Group 1: Company Overview - Shenzhen Walden Materials Co., Ltd. is a leading enterprise in the domestic heat shrink materials industry, holding a significant market share [3] - The company focuses on new materials, new energy, and intelligent manufacturing, aligning with national development strategies [6] Group 2: Financial Performance - In Q1 2024, the company achieved a revenue of 15,790.85 million CNY from its new energy charging gun products, marking a year-on-year growth of 37.48% [3] - The subsidiary, Letin Intelligent, reported a revenue of 33,964.67 million CNY in Q1 2024, with a year-on-year increase of 29.08% [4] - The overall revenue target for 2024 is set at 653,282 million CNY, with a net profit of 79,346 million CNY [5] Group 3: Product Segments - The electronic product segment includes heat shrink tubes, dual-wall tubes, and identification tubes, contributing significantly to the company's revenue [3] - The power product segment includes cable accessories and separable connectors, with major clients such as State Grid and Southern Power Grid [3] - The high-speed communication cables produced by Letin Intelligent are used in data centers and have seen stable mass production [4] Group 4: Market Strategy and Future Plans - The company is actively monitoring raw material prices, such as copper, to mitigate impacts on profit margins [5] - Future production capacity will be arranged based on market demand, particularly for high-speed communication cables [4] - The company plans to implement a stock repurchase plan for employee stock ownership, having repurchased 13,565,000 shares, accounting for 1.08% of total shares [5]

Financial Data and Key Metrics - LTK Le Ting's expected net profit is 9.6~16.8 billion RMB with a net margin of 40%~52.5%+ [2] - Traditional main business profit for 2024 is expected to be 9-10 billion RMB, a year-on-year increase of 35% [3] - High-speed line and external line business is expected to contribute 12~19 billion RMB+ profit [3] - The total market size for NVL36+72 is estimated at 80 billion RMB based on 5.8 million units [5] Business Line Data and Key Metrics - LTK Le Ting's gross margin for high-speed lines is expected to be 57%~75%+ [2] - The cost per meter for LTK Le Ting's high-speed lines is 4.5~6 RMB, with a selling price of 14~18 RMB [2] - External lines currently use 112G speed, which is LTK Le Ting's main market [7] - LTK Le Ting's external line business has a gross margin of 20% and a net margin of 10% [16] Market Data and Key Metrics - The market for 224G lines is currently dominated by LTK Le Ting and Anlan, with LTK Le Ting having better quality and capacity [6] - The external line business is mature, with a gross margin of 20% and a net margin of 10% [16] - The market for NVL36+72 is estimated at 80 billion RMB based on 5.8 million units [5] Company Strategy and Industry Competition - LTK Le Ting is the main supplier for Amphenol, with a market share of 80% in the 224G competition [2] - The company expects to upgrade to 224G by the end of the year, which will correspond to CX8 network cards and 1.6T optical modules [15] - The industry trend is moving towards internal interconnects using cartridge copper cable connectors, with companies like Cisco, Meta, AMD, and Huawei frequently contacting Amphenol [3] - Silicon photonics IO is expected to be introduced by the end of 2025, but it will only replace a portion of copper lines in small trays [3] Management Commentary on Operating Environment and Future Outlook - The company expects significant profit contributions from high-speed and external lines starting from Q3 2024 [12] - The company anticipates that the trend will be observable in Q1-Q2 2025, with Amphenol likely to continue supplying for three generations of products [12] - The company believes that silicon photonics will not affect the position of copper within cabinets [12] Other Important Information - The cost of cartridge products is 90% wire material [14] - The company's external line business is expected to grow with the industry's development, despite having no excess profit [16] Summary of Q&A Session - No specific Q&A session details were provided in the content

沃尔核材调研更新 时间：2024年 5月 7日 来源：董秘 qiu、IR li、乐庭董事长 xia、乐庭研发总 chen 总结 产业：asp低于100w预期（实际上是市场理解错了立讯的口径，也说明aph盈利能力很 确定），份额很乐观，合作开发，H2量产。主业solid。 情绪：非常好，公司很愿意交流，买方反馈比较积极，大部分甚至是从不信到相信，还 没研究具体数。 1.公司情况 1）电子：绝缘管材（热缩套管CEHS、CELB进入C919、ARJ21等机型），家用电器较多， 汽车、医疗、通信、电力等都有 2）电力：覆盖各等级电压电缆配件、可分离连接器等，和国网南网深度合作，挂网上 亿套。国内首家获批安全K1类电缆资质。 3）电线：乐庭，线材。高速通信、汽车、工业（装备、机器人）。 高速通信线：qsfp-dd，qsfp28，sfp28，pcie线。 工业机器人：本地电缆、视觉电缆、伺服电机线。 4）新能源：电池防护材料（上海科特，硅橡胶制品）、风电（17年并网发电，现有3 个电厂144.2mw，23年上网3.14亿kw）、充电枪（液冷增速很高）、高压线束。出口还 比较少，我们会和长缆、安靠一样往海外拓展，欧美标都拿 ...

