Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7]. Core Views - The company has shown continuous growth in Q3 2024, benefiting from increased demand for computing infrastructure, with a revenue of 17.25 billion yuan, a year-on-year increase of 16.66%, and a net profit of 2.36 billion yuan, up 26.10% year-on-year [2][3]. - The company is actively expanding its market presence by developing new products and clients, particularly in the data center sector, which has led to increased demand for copper connections [2]. - The company has made significant progress in its product development across various segments, including high-speed communication cables and automotive cables, which are now being delivered in bulk [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 48.20 billion yuan, representing a 20.13% year-on-year growth, and a net profit of 6.55 billion yuan, which is a 36.45% increase year-on-year [2]. - The projected revenues for 2024, 2025, and 2026 are 67.67 billion yuan, 82.69 billion yuan, and 97.63 billion yuan, with respective growth rates of 18.24%, 22.18%, and 18.08% [3]. - The forecasted net profits for the same years are 9.22 billion yuan, 11.53 billion yuan, and 13.85 billion yuan, with growth rates of 31.57%, 25.12%, and 20.10% respectively [3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a forecasted investment return exceeding 15% over the next six months [1][3]. Core Insights - The company has demonstrated robust growth across its diversified business segments, with significant revenue increases driven by the demand for high-speed communication cables and ongoing market expansion efforts [1][3]. - For the first three quarters of 2024, the company reported a revenue of 4.82 billion yuan, a year-on-year increase of 20.13%, and a net profit of 655 million yuan, up 26.10% from the previous year [1][3]. - The company is increasing its research and development (R&D) investments, with R&D expenses reaching 256 million yuan in the first three quarters of 2024, a rise of 18.91% year-on-year, representing an R&D expense ratio of 5.32% [1][3]. Financial Performance - The company achieved a gross margin of 32.84% in the first three quarters of 2024, an increase of 0.53 percentage points year-on-year [1]. - Revenue projections for 2024-2026 are estimated at 6.96 billion yuan, 8.62 billion yuan, and 10.94 billion yuan, with year-on-year growth rates of 21.6%, 23.9%, and 26.9% respectively [3][4]. - The forecasted net profit for the same period is 956 million yuan, 1.18 billion yuan, and 1.47 billion yuan, with corresponding growth rates of 36.5%, 23.8%, and 23.9% [3][4]. Business Segments - The electronic products segment is expected to generate revenues of 2.80 billion yuan, 3.51 billion yuan, and 4.45 billion yuan from 2024 to 2026, with gross margins improving to 38.30%, 38.60%, and 38.80% respectively [6][7]. - The wire and cable segment is projected to achieve revenues of 1.43 billion yuan, 1.75 billion yuan, and 2.18 billion yuan, with gross margins of 26.20%, 25.90%, and 25.20% [6][7]. - The power products segment is anticipated to generate revenues of 1.58 billion yuan, 1.90 billion yuan, and 2.44 billion yuan, with gross margins of 45.25%, 47.17%, and 44.73% [6][7]. Market Position - The company is positioned as a leader in the domestic heat shrinkable materials market, with a strong presence in high-end markets such as nuclear power, automotive, rail transportation, and medical sectors [1][3]. - The demand for high-speed communication cables is on the rise, with the company’s subsidiary, Letin Intelligent, experiencing increased demand and operating at full capacity [1][3].

Group 1: Financial Performance - In the first three quarters of 2024, the company's revenue increased year-on-year, driven by growth in electronic products, electric power products, and wire products [1][2] - The revenue from new energy vehicle-related products, such as charging guns, and high-speed communication wires, showed significant growth [2] Group 2: Business Strategy and Market Outlook - The company's business focuses on new materials, new energy, and intelligent manufacturing, aligning with national strategies for high-end consumption and equipment [2] - There is confidence in maintaining a positive growth trend in high-end industries like nuclear energy, new energy vehicles, and data communication [2] Group 3: Product Development and Capacity - The current yield rate for the 224G high-speed communication wire products is stable, meeting customer demand [2][3] - The subsidiary, Letin Zhili, has over 300 winding machines and more than 20 core wire machines, with additional equipment on order to expand capacity [2][3] Group 4: Technological Innovation and Competitive Advantage - The company is focused on continuous technological innovation and product upgrades to enhance market competitiveness [3][4] - High-speed communication wire production has strict technical barriers, particularly in manufacturing processes and equipment requirements [3][4] Group 5: Future Plans and Mergers - Future merger plans will be considered based on strategic alignment, industry development, and business synergy [4]

