Group 1 - The core viewpoint of the article highlights the growth and advancements in the company's new energy vehicle (NEV) business, which includes electric vehicle charging guns, charging stations, high-voltage wiring harnesses, high-voltage connectors, and thermal runaway protection products for power batteries, benefiting from the rapid development of the NEV industry and the company's leading position and continuous R&D innovation [2] - The company's NEV-related products have maintained a strong growth trend, with a compound annual growth rate (CAGR) exceeding 30% over the past three years [2] - The company has successfully applied its nuclear-grade (1E grade) cable accessory products in multiple domestic and international nuclear power projects, achieving a leading bid-winning rate in the industry [2] Group 2 - The company has completed the research and identification of cable accessories for nuclear power plants with an 80-year service life, filling an international gap and reaching an advanced level globally [2] - The company will comply with relevant disclosure requirements for information disclosure and encourages stakeholders to pay attention to related announcements [2]

Core Viewpoint - The company is experiencing significant growth in its new energy vehicle (NEV) business, with a compound annual growth rate (CAGR) exceeding 30% over the past three years, and anticipates continued rapid growth in 2024 and 2025 [2] Group 1: New Energy Vehicle Business - The company's NEV products include electric vehicle charging guns, charging stations, high-voltage wiring harnesses, high-voltage connectors, and thermal runaway protection products for power batteries [2] - The growth of the NEV business is attributed to the ongoing rapid development of the NEV industry, the company's leading position in the market, and continuous research and development innovations [2] Group 2: Nuclear Power Business - The company's nuclear-grade (1E grade) cable accessory products have been successfully applied in various nuclear power projects both domestically and internationally, achieving a leading bid-winning rate in the industry [2] - The company has completed the research and certification of cable accessories for nuclear power plants with an 80-year lifespan, filling an international gap and reaching an advanced level globally [2] - The company will disclose relevant information according to disclosure requirements and encourages stakeholders to pay attention to related announcements [2]

Core Viewpoint - The company has a diverse range of automotive wiring harness products that are widely used in the automotive industry, serving several major clients [1] Group 1: Company Products - The company offers high-voltage wiring harnesses, automotive Ethernet cables, coaxial cables, HSD, HDMI, and USB cables [1] - These products are specifically designed for use within vehicles [1] Group 2: Major Clients - The company's direct or end customers include prominent automotive manufacturers such as BYD, Geely, Li Auto, Changan, Liuqi, and Xinyuan [1]

Core Viewpoint - The company,沃尔核材, has confirmed its major automotive wire harness clients, indicating a strong presence in the automotive sector with various products [1] Group 1: Clientele - The company's automotive wire harness products are utilized by several prominent automotive manufacturers, including 比亚迪, 吉利, 理想, 长安跨越, 柳汽, and 鑫源 [1]

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]