（文章来源：证券日报） 证券日报网讯 12月5日，沃尔核材在互动平台回答投资者提问时表示，根据相关行业研究数据显示， 2024年度公司直流充电枪的营业收入位居国内同行业首位；此外，公司属于行业内最早研发大功率液冷 充电枪的企业之一，公司的大功率液冷充电枪也已实现量产，该产品的最大充电电流为1000A，最大电 压等级为直流1500V。公司将持续完善液冷、风冷等大电流充电枪产品序列，巩固国标直流充电枪的市 场领先地位；同时，加大欧标、美标充电枪产品的市场布局，进一步拓展国际市场。 ...

Group 1 - The company is positioned as a leader in the AI computing power sector, with advanced technology and key equipment reserves in high-speed communication line products [1] - The company has established stable business partnerships with leading domestic and international clients and has completed the development of a single-channel 448G high-speed communication line sample, which is currently being validated by key customers [1] Group 2 - In the electric vehicle sector, the company is projected to have the highest revenue from DC charging guns in the domestic industry for the year 2024, according to relevant industry research [1] - The company is one of the earliest developers of high-power liquid-cooled charging guns, which have now entered mass production, with a maximum charging current of 1000A and a maximum voltage level of DC 1500V [1]

Core Insights - The Advanced New Materials - Graphene New Material Power Application Development Forum was successfully held in Wenzhou, focusing on the application of graphene technology in the power and new energy sectors [1] - The forum aimed to enhance collaboration among industry, academia, and research institutions, sharing solutions and application results of graphene in the power sector [1] - Graphene technology is becoming a focal point in the industry due to its potential to meet the increasing demands for renewable energy integration and the construction of power grids in challenging environments [1] Group 1: Graphene Applications and Innovations - The collaboration between State Grid Smart Grid Research Institute and Zhejiang Chint Electric Co. has led to a significant improvement in the mechanical lifespan of high-voltage isolation switch contacts, increasing from 10,000 to 28,000 cycles, achieving a world-leading level [2] - The development of high-conductivity graphene-enhanced copper composite materials is crucial for reducing energy loss during transmission and usage, which is essential for achieving carbon neutrality goals [2] - Graphene technology has been applied in various products such as DC charging guns, switch contacts, and transformers, enhancing product performance and promoting energy conservation [2][3] Group 2: Industry Collaboration and Achievements - Chint has established a graphene research platform and achieved breakthroughs in composite materials, surface treatment, and polymer battery technologies, with core performance indicators reaching international leading levels [3] - The company has successfully developed high-conductivity graphene copper-based composite materials with conductivity reaching 108% IACS, comparable to silver [3] - A collaborative effort among multiple companies, including Shanghai Xinch Energy Technology Co. and Wenzhou Hongfeng Electric Alloy Co., has led to the successful development and mass application of new graphene composite products [3] Group 3: Forum Contributions and Perspectives - Experts presented various topics related to graphene applications, including its use in wind turbine blade de-icing and new energy systems [4][5] - The forum clarified the technological pathways and industrial logic related to graphene composite materials, promoting innovation and the efficient transformation of graphene technology into practical value [5]

Core Viewpoint -沃尔核材 is a leading global player in high-speed copper cables, with strong investment value due to its core technology and diverse applications across various sectors [1] Group 1: Business Overview - Founded on June 19, 1998, and listed on the Shenzhen Stock Exchange on April 20, 2007,沃尔核材 specializes in the R&D, manufacturing, and sales of polymer radiation-modified new materials and electronic, power, and wire products [1] - The company is involved in wind power generation, electric vehicles, and smart manufacturing, indicating a broad industrial footprint [1] Group 2: Financial Performance - For Q3 2025,沃尔核材 reported revenue of 6.082 billion yuan, ranking sixth among 33 companies in the industry, with a net profit of 883 million yuan, the highest in the sector [2] - The revenue breakdown includes electronic materials (1.333 billion yuan, 33.79%), communication cables (1.246 billion yuan, 31.58%), new energy vehicle products (712 million yuan, 18.06%), and power products (487 million yuan, 12.34%) [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 44.73%, slightly below the industry average of 44.96%, indicating good solvency [3] - The gross profit margin stood at 32.08%, higher than the industry average of 21.49%, reflecting strong profitability [3] Group 4: Management and Shareholder Structure - Chairman Zhou Heping and General Manager Yi Huarong have seen salary increases, with Yi's compensation rising from 1.4128 million yuan in 2023 to 1.4929 million yuan in 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 2.43% to 203,300, with an average holding of 5,628.45 shares [5] Group 5: Market Outlook and Projections - Analysts from Huatai Securities and Huaan Securities have initiated coverage with "buy" ratings, projecting significant revenue and profit growth for 2025-2027 [5][6] - Expected net profits for 2025, 2026, and 2027 are 1.224 billion yuan, 2.178 billion yuan, and 2.614 billion yuan, respectively [5]

