WOER(SZ:002130) Changjiang Securities·2025-11-16 09:45Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company maintains 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 opportunities [2][5]. - Subsidiary Letin Intelligent, a leader in high-speed data communication copper cables, is expected to benefit significantly from the rapid growth in AI data communication demand, leading to rapid scale expansion [2][5]. Summary by Sections Financial Performance - For the third quarter of 2025, the company achieved revenue of 6.082 billion yuan, a year-on-year increase of 26.17% - The net profit attributable to shareholders was 822 million yuan, up 25.45% year-on-year, while the net profit after deducting non-recurring gains and losses was 796 million yuan, reflecting a growth of 28.45% [5][10]. Business Growth Drivers - The electric wire and cable sector remains highly prosperous, driven by the accelerated construction of AI computing infrastructure, which has led to a surge in demand for high-speed data transmission [10]. - The new energy power business is steadily expanding, with liquid cooling technology becoming a key growth driver as the market for charging guns rapidly grows due to increasing demand for fast charging in electric vehicles [10]. Regional and Market Expansion - The company is optimizing its regional layout and is expected to continue expanding in overseas markets, particularly in Southeast Asia, leveraging local production and supply chain strategies [10]. - The traditional advantage in the South China region benefits from the industrial cluster effect of the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing customer stickiness and supporting the company's globalization strategy [10]. Future Profitability Projections - The company is projected to achieve net profits of 1.17 billion yuan, 1.83 billion yuan, and 2.31 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38%, 57%, and 26% [10].