Summary of Conference Call Records Company/Industry Involved - The conference call involved over 100 listed companies in the Shenzhen area, focusing on investor relations and corporate governance. Core Points and Arguments 1. **Investor Relations Management**: The event highlighted the importance of transparent communication between listed companies and investors, aiming to build trust and enhance the recognition of corporate value and operational philosophy [1][2][3]. 2. **Regulatory Environment**: Since 2025, the regulatory framework for investor relations management has become clearer, emphasizing the protection of investor rights, particularly for small and medium investors [3][4]. 3. **Information Disclosure**: The quality of information disclosure among listed companies has improved, with A-class companies increasing to 23.8% and B-class companies at 62.1% in the latest evaluation [4]. 4. **Active Participation**: The Shenzhen area has seen active participation from listed companies in investor relations activities, with a high response rate to investor inquiries, reaching 98.99% [7]. 5. **Market Dynamics**: Shenzhen has 424 A-share listed companies with a total market capitalization exceeding 10 trillion yuan, indicating a robust financial ecosystem that supports the real economy [6]. 6. **Collective Reception Day**: This event marked the seventh iteration of the online collective reception day, serving as a platform for deep communication between company executives and investors [2][7]. 7. **Investor Education**: The conference included discussions on investor education, focusing on enhancing financial literacy and risk prevention among investors [9][27]. Other Important but Possibly Overlooked Content 1. **Technological Advancements**: The conference emphasized the need for continuous innovation in investor relations and communication methods, reflecting the evolving landscape of capital markets [7][8]. 2. **Future Outlook**: The event concluded with a call for collaboration to enhance the quality of development among listed companies, aiming to position Shenzhen as a model of innovation and transparency in the capital market [8]. 3. **Macroeconomic Context**: The macroeconomic analysis presented by analysts highlighted the importance of the upcoming 15th Five-Year Plan, focusing on high-quality development and technological advancements as key drivers for future growth [28][29][30]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future direction of investor relations among listed companies in Shenzhen.

证券代码：002130 证券简称：沃尔核材 公告编号：2024-064 深圳市沃尔核材股份有限公司 第七届监事会第十九次会议决议公告 本公司及监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"）第七届监事会第十九次会 议通知于2024年10月18日（星期五）以电话及邮件方式送达给公司3名监事。会议于 2024年10月28日（星期一）以通讯会议方式召开，会议应到监事3人，实到监事3人。 本次监事会的召开符合《公司法》及《公司章程》的有关规定，会议的召开合法有 效。会议由监事会主席王俊先生主持，以3票同意、0票反对、0票弃权，审议通过 了《2024年第三季度报告》。 经审核，监事会认为：董事会编制和审核的《深圳市沃尔核材股份有限公司 2024 年第三季度报告》程序符合法律、行政法规和中国证监会的规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者 重大遗漏。 特此公告。 深圳市沃尔核材股份有限公司监事会 2024年10月29日 1 ...

证券代码：002130 证券简称：沃尔核材 公告编号：2024－066 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。 一、担保情况概述 本次担保事项已经公司2024年10月28日召开的第七届董事会第二十次会议 审议通过。本次对外担保金额合计人民币25,000万元，占公司2023年末经审计净 资产的5.09%。根据《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》及《公司章程》等有关规定，公司本次担保事项属于董事会权限 范围之内，无需提交股东大会审议。 为促进下属子公司业务发展，提高其经济效益和盈利能力，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 行申请授信额度提供总额度不超过人民币25,000万元的担保。具体授信银行、担 保金额、担保期限根据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。 本次担保事项不构成关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、被担保人基本情况 ...

