Core Insights - The report highlights a positive outlook for various industries in March 2026, driven by domestic demand policies and sector-specific growth opportunities [2][3] - Key stocks recommended across different sectors are expected to show significant profit growth and favorable valuations, indicating potential investment opportunities [2][3] Industry Summaries Social Services - China Oriental Education is positioned to benefit from the growth in new service consumption, with a projected net profit of 1.1 billion yuan in 2026, reflecting a 40% increase and a PE ratio of approximately 11 times [2][3] Construction - Yaxin Integration is expected to gain from significant investments in the cleanroom industry, with orders and performance not fully anticipated, particularly from major clients like Micron and TSMC [2][3] Non-Bank Financials - CITIC Securities is recommended as a leading brokerage benefiting from market recovery and favorable policy environments, with valuations not reflecting the improving profit trends [2][3] Agriculture - Youran Dairy, a leader in dairy farming, is set to benefit from rising beef and milk prices, with expectations of high earnings recovery due to favorable market conditions [2][3] Power Equipment and New Energy - Delijia is expanding its capacity in wind power gearbox projects, with a strong order backlog and projected profit growth of 55% in 2025 [2][3] - Sifang Co. is actively expanding its overseas presence and has secured multiple projects, with a focus on cutting-edge technologies like solid-state transformers [2][3] Automotive - Xingyu Co. is positioned in a high-growth segment of automotive lighting, with a focus on smart products and expanding its global customer base, projecting revenues of 16 billion yuan in 2025 [2][3] Home Appliances - Haier Smart Home is benefiting from domestic policies promoting appliance upgrades and is enhancing operational efficiency through digital transformation, with a stable increase in market share [2][3] Basic Chemicals - Chuanheng Co. is expected to increase its phosphate mining capacity significantly by 2028, with a strong dividend payout history and high-quality product offerings [2][3] Military Industry - Lianchuang Optoelectronics is experiencing substantial growth in laser products and is entering the commercial space launch market, indicating a broad market potential [2][3]

证券研究报告·公司深度研究·风电设备 德力佳（603092） 风电齿轮箱领军者，海风放量开启第二曲线 2026 年 02 月 26 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,442 | 3,715 | 5,454 | 6,359 | 7,209 | | 同比（%） | 42.92 | (16.36) | 46.79 | 16.60 | 13.37 | | 归母净利润（百万元） | 633.96 | 533.79 | 815.85 | 1,076.96 | 1,339.97 | | 同比（%） | 17.36 | (15.80) | 52.84 | 32.01 | 24.42 | | EPS-最新摊薄（元/股） | 1.58 | 1.33 | 2.04 | 2.69 | 3.35 | | P/E（现价&最新摊薄） | 42.98 | 51.05 | 33.40 | 25.30 | 20.33 | [T ...

证券研究报告·公司深度研究·风电设备 德力佳（603092） 风电齿轮箱领军者，海风放量开启第二曲线 2026 年 02 月 26 日 证券分析师 曾朵红 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,442 | 3,715 | 5,454 | 6,359 | 7,209 | | 同比（%） | 42.92 | (16.36) | 46.79 | 16.60 | 13.37 | | 归母净利润（百万元） | 633.96 | 533.79 | 815.85 | 1,076.96 | 1,339.97 | | 同比（%） | 17.36 | (15.80) | 52.84 | 32.01 | 24.42 | | EPS-最新摊薄（元/股） | 1.58 | 1.33 | 2.04 | 2.69 | 3.35 | | P/E（现价&最新摊薄） | 42.98 | 51.05 | 33.40 | 25.30 | ...

单位：万元 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、使用部分闲置募集资金进行现金管理概述 德力佳传动科技（江苏）股份有限公司（以下简称"公司"）于2025年11月11日召开第一届董事会审计委 员会第十四次会议、2025年11月14日召开第一届董事会第十九次会议，分别审议通过了《关于使用部分 闲置募集资金进行现金管理的议案》，同意公司及子公司使用不超过人民币12亿元（含本数）的闲置募 集资金进行现金管理，投资安全性高、流动性好的保本型理财产品，现金管理额度有效期自董事会审议 通过之日起12个月之内有效。在上述额度内，资金可循环滚动使用，期限内任一时点的交易金额（含前 述投资的收益进行再投资的相关金额）不超过上述额度。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）及公司指定信息披露媒体披露的《关于使 用部分闲置募集资金进行现金管理的公告》（公告编号：2025-002），保荐人华泰联合证券有限责任公 司对该事项出具了无异议的核查意见。 二、使用部分 ...

