WOER(SZ:002130) Chang Jiang Shang Bao·2025-09-24 19:16Core Viewpoint - The company,沃尔核材, is actively enhancing its market competitiveness by investing in new projects and expanding production capacity, particularly in the electronic communication and new energy sectors [2][5]. Investment and Expansion - The company plans to invest up to 1 billion yuan in the科特（苏州）新材料项目 to increase the production capacity of key products [3][4]. - The investment will be allocated approximately 360 million yuan for infrastructure, 240 million yuan for equipment, and 400 million yuan for working capital [3]. - The project aims to develop high-performance products such as thermal runaway protection products for power batteries and refractory materials [3]. Financial Performance - From 2019 to the first half of 2025, the company's net profit attributable to shareholders has shown continuous growth, with the first half of 2025 achieving record high performance [2][9]. - In the first half of 2025, the company reported revenues of 3.945 billion yuan, a 27.46% increase year-on-year, and a net profit of 558 million yuan, up 33.06% [9]. - The company’s major business segments, including communication cables and new energy vehicle products, have all experienced growth [9]. Research and Development - The company has maintained a research and development expense ratio exceeding 5% from 2021 to 2024, with a 22.89% year-on-year increase in R&D expenses in the first half of 2025, reaching 208 million yuan [9]. - As of June 30, 2025, the company holds over 2,100 valid patents, including more than 500 invention patents [10]. Market Position and Strategy - The company is recognized as a leading player in the domestic heat shrinkable materials industry, with a comprehensive business layout across electronic materials, communication cables, power, new energy vehicles, and wind power [5][8]. - The company is also expanding its overseas operations, with plans to establish a wholly-owned subsidiary in Malaysia with an investment of up to 300 million yuan [5][6]. - The company is preparing for an H-share issuance to enhance its international brand image and broaden financing channels [6].