证券日报网讯沃尔核材（002130）10月9日在互动平台回答投资者提问时表示，公司高速通信线的国际 直接客户主要包括安费诺、豪利士、莫仕、泰科等。公司子公司乐庭智联在通信线缆行业深耕数十年， 拥有丰富的产品开发经验和制程控制经验，在产品设计开发、品质稳定性、产品品类及规模化生产能力 等方面具有较强竞争优势，高速通信线领域的技术实力和关键设备储备均处于行业领先地位，与国内外 行业头部客户形成了长期稳定的合作关系。 ...

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]

9月25日至26日，深圳市沃尔核材股份有限公司在深圳市坪山区兰景北路沃尔工业园综合楼会议室，接 受了南方基金、招商基金等6家机构的特定对象调研。董事会秘书邱微女士与证券事务代表李文雅女士 接待了来访人员。 点击查看公告原文>> 责任编辑：小浪快报 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 机构与公司就多个业务板块展开了深入交流，以下为本次调研的精彩要点： 1.高速通信线业务：2025年 上半年，受益于下游应用需求增长，公司通信线缆业务营收12.46亿元，同比增长62.46%，其中高速通 信线营收4.66亿元，同比大增397.80%。公司正稳步推进产能扩张，部分关键设备已投产，预计明年四 月底前10台进口芯线发泡挤出机到货后，产能将再次跃升。 ...

司将拥有二十余台进口发泡芯线挤出机关键设备，后续设备完成 调试投产后，公司高速线产能将实现大幅提升。明年四月底前， 还将有 10 台进口芯线发泡挤出机陆续到货，高速线产能将实现 再次跃升。 2、请问公司高速通信线产品在数据中心中的应用前景如 何？更高速率产品的研发工作是否有进展？ 答：公司根据行业发展趋势和客户需求，持续推进技术迭代 和产品升级，不断提升自主研发能力，以确保公司保持行业技术 领先水平。首先，公司 224G 单通道高速通信线是目前市场上最 前沿的产品，该产品主要应用于国外高端市场，2025 年上半年 度实现了快速增长；其次，从现有市场情况来看，公司的高速通 信线具有良好的高频性能、高可靠性、低成本、完善的产业链配 套等优势，其未来应用领域和市场需求具有较大空间。同时公司 也紧跟行业发展趋势和行业头部客户需求，正在推进下一代单通 道 448G 高速通信线的样品开发工作。 3、请问公司高速线国内外的客户有哪些？未来如何巩固与 现有客户的合作关系和开发新客户群体？ 答：公司高速通信线的主要客户包括安费诺、豪利士、莫仕、 泰科等国际客户，以及立讯、庆虹、华丰等国内客户，供应给下 游客户群体后配套给国际、 ...

