WOER(SZ:002130) 智通财经网·2025-06-20 04:01Core Viewpoint - Wolong Materials, China's largest manufacturer of high-speed copper cables and DC charging guns for electric vehicles, has submitted a listing application to the Hong Kong Stock Exchange, aiming to attract value investors with its robust growth and market leadership [1][2]. Company Overview - Wolong Materials is the second-largest high-speed copper cable manufacturer globally and the largest in China, holding a market share of 24.9% by revenue [1][3]. - The company is also the largest manufacturer of DC charging guns for electric vehicles in China, with a market share of 41.7% [1][5]. Financial Performance - The company has shown steady growth, with a compound annual growth rate (CAGR) of 13.87% in revenue and 18.1% in net profit from 2022 to 2024 [1]. - In Q1 2025, revenue reached 1.759 billion yuan, a year-on-year increase of 26.6%, while net profit was 270 million yuan, up 36.5% [1]. Business Segments - The business operations include electronic communication products and alternative energy power transmission products, with projected revenues of 4.3 billion yuan and 2.46 billion yuan respectively in 2024 [2][5]. - The electronic communication segment is expected to grow at a CAGR of 11.37% from 2022 to 2024, while the alternative energy segment, particularly EV power transmission products, is projected to grow at a CAGR of 29.5% [2][5]. Market Dynamics - The global market for high-speed copper cables is projected to reach 1.9 billion yuan in 2024, with a CAGR of 30.4% over the past five years [7]. - The market for electric vehicle power transmission products is expected to grow to 39.1 billion yuan in 2024, with a CAGR of 74.9% [10]. Competitive Position - Wolong Materials maintains a strong competitive position, with a stable gross margin between 30% and 31% from 2022 to 2024, and a net profit margin of 13.3% in 2024 [6][11]. - The company has a diversified customer base, with the top five customers contributing approximately 12% of total revenue, indicating low customer concentration risk [5]. Expansion Plans - The company is expanding its production capacity, with nine manufacturing bases in China and one in Vietnam, and plans to establish a new manufacturing base in Malaysia [11].