WOER(SZ:002130) Dong Jian Yan Bao·2025-09-12 05:46Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company has significant growth in the high - speed communication line business in the first half of 2025, and is steadily expanding its production capacity to meet market demand [21]. - The company's high - speed communication line products have good application prospects in data centers and are conducting pre - research on higher - rate products [22]. - Each business segment of the company, including electronic materials, power products, and new energy vehicle products, has a stable development trend and good growth potential [24][25]. - The company has core competitive advantages in technology, manufacturing, marketing, brand, and business synergy, which support its long - term development [25][26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Woer Nuclear Material [16]. - Industry: Non - metallic materials [16]. - Reception time: September 10, 2025 [16]. - Reception personnel: Board secretary Qiu Wei and securities affairs representative Li Wenya [16]. 3.2. Detailed Research Institutions - Securities companies: CICC, Great Wall Securities [17]. - Asset management company: Guojun Asset Management [17]. - Others: Sega Holdings, Ningbo Baojun, Hanxin Investment, New World Financial Holdings, etc. [17]. 3.3. Proportion of Research Institutions - Securities companies: 25% [18]. - Others: 63% [18]. - Asset management companies: 13% [18]. 3.4. Main Content Data 3.4.1. High - speed Communication Line Business - In the first half of 2025, the company's communication cable business revenue was 1.246 billion yuan, a year - on - year increase of 62.46%, and the high - speed communication line revenue was 466 million yuan, a year - on - year increase of 397.80% [21]. - The company is expanding production capacity. By the end of this year, it will have more than 20 key imported foamed core wire extruders, and 10 more will arrive by the end of next April [21]. 3.4.2. Application and R & D of High - speed Communication Line Products - The 224G single - channel high - speed communication line is the most advanced product in the market, mainly for the foreign high - end market, with rapid growth in the first half of 2025 [22]. - The company is developing samples of the next - generation single - channel 448G high - speed communication line [22]. 3.4.3. Impact of Copper Price Fluctuations - Copper accounts for a small proportion of the raw materials of high - speed communication lines. The company takes cost - control measures, and copper price increases have little impact on profitability [23]. 3.4.4. Robot Cable Business - Industrial robot cables are applied to various types of robots through wiring harness customers; some products for embodied intelligent robots are in the trial and testing stage [23]. 3.4.5. Customers of High - speed Lines - Main customers include international customers such as Amphenol, HellermannTyton, Molex, and TE Connectivity, and domestic customers such as Luxshare, Qinghong, and Huafeng [23]. 3.4.6. Other Business Segments - The electronic materials and power product business segments have a stable development trend and the company will focus on R & D, production optimization, and market expansion [24]. - The new energy vehicle product business has a good growth rate, and the company's DC charging gun revenue ranked first in the domestic industry in 2024 [25]. 3.4.7. Core Competitive Advantages - Technical advantage: A national high - tech enterprise with a professional R & D team and independent intellectual property rights [25]. - Manufacturing advantage: A mature production process, advanced manufacturing equipment, and large - scale delivery capabilities [25]. - Marketing advantage: A wide - ranging marketing network and a professional marketing team [26]. - Brand advantage: Well - known brands in the industry with a good reputation [26]. - Business synergy advantage: Promote the coordinated development of multiple industries to form scale effects [26]. 3.4.8. H - share Listing - The company plans to issue H - shares for business development needs, which will help promote the international strategy and expand financing channels [26]. - The application materials have been submitted, and feedback has been received, with the work progressing in an orderly manner [27].