证券日报网讯沃尔核材（002130）9月15日在互动平台回答投资者提问时表示，为满足不断增长的市场 需求，公司正稳步推进高速通信线的产能扩张工作。目前已有部分关键设备到货并投产，已经正常生产 的进口发泡芯线挤出机5台，后续还有多台设备陆续到货，到今年年底公司将拥有二十余台进口发泡芯 线挤出机关键设备，后续设备完成调试投产后，公司高速线产能将实现大幅提升。明年四月底前，还将 有10台进口芯线发泡挤出机陆续到货，高速线产能将实现再次跃升。 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company has significant growth in the high - speed communication line business in the first half of 2025, and is steadily expanding its production capacity to meet market demand [21]. - The company's high - speed communication line products have good application prospects in data centers and are conducting pre - research on higher - rate products [22]. - Each business segment of the company, including electronic materials, power products, and new energy vehicle products, has a stable development trend and good growth potential [24][25]. - The company has core competitive advantages in technology, manufacturing, marketing, brand, and business synergy, which support its long - term development [25][26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Woer Nuclear Material [16]. - Industry: Non - metallic materials [16]. - Reception time: September 10, 2025 [16]. - Reception personnel: Board secretary Qiu Wei and securities affairs representative Li Wenya [16]. 3.2. Detailed Research Institutions - Securities companies: CICC, Great Wall Securities [17]. - Asset management company: Guojun Asset Management [17]. - Others: Sega Holdings, Ningbo Baojun, Hanxin Investment, New World Financial Holdings, etc. [17]. 3.3. Proportion of Research Institutions - Securities companies: 25% [18]. - Others: 63% [18]. - Asset management companies: 13% [18]. 3.4. Main Content Data 3.4.1. High - speed Communication Line Business - In the first half of 2025, the company's communication cable business revenue was 1.246 billion yuan, a year - on - year increase of 62.46%, and the high - speed communication line revenue was 466 million yuan, a year - on - year increase of 397.80% [21]. - The company is expanding production capacity. By the end of this year, it will have more than 20 key imported foamed core wire extruders, and 10 more will arrive by the end of next April [21]. 3.4.2. Application and R & D of High - speed Communication Line Products - The 224G single - channel high - speed communication line is the most advanced product in the market, mainly for the foreign high - end market, with rapid growth in the first half of 2025 [22]. - The company is developing samples of the next - generation single - channel 448G high - speed communication line [22]. 3.4.3. Impact of Copper Price Fluctuations - Copper accounts for a small proportion of the raw materials of high - speed communication lines. The company takes cost - control measures, and copper price increases have little impact on profitability [23]. 3.4.4. Robot Cable Business - Industrial robot cables are applied to various types of robots through wiring harness customers; some products for embodied intelligent robots are in the trial and testing stage [23]. 3.4.5. Customers of High - speed Lines - Main customers include international customers such as Amphenol, HellermannTyton, Molex, and TE Connectivity, and domestic customers such as Luxshare, Qinghong, and Huafeng [23]. 3.4.6. Other Business Segments - The electronic materials and power product business segments have a stable development trend and the company will focus on R & D, production optimization, and market expansion [24]. - The new energy vehicle product business has a good growth rate, and the company's DC charging gun revenue ranked first in the domestic industry in 2024 [25]. 3.4.7. Core Competitive Advantages - Technical advantage: A national high - tech enterprise with a professional R & D team and independent intellectual property rights [25]. - Manufacturing advantage: A mature production process, advanced manufacturing equipment, and large - scale delivery capabilities [25]. - Marketing advantage: A wide - ranging marketing network and a professional marketing team [26]. - Brand advantage: Well - known brands in the industry with a good reputation [26]. - Business synergy advantage: Promote the coordinated development of multiple industries to form scale effects [26]. 3.4.8. H - share Listing - The company plans to issue H - shares for business development needs, which will help promote the international strategy and expand financing channels [26]. - The application materials have been submitted, and feedback has been received, with the work progressing in an orderly manner [27].

Core Viewpoint - The company has experienced significant growth in its high-speed communication cable business, driven by increasing demand from global data centers and artificial intelligence applications, leading to a substantial rise in overall revenue [2][3]. Group 1: Business Performance - The high-speed communication cable business achieved revenue of 466 million, marking a year-on-year increase of 397.80%, contributing to an overall revenue growth of 62.46% for the company [2]. - The company is steadily expanding its production capacity, with five imported foam core cable extrusion machines already in operation and plans to have over twenty by the end of the year, along with an additional ten expected by April next year [2]. Group 2: Product Development - The 224G single-channel high-speed communication cable has seen rapid growth in foreign high-end markets, showcasing advantages such as high frequency performance, reliability, and cost-effectiveness, indicating a large future market demand [3]. - The company is actively developing samples for the next-generation 448G high-speed communication cable, aligning with industry trends [3]. Group 3: Cost Management - The impact of copper price fluctuations on the company is minimal, as copper constitutes a small portion of the raw materials for high-speed communication cables, and the company employs strategic and bulk purchasing to control costs [4]. - The company adheres to a "sales-driven production, appropriate inventory" principle, utilizing information technology to manage inventory levels effectively [4]. Group 4: Business Diversification - In addition to the high-speed communication cable business, the company is also involved in industrial robot cables and embodied intelligent robot cables, with some products already in application or testing phases [5]. - The company maintains a stable development trend in its core business segments, including electronic materials and power products, with the new energy business, particularly DC charging guns, expected to lead the domestic industry in revenue by 2024 [5]. Group 5: Competitive Advantages and Future Plans - The company possesses multiple core competitive advantages, including technology, manufacturing, marketing, branding, and business synergy, laying a solid foundation for long-term development [5]. - The company is planning a listing on the Hong Kong stock market and has submitted application materials, receiving feedback and progressing in related work [5].

