GUOYUAN SECURITIES(SZ:000728) Sou Hu Cai Jing·2026-02-08 15:49Company Overview - Wenhui Optoelectronics, located in Huainan City, Anhui Province, specializes in the research, production, and sales of high-performance and high-reliability special cables and optoelectronic components, widely used in aerospace, military electronics, naval, and nuclear industries [2][16]. Financial Data - The company's revenue from 2022 to the first half of 2025 was 267 million, 207 million, 194 million, and 134 million yuan respectively, while net profits were 107 million, 69.5 million, 58.1 million, and 48.6 million yuan [3]. - As of June 30, 2025, total assets amounted to approximately 584.27 million yuan, with total equity of about 546.53 million yuan and a debt-to-asset ratio of 6.46% [4]. - The gross profit margin for the first half of 2025 was 60.83%, with a net profit margin of 36.29% [4][5]. Product and Service Structure - The main business revenue is categorized as follows: cables accounted for 84.88% of revenue in the first half of 2025, optoelectronic components 11.85%, and assembly testing services 3.26% [7]. - The gross profit margins for cables, optoelectronic components, and assembly testing services were 58.91%, 73.72%, and 65.58% respectively in the first half of 2025 [7]. Client and Supplier Relationships - The top five clients contributed 81.71% of total sales in the first half of 2025, with significant clients including Aviation Industry Corporation of China and Aerospace Science and Industry Corporation [9][10]. - The top five suppliers accounted for 76.03% of total purchases in the first half of 2025, with the largest supplier being Changzhou Ronis Special Conductor Co., Ltd. [14][15]. Competitive Advantages - The company has developed 27 invention patents and core technologies, establishing a strong competitive edge in the military cable sector and participating in key national defense projects [16]. - The ability to provide customized services and high reliability in extreme environments creates a competitive barrier, as military clients prioritize performance and quality [17]. - The product range includes nearly 50 series and over 400 categories, with the "Wenli" brand recognized as a famous trademark in Anhui Province [18]. Industry Landscape - The industry has high entry barriers, which serve as a foundation for the company's stable development [19]. - Wenhui Optoelectronics is positioned as a key player in the military special cable market, with a focus on innovation and participation in national standards [21].