证券代码：002130 证券简称：沃尔核材 公告编号：2024-037 深圳市沃尔核材股份有限公司 关于持股 5%以上股东权益变动达 1%的公告 公司股东邱丽敏女士及其一致行动人玄元私募基金投资管理（广东）有限公 司-玄元科新 202 号私募证券投资基金、玄元科新 203 号私募证券投资基金保证 向公司提供的信息内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 股份种类（A 股、B 股等） 减持股数（股） 减持比例（%） A 股 12,598,000.00 1.00 合 计 12,598,000.00 1.00 本次权益变动方式 （可多选） 通过证券交易所的集中交易 □ 通过证券交易所的大宗交易 □其他 □（请注明） 本次增持股份的资金来 源（可多选） 自有资金 □ 银行贷款 □ 其他金融机构借款 □ 股东投资款 □ 其他 □（请注明） 不涉及资金来源 □ 3.本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股东名称 股份性质 本次变动前持有股份 本次变动后持有股份 股数(股) 占总股本 比例 股数(股) 占总股本 ...

Key Points Industry and Company Involved 1. **Anixter's In-Rack Line Cartridge Product**: The focus is on Anixter's in-rack line cartridge product, with the cost of the cartridge being 90% wire material. 2. **LTK Leiting**: A key supplier in the line material market, with significant market share and expected growth. 3. **Wolfsberg**: A company with a strong traditional business and expected growth in high-speed line and outdoor line segments. Core Views and Arguments 1. **Anixter Pricing and Margin**: Anixter quotes between 4-5 USD per meter for NV, with a gross margin of around 50%. The finished product is priced at 120,000-160,000 RMB per rack for NVL36 and NVL72 respectively. 2. **Market Size and Growth**: The NVL36+72 market is projected to reach 58,000 units in 2024-2025, with NVL36 accounting for most of the demand. The cartridge product value is estimated to exceed 8 billion RMB. 3. **LTK Leiting's Market Position**: LTK Leiting is a major supplier of 224G line materials, with a strong quality and capacity advantage over competitors. The company is expected to generate 24-32 billion RMB in revenue and 9.6-16.8 billion RMB in profit. 4. **Wolfsberg's Growth Prospects**: Wolfsberg's traditional business is expected to generate 9-10 billion RMB in profit in 2024, with high-speed line and outdoor line segments contributing an additional 12-19 billion RMB. The company is valued at 20x PE, with a target market capitalization of 44-60 billion RMB. 5. **Industry Trends**: The industry is expected to see significant growth due to the adoption of cartridge copper cable connectors by NV and Google. The market is expected to grow further as more manufacturers adopt this technology. Other Important Information 1. **Anixter's Wire Material Suppliers**: Anixter's main wire material suppliers include Times Microwave, Anlan Wanjing, and Jinghong Sheng, with Times Microwave being the primary supplier. 2. **LTK Leiting's Production Capacity**: LTK Leiting's existing production capacity for 112G line materials is 250 million RMB, with plans to expand to 1 billion RMB. The company is expected to generate 30-40 billion RMB in outsourced production. 3. **Anlan Wanjing**: Anlan Wanjing is a new supplier with a strong track record in 112G line materials. The company's 224G line material production is expected to start soon. 4. **Shenyu**: Shenyu is expected to be a key player in the 224G line material market, with a strong relationship with Anixter.

