return on equity improved to 16.51%, up by 1.51 percentage points from 15.00%[3] Assets and Equity - Total assets at the end of the reporting period were CNY 10,282,791,114.27, marking a 14.23% increase from the beginning of the period[3] - Shareholders' equity attributable to the company reached CNY 5,539,407,129.20, reflecting a growth of 12.88%[3] Strategic Focus - The company has increased its focus on R&D and market expansion, leading to revenue growth across various product lines, including electronic products and new energy vehicle-related products[5]

Group 1 - Shenzhen Kainet Precision Technology Co., Ltd. has been established with a registered capital of 1 million yuan [1] - The company is wholly owned by Shenzhen Wolong New Energy Electric Technology Co., Ltd., a subsidiary of Wolong Materials [1] - The business scope includes manufacturing of automotive parts and accessories, sales of new energy vehicle electrical components, and manufacturing and sales of mechanical and electrical equipment [1]

关于控股子公司通过高新技术企业重新认定的公告 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。 深圳市沃尔核材股份有限公司（以下简称"公司"）控股子公司常州市沃尔核 材有限公司（以下简称"常州沃尔"）及乐庭电线工业（常州）有限公司（以下简 称"常州乐庭"）通过了高新技术企业的重新认定，并于近日收到了《高新技术企 业证书》，证书具体情况如下： 证券代码：002130 证券简称：沃尔核材 公告编号：2025-004 深圳市沃尔核材股份有限公司 发证时间：2024年11月19日 有效期：三年 批准机关：江苏省科学技术厅、江苏省财政厅、国家税务总局江苏省税务局 1、企业名称：常州市沃尔核材有限公司 证书编号：GR202432005397 发证时间：2024年11月19日 有效期：三年 批准机关：江苏省科学技术厅、江苏省财政厅、国家税务总局江苏省税务局 2、企业名称：乐庭电线工业（常州）有限公司 证书编号：GR202432004836 根据《中华人民共和国企业所得税法》《中华人民共和国企业所得税法实施条 例》等相关规定，常州沃尔及常州乐庭本次通过高新技术企业重新认定后，在证书 ...

Investment Rating - Buy rating maintained for the stock [1] Core Views - Profitability continues to improve with growth in revenue across electronics, power products, wire products, and new energy vehicle-related products [4] - Gross margin has increased due to automation, cost reduction, and lower raw material prices [4] - The company aims to maintain a healthy gross margin through technological innovation and strict budget management [4] - High-speed communication cables benefit from AI applications, with 224G high-speed communication cables being delivered in bulk [5] - The company's subsidiary, Letian Zhilian, has significant production capacity and is expanding further to meet market demand [5] - The company has a competitive advantage in the high-speed communication cable industry, with strong product quality, variety, and production capabilities [6] - Focus on technological innovation and R&D to maintain industry leadership [6] Financial Performance and Projections - Expected net profit attributable to the parent company for 2024-2026: 10.1/14.0/17.0 billion yuan [9] - Revenue growth projected at 18.86% in 2024, 25.12% in 2025, and 18.00% in 2026 [10] - EBITDA expected to grow from 1,188.87 million yuan in 2023 to 2,421.95 million yuan in 2026 [10] - EPS projected to increase from 0.56 yuan in 2023 to 1.35 yuan in 2026 [10] - P/E ratio expected to decrease from 48.71 in 2023 to 20.07 in 2026 [10] - Gross margin expected to rise from 32.6% in 2023 to 35.4% in 2026 [14] - ROE projected to increase from 14.3% in 2023 to 20.3% in 2026 [14] Company Overview - Latest closing price: 27.08 yuan [3] - Total market capitalization: 34.1 billion yuan [3] - 52-week high/low: 29.22/5.10 yuan [3] - Debt-to-asset ratio: 39.3% [3] - P/E ratio: 48.36 [3] - Largest shareholder: Zhou Heping [3]

Financial Performance - 2024 performance growth driven by revenue increase, improved gross margin, and reduced period expenses [2] - Gross margin influenced by market environment, raw material price fluctuations, and labor costs [3] - No immediate financing plans due to stable asset structure and operating cash flow [10][11] High-Speed Communication Cable Business - 224G high-speed communication cable orders at full capacity with batch deliveries ongoing [3] - Subsidiary Letong Zhilian has nearly 400 wrapping machines and over 30 core wire machines, with additional equipment on order [3] - 224G product yield rate remains stable, with plans for improvement through process optimization and automation upgrades [5] - R&D process includes technology pre-research and product development, with focus on maintaining innovation and talent retention [8] Competitive Advantages - Letong Zhilian possesses decades of experience in wire product development and process control, with some products reaching international advanced levels [7] - Strong competitive advantages in quality stability, product variety, and large-scale production capacity [7] - Maintains long-term stable cooperation with industry-leading customers [7] Future Development - Capacity expansion based on industry development, customer demand, and equipment technology iteration [4] - Focus on emerging application fields like high-speed communication cables, with increased investment in technological innovation [7] - Current investments primarily address existing factory and capacity bottlenecks, with potential M&A plans subject to strategic considerations [9] Investor Relations - Investor relations activities conducted on January 7-8, 2025, at Shenzhen headquarters [2] - Participants included representatives from major funds and securities companies [2] - Company representatives included Board Secretary Qiu Wei and Securities Affairs Representative Li Wenya [2]

