WOER(SZ:002130) Xin Lang Cai Jing·2025-11-27 06:28Core Insights - The company has experienced significant growth in its high-speed communication cable revenue, with a year-on-year increase of over 300% in the first three quarters of 2025, driven by demand from global data centers, artificial intelligence, and high-performance computing [2][4]. Group 1: Company Performance - The company’s high-speed communication cable business is positioned upstream in the industry chain, with major direct clients including Amphenol, Molex, and Tyco, supplying to major server manufacturers like Google and Amazon [6]. - The company’s overall product gross margin for the first half of 2025 was reported at 32.45%, with plans to maintain this through innovation and cost management strategies [9]. Group 2: Equipment and Production Capacity - The company has strategically invested in advanced foam extrusion equipment to enhance production capacity, with 7 machines currently in operation and plans to increase this to over 30 by mid-next year [3]. - The production process for high-speed communication cables is complex, requiring time for mold development and technical adjustments before meeting market demand [3]. Group 3: Product Development and Innovation - The company has successfully developed a sample of the 448G single-channel high-speed communication cable, which is currently being validated by key clients [4]. - Continuous investment in R&D and product innovation is emphasized to maintain a competitive edge in the rapidly evolving technology landscape [6][8]. Group 4: Electric Vehicle Business - The company’s electric vehicle-related products have shown a compound annual growth rate of over 30% in the past three years, with its DC charging guns leading the domestic market in revenue for 2024 [7]. - The company aims to leverage its market position and product quality to capitalize on the growing demand for electric vehicle infrastructure [7]. Group 5: Electronic Materials Business - The electronic materials segment has been a core business since the company's inception, maintaining a stable development trajectory and high gross margins through optimized product structures and efficient manufacturing processes [8]. - Future strategies include expanding the application of electronic materials into high-value sectors such as aerospace and healthcare [8].