证券代码：002130 证券简称：沃尔核材 公告编号：2024－036 深圳市沃尔核材股份有限公司 关于回购公司股份进展的公告 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"）于2023年10月26日召开 的第七届董事会第九次会议和第七届监事会第九次会议审议通过了《关于回购公 司股份方案的议案》，公司拟使用自有资金以集中竞价交易方式回购部分公司已 发行的人民币普通股（A股），拟用于实施股权激励或员工持股计划。本次用于 股份回购的资金总额为不低于人民币10,000万元（含本数）且不超过人民币 12,000万元（含本数），回购股份价格为不超过人民币10元/股（含本数），具 体回购股份的数量以回购结束时实际回购的股份数量为准。回购股份的期限为自 公司董事会审议通过本次回购方案之日起12个月内。独立董事就本次回购事宜发 表了同意的独立意见。 公司于2023年11月7日首次通过回购专用证券账户以集中竞价交易方式实施 了本次回购。2023年11月15日，公司披露了《关于回购公司股份比例达1%暨回购 进展的公告》（公告编号：2023 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,389,476,212.65, representing a 21.62% increase compared to ¥1,142,479,673.44 in the same period last year[4] - Net profit attributable to shareholders was ¥184,297,192.07, a significant increase of 77.27% from ¥103,962,144.24 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥172,967,296.27, up 78.84% from ¥96,713,726.36 in the previous year[4] - Basic earnings per share increased to ¥0.1463, a rise of 77.33% compared to ¥0.0825 in the previous year[4] - The total net profit for the current period is 198.06 million RMB, compared to 112.54 million RMB in the same period last year, reflecting a significant increase[36] - The comprehensive income attributable to the parent company was ¥167,882,338.67, up from ¥122,788,427.58, reflecting a growth of 36.7%[63] Cash Flow - The company's cash flow from operating activities was ¥52,470,598.90, down 49.79% from ¥104,508,621.22 in the same period last year[4] - The net cash flow from operating activities for the current period is 52.47 million RMB, a decrease of 49.79% compared to the same period last year, primarily due to increased cash payments for goods and services[18] - The net cash flow from investing activities is -200.90 million RMB, a decrease of 273.10% year-on-year, mainly due to increased cash payments for structured deposits and fixed asset acquisitions[18] - The net cash flow from financing activities is 26.67 million RMB, an increase of 32.81% compared to the previous year, primarily driven by increased cash received from borrowings[18] - Operating cash inflow totaled $1,132,586,333.11, an increase from $999,773,560.77 year-over-year[65] - Net cash flow from operating activities was $52,470,598.90, down from $104,508,621.22 year-over-year[65] - Net cash flow from investment activities was -$200,900,894.09, a decline from -$53,846,911.47 year-over-year[65] - Net cash flow from financing activities was $26,669,165.78, an increase from $20,080,338.42 year-over-year[66] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,218,299,323.88, reflecting a 2.41% increase from ¥9,001,534,842.51 at the end of the previous year[4] - The company reported total liabilities of 3,574,040,074.01 yuan, an increase from 3,539,033,695.94 yuan[48] - Total equity attributable to the parent company reached 5,068,656,609.84 yuan, up from 4,907,545,574.96 yuan[48] - The company's total liabilities decreased to ¥5,259,859,426.66 from ¥5,267,057,405.02, indicating a reduction of 0.1%[59] - The company's retained earnings increased to 3,529,362,690.85 yuan from 3,345,065,498.78 yuan[48] Research and Development - The company's R&D expenses for the quarter were ¥7,806.86 million, a 15.59% increase from ¥6,753.74 million year-on-year[17] - Research and development expenses for the current period amount to 78.07 million RMB, up from 67.54 million RMB in the previous year, indicating a focus on innovation[36] Shareholder Information - The first major shareholder, Zhou Heping, holds 11.08% of the company's shares, totaling 139,563,801 shares[37] - As of December 31, 2023, Ms. Qiu Limin directly held 26,700,671 shares, accounting for 2.12% of the total share capital[42] - Ms. Qiu Limin and her concerted actions collectively held 147,062,127 shares, representing 11.67% of the total share capital[41] - The company has not disclosed any changes in the status of its major shareholders regarding margin trading and securities lending[28] Legal Matters - The company has initiated a lawsuit against Changyuan Technology Group for a total claim of 56.08 million RMB due to securities false statement liability disputes, which is currently under trial[30] Other Financial Metrics - The gross profit margin improved to 33.16%, up from 31.09% in the same period last year, driven by increased automation and reduced material costs[17] - The company reported a significant decrease in financial expenses to ¥921.87 million, down 59.08% from ¥2,252.80 million in the previous year[17] - The income tax expense for the quarter was ¥3,046.87 million, a 132.34% increase from ¥1,311.38 million year-on-year, primarily due to increased profit levels[17] - The company reported a significant increase in sales expenses, which reached 82.08 million RMB, compared to 76.09 million RMB in the previous year[36] - Deferred income as of the end of the reporting period was 72,448,467.21 yuan, down from 74,590,941.42 yuan[48]

2024 年 04 月 29 日 T[ [【投资要点】 Table_Summary] 挖掘价值 投资成长 [Table_Rank] 增持（维持） 电话：021-23586475 | --- | --- | |-----------------------------------------|-----------------------------| | | | | [Table_PicQuote] 相对指数表现 | | | 117.16% 88.68% 60.21% | | | 31.73% 3.26% -25.22% 4/28 6/28 8/28 | 10/28 12/28 2/28 4/28 | | 沃尔核材 | 沪深 300 | | [Table_ 基本数据 Basedata ] | | | 总市值（百万元 ) | 18659.10 | | 流通市值（百万元 ) | 18499.90 | | 52 周最高/最低（元） | 14.81/4.97 | | 52 周最高/最低（ PE） | 26.64/9.89 | | 52 周最高/最低（PB） | 3.80/1.31 | | 52 周涨幅（%） | 11 ...

