证券日报网讯沃尔核材（002130）7月31日在互动平台回答投资者提问时表示，公司将持续加大研发创 新力度，依托领先的技术实力、卓越的产品品质和高效的客户需求响应能力，提升产品的综合性价比， 增强客户黏性，不断提升核心竞争力，扩大市场影响力。 ...

Core Viewpoint - The company,沃尔核材, is a comprehensive solution provider for high-speed data communication and alternative energy power transmission, focusing on polymer radiation-modified new materials and has established a complete industrial chain from copper core wire to finished copper cables [1] Industry Outlook - The communication cable industry is expected to grow from $18.2 billion in 2025 to $22.8 billion in 2029, with a CAGR of 5.7% [2] - Traditional communication devices will continue to dominate the market, accounting for 58.5% in 2024, while high-speed communication devices will account for 14.8% [2] - The global high-speed copper cable market is projected to grow at a CAGR of 26.9%, increasing from $1.9 billion to $4.9 billion between 2025 and 2029 [5] Market Position - In the heat shrink materials sector, the company ranks first globally with a market share of 20.6% and 58.5% in China [6] - The company is the largest manufacturer of DC charging guns for new energy vehicles in China, holding a market share of 41.7% [6] - The company is the second-largest high-speed copper cable manufacturer globally, with a market share of 24.9% [7] Financial Performance - The company's revenues for 2022, 2023, and Q1 2024 were $5.337 billion, $5.719 billion, and $1.759 billion, respectively, with net profit margins of approximately 12.37%, 13.25%, and 15.36% [9] - The electronic materials segment, primarily heat shrink materials, saw a revenue growth of 27.9% in 2024, contributing 37.6% to total revenue [10] - The new energy vehicle segment achieved a revenue of $1.38 billion in 2024, growing by 27.6% [11] Competitive Advantages - The company is the only domestic producer capable of mass-producing 224G PAM4 copper cables, with a stable yield rate of over 90% [15] - The company has sufficient core production equipment, with five machines for producing high-speed copper cables, and plans to acquire more [16][17] - The company maintains a healthy cash flow, with net cash flows from operating activities of $1.035 billion, $860.1 million, and $942.9 million from 2022 to 2024 [13] Customer and Supplier Dynamics - The company has a low concentration of customers, with the top five customers contributing 12.6%, 11.5%, and 12.7% of revenue from 2022 to 2024 [14] - The company’s largest customer, Amphenol, accounted for 4.0% of total revenue in 2024, indicating a diversified customer base [14] Growth Drivers - The demand for high-speed copper cables is expected to surge due to the introduction of NVIDIA's GB200 AI computing server, which utilizes copper interconnect technology [8] - The company is positioned to benefit from the increasing capital expenditures of major cloud service providers, projected to grow by 50% [24] Valuation Insights - The company's A-share PE ratio for 2025 is 22.6x, which is lower than the average of 37x for NVIDIA-related stocks [29]

Group 1 - The core technology solutions for the current 224G high-speed communication cables are physical foaming technology and solid material technology [1] - The company has developed 224G high-speed communication cables based on these two technology solutions, which have passed strict certification from leading global customers and are now being delivered in large quantities [1] - The current lotus core structure products are mainly used for PCIe series products, and there is uncertainty regarding their application in higher-speed 224G high-speed communication cables and next-generation products [1] Group 2 - An investor raised a question regarding the potential confusion between the company's products and those of New Asia Electronics, specifically about the supply of high-frequency high-speed cables to Amphenol [3] - The company supplies high-speed communication cables (single-channel 224G) for data center servers, which are distinct from the products offered by New Asia Electronics [3]

证券日报网讯 沃尔核材7月30日在互动平台回答投资者提问时表示，公司高速通信线的主要客户包括安 费诺、豪利士、莫仕、泰科等国际客户以及立讯、英飞联等国内多家连接器企业。公司的高速通信线供 应给下游客户群体后配套给国际、国内各大服务器厂商终端使用。公司将持续加大研发创新力度，依托 领先的技术实力、卓越的产品品质和高效的客户需求响应能力，不断提升核心竞争力，赢得更多终端客 户的信赖与认可。 （编辑 袁冠琳） ...

