IPO申购指南 沃尔核材（9981.HK）

Investment Rating - The report suggests a cautious subscription for the company's IPO [1] Core Insights - The company operates primarily in three business segments: (i) electronic communication, which includes communication cable products and electronic materials; (ii) power transmission, focusing on electric vehicle power transmission products and cable accessories; and (iii) other businesses, mainly wind power generation [2] - According to Frost & Sullivan, the company ranks fifth among global communication cable manufacturers with a market share of 12.7% and holds the first position in the global heat shrink materials industry with a market share of 20.6% [2] - The communication cable industry is projected to grow from RMB 12.9 billion in 2020 to RMB 17.0 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%, and is expected to reach RMB 24.0 billion by 2029 [3] - The global heat shrink materials market is expected to grow from RMB 10.1 billion in 2020 to RMB 12.6 billion in 2024, with a CAGR of 5.7%, and is projected to increase to RMB 16.5 billion by 2029 [3] - The company's revenue increased from RMB 5,336.6 million in 2022 to RMB 5,718.8 million in 2023, and is expected to reach RMB 6,920.1 million in 2024; net profit rose from RMB 660.2 million in 2022 to RMB 757.7 million in 2023, with a forecast of RMB 920.5 million in 2024 [4] - The IPO price of HKD 20.09 per share represents 65% of the A-share closing price of RMB 27.75 on February 4, 2026, indicating a certain margin of safety in valuation [4]