Financial Performance - The company's net profit attributable to shareholders was adjusted to reflect a loss of ¥16,648,700.95 due to a retrospective adjustment related to loans made to a subsidiary[10]. - In 2023, the company achieved operating revenue of 572,322.18 million yuan, a year-on-year increase of 7.16%[68]. - The net profit attributable to shareholders of the listed company reached 70,048.31 million yuan, up 13.97% year-on-year[68]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 64,736.98 million yuan, an increase of 14.89% compared to the previous year[68]. - The total operating revenue for 2023 reached ¥5,723,221,818.17, representing a year-on-year increase of 7.16% compared to ¥5,340,853,994.66 in 2022[73]. - The revenue from new materials was ¥4,862,631,780.23, accounting for 84.96% of total revenue, with a year-on-year growth of 3.97%[73]. - The revenue from new energy products increased significantly by 29.63%, reaching ¥860,590,037.94, up from ¥663,871,005.93 in the previous year[73]. - The gross margin for electronic products improved due to increased R&D investment and cost reduction measures, while the gross margin for wire products decreased by 4.02% due to sales decline and structural changes[71]. - The total cost of sales for electronic products was ¥1,421,082,723.18, with a slight increase of 0.68% from the previous year[78]. - The company reported a decrease in financial expenses by 24.09%, totaling ¥54,088,154.55, due to reduced interest-bearing liabilities and lower loan rates[90]. - Investment income rose by 27.48% to ¥11,923,187.55, primarily driven by increased long-term equity investment income[90]. - The cash flow from operating activities decreased by 4.81% to ¥828,072,426.36 compared to the previous year[92]. - The company experienced a significant increase in asset impairment losses, which rose by 92.47% to ¥40,650,638.45, mainly due to goodwill impairment[90]. - The basic earnings per share for 2023 was ¥0.56, up 14.29% from ¥0.49 in 2022[125]. - The total assets of the company at the end of 2023 amounted to ¥9,001,534,842.51, an 8.09% increase from ¥8,327,897,188.78 in 2022[126]. - The net assets attributable to shareholders increased by 13.01% to ¥4,907,545,574.96 in 2023 from ¥4,359,087,519.75 in 2022[126]. - The company plans to distribute a cash dividend of ¥1.70 per 10 shares, with no bonus shares issued[107]. Product Development and Innovation - The company holds over 1,800 valid patents, including more than 400 invention patents, and added 242 new authorized patents in 2023, of which 59 were invention patents[26]. - The company completed the development of a new 150℃ dual-wall tube product, designed for high-temperature environments, primarily used in engine compartments[27]. - The company developed an 800G high-speed communication cable with various specifications, which has passed customer validation and is in small-batch production[29]. - The company is actively developing new products based on market research and customer needs, ensuring continuous innovation and technical accumulation[26]. - The company is enhancing its product offerings to meet the growing demand from international clients, including the development of charging guns that comply with European and American standards[30]. - The company has developed a 66kV offshore wind power separable connector series, which has passed series testing and certification[54]. - The company has developed multiple new medical heat shrink tubing products, including FEP medical heat shrink tubing and MT-CCB ultra-thin medical heat shrink tubing, all of which have passed biocompatibility testing[166]. - The company has successfully designed and developed 330kV and 500kV ultra-high voltage cable accessories, marking its entry as one of the few domestic manufacturers capable of producing such products[167]. - The company has completed the development of 25G Ethernet cables for vehicles, which are suitable for applications in automotive lidar and backbone network systems, featuring stable signal transmission rates and high-speed capabilities[168]. - The company is committed to maintaining technological leadership and