证券日报网讯沃尔核材（002130）7月30日在互动平台回答投资者提问时表示，根据相关行业研究数据 显示，2024年度公司新能源业务直流充电枪的营业收入位居国内同行业首位。国家大力推进大功率充电 站建设的政策落地，将对公司充电枪等新能源业务产生积极影响。公司将持续进行研发投入和产品迭 代，继续保持市占率的领先地位。 ...

（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：你好，公司是否有机会突破安费诺封锁，直接拿到欧 美大厂订单？ 沃尔核材（002130.SZ）7月30日在投资者互动平台表示，公司高速通信线的主要客户包括安费诺、豪利 士、莫仕、泰科等国际客户；以及立讯、英飞联等国内多家连接器企业。公司的高速通信线供应给下游 客户群体后配套给国际、国内各大服务器厂商终端使用。公司将持续加大研发创新力度，依托领先的技 术实力、卓越的产品品质和高效的客户需求响应能力，不断提升核心竞争力，赢得更多终端客户的信赖 与认可。 ...

沃尔核材（002130.SZ）7月30日在投资者互动平台表示，根据相关行业研究数据显示，2024年度公司新 能源业务直流充电枪的营业收入位居国内同行业首位。国家大力推进大功率充电站建设的政策落地，将 对公司充电枪等新能源业务产生积极影响。公司将持续进行研发投入和产品迭代，继续保持市占率的领 先地位。 （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：请问董秘：国家计划在2027年前建设10万个大功率充 电站，请问，按目前公司的业务构成，单个这样站点，大概能给公司带来多少收入？谢谢！ ...

Core Viewpoint - The company has successfully developed and delivered 224G high-speed communication cables using two mainstream technical solutions: physical foaming technology and solid material technology, which have passed rigorous certification from leading global clients [1] Group 1: Technology Overview - The mainstream technical solutions for 224G high-speed communication cables are physical foaming technology and solid material technology [1] - Physical foaming involves mixing inert gases like nitrogen under pressure to create uniform, sealed micro-pores, requiring precise equipment and high operational skills [1] - The solid core structure is created using a specially designed extruder mold to form longitudinal through-holes, which can allow moisture to enter and affect dielectric constant stability, leading to signal attenuation [1] Group 2: Product Stability - Physical foaming provides better stability as the inert gas in sealed bubbles is less likely to flow, resulting in minimal deformation during bending and less moisture intrusion [1] - In contrast, the solid core structure can experience significant changes in dielectric constant due to air movement within the holes during bending, affecting transmission speed stability [1] Group 3: Future Developments - The company is currently conducting preliminary research on the next generation of 448G high-speed communication cables [1]

金融界7月30日消息，有投资者在互动平台向沃尔核材提问：你好，公司是否有机会突破安费诺封锁， 直接拿到欧美大厂订单？ 来源：金融界 公司回答表示：感谢您的关注！公司高速通信线的主要客户包括安费诺、豪利士、莫仕、泰科等国际客 户；以及立讯、英飞联等国内多家连接器企业。公司的高速通信线供应给下游客户群体后配套给国际、 国内各大服务器厂商终端使用。公司将持续加大研发创新力度，依托领先的技术实力、卓越的产品品质 和高效的客户需求响应能力，不断提升核心竞争力，赢得更多终端客户的信赖与认可。谢谢！ ...

Core Viewpoint - The company,沃尔核材, has confirmed the stable mass production of its high-speed communication cables, including the PCIe series and single-channel 224G high-speed communication cables, which are utilized in different parts of data centers [2]. Group 1: Product Development - The company's subsidiary, 乐庭智联, has extensive experience in the communication cable industry, having been involved for several decades [2]. - The company possesses strong competitive advantages in product design and development, quality stability, product variety, and large-scale production capabilities [2].