《关于聘任公司副总经理、财务总监的公告》详见 2025 年 1 月 3 日的《证 券时报》、《中国证券报》及巨潮资讯网（www.cninfo.com.cn）。 证券代码：002130 证券简称：沃尔核材 公告编号：2025-001 特此公告。 深圳市沃尔核材股份有限公司 深圳市沃尔核材股份有限公司董事会 2025年1月3日 第七届董事会第二十三次会议决议公告 1 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。 深圳市沃尔核材股份有限公司（以下简称"公司"）第七届董事会第二十三 次会议通知于2024年12月30日（星期一）以电话及邮件方式送达给公司9名董事。 会议于2025年1月2日（星期四）以通讯会议方式召开，会议应到董事9人，实到 董事9人，公司监事、高管列席了本次会议。本次董事会会议的召开符合国家有 关法律、法规和《公司章程》的规定。会议由董事长周文河先生主持，以9票同 意、0票反对、0票弃权，审议通过了《关于聘任公司副总经理、财务总监的议 案》。 根据公司经营管理需要，经公司副董事长、总经理易华蓉女士提名，董事会 提名委员会及董事会审计委员会审议通过，董事会 ...

Company Establishment - Huizhou Wolong Heat Shrinkable Material Co Ltd was recently established with a registered capital of 1 million yuan [1] - The company's legal representative is Wang Yuming [1] - The business scope includes R&D of motor and control systems, electromechanical coupling systems, and engineering and technical research and experimental development [1] Ownership Structure - The company is wholly owned by Wolong Electric [2]

Business Expansion and Strategy - The company plans to establish a production base in Malaysia to enhance its overseas development strategy, focusing on electronic and wire-related products [2] - The subsidiary, Letian Zhilian, currently has nearly 400 winding machines and over 30 core wire machines, with more than 200 additional winding machines and dozens of core wire machines on order [2] - The company's high-speed communication cable business is growing rapidly, with significant R&D and equipment investments, achieving 800G and single-channel 224G high-speed communication cables in 2024 [7] Production and Capacity - Letian Zhilian's high-speed communication cable production capacity is gradually increasing as new equipment is delivered, with key equipment expected to arrive by 2025 [2] - The high-speed communication cable production line is operating at full capacity, with orders fully saturated [2] - The company's high-power liquid-cooled charging guns, produced by its subsidiary Wolong New Energy, are in mass production, with growing demand and overseas sales primarily supporting charging pile and vehicle manufacturers [5] R&D and Innovation - The company's wire product R&D is divided into technical pre-research and product development, with pre-research focusing on cutting-edge technologies and product development tailored to industry trends and customer needs [2] - High-speed communication cable production involves strict requirements for copper conductors, insulation materials, structure, and processes, with significant technical barriers in both production processes and equipment [7] - The company is committed to continuous innovation and upgrading in high-speed communication cable technology, focusing on core business R&D and technological reserves to maintain industry leadership [5] Market and Clients - The company's high-speed communication cables are supplied to international clients such as Amphenol, Molex, and TE Connectivity, as well as domestic connector companies like Luxshare and Infinera [2] - The high-speed communication cables are ultimately used by major server manufacturers, both internationally and domestically [2] - The company is expanding its international market presence by improving European and American standard charging gun product lines and establishing overseas sales teams [5]

Key Points Industry and Company 1. **Industry Focus**: The research focuses on the AEC (Active Electrical Connector) market, specifically exploring the supply chain opportunities, competition landscape, market share, value, and technological barriers within the AEC, line materials, and retimer sectors. 2. **Companies in Focus**: The research highlights several key players in the industry, including Credo, 兆龙互连 (Meg龙互连), 博创 (BoChuang), 新易盛 (XinYiSheng), and others. Core Views and Arguments 1. **Market Growth**: The AEC market is expected to see significant growth over the next few years, with a projected increase from $300 million to $1.8 billion in size within 3-4 years. 2. **Entry Barriers**: The research suggests that the entry barriers for domestic manufacturers in the AEC market are relatively low, primarily due to the availability of Retimer chips and the simpler assembly process compared to optical modules. 3. **Competition**: The competition within the AEC market is intensifying, with new players entering the market, such as Marvell, which has recently started focusing on this sector and offering Retimer chips. 4. **Supply Chain**: The supply chain for AEC components, including Retimer chips and copper cables, is becoming more accessible, with domestic manufacturers like Leiting and Wolong Nuclear Materials entering the market. Other Important Content 1. **Credo's Market Position**: Credo has a significant market share in the AEC market, primarily due to its vertical integration from chips to modules and its early entry into the market. 2. **Technological Advancements**: The research highlights the technological advancements in Retimer chips and copper cables, which are crucial for the performance and cost-effectiveness of AEC products. 3. **Market Dynamics**: The research provides insights into the market dynamics of the AEC industry, including customer segments, order volumes, and future market share and pricing expectations.