WOER(SZ:002130) Shanxi Securities·2025-09-02 08:17Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Insights - The company has experienced significant revenue growth in high-speed communication cables, with a notable increase in demand driven by AI products from Nvidia [7] - The company's revenue from new energy products has also shown strong growth, alongside steady performance in electronic materials [8] - The overall financial outlook is positive, with projected increases in net profit and earnings per share (EPS) for the coming years [9] Financial Performance - In the first half of 2025, the company achieved revenue of 3.945 billion yuan, a year-on-year increase of 27.46%, and a net profit of 558 million yuan, up 33.06% [5] - The second quarter of 2025 saw a revenue of 2.186 billion yuan, reflecting a year-on-year growth of 28.15% and a quarter-on-quarter increase of 24.28% [5] - The company's communication cable segment reported revenue of 1.246 billion yuan in the first half of 2025, a substantial year-on-year increase of 62.46% [7] Revenue Projections - The company forecasts revenues of 9.447 billion yuan in 2025, 11.953 billion yuan in 2026, and 14.311 billion yuan in 2027, with corresponding net profits of 1.288 billion yuan, 1.941 billion yuan, and 2.634 billion yuan respectively [10][9] - The expected EPS for 2025, 2026, and 2027 are projected to be 1.02 yuan, 1.54 yuan, and 2.09 yuan respectively [10][9] Market Position - The company is positioned as a leader in the domestic high-speed communication cable market, benefiting from increased demand for copper interconnects due to advancements in AI technology [7] - The new energy segment is expanding its market presence, particularly in DC charging solutions for electric vehicles [8]