WOER(002130) 中邮证券·2024-03-10 16:00Investment Rating - The report initiates coverage with a "Buy" rating for the company, based on projected earnings growth and favorable valuation metrics [5][77]. Core Insights - The company is expected to achieve revenue of 57.48 billion, 67.44 billion, and 80.41 billion yuan for the years 2023, 2024, and 2025, respectively, representing year-on-year growth of 7.62%, 17.33%, and 19.23%. Correspondingly, the net profit attributable to shareholders is projected to be 7.10 billion, 8.43 billion, and 10.38 billion yuan, with growth rates of 15.62%, 18.67%, and 23.14% [5][77]. - The company is positioned as a leader in the domestic nuclear radiation materials sector, focusing on the development of new materials and renewable energy [11][12]. Summary by Sections 1. Performance Growth - The company reported a revenue of 40.13 billion yuan for the first three quarters of 2023, reflecting a year-on-year increase of 3.30%. The net profit attributable to shareholders was 4.80 billion yuan, up 7.93% year-on-year [26]. - The company has maintained a stable gross profit margin across its product categories, with electronic products, wires, power, and new energy products contributing 40.6%, 21.9%, 20.8%, and 13.6% to total revenue, respectively [6]. 2. "New Materials + New Energy" Development - The company is expanding its product matrix in the new materials and new energy sectors, with significant opportunities in the electric vehicle charging infrastructure market, projected to require approximately 100,000 new public charging stations, creating a market scale of nearly 50 billion yuan [58]. - The wind power projects are performing well, with a total capacity of 144.2 MW and expected annual grid-connected electricity of approximately 1.75 billion kWh [60][61]. 3. Profit Forecast - The earnings forecast indicates a steady increase in revenue and net profit over the next three years, with a projected EPS of 0.56, 0.67, and 0.82 yuan for 2023, 2024, and 2025, respectively [5][77]. - The company’s financial ratios, including PE and PB, are expected to improve, with PE ratios of 12.50, 10.53, and 8.55 for the years 2023 to 2025 [5][77]. 4. Product Development and Market Position - The company has successfully developed high-end products in various sectors, including high-speed communication cables and high-voltage cable accessories, enhancing its competitive edge in the market [12][39]. - The electronic product segment has made significant advancements, with new products developed for aerospace, military, automotive, and medical applications [66].