沃尔核材（002130）：AI驱动创新领航，高速通信线成业绩新引擎

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has a solid advantage in traditional heat shrink materials and the power sector, with new energy products like liquid-cooled charging guns accelerating growth and opening new growth spaces [3][8]. - The subsidiary, Letin Intelligent, is a global leader in high-speed data communication copper cables, driven by "technological leadership + large-scale intelligent manufacturing," continuously consolidating its competitive advantage. Letin Intelligent is expected to benefit significantly from the demand for AI data communication, leading to rapid scale expansion [3][8]. Financial Performance - In 2024, the company achieved operating revenue of 6.927 billion yuan, a year-on-year increase of 21.03%, and a net profit attributable to shareholders of 848 million yuan, also up 21.00% year-on-year [3]. - In the first quarter of 2025, the company reported operating revenue of 1.759 billion yuan, a year-on-year increase of 26.60%, and a net profit attributable to shareholders of 250 million yuan, up 35.86% year-on-year [3]. Market Strategy - The company focuses on technological innovation to support high-quality business development, increasing R&D investment and actively developing high-end products in the electronic communication and new energy power sectors [8]. - The company is market demand-oriented, seizing industry opportunities by expanding its customer base and optimizing sales strategies, including enhancing brand building and marketing efforts [8]. - The company emphasizes lean operations, continuously promoting cost reduction and efficiency improvement through process optimization and smart production systems [8]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 1.241 billion yuan, 1.818 billion yuan, and 2.236 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 46%, 47%, and 23% [8].