Core Viewpoint - The stock of Delijia (603092) experienced a rise of 1.68% with a trading volume of 5.76 billion yuan and a turnover rate of 23.07%, indicating strong market interest and institutional buying activity [2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its high turnover rate, with institutional investors net buying 1.29 billion yuan [2]. - The top five trading departments accounted for a total transaction volume of 2.78 billion yuan, with net buying of 930.32 million yuan [2]. - In the last six months, the stock has appeared on the Dragon and Tiger List five times, with an average price increase of 1.59% the day after being listed and an average increase of 0.08% over the following five days [2]. Fund Flow - The stock saw a net inflow of 537.20 million yuan from major funds today, with large orders contributing 412.30 million yuan and smaller orders adding 124.90 million yuan [2]. - Over the past five days, the net inflow of major funds reached 2.15 billion yuan [2]. Financial Performance - For the first three quarters, Delijia reported a revenue of 4.06 billion yuan, representing a year-on-year growth of 66.37%, and a net profit of 630 million yuan, up 64.96% year-on-year [2]. Analyst Ratings - In the past five days, one institution has rated the stock as a buy, with the highest target price set at 95.96 yuan by Guosen Securities [3].

Investment Rating - The report assigns an "Outperform" rating for the company [2][7]. Core Insights - The company is a leading enterprise in the wind power main gearbox sector, benefiting from industry prosperity and high growth in performance [4][6]. - The company has established strong partnerships with major wind turbine manufacturers, ensuring stable sales and operational stability [14][16]. - The wind power industry is expected to continue its growth, which will drive stable growth in the gearbox sector, with a projected global market size of $11.563 billion by 2030, growing at a CAGR of 5.10% from 2024 to 2030 [4][42]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, particularly wind power main gearboxes [3][6]. - The company was founded in 2017 and has rapidly grown to become one of the top three global suppliers of wind power main gearboxes [6][49]. Market Position - The company maintains a leading market share in the wind power main gearbox sector, with a global market share of 10.36% and a domestic market share of 16.22% as of 2024 [51]. - The company has established a diverse customer base, including major players like Goldwind Technology and Envision Energy, which helps mitigate risks associated with reliance on a few clients [5][16]. Financial Performance - The company expects significant growth in net profit from 2025 to 2027, with projected figures of 8.27 billion, 10.66 billion, and 13.28 billion yuan, representing year-on-year growth rates of 55.0%, 28.9%, and 24.5% respectively [5][76]. - The company has a robust order backlog, with nearly 2,800 units on hand by May 2025, valued at approximately 30.37 billion yuan, indicating strong future revenue potential [16][17]. Production Capacity and Expansion - The company is expanding its production capacity with projects aimed at producing 1,000 units of 8MW and above land-based wind power gearboxes and 800 units of offshore wind power gearboxes [3][18]. - The company’s production capacity reached 3,096 units by the end of 2024, with a utilization rate of 86% [17][18]. Product Range and Technology - The company offers a full range of wind power gearbox products, catering to both direct-drive and doubly-fed wind turbine technologies, with power ratings from 1.5MW to 22MW [18][19]. - The company’s gearboxes are designed with high safety factors and operational efficiency, exceeding industry standards [49][50]. Industry Outlook - The wind power industry is expected to experience robust growth driven by global carbon neutrality goals, with significant increases in installed capacity anticipated in both onshore and offshore segments [28][34]. - The domestic wind power gearbox market is projected to grow at a CAGR of 7.46% from 2024 to 2030, reaching a market size of 32.4 billion yuan by 2030 [42].

Core Viewpoint - Deleja (603092) experienced a decline of 3.32% today, with a turnover rate of 23.58% and a trading volume of 585 million yuan, indicating significant market activity and investor interest [2][3]. Trading Activity - The stock was listed on the Shanghai Stock Exchange due to its turnover rate reaching 23.58%, with institutional investors net selling 35.59 million yuan [2]. - The top five trading departments accounted for a total transaction volume of 240 million yuan, with buying amounting to 101 million yuan and selling at 139 million yuan, resulting in a net sell of 38.38 million yuan [2][3]. Institutional Participation - Among the trading departments, one institutional seat was noted, which was the second-largest seller, net selling 35.59 million yuan [3]. - The stock saw a net inflow of 19.51 million yuan from major funds today, with large orders contributing 8.53 million yuan and significant orders adding 10.98 million yuan [3]. Financial Performance - The company reported a revenue of 4.059 billion yuan for the first three quarters, reflecting a year-on-year growth of 66.37%, and a net profit of 630 million yuan, which is a 64.96% increase year-on-year [3].

Market Overview - As of November 21, the Shanghai Composite Index closed at 3834.89 points, down 96.16 points, a decline of 2.45% [1] - The Shenzhen Component Index closed at 12538.07 points, down 442.75 points, a decline of 3.41% [1] - The ChiNext Index closed at 2920.08 points, down 122.26 points, a decline of 4.02% [1] Trading Activity - A total of 91 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates included: - Dapeng Industrial (920091) with a turnover rate of 98.28% and a price increase of 1211.11% [1] - Jianglong Shipbuilding (300589) with a turnover rate of 55.14% and a price increase of 14.50% [1] - C Nanshan Data (301638) with a turnover rate of 52.72% and a price increase of 0.91% [1] Notable Stocks - Other significant stocks with high turnover rates included: - C Hengkun (688727) with a turnover rate of 46.22% and a price decrease of 11.47% [1] - Inspur Software (600756) with a turnover rate of 46.20% and a price increase of 6.76% [1] - ST Dongtong (300379) with a turnover rate of 44.50% and a price increase of 4.15% [1] - Additional stocks with notable performance included: - Shennong Agriculture (300189) with a turnover rate of 42.82% and a price increase of 3.67% [1] - Beifang Changlong (301357) with a turnover rate of 42.52% and a price increase of 0.68% [1]