Financial Performance - The company achieved a revenue of 1.246 billion CNY in the first half of 2025, representing a year-on-year growth of 62.46% [3] - Revenue from high-speed communication cables reached 466 million CNY, showing a remarkable increase of 397.80% [3] Production Capacity Expansion - The company is steadily advancing its production capacity expansion, with five imported foam core extrusion machines already operational and more equipment expected to arrive by the end of the year [3] - By the end of 2025, the company will have over 20 key imported foam core extrusion machines, significantly enhancing high-speed cable production capacity [3] Product Development and Market Position - The company is developing the next-generation 448G high-speed communication cable, following the successful launch of the 224G single-channel cable, which is currently the most advanced product in the market [4] - The high-speed communication cables are characterized by excellent high-frequency performance, high reliability, and low cost, indicating substantial future market demand [4] Inventory and Cost Management - The company employs strategic and bulk purchasing strategies to mitigate the impact of copper price fluctuations, as copper constitutes a smaller proportion of the raw materials for high-speed communication cables [4] - Inventory management is based on a "sales-driven production" principle, optimizing inventory levels through information management to enhance turnover efficiency [5] Client Relationships and Market Strategy - Major clients for high-speed communication cables include international firms like Amphenol and Molex, as well as domestic companies such as Luxshare and QH [6] - The company aims to strengthen relationships with existing clients and explore new opportunities by enhancing R&D capabilities and product iterations [6] Core Business Segments - The electronic materials and power products segments have established a solid technical foundation and product layout, contributing to stable business development [7] - The company’s new energy vehicle products, particularly DC charging guns, are projected to lead the domestic market in revenue by 2024 [8] Competitive Advantages - The company holds several competitive advantages, including technological expertise, advanced manufacturing capabilities, a broad marketing network, and strong brand recognition [9][10] - The company is recognized as a national high-tech enterprise, with a focus on advanced polymer materials and high-performance power transmission products [9] Future Outlook and International Expansion - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to support its international strategy and enhance its brand image [10] - The ongoing efforts to expand financing channels will bolster investments in technology R&D, capacity building, and overseas market development [10]

Group 1 - The core viewpoint of the article indicates that沃尔核材 (002130.SZ) has no current collaboration in high-speed communication cables with the mentioned companies [1] - The main customers for the company's high-speed communication cables include international clients such as Amphenol, Huber+Suhner, Molex, and TE Connectivity, as well as domestic clients like Luxshare, Qinghong, and Huafeng [1] - The high-speed communication cables supplied by the company are used by major international and domestic server manufacturers for terminal applications [1]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,858.13, down 0.45% [4] - The agricultural sector performed positively, with the agricultural and forestry sector index increasing by 2.02% during the week of August 25 to August 31, 2025 [5] Agricultural Sector Insights - The report suggests focusing on the recovery cycle of feed and marginal improvements in livestock farming [5] - The average price of live pigs in key provinces as of August 29 was 13.25, 14.84, and 13.73 CNY/kg for Sichuan, Guangdong, and Henan respectively, with an overall average pork price of 19.94 CNY/kg, reflecting a 0.80% decrease week-on-week [5] - The report highlights the potential for a recovery in the feed industry due to declining upstream raw material prices and improving conditions in the livestock sector, recommending investment in companies like Haida Group [5] AI Industry Development - The State Council issued an opinion on August 26, 2025, to implement "Artificial Intelligence+" actions, aiming for deep integration of AI with six key sectors by 2027 [7] - Shanxi Province has established a leading position in computing power resources, with a comprehensive computing power index ranking eighth nationally, and has built a robust AI application ecosystem [7][8] Company Performance: Midea Group - Midea Group reported a revenue of 252.33 billion CNY for H1 2025, a year-on-year increase of 15.68%, with a net profit of 26.01 billion CNY, up 25.04% [9] - The fastest growth was seen in the new energy and industrial technology sectors, with revenues of 21.96 billion CNY, reflecting a 28.61% increase [9] Company Performance: Walden Materials - Walden Materials achieved a revenue of 3.945 billion CNY in H1 2025, a 27.46% increase year-on-year, with a net profit of 558 million CNY, up 33.06% [12][14] - The company’s communication cable business performed well, with high-speed communication line products seeing a revenue increase of 397.80% [12] Company Performance: Aerospace Technology - Aerospace Technology reported a revenue of 914 million CNY for H1 2025, a decrease of 8.71%, but with a strong order backlog totaling 2.938 billion CNY [16][17] - The company’s new energy business grew by 26.26%, indicating a solid market position in the electric vehicle sector [17] Company Performance: Haier Smart Home - Haier Smart Home reported a total revenue of 156.49 billion CNY for H1 2025, a year-on-year increase of 10.22% [37] - The company’s global strategy has shown effectiveness, contributing to its robust performance [37] Company Performance: Anta Sports - Anta Sports achieved a revenue of 38.544 billion CNY in H1 2025, reflecting a 14.3% year-on-year growth [33] - The company’s e-commerce channel revenue grew by 17.6%, indicating a strong online presence [33]