沃尔核材：224G高速通信线批量交付

Investment Rating - Buy rating maintained for the stock [1] Core Views - Profitability continues to improve with growth in revenue across electronics, power products, wire products, and new energy vehicle-related products [4] - Gross margin has increased due to automation, cost reduction, and lower raw material prices [4] - The company aims to maintain a healthy gross margin through technological innovation and strict budget management [4] - High-speed communication cables benefit from AI applications, with 224G high-speed communication cables being delivered in bulk [5] - The company's subsidiary, Letian Zhilian, has significant production capacity and is expanding further to meet market demand [5] - The company has a competitive advantage in the high-speed communication cable industry, with strong product quality, variety, and production capabilities [6] - Focus on technological innovation and R&D to maintain industry leadership [6] Financial Performance and Projections - Expected net profit attributable to the parent company for 2024-2026: 10.1/14.0/17.0 billion yuan [9] - Revenue growth projected at 18.86% in 2024, 25.12% in 2025, and 18.00% in 2026 [10] - EBITDA expected to grow from 1,188.87 million yuan in 2023 to 2,421.95 million yuan in 2026 [10] - EPS projected to increase from 0.56 yuan in 2023 to 1.35 yuan in 2026 [10] - P/E ratio expected to decrease from 48.71 in 2023 to 20.07 in 2026 [10] - Gross margin expected to rise from 32.6% in 2023 to 35.4% in 2026 [14] - ROE projected to increase from 14.3% in 2023 to 20.3% in 2026 [14] Company Overview - Latest closing price: 27.08 yuan [3] - Total market capitalization: 34.1 billion yuan [3] - 52-week high/low: 29.22/5.10 yuan [3] - Debt-to-asset ratio: 39.3% [3] - P/E ratio: 48.36 [3] - Largest shareholder: Zhou Heping [3]