Core Insights - On November 20, Delijia's stock rose by 8.54%, with a trading volume of 918 million yuan [1] - The company recorded a net financing purchase of 32.81 million yuan on the same day, with a total financing balance of 167 million yuan, accounting for 6.64% of its market capitalization [1] - Delijia's main business involves the research, production, and sales of high-speed heavy-duty precision gear transmission products, with a revenue composition of 66.05% from high-speed transmission and 33.19% from medium-speed transmission [1] Financial Performance - For the period from January to September 2025, Delijia achieved a revenue of 4.059 billion yuan, representing a year-on-year growth of 66.37% [1] - The net profit attributable to the parent company was 630 million yuan, reflecting a year-on-year increase of 64.96% [1] Shareholder Information - As of November 7, 2025, Delijia had 54,300 shareholders, an increase of 301,361.11% compared to the previous period [1] - The average number of circulating shares per shareholder was 616 shares, with no change from the previous period [1]

Core Viewpoint - The stock price of Delijia Transmission Technology (Jiangsu) Co., Ltd. experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from November 18 to November 20, 2025 [2][4]. Group 1: Stock Price Fluctuation - The company's stock price increased significantly, with a cumulative closing price increase of over 20% during the specified period, indicating abnormal trading activity [2][4]. - As of November 20, 2025, the company's price-to-earnings (P/E) ratio was 56.40, and the price-to-book (P/B) ratio was 8.54, both of which are higher than the industry averages of 42.27 and 3.26, respectively [2][9]. Group 2: Company Operations and Major Events - The company confirmed that its production and operational activities are normal, with no significant changes in market conditions, industry policies, or production costs [5]. - There are no major undisclosed events or plans that could significantly impact the company's stock price, including asset restructuring, share issuance, or major business collaborations [6][8]. Group 3: Market Sentiment and Information Verification - The company did not identify any media reports, market rumors, or trending concepts that could have a significant impact on its stock price [7]. - There were no other sensitive information or undisclosed matters that could lead to abnormal stock trading, and no insider trading activities were reported during the fluctuation period [8].

Core Viewpoint - Delijia announced that its stock price experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% during three consecutive trading days from November 18 to November 20, 2025 [1] Summary by Categories - **Stock Price Movement** - The stock price of Delijia showed a cumulative increase of over 20% across three trading days [1] - **Company Self-Examination** - The company conducted a self-examination and confirmed that neither it nor its controlling shareholders and actual controllers are planning any major events that could significantly impact the stock price [1] - **Disclosure of Major Information** - There are no undisclosed major events related to the company, including but not limited to major asset restructuring, share issuance, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1]

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： 德力佳传动科技（江苏）股份有限公司（以下简称"公司"）股票价格于 2025 年 11 月 18 日、2025 年 11 月 19 日、2025 年 11 月 20 日连续 3 个交易日内收盘 价格涨幅偏离值累计超 20%。根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。截至 2025 年 11 月 20 日收盘，公司市盈率为 56.40， 市净率为 8.54。根据中证指数有限公司发布的中上协行业分类市盈率显示，公司 所属的行业分类"通用设备制造业"最新的静态市盈率为 42.27，市净率为 3.26。 公司市盈率、市净率指标高于同行业平均水平。 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，公司、控 股股东及实际控制人均不存在筹划可能对公司股票交易价格产生较大影响的重 大事项；不存在涉及本公司的其他应披露而未披露的重大信息，包括但不限于重 大资产重组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、破 产重整、重大业务合作、 ...

Core Viewpoint - The company announced that its stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days, indicating abnormal trading fluctuations [1] Summary by Relevant Sections - **Stock Price Fluctuation** The company's stock price has experienced a significant increase, with a cumulative rise exceeding 20% over three trading days, which is classified as an abnormal trading situation [1] - **Company's Self-Examination** Following a self-examination and verification with the controlling shareholder and actual controller, the company confirmed that there are no major matters that could significantly impact the stock price, nor are there any undisclosed significant information related to the company [1] - **Disclosure of Major Events** The company stated that there are no ongoing major events that require disclosure, including but not limited to major asset restructuring, share issuance, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1]

Market Overview - The wind power equipment sector experienced a decline of 0.86% on November 20, with Changyou Technology leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the wind power equipment sector included: - Delijia (603092) with a closing price of 75.27, up 8.54% and a trading volume of 123,800 shares, totaling 918 million yuan [1] - Feiwo Technology (301232) closed at 50.70, up 2.47% with a trading volume of 49,600 shares, totaling 252 million yuan [1] - Electric Wind Power (688660) closed at 16.09, up 1.45% with a trading volume of 207,100 shares, totaling 332 million yuan [1] - Conversely, Changyou Technology (301557) saw a significant decline of 6.30%, closing at 119.53 with a trading volume of 21,400 shares, totaling 264 million yuan [2] Capital Flow - The wind power equipment sector experienced a net outflow of 295 million yuan from institutional investors, while retail investors saw a net inflow of 238 million yuan [2] - The capital flow for key stocks showed: - Delijia had a net inflow of 114 million yuan from institutional investors, while retail investors had a net outflow of 33.97 million yuan [3] - Feiwo Technology had a net inflow of 27.58 million yuan from institutional investors, with retail investors experiencing a net outflow of 40.12 million yuan [3]