沃尔核材，第三家不设绿鞋上市首日便可进港股通的A+H新股

Core Viewpoint - The recent surge in the stock price of A+H shares, particularly for 澜起科技, indicates a significant shift in market sentiment towards these listings, which were previously considered less attractive. The high demand for new shares, as evidenced by the oversubscription rates, suggests a revaluation of A+H stocks in the current market environment [1]. Group 1: Company Overview - 沃尔核材, established in 1998, is one of the largest manufacturers of heat shrink materials and communication cable products globally. Its main business segments include electronic materials, communication cables, and power transmission for electric vehicles [3]. - By 2024, 沃尔核材 is projected to hold a 20.6% market share in the global heat shrink materials industry and a 12.7% share in the telecommunications cable manufacturing sector [3]. Group 2: Financial Performance - In 2022, 沃尔核材 reported a revenue of 5.34 billion yuan, which is expected to grow to 5.72 billion yuan in 2023 and 6.92 billion yuan in 2024, indicating a steady annual growth [4]. - The net profit for 2022 was 660 million yuan, projected to increase to 758 million yuan in 2023 and 921 million yuan in 2024, reflecting a growth trajectory of approximately 24.5% year-on-year for the first three quarters of 2025 [5]. Group 3: Business Segments - The primary revenue source for 沃尔核材 is electronic materials, accounting for 33.6% of total revenue in the first three quarters of 2025, with a high gross margin close to 41% [8]. - The communication cable segment, particularly high-speed copper cables, is the fastest-growing area, with a revenue increase of 62.46% year-on-year, driven by the demand from AI data centers [7]. - The electric vehicle product segment, which includes high-voltage wiring harnesses and DC charging guns, represents 19.1% of revenue, benefiting from the growth of domestic electric vehicle production [8]. Group 4: Market Position and Valuation - 沃尔核材's expected net profit for 2025 is projected to be between 1.1 billion and 1.18 billion yuan, indicating a year-on-year growth of 30%-39% [9]. - The company's valuation appears reasonable at a price-to-earnings (PE) ratio of 30 times, considering its growth potential in AI and renewable energy sectors [9]. - The IPO price for 沃尔核材 is set at a maximum of 20.09 HKD, with a significant discount compared to its A-share price, suggesting potential for arbitrage in the Hong Kong market [10].