金富科技表示，本次交易不构成关联交易。经初步测算，本次交易预计不构成重大资产重组。本次交易 不涉及发行股份，不会导致公司控制权变更。如本次收购实施成功，蓝原科技将纳入公司的合并报表范 围，为公司拓展第二主业增长曲线，有利于提升公司的盈利能力和抗风险能力，提升公司的综合竞争 力，符合公司长远发展和战略规划。 (资料图片仅供参考) 北京商报讯（记者 马换换 王蔓蕾）11月23日晚间，金富科技（003018）（003018）披露公告称，公司 正在筹划以支付现金方式收购广东蓝原科技有限公司（以下简称"蓝原科技"）不低于51%股权。 蓝原科技官网显示，公司成立于2022年5月，坐落于广东省惠州市惠城区金府路几米车联网及智能终端 北斗产业生产基地；公司总投资3100万，第一期生产面积约3500平方，总生产面积约7000平方；公司主 要产品为高速通信线缆，车载以太网等通信线缆；产品主要应用于服务器、交换机、数据中心以及车载 互联传输应用领域。 ...

金富科技表示，本次交易不构成关联交易。经初步测算，本次交易预计不构成重大资产重组。本次交易 不涉及发行股份，不会导致公司控制权变更。如本次收购实施成功，蓝原科技将纳入公司的合并报表范 围，为公司拓展第二主业增长曲线，有利于提升公司的盈利能力和抗风险能力，提升公司的综合竞争 力，符合公司长远发展和战略规划。 北京商报讯（记者 马换换 王蔓蕾）11月23日晚间，金富科技（003018）披露公告称，公司正在筹划以 支付现金方式收购广东蓝原科技有限公司（以下简称"蓝原科技"）不低于51%股权。 蓝原科技官网显示，公司成立于2022年5月，坐落于广东省惠州市惠城区金府路几米车联网及智能终端 北斗产业生产基地；公司总投资3100万，第一期生产面积约3500平方，总生产面积约7000平方；公司主 要产品为高速通信线缆，车载以太网等通信线缆；产品主要应用于服务器、交换机、数据中心以及车载 互联传输应用领域。 ...

Core Viewpoint - The company,沃尔核材, emphasizes its strong competitive advantages in the communication cable sector through its subsidiary, 乐庭智联, which has decades of experience in product development and process control [1] Group 1: Competitive Advantages - 乐庭智联 has a robust product development experience and process control expertise, leading to strong competitive advantages in product design, quality stability, product variety, and large-scale production capabilities [1] - Some high-speed communication line products have reached international advanced levels, showcasing the company's technological capabilities [1] - The company maintains long-term stable partnerships with industry-leading clients, contributing to a strong brand effect [1] Group 2: Technological Leadership - 乐庭智联 possesses core technologies for all key products, with its critical equipment reserves being industry-leading [1] - The company plans to continuously follow industry technology trends and actual customer needs, increasing R&D investment focused on product innovation and iteration [1] Group 3: Future Strategy - The company aims to enhance cooperation with clients through quality assurance and efficient delivery, thereby strengthening brand influence and reinforcing its industry-leading position [1]

Core Viewpoint - The company is actively engaged in the production of advanced 224G single-channel high-speed communication cables, which are in high demand and have established stable partnerships with leading clients in the industry [1] Group 1: Product Overview - The company primarily supplies Amphenol with 224G single-channel high-speed communication cables, which constitute a significant portion of its product offerings [1] - The 224G single-channel high-speed communication cable is currently the most advanced product in the market, outperforming lower-speed products in transmission performance, testing frequency, wire size, and reliability [1] Group 2: Competitive Advantages - The company's high-speed communication cables exhibit excellent high-frequency performance, bend resistance, low cost, high reliability, and a well-established industrial chain [1] - The company possesses leading technical strength and key equipment reserves in the industry, which enhances its competitive position [1] Group 3: Market Potential - The existing market conditions indicate substantial application areas and market demand for the company's high-speed communication cables [1] - The company plans to continuously strengthen its R&D capabilities and product iteration to keep pace with industry trends and the needs of leading clients [1]

