沃尔核材20241207

Key Points Industry and Company 1. Industry Focus: The report focuses on the AI computing power connector industry, specifically highlighting the potential benefits for Walhao Electronics under the AI wave. 2. Company Overview: Walhao Electronics is discussed, with emphasis on its subsidiaries, such as Leting Wire and Walhao Trade Co., Ltd. 3. Business Segments: Walhao Electronics' business is segmented into four main categories: electronic power, wire, new energy, and electronic products. Core Views and Arguments 1. AI Computing Power Demand: The report suggests that Walhao Electronics will benefit from the increasing demand for AI computing power connectors, particularly due to the growth in server cabinets from companies like NVIDIA and Huawei. 2. Growth Prospects: The company is expected to maintain high growth rates in the next few years, with a focus on the high-speed line segment. 3. Historical Performance: Walhao Electronics has shown consistent revenue growth, with a 9.5% CAGR from 2019 to 2023. 4. Revenue Breakdown: In the first half of 2024, the company's revenue was 4.82 billion yuan, with the electronic and wire segments contributing the most. 5. Profitability: The company's net profit margin has been gradually increasing, from 6% in 2019 to 15% in the first three quarters of 2024. 6. Market Outlook: The report predicts a strong growth in the AI computing power connector market, with a projected market size of over 1.2 billion USD by 2027. Other Important Points 1. Subsidiary Performance: Leting Wire, a subsidiary of Walhao Electronics, achieved a revenue of 7.7 billion yuan in the first half of 2024, with a 38% year-on-year increase. 2. Industry Trends: The report discusses the growing importance of nuclear power in China and the potential for increased demand for related products. 3. New Energy Vehicle Market: The report highlights the growing importance of the new energy vehicle market and its impact on Walhao Electronics' business. 4. Valuation: The report suggests a target market capitalization of 36 billion yuan for Walhao Electronics, based on a 30x valuation multiple for 2025.