全省重点项目建设全力冲刺新年"开门红" 机器的轰鸣是最好的"开工鞭炮"，忙碌的身影是最美的"新春风景"。 马年新春，江苏大地年味正浓，全省各地重点项目建设现场一片繁忙景象，建设者、劳动者们正以热火 朝天的实干，全力拉满发展"进度条"，奋力冲刺一季度目标任务，为新一年江苏高质量发展注入强劲动 能。 项目建设擂响"奋进鼓" 走进项目现场，吊臂林立、焊花飞溅，工人们正加紧进行设备安装与调试。截至目前，项目一号机透平 发电机组所有模块已完成初步找正，正在进行本体管道、管件安装。"主体工程已进入安装调试高峰 期。"华能金坛公司工程部机务专工杨清格勒介绍，两台机组年中可实现整套启动并网。投入使用后， 一次充电可储存电量280万千瓦时，年预计充放电330次，相当于节约标准煤27万吨、减少二氧化碳排放 52万吨。 在位于南通市崇川区的华能南通燃气轮机创新发展示范项目施工现场，工作人员争分夺秒全力推进设备 安装与调试工作。目前2号机组完成主厂房封顶、厂用电受电、水压试验、汽轮机扣缸等关键环节，并 进入系统调试冲刺阶段。"这是国家能源局第一批燃气轮机创新示范项目。"华能南通电厂工程部主任张 伟伟说，项目建成后，两台745兆瓦燃气 ...

证券代码：603092 证券简称：德力佳 公告编号：2026-006 德力佳传动科技（江苏）股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、使用部分闲置募集资金进行现金管理概述 三、部分闲置募集资金进行现金管理的总体情况 截至本公告披露日，公司已使用的闲置募集资金现金管理额度为 75,000.00 万元，尚未使用的闲置募集资金现金管理额度为 45,000.00 万元。公司使用部分 闲置募集资金进行现金管理的单日最高余额及使用期限均未超过公司董事会授 权范围。公司使用部分闲置募集资金购买的产品不存在逾期未收回的情况。 特此公告。 二、使用部分闲置募集资金进行现金管理到期赎回情况 公司于 2025 年 11 月 24 日使用暂时闲置募集资金 45,000.00 万元购买了中国 民生银行股份有限公司发行的现金管理产品。近日，公司已赎回上述现金管理产 品，收回本金 45,000.00 万元，并获得收益 204.16 万元。前述本金及收益已全部 归还至募集资金专户，收 ...

7人 ZHONG LUN LCL 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦(南京)律师事务所 关于德力佳传动科技(江苏)股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年二月 北京 · 上海 · 深圳 · 广州 · 武汉 · 成都 · 重庆 · 青岛, 杭州 · 南京 · 西安 · 东京 · 香港 · 纽约 · 洛杉矶 · 旧金山, 阿拉木图 Beijing · Shanglai · Shenzhen · Guangzhou · Widhan · Chengejng · Qingdao · Hangzhou · Hangzhou · Hangzhou · Hanginge · Si'an · Tokyo · Horn, · New York · Los Angels · San F 36/F. Asia Pacific Business Building, 2 Hanzhong Road 电话/Tel : +86 25 6951 1818 传真/Fax : +86 25 北京市中伦(南京)律师事务所 关于德力佳传动科技(江苏)股份 ...

(四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，会议由董事长刘建国先生主持，会议采取现 场投票和网络投票相结合的方式。会议的召集、召开及表决方式符合《中华人民 共和国公司法》《上市公司股东会规则》《上海证券交易所股票上市规则》等有关 证券代码：603092 证券简称：德力佳 公告编号：2026-005 德力佳传动科技（江苏）股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 543 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 276,310,985 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 69.0777 | - 1 - (一) 股东会召开的时间：2026 年 2 月 10 日 (二) 股东会召开的地点：德力佳传动科技（江 ...

