香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本 申請版本的內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因 本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Woer Heat-Shrinkable Material Co., Ltd.* 深圳市沃爾核材股份有限公司 （「本公司」） 重要提示： 閣下如對本文件的任何內容有任何疑問，應尋求獨立專業意見。 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱 覽本文件，即代表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包 銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊 處處長登記前，本公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人 士提出要約或邀請，有意投資者務請僅 ...

Core Viewpoint - The company, Bowei Alloy, emphasizes that its high-strength and high-conductivity alloys can enhance the stability and efficiency of power transmission, thereby reducing energy loss and finding extensive applications in the energy and power sectors, particularly in high-voltage transmission and transformation [1]. Group 1 - The company's alloys are designed to meet the demands of stable and efficient power transmission [1]. - The growth in the power distribution and transmission sector is significant, with specific application proportions to be disclosed in the company's annual report [1].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is a leading supplier of power and communication transmission equipment, benefiting from the resonance of domestic and international offshore wind developments [5][7]. - The company has a diversified business structure focusing on marine equipment, optical communication, and power transmission [7][21]. - The offshore wind power sector is expected to rebound after years of low activity, with multiple provinces in China announcing future offshore wind power plans [10][59]. - The company is positioned to capitalize on the growing demand for optical communication driven by 5G network construction and increasing computing power needs [7][10]. Summary by Sections Market Performance - The closing price is 13.85 CNY, with a total market capitalization of 47,269.35 million CNY and a circulating market capitalization of the same amount [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are 45,065 million CNY, 48,055 million CNY, 53,352 million CNY, 58,609 million CNY, and 64,577 million CNY, respectively, with growth rates of 11.91%, 6.63%, 11.02%, 9.85%, and 10.18% [6][8]. - The forecasted net profit attributable to shareholders for the same period is 3,117 million CNY, 2,838 million CNY, 3,419 million CNY, 4,188 million CNY, and 5,020 million CNY, with growth rates of -3.03%, -8.94%, 20.46%, 22.51%, and 19.86% [6][8]. - The price-to-earnings (P/E) ratios for 2025 to 2027 are projected to be 13.83, 11.29, and 9.42, respectively [6][8]. Business Overview - The company has a strong presence in the power transmission sector, focusing on a full product chain of power equipment, including special conductors and various types of cables [21][25]. - In the marine equipment sector, the company emphasizes the development of new technologies and materials for offshore wind energy transmission [7][24]. - The optical communication segment includes a wide range of products and services, positioning the company as a global leader in this field [7][21]. Investment Logic - The offshore cable market is characterized by strong profitability and a favorable competitive landscape, particularly with the trend towards high voltage and flexible direct current [10][29]. - The company is actively expanding into the European market, which is experiencing a peak in offshore wind construction, creating opportunities for domestic manufacturers [10][59]. - The company’s early investments in energy storage and its comprehensive product offerings position it well to benefit from the ongoing energy transition [7][10].