Wanma Co., Ltd.(SZ:002276) Cai Fu Zai Xian·2025-12-18 03:02Core Viewpoint - The launch of the 220kV undersea cable project for Weizhou Island marks a significant breakthrough in the domestic production of high-voltage submarine cable insulation materials, ending the long-standing reliance on imports for core materials [1][3]. Group 1: Project Overview - The Weizhou Island undersea cable project is the first in China to utilize fully domestically produced insulation materials for 220kV high-voltage submarine cables [1]. - The project is a collaboration between Southern Power Grid Research Institute, Guangxi Power Grid Company, Jiangsu Hengtong High Voltage Cable, and Wanma Co., Ltd. [1]. Group 2: Company Insights - Wanma Co., Ltd. has achieved breakthroughs in the core technology of domestic XLPE insulation materials, reaching international advanced levels in key performance metrics such as thermal resistance and mechanical properties [1][3]. - Wanma Co., Ltd. is currently the only company in China capable of mass-producing ultra-clean insulation materials for 220kV and above, with a current annual production capacity of 40,000 tons, expected to increase to 60,000 tons after the completion of the third-phase project [3]. Group 3: Market Potential - The domestic market for high-voltage submarine cable insulation materials has seen a significant shift, with 90% previously relying on foreign suppliers, leading to high costs and supply chain risks [3]. - The market share of Wanma Co., Ltd. in this sector has increased to 20%, and the high-voltage submarine cable insulation material market is projected to reach 4 billion yuan by 2025, with a compound annual growth rate of 88.22% from 2022 to 2025 [3].