Revenue and Profit Growth - Revenue for the third quarter reached 1.725 billion yuan, a year-on-year increase of 16.66%[2] - Net profit attributable to shareholders of the listed company was 235.67 million yuan, up 26.10% year-on-year[2] - Revenue increased by 20.13% to 482,049.84 million yuan, driven by market expansion and new product development in electronics, power products, wire products, and new energy vehicle-related businesses[8] - Net profit attributable to shareholders rose by 36.45% to 65,509.56 million yuan, supported by revenue growth, improved gross margins, and reduced period expenses[8] - Total operating revenue for the quarter reached 4,820,498,413.48 RMB, a 20.1% increase compared to the same period last year (4,012,615,118.26 RMB)[20] - Net profit attributable to shareholders of the parent company was 655,095,590.28 RMB, up 36.4% year-over-year (480,103,352.50 RMB)[21] - Basic earnings per share (EPS) increased to 0.5200 RMB, a 36.5% rise from 0.3811 RMB in the same period last year[22] - Operating profit rose by 36.9% to 811,976,792.83 RMB compared to 593,185,962.00 RMB in the previous year[21] - Total comprehensive income for the quarter was 698,491,369.49 RMB, up 33.4% from 523,439,701.96 RMB in the same period last year[22] Asset and Liability Changes - Total assets increased by 8.95% to 9.807 billion yuan compared to the end of the previous year[3] - The company's total assets increased to RMB 9,807,142,986.61 as of September 30, 2024, compared to RMB 9,001,534,842.51 at the beginning of the year[18] - Total liabilities rose to RMB 3,893,450,631.10 from RMB 3,539,033,695.94, with long-term borrowings increasing to RMB 960,650,008.67 from RMB 622,631,588.67[18] - Shareholders' equity grew to RMB 5,913,692,355.51, up from RMB 5,462,501,146.57, with retained earnings increasing to RMB 3,788,284,383.52 from RMB 3,345,065,498.78[18] - Cash and cash equivalents decreased to RMB 866,050,641.39 from RMB 1,005,363,282.89, while trading financial assets increased significantly to RMB 318,611,000.00 from RMB 60,244,833.33[16] - Accounts receivable rose to RMB 2,306,688,879.06 from RMB 2,159,963,332.48, and inventory increased to RMB 800,852,533.73 from RMB 710,277,084.25[16] - Fixed assets grew to RMB 2,660,155,941.03 from RMB 2,520,788,854.47, while construction in progress decreased to RMB 170,749,940.06 from RMB 226,300,821.14[17] - Short-term borrowings decreased to RMB 449,690,823.23 from RMB 682,862,733.79, while accounts payable increased to RMB 870,661,000.61 from RMB 848,723,226.56[17] - The company's total current assets increased to RMB 5,210,032,930.47 from RMB 4,716,966,879.52, driven by growth in various asset categories[16] - Non-current assets rose to RMB 4,597,110,056.14 from RMB 4,284,567,962.99, with significant increases in right-of-use assets and other non-current assets[17] Cash Flow and Investments - Operating cash flow for the year-to-date was 548.82 million yuan, a decrease of 6.96% year-on-year[2] - The company's trading financial assets surged by 428.86% to 318.61 million yuan due to increased investments in structured deposits and negotiable certificates of deposit[6] - Operating cash flow decreased by 6.96% to 54,881.89 million yuan, while investment cash flow dropped by 113.62% to -55,899.67 million yuan due to increased investments in structured deposits and fixed assets[10] - Net cash flow from operating activities was RMB 548.82 million, a decrease of 6.96% compared to RMB 589.86 million in the previous period[25] - Net cash flow from investing activities was negative RMB 558.99 million, a significant increase in outflow compared to negative RMB 261.68 million in the previous period[25] - Net cash flow from financing activities was negative RMB 146.24 million, an improvement from negative RMB 194.16 million in the previous period[25] - Cash and cash equivalents decreased by RMB 153.42 million, compared to an increase of RMB 135.60 million in the previous period[26] - Ending cash and cash equivalents balance was RMB 785.65 million, down from RMB 939.07 million at the beginning of the period[26] - Cash paid for employee compensation and benefits increased to RMB 805.57 million, up 18.32% from RMB 680.82 million in the previous period[25] - Cash paid for taxes decreased to RMB 267.48 million, down 3.90% from RMB 278.33 million in the previous period[25] - Cash received from investments increased significantly to RMB 1.25 billion, up 593.38% from RMB 180.00 million in the previous period[25] - Cash paid for investments increased to RMB 1.53 billion, up 485.68% from RMB 261.48 million in the previous period[25] R&D and Operational Costs - R&D expenses grew by 18.91% to 25,672.13 million yuan, primarily due to increased salaries for R&D personnel and higher material costs for testing[8] - R&D expenses grew by 18.9% to 256,721,320.26 RMB compared to 215,893,612.21 RMB in the previous year[20] - Total operating costs increased by 17.2% to 4,049,224,070.80 RMB from 3,454,543,429.01 RMB in the same period last year[20] Shareholder and Equity Information - The company's largest shareholder, Zhou Heping, holds 11.08% of the shares, totaling 139,563,801 shares[11] - Qiu Limin, the second-largest shareholder, holds 2.12% of the shares, with 26,700,671 shares directly owned[11] - Hong Kong Securities Clearing Corporation holds 1.69% of the shares, totaling 21,318,665 shares[11] - The top 10 shareholders include several private equity funds, such as Shenzhen Yingfu Huizhi's funds, holding 1.56% and 1.44% respectively[11] - The company's share repurchase account holds 13,565,000 shares, accounting for 1.08% of the total shares, but is not included in the top 10 shareholders[14] Government Subsidies and Non-Recurring Items - Government subsidies received during the reporting period amounted to 11.24 million yuan, contributing to non-recurring gains[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 36.00% to 61,963.10 million yuan[9] Other Financial Metrics - The weighted average return on equity (ROE) increased by 0.49 percentage points to 4.49% for the quarter[2] - Operating cash flow from sales of goods and services reached 3,842,068,219.94 RMB, a 20.8% increase from 3,179,654,169.10 RMB in the prior year[23] - Cash received from tax refunds grew by 71.7% to 24,558,929.91 RMB compared to 14,305,300.36 RMB in the previous year[23] - Other comprehensive income attributable to owners of the parent company decreased to -10,748,849.01 RMB from 281,432.33 RMB in the same period last year[21] - The company's third quarter report was unaudited[26] Fixed Assets and Investments - Fixed assets increased by 5.53% to 2.660 billion yuan, mainly due to the completion of the first phase of the new materials industrial park project in the Central China region[6] - The company's board approved the sale of 27,560,671 shares of Changyuan Group and 1,566,193 shares of CGNPC Technology, but no shares were sold during the reporting period[15] Debt and Borrowings - Short-term borrowings decreased by 34.15% to 449.69 million yuan, primarily due to the repayment of short-term loans[6] - Long-term borrowings rose by 54.29% to 960.65 million yuan, reflecting an increase in long-term debt[7]

