Wanma Co., Ltd.(SZ:002276)2025-07-03 10:04Group 1: Company Overview and Strategy - The company follows a "dual-wing" development strategy focusing on three main business sectors: wire and cable, new materials, and new energy [2] - The company is one of the largest intelligent equipment cable manufacturers in China, with a strong emphasis on R&D and production capabilities [2][3] Group 2: Product Competitiveness - The company has a competitive edge in robot cables due to its advanced product design and manufacturing capabilities, with core team members having over 15 years of experience [3] - It is the first in China to have a TUV-certified robot cable laboratory, accumulating extensive experimental data in the field [3] - The company has received dual certifications from TUV Rheinland and UL, enhancing product reliability [3] Group 3: Market Position and Risks - The company's industrial robot, humanoid robot, and robotic dog cable products currently represent a small proportion of overall revenue, highlighting potential investment risks [3][4] - The domestic market share of the company's high molecular ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [4] Group 4: Financial Performance - In 2024, the company plans to have 994 R&D personnel with an investment of approximately ¥656.78 million, accounting for 3.70% of total revenue [5] - The gross profit margins for electrical products, communication products, and high molecular materials are 9.92%, 12.31%, and 13.24% respectively [5] - The revenue composition for 2024 is as follows: electrical products at ¥117.47 billion (66.14%), communication products at ¥4.99 billion (2.81%), high molecular materials at ¥51.85 billion (29.20%), and trade/services at ¥3.3 billion (1.85%) [7]