Core Viewpoint - The company is a leading provider of comprehensive cutting tool solutions, focusing on diamond functional materials with a strong emphasis on high-precision and ultra-precision tools, and is well-positioned to capitalize on the evolving PCB material landscape driven by AI advancements [1][2]. Group 1: Company Overview - The company was founded in 2006 and is recognized as a national high-tech enterprise, having been listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in July 2019 [1]. - It specializes in ultra-high precision, high precision cutting tools, and superhard material products, offering a range of tools made from superhard, hard alloy, and metal ceramic materials [1]. - The diamond functional materials business targets the global high-end new materials market and is one of the few companies in China capable of mastering the three major preparation processes of CVD technology [1]. Group 2: Product Development and Market Opportunities - The company has identified growth opportunities for its diamond micro-drills due to the upgrade of PCB materials, particularly with the potential adoption of M9 materials that may complicate PCB processing [1]. - The diamond micro-drill products were initiated at the end of 2022, resulting in the development of several product series (WZ1, WZ2, WZ3, WZ-X), each with different specifications [1]. - A mature production line has been established and has been operating stably for over two years, demonstrating the capability to process over 8000 holes in a 3.5mm thick PCB using a 0.25mm diamond micro-drill without needle breakage [1]. Group 3: Future Growth and Financial Projections - The company is continuously exploring applications of diamond functional materials in various fields such as sound, light, electricity, and heat, aiming for rapid commercialization and scale efficiency [2]. - It has significant R&D and technical reserves in CVD diamond preparation and application, being one of the few companies that fully master CVD diamond growth technology [2]. - Financial projections estimate revenues of 751 million, 872 million, and 986 million yuan for 2025, 2026, and 2027 respectively, with net profits of 103 million, 135 million, and 165 million yuan, and EPS of 0.68, 0.89, and 1.09 yuan [2].

Core Viewpoint - The rapid development in aerospace and electronic technology is driving the miniaturization, multifunctionality, and high power density of chip-level and module-level electronic devices. The heat dissipation issue of high-power chips needs urgent solutions, and diamond materials are expected to be widely applied due to their excellent performance. The diamond heat dissipation market is conservatively estimated to reach 9.7 billion by 2032 [1]. Group 1 - The aerospace and electronic technology sectors are advancing rapidly, leading to the miniaturization and multifunctionality of electronic devices, which in turn increases chip power consumption and heat generation [1]. - As the integration and miniaturization of chips progress, the failure rate of semiconductor components significantly increases with rising operating temperatures, with studies indicating that for every 18°C increase in temperature, the failure rate can double or triple [1]. - AI chip heat dissipation technology aims to optimize device performance and extend lifespan by directly removing heat from the chip or processor surface, with traditional solutions categorized into heat dissipation materials and technologies [1]. Group 2 - Electronic packaging materials must possess good thermal conductivity, mechanical properties, and processability to ensure the stable, reliable, and safe operation of electronic devices [2]. - Common electronic packaging materials include ceramic, plastic, metal, and composite materials, with diamond heat sink materials having a thermal conductivity of 2000-2500 W/(m·K), which is four times that of copper and eight times that of aluminum [2]. - The thermal expansion coefficient of diamond closely matches that of semiconductor core materials like silicon and silicon carbide, ensuring interface stability even after thousands of temperature cycles, thus avoiding delamination issues [2]. Group 3 - The MPCVD method is considered the optimal solution for preparing semiconductor diamond materials [3]. - Diamond materials can be classified into single crystal and polycrystalline types, each exhibiting different performance and application characteristics [3]. - Polycrystalline diamond is used in high thermal conductivity, infrared transparency, and wear resistance applications, while single crystal diamond shows unique advantages in high power, high efficiency, and ultra-high frequency electronic devices [3].

Investment Rating - The report does not explicitly state an investment rating for the diamond heat dissipation industry, but it highlights significant growth potential and market opportunities [1][23]. Core Insights - The diamond material exhibits superior thermal conductivity, making it a promising candidate for high-performance chip cooling solutions, especially as chip integration and power density increase [4][15]. - The diamond heat sink material has a thermal conductivity of 2000-2500 W/(m·K), which is four times that of copper and eight times that of aluminum, ensuring stability during temperature cycling [15][16]. - The market for diamond heat dissipation is projected to reach 9.7 billion yuan by 2032, indicating a substantial growth opportunity as technology matures [23][24]. Summary by Sections 1. Diamond Materials: Excellent Chip Cooling Materials - High-power chip cooling issues need urgent solutions, with diamond materials expected to be widely applied in aerospace, electronics, and other rapidly developing fields [4][6]. - The MPCVD method is identified as the optimal approach for producing semiconductor diamond materials, offering high purity and quality [21][19]. 2. Related Companies: World, Sifangda, Guojijinggong - **World**: A leading enterprise in superhard tools, with a stable revenue growth of 12.54% in 2024, focusing on diamond materials [26][28]. - **Sifangda**: A leader in composite superhard materials, with a focus on self-developed MPCVD equipment to expand applications in precision tools and chip heat sinks [30][33]. - **Guojijinggong**: A leading enterprise in superhard materials, showing accelerated revenue and net profit growth, with a focus on MPCVD equipment [34].

每经AI快讯，12月4日，沃尔德在互动平台表示，金刚石热沉材料可用于电子、光电子等半导体器件散 热、高端医疗器械的热传感器及快速散热部件等领域。公司深耕单晶及多晶金刚石在功率半导体器件热 沉方面的应用，目前收入规模较小，对当期业绩影响极小。 （文章来源：每日经济新闻） ...

Core Viewpoint - The cultivated diamond sector has emerged as a "star track" in the capital market this year, driven by policy benefits and technological breakthroughs, leading to explosive growth and the emergence of several "big bull stocks" [1] Industry Performance - The cultivated diamond sector has seen a significant increase in stock prices, with Wald's stock price rising by 285.02% this year, and a notable increase of 62.91% in November alone [1] - On November 11, multiple stocks in the cultivated diamond sector performed strongly, with Wald's stock price reaching 83.90 CNY per share, marking a more than 70% increase in just five trading days [2] - Five companies in the sector have seen their stock prices double this year, with *ST Yazhen's stock price increasing over seven times [2] Policy Impact - The Ministry of Commerce announced export controls on superhard materials, effective November 8, which is expected to drive domestic cultivated diamond companies to prioritize domestic market needs and accelerate high-value product development [2][3] - This policy is anticipated to provide benefits for 2-3 years, depending on the speed of domestic technological upgrades and the construction of international alternative capacities [3] Company Financials - Wald's revenue for 2022, 2023, and 2024 is projected to be 414 million CNY, 603 million CNY, and 679 million CNY, respectively, with year-on-year growth rates of 45.52% and 12.54% for 2023 and 2024 [5] - Despite revenue growth of 9.05% in the first three quarters of this year, Wald experienced a decline in net profit by 6.67%, indicating a situation of "increased revenue but decreased profit" [5][6] - Wald's operating costs have been increasing, with total operating costs projected at 349 million CNY, 504 million CNY, and 570 million CNY for 2022, 2023, and 2024, respectively [6] Research and Development - Wald is one of the few companies capable of mastering the three major preparation processes of CVD technology, with a focus on high-value products such as diamond film acoustic devices and diamond thermal materials [5] - The company has been increasing its R&D expenses, which are expected to be 32.94 million CNY, 45.67 million CNY, and 51.06 million CNY for 2022, 2023, and 2024, respectively [6] - As of June 2025, Wald holds 360 domestic and international patents, including 106 invention patents [6]