Shenzhen Woer Heat-Shrinkable Material (Woer) reported 1H26 revenue of RMB4.7bn, +17.94% YoY, and attributable NP of RMB567mn, +1.54% YoY. In 2Q26, revenue reached RMB2.6bn, +19.9% YoY and +28.98% QoQ, while attributable NP came in at RMB336mn, +9.0% YoY and +45.01% QoQ. We believe profit growth lagged revenue growth in 1H26, mainly due to higher raw-material prices, greater FX losses arising from movements in the US dollar and Hong Kong dollar, and greater R&D and market-development investment in key markets and businesses. Looking ahead, copper interconnect demand from AI superpods continues to grow. Previously ordered equipment has arrived and could support a gradual capacity ramp-up, positioning the high-speed copper cable business for continued rapid growth. Maintain BUY.
High-speed copper cables remain the key growth driver
By product: 1) Telecoms cable product revenue increased 24.55% YoY to RMB1.6bn, including RMB631mn from high-speed copper cables, +35.44% YoY, which remained a key growth driver for the segment; 2) NEV power transmission product revenue rose 37.27% YoY to RMB978mn, driven by the accelerating adoption of high-current charging technologies; 3) electronic material product revenue increased 10.72% YoY to RMB1.5bn; and 4) electrical cable accessories product revenue declined 1.35% YoY to RMB480mn, weighed down by a temporary adjustment in new solar and wind installations and weaker demand for related supporting products. In high-speed copper cables, Woer continued to upgrade its single-channel 224G products while maintaining scaled deliveries. Certain specifications of its single-channel 448G samples have met customer performance requirements and entered small-batch trial production and customer processing validation. All previously ordered Rosendahl foamed core wire extrusion equipment has been delivered and installed at the Huizhou Shuikou Plant and Vietnam Plant. Capacity expansion in Huizhou Shuikou and Bac Ninh Province, Vietnam, is progressing as planned.
Earnings forecast and valuation
We expect Woer’s high-speed copper cable business to benefit from growing domestic and overseas demand for short-reach AI interconnects. Its early access to critical production equipment should support both market-share gains and customer expansion. Given the impact of raw-material price volatility across several businesses, we lower our gross margin forecasts for telecoms cable products and electrical cable accessories products. We therefore revise down our 2026-2028E attributable NP forecasts to RMB1.5bn/RMB2.0bn/RMB2.4bn (previously RMB1.8bn/ RMB2.4bn/RMB2.8bn; forecast cuts of 16%/15%/14%). We apply 22.4x 2026E PE (in line with peer consensus; previously 26.6x) and derive a target price of RMB24.53 per share (previously RMB34.80 per share). Maintain BUY.
Risks: 1) weaker-than-expected demand for high-speed copper cables, 2) weaker- than-expected demand for new energy products, 3) intensifying industry competition, 4) raw-material price volatility, 5) potential errors in our market-size estimates.

　　公司发布2026年中报，1H26实现营收46.53亿元，同比+17.94%；归母净利润5.67亿元，同比+1.54%。单季度看，2Q26实现营收26.21亿元，同比+19.9%，环比+28.98%；归母净利润3.36亿元，同比+9.0%，环比+45.01%。我们认为，公司1H26利润增速低于收入，主要受原材料价格上涨、美元及港币汇率波动导致汇兑损失增加，以及公司围绕重点市场和重点业务加大研发投入与市场开拓力度影响。展望未来，AI超节点对铜连接需求不断增长且公司前期订购的设备已到货，产能将逐步抬升，公司高速通信线业务有望保持快速增长，维持“买入”评级。
　　高速通信线仍为核心增量，迭代与扩产持续推进
　　分产品看，1）通信线缆实现营收15.52亿元，同比+24.55%，其中高速通信线实现营收6.31亿元，同比+35.44%，仍是通信线缆增长的重要支撑；2）新能源汽车产品实现营收9.78亿元，同比+37.27%，主要系大功率充电技术加快普及；3）电子材料实现营收14.76亿元，同比+10.72%；4）电力产品营收4.80亿元，同比-1.35%，受光伏、风电新增装机阶段性调整及配套需求减弱影响有所承压。高速通信线方面，224G产品持续创新并保持规模化交付，448G样品部分规格已满足客户测试要求，进入小批量试产及客户加工验证阶段。前期订购的罗森道发泡芯线挤出设备已全部到货并分别安装于惠州水口和越南基地，惠州水口及越南北宁扩产项目按计划推进。
　　原材料价格上涨扰动毛利率，费用维持稳定
　　1H26公司综合毛利率为29.41%，同比-3.04pct，主要受原材料价格持续上涨影响。2Q26公司综合毛利率为28.60%，同比-3.79pct，主要系原材料价格上升、高毛利高压电力产品销量下滑、风力发电产量下降综合所致。分业务看，1H26电子材料/通信线缆/新能源汽车/电力/风力发电毛利率分别同比+0.35/-2.94/-3.31/-5.22/-10.23pct。费用端，销售/管理/研发费用率分别为4.10%/3.38%/5.73%，同比分别-0.54/-0.53/+0.47pct，公司费用整体保持稳定，后续收入增长有望摊薄期间费用率。
　　AI超节点驱动铜连接需求，核心产能释放支撑长期成长