Core Insights - The National Development and Reform Commission and five other departments have issued an action plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide and provide over 300 million kilowatts of public charging capacity to meet the demand of over 80 million electric vehicles [1][3]. Charging Infrastructure Goals - By the end of 2027, the plan sets specific targets for urban, highway, and rural charging networks, including the addition of 1.6 million DC charging guns in cities, 40,000 high-power charging guns on highways, and at least 14,000 DC charging guns in rural areas [3]. - The initiative also promotes a "unified construction and service" model for residential areas, aiming to establish 1,000 pilot communities to enhance private charging pile access and safety management [3]. Current Market Performance - As of August 2025, China has added 4.53 million charging piles, with a total of 17.348 million charging facilities, reflecting a year-on-year growth of 53.5% [5]. - Public charging facilities have reached 4.316 million, showing a 37.8% increase, while private charging facilities have grown by 59.6% to 13.032 million [5]. Key Companies in the Industry - **Teruid**: Leading in both charging operation and equipment manufacturing, with over 790,000 public charging terminals and a market share of 24%. Projected net profit for 2024 is 917 million yuan, expected to reach 1.577 billion yuan by 2026 [6]. - **State Grid Corporation's NARI Technology**: A subsidiary of the State Grid, it has built over 2,000 standardized charging stations and is a key player in setting international charging standards. Projected net profit for 2024 is 7.6 billion yuan, increasing to 9.4 billion yuan by 2026 [7][8]. - **Green Energy Huichong**: A leader in high-power DC charging machines, holding a 22% market share in the electric heavy truck fast charging market [9]. - **Yonggui Electric**: The first in China to achieve mass production of liquid-cooled charging guns, leading in technology and entering the supply chain of major automotive manufacturers [11][12]. - **Shenghong Co., Ltd.**: Engaged in the production of liquid-cooled supercharging piles and expanding its integrated light-storage charging systems into overseas markets [14].

Core Viewpoint - The National Development and Reform Commission has developed a "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)" to enhance the electric vehicle charging infrastructure and promote wider adoption of electric vehicles [1] Group 1: Urban Charging Network - Strengthening the urban fast charging network by constructing a public charging network primarily focused on fast charging, supplemented by slow charging and high-power charging [2] - Aiming to add 1.6 million direct current charging guns by the end of 2027, including 100,000 high-power charging guns [2] Group 2: Highway Charging Facilities - Accelerating the update and renovation of charging facilities in highway service areas to meet the intercity travel needs of electric vehicles [3] - Plans to build or renovate 40,000 "super-fast combined" charging guns with a capacity of over 60 kilowatts by the end of 2027 [3] Group 3: Rural Charging Infrastructure - Addressing the shortcomings in rural charging facility construction by expanding the coverage of charging networks in rural areas [4] - Targeting the addition of at least 14,000 direct current charging guns in townships without public charging stations by the end of 2027 [4]

Core Viewpoint - The National Development and Reform Commission and other departments have issued the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)", aiming to enhance urban fast charging networks and achieve comprehensive coverage of various parking scenarios in cities [1] Group 1: Action Plan Details - The plan emphasizes the construction of a public charging network primarily focused on fast charging, supplemented by slow charging and high-power charging facilities [1] - It includes the renovation of aging charging facilities that have been in service for over 8 years and those operating on voltage platforms below 800 volts [1] - Major cities such as municipalities directly under the central government, cities with independent planning, and provincial capitals will prioritize the planning and construction of high-power charging facilities [1] Group 2: Goals and Targets - By the end of 2027, the plan aims to add 1.6 million direct current charging guns across the country, which includes 100,000 high-power charging guns [1]

Core Viewpoint - The company,沃尔核材, is projected to lead the domestic market in revenue from its new energy business, specifically in DC charging guns, for the year 2024, according to industry research data [1]. Group 1: Business Performance - The company's revenue from DC charging guns is expected to rank first among domestic peers in the new energy sector for 2024 [1]. - The ongoing construction of high-power charging stations is anticipated to positively impact the company's new energy business, including charging guns [1]. Group 2: Strategic Focus - The company plans to continue focusing on research and development investments and product iterations to maintain its competitive edge [1]. - Leveraging its leading market position, superior product quality, and strong customer resources, the company aims to seize industry development opportunities [1]. - The company is committed to continuously improving operational efficiency and profitability [1].

Core Viewpoint - The company,沃尔核材, is projected to lead the domestic market in revenue from its new energy business, specifically in DC charging guns, for the year 2024, supported by favorable government policies promoting high-power charging station construction [1] Group 1: Company Performance - The company's revenue from new energy business DC charging guns is expected to rank first among domestic peers in 2024 [1] - The company plans to continue investing in research and development and product iteration to maintain its leading market share [1] Group 2: Industry Impact - The government's strong push for the construction of high-power charging stations is anticipated to positively impact the company's new energy business, including charging guns [1]

Core Insights - The company is positioned to benefit from the national plan to build 100,000 high-power charging stations by 2027, which is expected to positively impact its revenue from new energy business, particularly DC charging guns [2] - The company reported that its revenue from new energy business DC charging guns is currently the highest in the domestic industry for the year 2024 [2] - The company plans to continue investing in research and development and product iteration to maintain its leading market share in the industry [2]