Core Viewpoint - Delijia (603092) has achieved rapid development since its establishment in 2017, becoming a leading player in the domestic wind power gearbox industry, with a projected net profit of 816 million yuan in 2025, representing a year-on-year growth of approximately 52.8% [1] Group 1: Company Development and Strategy - Delijia's growth is attributed to its strategic partnerships with major clients like Sany Heavy Energy and Envision Energy, and its ability to capitalize on the "installation rush" in 2020 [2] - The company has established collaborations with several leading manufacturers, including Dongfang Electric and Mingyang Smart Energy, solidifying its market position as the second-largest player in the domestic market [2] - Delijia has invested heavily in R&D, holding over 60 authorized patents, including more than 20 invention patents, and has developed a high-power density and high-reliability product technology system [2][3] Group 2: Product Quality and Reliability - The company’s products exceed industry standards in design safety and operational performance, supported by a comprehensive preventive quality management system [3] - Delijia's products have received multiple international certifications, enhancing customer trust and long-term relationships with major clients [3] Group 3: Market Trends and Future Outlook - The wind power gearbox market is expected to maintain a strong supply-demand balance, with domestic new installations projected to exceed 120 GW in 2026, driven by global energy transition [4] - The company anticipates a steady growth in the replacement market, with an estimated annual demand of 15 GW to 20 GW during the 14th Five-Year Plan period, providing a stable growth opportunity [5] - Delijia is expanding its offshore large megawatt gearbox business, with ongoing projects in Shantou and Wuxi to enhance production capacity [5][6] Group 4: International Expansion - Delijia is actively pursuing overseas market opportunities, having established technical exchanges and collaborations with multiple international clients [6] - The company’s products are gradually gaining recognition in overseas markets, with a focus on achieving stable export volumes as its capabilities in large megawatt and offshore products improve [6]

Core Viewpoint - Delijia has achieved rapid growth since its establishment in 2017, becoming a leading player in the domestic wind power gearbox industry, with a projected net profit of 816 million yuan in 2025, representing a year-on-year increase of approximately 52.8% [1] Group 1: Company Development and Strategy - Delijia plans to invest 5 billion yuan in a research and manufacturing project for wind power gearboxes over 10 megawatts in Wuxi, aimed at supporting its business development in high-performance wind power gearboxes [3] - The company has established strong partnerships with major clients such as Sany Heavy Energy and Envision Energy, which has helped it secure a solid market position [1][2] - Delijia is focusing on optimizing its customer structure and expanding its business in offshore wind power and overseas markets to contribute to the high-quality development of the wind power industry [1][3] Group 2: Technological and Quality Advantages - Delijia has built a strong technological and quality moat, with over 60 authorized patents, including more than 20 invention patents, and a research team with over 70% holding master's degrees or higher [2] - The company’s self-developed 10MW-12MW offshore gearbox has been recognized as a major technological equipment project by the National Energy Administration, achieving breakthroughs in key technologies such as torque density and transmission efficiency [2] - Delijia's products have a reliability and quality control standard that exceeds industry norms, earning long-term trust from major clients through a comprehensive preventive quality management system [2] Group 3: Market Trends and Future Outlook - The wind power gearbox market is expected to maintain a strong supply-demand balance in 2026, with domestic new installations projected to exceed 120GW and overseas markets experiencing accelerated growth due to global energy transformation [3][4] - The replacement demand in the existing market is estimated to be between 15GW and 20GW annually during the 14th Five-Year Plan period, providing a stable growth opportunity for Delijia [4] - Delijia is actively expanding its offshore large-megawatt gearbox business, with ongoing projects in Shantou and Wuxi to enhance production capacity and support rapid growth in this segment [5][6] Group 4: International Expansion - Delijia is making strides in overseas market layouts, having engaged in technical exchanges and collaborations with multiple international clients, laying a solid foundation for entering global supply chains [5][6] - The company’s products are increasingly recognized by overseas customers, with a focus on validating and achieving bulk deliveries, indicating a promising future for international business growth [6]