沃尔核材(002130)：超节点迭代引领高速通信线继续放量

Core Viewpoint - The company reported a strong financial performance for 9M25, with revenue of 6.08 billion yuan, a year-on-year increase of 26%, and a net profit of 820 million yuan, up 25% year-on-year, driven by the mass production of 224G high-speed communication cables and a rapid increase in demand for new energy charging guns [1] Financial Performance - For Q3 25, the company achieved revenue of 2.14 billion yuan, a year-on-year increase of 24% but a quarter-on-quarter decrease of 2%, with net profit at 264 million yuan, up 12% year-on-year but down 14% quarter-on-quarter due to a transition phase in server shipments from GB200 to GB300 [1] - The overall gross margin for 9M25 was stable at 32.08%, a slight decrease of 0.77 percentage points year-on-year, while Q3 25 gross margin was 31.38%, down 0.90 percentage points year-on-year [3] Business Growth Drivers - The company is focusing on the strategic direction of "electronic communication + new energy power," with a robust product lineup in high-speed communication cables, including a full range of 1.6T/800G/224G cables and ongoing research for the next generation 448G cables [1] - The revenue from high-speed communication cables in 1H25 reached 466 million yuan, representing a significant year-on-year growth of 397.80% [1] Equipment and Capacity Expansion - As of September 25, 2025, the company had five imported foaming core wire extruders in normal production, with expectations to increase this number to over 20 by the end of the year, which is anticipated to support a new round of business growth [2] Market Outlook - NVIDIA's positive guidance for GPU shipments in 2026 is expected to boost demand for cabinet copper cables, with projected copper core line market space of approximately 3.2 billion yuan in 2025 and 6.7 billion yuan in 2026, reflecting a 106% year-on-year increase [4] - The company’s downstream clients include leading firms in the copper connection industry, which positions it to benefit from external demand spillover [4] Profit Forecast and Valuation - The company is expected to benefit from the growing demand for AI short-distance interconnects, with projected net profits of 1.224 billion yuan, 2.178 billion yuan, and 2.614 billion yuan for 2025-2027 [5] - The target price for the company is set at 43.21 yuan per share, based on a 25x PE ratio for 2026, reflecting an increase from the previous target of 37.88 yuan per share [5]