　　随着英伟达Blackwell/Rubin架构演进，在机柜内部短距互联场景下铜连接仍具备性价比、低功耗等相对优势。2026台北COMPUTEX大会，黄仁勋表示数据中心连接方案应该尽可能多、尽可能长时间地使用铜方案，未来5-10年将有大量铜和光学器件被使用。我们测算2025/2026年英伟达超节点服务器对应铜芯线空间约32/67亿元，其中2026年同比提升106%。公司作为国内高速通信线领军企业，生产工艺及设备规模均处于行业第一梯队，且下游客户涵盖铜连接行业头部企业安费诺、莫仕、泰科、豪利士、立讯等。随着2026年更多核心产线达产，公司有望承接核心客户外溢需求。
　　盈利预测与估值
　　我们看好公司高速通信线业务受益海内外AI短距互联需求增长，公司具备核心设备卡位优势，有望迎来份额提升与客户拓展双重逻辑。考虑到公司多个业务受到原材料价格波动影响，我们下调通信线缆/电力业务毛利率，综合下调公司2026-2028年归母净利润预期至15.35/20.20/23.90亿元（前值：18.31/23.64/27.77亿元，调整幅度-16%/-15%/-14%），给予公司2026年PE22.4x（同可比公司2026年PE一致预期，前值26.6x），对应目标价24.53元/股（前值34.80元/股），维持“买入”评级。
　　风险提示：1）高速铜缆需求不及预期；2）新能源业务需求不及预期；3）行业竞争加剧；4）产品原材料价格波动；5）市场空间测算存在误差。

Shenzhen Woer Heat-Shrinkable Material has reported 1Q26 results, beginning with revenue of RMB2,032mn (+15.52% YoY) and attributable net profit of RMB231mn (-7.63% YoY). The profit decline stemmed from margin pressure in the power segment due to raw material price volatility. We believe rising demand for copper connectivity driven by AI super-nodes and the ramp-up of core capacity in high-speed communication cables will lift the company’s wallet share with customers and accelerate profit delivery. Maintain BUY.
R&D on higher data rates and capacity expansion on track
Revenue from communication cables reached RMB2,551mn in 2025, a 50% YoY increase, of which high-speed communication cables contributed RMB1,017mn, up 238% YoY. We estimate the high-speed cable business maintained strong growth momentum in 1Q26. Woer currently has over 20 imported core equipment units such as foamed-core wire extruders in place. It continues to innovate in the 224G high-speed cable category and has completed mass deliveries, while 448G cable samples have been developed and sent to key customers for validation. On the production front, as of 9 April 2026, capacity expansion projects at the Huizhou Shuikou Industrial Park, the Malaysia facility, and the Vietnam production base, along with equipment installation and commissioning, are all advancing steadily.
Gross margin under pressure in 1Q26; disciplined cost control
Overall gross margin came in at 30.46% in 1Q26, down 2.07pp YoY, mainly because higher raw material costs for high-margin high-voltage power products and wind power equipment were not passed through to product prices. We expect rapid growth in high-margin high-speed communication cables to lift overall gross margin. With cost control and sales ramp, the selling/administrative/R&D expense ratios stood at 5.15/4.30/5.65% in 1Q26, shifting +0.05/-0.10/+0.30pp YoY.
AI super-nodes driving copper connectivity demand
As Nvidia’s Blackwell and Rubin architectures evolve, copper connectivity retains its relative advantages in cost-effectiveness and low power consumption for short-reach interconnects within racks. We estimate the copper cable market for Nvidia super-node servers at c. RMB3.2/6.7bn in 2025/2026, implying a 106% YoY increase in 2026. As a leading domestic player in high-speed communication cables, Woer ranks among the top-tier in both production processes and equipment scale, with a downstream customer base that includes major copper connectivity names such as Amphenol, Molex, TE Connectivity, Volex, and Luxshare. As more core production lines reach full capacity in 2026, Woer should continue to deepen its penetration with key customers and effectively capture spillover demand.
Earnings forecasts and valuation
We are bullish on Woer’s high-speed communication cable business as it benefits from rising AI short-reach interconnect demand both domestically and overseas. With its first-mover advantage in core equipment, Woer is well positioned to capture both share gains and new customer wins. Factoring in raw material price volatility in the core power business and exchange losses from RMB appreciation, we lower our gross margin assumptions for the power segment and raise future finance costs. Accordingly, we trim our 2026/2027/2028 attributable net profit forecasts to RMB1,831/2,364/2,777mn (-5%/-3%/-1% vs our previous estimates of RMB1,918/2,447/2,810mn). We assign a 2026E PE of 26.6x (in line with the 2026E PE for peers on Wind consensus; previous: 25x), yielding a target price of RMB34.80 (previous: RMB34.25). Maintain BUY.