Core Viewpoint - The company reported a strong financial performance for 9M25, with revenue of 6.08 billion yuan, a year-on-year increase of 26%, and a net profit of 820 million yuan, up 25% year-on-year, driven by the mass production of 224G high-speed communication cables and a rapid increase in demand for new energy charging guns [1] Financial Performance - For Q3 25, the company achieved revenue of 2.14 billion yuan, a year-on-year increase of 24% but a quarter-on-quarter decrease of 2%, with net profit at 264 million yuan, up 12% year-on-year but down 14% quarter-on-quarter due to a transition phase in server shipments from GB200 to GB300 [1] - The overall gross margin for 9M25 was stable at 32.08%, a slight decrease of 0.77 percentage points year-on-year, while Q3 25 gross margin was 31.38%, down 0.90 percentage points year-on-year [3] Business Growth Drivers - The company is focusing on the strategic direction of "electronic communication + new energy power," with a robust product lineup in high-speed communication cables, including a full range of 1.6T/800G/224G cables and ongoing research for the next generation 448G cables [1] - The revenue from high-speed communication cables in 1H25 reached 466 million yuan, representing a significant year-on-year growth of 397.80% [1] Equipment and Capacity Expansion - As of September 25, 2025, the company had five imported foaming core wire extruders in normal production, with expectations to increase this number to over 20 by the end of the year, which is anticipated to support a new round of business growth [2] Market Outlook - NVIDIA's positive guidance for GPU shipments in 2026 is expected to boost demand for cabinet copper cables, with projected copper core line market space of approximately 3.2 billion yuan in 2025 and 6.7 billion yuan in 2026, reflecting a 106% year-on-year increase [4] - The company’s downstream clients include leading firms in the copper connection industry, which positions it to benefit from external demand spillover [4] Profit Forecast and Valuation - The company is expected to benefit from the growing demand for AI short-distance interconnects, with projected net profits of 1.224 billion yuan, 2.178 billion yuan, and 2.614 billion yuan for 2025-2027 [5] - The target price for the company is set at 43.21 yuan per share, based on a 25x PE ratio for 2026, reflecting an increase from the previous target of 37.88 yuan per share [5]

Group 1 - The core viewpoint of the article highlights that Shengyang Technology's data copper cable business maintains stable order demand, ensuring supply for major customers [2] - The company is steadily increasing its domestic customer base and is expanding into multiple international markets [2] - In terms of product development, the company is advancing new product development based on market demand, focusing on optimizing existing products to reduce losses and enhance stability [2]

Group 1 - The company has stated that its 224G single-channel high-speed communication cable is currently one of the most advanced products in the market [1] - The company is closely following industry development trends and the demands of leading industry clients [1] - The company is advancing the sample development of the next generation single-channel 448G high-speed communication cable [1]

Core Viewpoint - The company, Wolong Cable (002130), has established strong relationships with major international clients in the high-speed communication cable sector, showcasing its competitive advantages in product development and manufacturing capabilities [1] Group 1: Client Relationships - The company's direct international clients in high-speed communication cables include Amphenol, Huber+Suhner, Molex, and TE Connectivity, indicating a robust client base [1] Group 2: Competitive Advantages - The subsidiary, Letin Intelligent, has extensive experience in the communication cable industry, which contributes to its strong product development and process control capabilities [1] - The company possesses leading technical strength and key equipment reserves in the high-speed communication cable field, positioning it favorably within the industry [1] Group 3: Industry Position - The company has formed long-term stable partnerships with top domestic and international clients, reflecting its solid standing in the market [1]

Core Viewpoint - The company has successfully launched its single-channel 224G high-speed communication cable and has completed validation for its multi-channel 1.6T high-speed communication cable, which is composed of eight pairs of 224G cables twisted together [2] Group 1 - The single-channel 224G high-speed communication cable is now in mass production [2] - The multi-channel 1.6T high-speed communication cable has passed validation from key customers [2]

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Views - The report highlights that the company is a leading player in the global high-speed copper cable market, benefiting from the AI era and the increasing demand for copper interconnect solutions [4][5] - The company has shown steady revenue growth, with total revenue expected to rise from 41 billion yuan in 2020 to 69 billion yuan in 2024, representing a CAGR of 14% [4][34] - The company is positioned to capture significant market share in the high-speed copper cable sector, with an anticipated global market growth from 1.9 billion yuan in 2025 to 4.9 billion yuan in 2029, reflecting a CAGR of approximately 27% [5][50] Summary by Sections Company Overview - Shenzhen Wole Cable Co., Ltd. was established in 1998 and listed on the Shenzhen Stock Exchange in 2007, focusing on electronic materials, communication cables, power, new energy vehicles, and wind power [4][14] - The company has a stable shareholding structure and multiple subsidiaries that work collaboratively [28] Business Segments - The electronic materials segment, including heat shrink materials, is the largest revenue contributor, accounting for 32% of total revenue in 2025H1 [36] - The communication cable segment is experiencing rapid growth, with a revenue share of 32% in 2025H1, driven by the demand for high-speed copper interconnects [36][27] - The new energy vehicle segment is projected to grow significantly, with a market size expected to increase from 50.8 billion yuan in 2025 to 97.1 billion yuan in 2029, achieving a CAGR of 18% [22] Financial Performance - The company forecasts revenues of 86.1 billion yuan, 118.7 billion yuan, and 146.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.8 billion yuan, 18.7 billion yuan, and 25.5 billion yuan [7][9] - The gross margin is expected to improve from 31.7% in 2024 to 36.4% in 2027, indicating enhanced profitability [9] Market Trends - The report emphasizes the increasing demand for copper interconnect solutions driven by the AI computing boom, with significant growth in the high-speed copper cable market anticipated [5][50] - The global high-speed copper cable market is expected to grow rapidly, with a projected increase from 1.2 billion yuan in 2024 to 4.9 billion yuan in 2029 [50] Product Development and Capacity - The company has made significant advancements in product development, including the launch of 224G single-channel high-speed copper cables and the initiation of 800G multi-channel production [6] - The company plans to enhance its production capacity significantly by acquiring additional advanced equipment by 2026 [6]