证券代码：002130 证券简称：沃尔核材 公告编号：2024-063 公司《2024年第三季度报告》详见2024年10月29日的《证券时报》、《中国 证券报》和巨潮资讯网（www.cninfo.com.cn）。 二、以9票同意、0票反对、0票弃权，审议通过了《关于为控股子公司提供 担保的议案》。 深圳市沃尔核材股份有限公司 第七届董事会第二十次会议决议公告 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"）第七届董事会第二十次 会议通知于2024年10月18日（星期五）以电话及邮件方式送达给公司9名董事。 会议于2024年10月28日（星期一）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，审议通 过了以下决议： 一、以9票同意、0票反对、0票弃权，审议通过了《2024年第三季度报告》。 为促进下属子公司业务发展，提高其经济效益和盈利能力，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 ...

①2025年GB200铜连接市场规模有望达到245亿元，这两家公司类似神宇股份、沃尔核材，有望通过供 应线材切入产业链，为头部公司提供产品配套；②受益华为、中兴持续扶持，国内背板连接器厂商研制 进度上逐步追赶上海外巨头，这家公司224Gbps产品实现样品试制合格；③I/O连接器曾由安费诺等巨头 垄断，这两家公司经过技术研发，112G相应产品实现小批量生产。 ...

证券代码：002130 证券简称：沃尔核材 编号：2024-013 深圳市沃尔核材股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | 其他 | | | 中欧基金 张一豪；长城基金 | 彭宇晖；宝盈基金 叶秀贤； | | | | | | | 易方达基金 | 姚欢宸；广发基金 赵古月；国投瑞银 陈郑宇； | | 参与单位名称 及人员姓名 | 运舟资本 廖浚哲；华泰证券 百川 ...