enhancing profitability through continuous product structure optimization in its wire business[163]. Market Expansion and Strategy - The company is focusing on expanding its market share in the nuclear power, automotive, and rail transit sectors, leveraging its high-end heat-shrinkable materials[20]. - The company is actively expanding its product offerings in the new energy vehicle sector, focusing on high-voltage connectors and charging gun products[51]. - The company has established a comprehensive supply chain system to meet the growing market demand for new energy vehicles[51]. - The company is expanding its presence in overseas markets while maintaining a strong focus on domestic market growth[47]. - The company is focusing on the development of high polymer radiation-modified new materials and has expanded into wind power generation and new energy vehicles, indicating diversification of its business[154]. - The company has established a marketing network that covers major cities in China and exports products to multiple countries, demonstrating its global reach[158]. - The company is leveraging its multi-base advantages to optimize production locations and meet market demands effectively[105]. - The company plans to enhance automation, information technology, and process optimization in its wire business to strengthen market competitiveness[163]. - The company is positioned as a leader in the heat shrink materials industry, continuously increasing R&D investment and optimizing product structure to meet diverse customer needs[190]. - The company is actively expanding into the new energy sector, developing wind power and electric vehicle businesses to establish stable partnerships and enhance growth[174]. Sales and Market Demand - The installed capacity of solar power generation reached approximately 610 million kW, reflecting a year-on-year growth of 55.2%[38]. - In 2023, domestic sales of new energy vehicles reached 8.292 million units, a year-on-year growth of 33.5%, with a market share of 31.6%[40]. - The number of new charging infrastructure installations in 2023 was 3.386 million units, a year-on-year increase of 30.6%[40]. - The company has a strong market presence in the domestic market for DC charging guns, with high recognition and market share[195]. - The high-power liquid-cooled charging guns have achieved mass sales[195]. - The market demand for cable accessories is expected to continue to rise due to the growth of new energy investments and the acceleration of smart power system construction[135]. - The global AI server market is projected to reach $31.79 billion by 2025, with a compound annual growth rate of 22.7% from 2023 to 2025, driving demand for high-speed communication line products[136]. Corporate Governance and Financial Management - The company has established a comprehensive internal control system to enhance risk management capabilities, focusing on accounts receivable risk control and credit management[179]. - The company implemented a cost-leading strategy, focusing on optimizing the entire value chain and enhancing production efficiency through automation and smart manufacturing[80]. - The company has developed a digital asset management system and an invoice cloud platform, achieving digitalization in asset and invoice management[178]. - The company repurchased 13,565,000 shares, accounting for 1.08% of the total share capital, with a total transaction amount of ¥100,050,320[89]. - The company received government subsidies amounting to approximately ¥65.6 million in 2023, an increase from ¥59 million in 2022, indicating ongoing support from governmental policies[152].

深圳市沃尔核材股份有限公司 一、报告期内监事会的工作情况 （一）报告期内，公司共召开10次监事会会议，会议的召集、召开及表决程 序符合《公司法》和《公司章程》的规定。具体情况如下： 1、公司于 2023 年 1 月 5 日召开了第七届监事会第三次会议，会议审议通过 了《关于控股子公司通过增资扩股实施员工股权激励计划暨关联交易的议案》《关 于拟筹划控股子公司分拆上市的议案》。 会议决议公告刊登于2023年1月6日的《证券时报》《中国证券报》和巨潮资 讯网（www.cninfo.com.cn）。 2、公司于 2023 年 4 月 13 日召开了第七届监事会第四次会议，会议审议通 过了《2022 年年度报告及其摘要》《关于 2022 年度监事会工作报告的议案》《关 于 2022 年度财务决算报告的议案》《关于 2022 年度利润分配预案的议案》《关 于续聘会计师事务所的议案》《关于 2023 年度日常关联交易预计的议案》《关 于会计政策变更的议案》《关于会计估计变更的议案》《关于 2022 年度内部控 制自我评价报告的议案》《关于 2022 年度证券投资情况的专项说明的议案》。 会议决议公告刊登于2023年4月15 ...