Risks: Weaker demand for high-speed copper cables than we expect, weaker demand in the new energy business than we expect, intensifying industry competition, potential inaccuracies in market size estimates.

　　主要观点：
　　事件：公司发布2025年度及2026年第一季度报告
　　2025年公司业绩实现高速增长，全年实现营业收入84.51亿元，同比增长22.00%；实现归母净利润11.44亿元，同比增长34.96%。公司盈利能力显著提升，加权平均净资产收益率为19.05%，同比提升2.76个百分点。公司26Q1实现营收20.32亿元，同比增长15.52%；但受产品结构变化、原材料价格上涨及汇率波动影响，归母净利润为2.31亿元，同比下降7.63%；毛利率同比下降2.07个百分点至30.46%。
　　高速通信线业务爆发式增长
　　通信线缆业务25年收入25.51亿元（同比+49.83%），其中，受益于AI算力需求，高速通信线收入达10.17亿元，同比猛增237.99%。该业务毛利率提升5.42个百分点至22.53%。公司单通道224G产品已向英伟达、谷歌等客户批量交付，单通道448G产品已完成样品开发并交付重点客户验证，并已接到小批量试产订单。
　　新能源及传统业务稳健增长，奠定业绩基本盘
　　新能源汽车业务25年收入17.06亿元（同比+23.50%），直流充电枪国内市占率领先。电子材料和电力产品业务25年分别实现收入28.51亿元（同比+9.69%）和10.27亿元（同比+10.82%），保持稳健增长。
　　投资建议
　　我们预计2026-2028年公司营业收入为117.93/151.16/167.45亿元（26-27年前值123.75/158.57亿元），归母净利润为19.38/25.41/28.24亿元（26-27年前值20.14/26.86亿元），对应EPS为1.38/1.82/2.02，对应PE为16.42/12.53/11.27x，维持“买入”评级。
　　风险提示
　　原材料价格波动风险，产品研发不及预期风险，产能扩张不及预期风险，市场竞争加剧风险，下游技术路线迭代风险。

　　公司发布一季度报，1Q26实现营业收入20.32亿元（YoY+15.52%），实现归母净利润2.31亿元（YoY-7.63%），一季度利润下滑主要系电力子板块原材料价格波动带来的经营承压。展望未来，随着AI超节点对铜连接需求的不断增长及公司高速通信线核心产能的持续释放，公司有望进一步提升在客户中的份额，盈利或加速释放，维持“买入”评级。
　　高速通信线业务快速发展，高速率前沿研发+扩产稳健推进
　　公司2025年通信线缆实现收入25.51亿元，同比+50%，其中高速通信线收入10.17亿元，同比+238%，我们预计1Q26公司高速通信线业务保持快速增长趋势。公司目前卡位20余台进口发泡芯线挤出机等核心设备资源，224G高速线品类不断创新并完成批量交付，448G线完成样品开发并交由重点客户验证。生产方面，截至2026年4月9日，公司的惠州水口产业园扩产项目、马来西亚项目、越南生产基地扩产项目以及相关设备投产建设正在积极推进中。
　　1Q26毛利率小幅承压，公司费用管控良好
　　1Q26公司综合毛利率为30.46%，同比-2.07pct，主要系高毛利电力高压产品及风电业务的原材料价格上升未传导至产品价格，我们预计未来高毛利率的高速通信线产品快速增长有望拉升整体毛利率。费用率方面，1Q26公司销售费用率/管理费用率/研发费用率分别为5.15%/4.30%/5.65%，同比分别+0.05pct/-0.10pct/+0.30pct。公司费用管控良好，伴随收入规模扩张，期间费用率实现有效摊薄。
　　AI超节点驱动铜连接需求，核心产能释放支撑长期成长
　　随着英伟达Blackwell/Rubin架构演进，在机柜内部短距互联场景下铜连接仍具备性价比、低功耗等相对优势，我们测算2025/2026年英伟达超节点服务器对应铜芯线空间约32/67亿元，其中26年同比提升106%。公司作为国内高速通信线领军企业，生产工艺及设备规模均处于行业第一梯队，且下游客户涵盖铜连接行业头部企业安费诺、莫仕、泰科、豪利士、立讯等。随着2026年更多核心产线的达产，公司在核心客户中的渗透率有望持续提升并有效承接外溢需求。
　　盈利预测与估值
　　我们看好公司高速通信线业务受益海内外AI短距互联需求增长，公司具备核心设备卡位优势，有望迎来份额提升+客户拓展双重逻辑。考虑到公司电力主业原材料价格波动及人民币升值带来的汇兑损益情况，我们下调电力业务毛利率、上调未来财务费用，综上下调公司2026-2028年公司归母净利润预期至18.31/23.64/27.77亿元（前值：19.18/24.47/28.10，调整幅度-5%/-3%/-1%），我们给予公司26年PE26.6x（同可比公司26年PE一致预期，前值：25x），对应目标价34.80元/股（前值：34.25元/股），维持“买入”评级。
　　风险提示：1）高速铜缆需求不及预期；2）新能源业务需求不及预期；3）行业竞争加剧；4）市场空间测算存在误差。