Company Overview - 威力传动 was established in 2003 in Yinchuan, with over 1,000 employees [2] - The main business includes R&D, production, and sales of wind power gearboxes and speed increasers, focusing on precision transmission solutions for the renewable energy sector [2] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2] Industry Outlook - According to the Global Wind Energy Council (GWEC), the wind power industry is expected to see a compound annual growth rate of 8.8% from 2025 to 2030, with an additional 981 GW of global wind capacity by 2030 [3] - China's renewable energy generation is a key focus area due to policies like the "14th Five-Year Plan" and goals for "carbon peak" and "carbon neutrality" [3] Product Advantages - The wind power speed increaser is considered a core component of wind turbine technology, featuring advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost [3] - The company employs advanced manufacturing techniques, including high-quality alloy steel materials and precision machining, ensuring high durability and efficiency [3] International Expansion - The company has established a clear strategy for expanding into international markets, with service points in key locations such as Hamburg, Chennai, and Tokyo [3] - It has successfully entered the supplier lists of renowned international wind power companies, including Siemens-Gamesa and Adani [3] Project Impact - The approval of a 65 MW wind power project is expected to enhance the company's renewable energy generation capabilities and support the development of its gearbox and speed increaser businesses [4] - This project will lay a solid foundation for expanding into the renewable energy market and improving competitiveness [4] Investor Communication - The company ensures compliance with information disclosure regulations, maintaining transparency and accuracy in communications with investors [4]

银川威力传动技术股份有限公司（以下简称"公司"）于2025年3月14日召 开第三届董事会第三十次会议审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金和/或自筹资金通过深圳证券交易所集中竞价交易方式回 购公司已发行的人民币普通股（A股）股票（以下简称"本次回购"），回购的 股份后续将用于股权激励或员工持股计划。本次回购的资金总额不低于人民币 6,000万元且不超过人民币9,000万元（均含本数），回购价格不超过人民币 70.00元/股。具体回购股份的数量以回购结束时实际回购的股份数量为准。本 次回购股份的实施期限自董事会审议通过本次回购股份方案之日起十二个月内。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司 股份方案的公告》及《回购股份报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第9号—回购股份》等有关规定，在回购股份期间，公司应当在每个月的前三个 交易日内披露截至上月末的回购进展情况。现将公司回购股份进展情况公告如 下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 ...

Group 1: Wind Power Gearbox Industry - The report highlights the scarcity of wind power gearboxes, with a focus on the expected performance and valuation elasticity due to increased production capacity and orders [2][24][25] - The company has completed its precision wind power gearbox production project, with a significant increase in sales expected in 2025, leading to a projected gross margin recovery to 16.6% by 2025, an increase of 10 percentage points from 2024 [2][25] - A strategic cooperation agreement with Goldwind Technology was signed in October 2024, establishing a foundation for future orders, with the gearbox (speed increaser) accounting for 23% of the value, which is nine times that of the reducer, indicating substantial growth potential [2][25][26] Group 2: Functional Sugar Industry - The report indicates that the company is the largest producer of oligosaccharides globally, with a focus on functional sugars, which are expected to see rapid growth in demand [27][30] - The company has optimized its operational strategies and management efficiency, leading to a return to growth in 2024, with significant contributions from prebiotics and sugar substitutes [27][28] - Future production expansions include a 20,000-ton alulose sugar project starting in March 2025 and the introduction of new products using synthetic biology technology, which are expected to enhance profitability [31][32] Group 3: Construction and Chemical Engineering Industry - The report emphasizes the rising investment opportunities in infrastructure in the central and western regions of China, particularly in Xinjiang and Tibet, driven by the Belt and Road Initiative [3][43][45] - The chemical engineering sector is expected to benefit from the acceleration of coal chemical projects, with a total investment exceeding 1.4 trillion yuan, indicating strong order support for chemical engineering companies [3][46] - The report recommends companies such as Sany Road and Bridge, China Energy Construction, and China Electric Power Construction as key players in the infrastructure and chemical engineering sectors [3][44][46]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 75.96 CNY, based on an 18x PE valuation [5][3]. Core Viewpoints - The company is positioned as a rare player in the gearbox market, with significant earnings elasticity expected from its upcoming accelerator business [3][2]. - The global wind power gearbox market is projected to grow from approximately 5.688 billion USD in 2023 to 8.826 billion USD by 2030, indicating a substantial market opportunity [1][2]. - The company has maintained a strong market position in China's wind power gearbox sector, ranking third in market share in 2020 [1]. Summary by Sections Company Overview - The company, established in 2013, focuses on precision transmission solutions, primarily manufacturing wind power yaw reducers, pitch reducers, and accelerators [1][11]. - The company went public on the Shenzhen Stock Exchange in August 2023 and has consistently held a leading position in the domestic wind power reducer market [1][11]. Business Highlights - The company has optimized the internal structure of its wind power reducers, achieving a torque density of 300 Nm/Kg, which allows for cost control and improved product efficiency [2]. - The production project for precision wind power reducers is expected to be completed in 2024, with significant sales growth anticipated in 2025, leading to a projected gross margin recovery to 16.6% [2]. - A strategic cooperation agreement with Goldwind Technology was signed in October 2024, laying the foundation for future orders [2]. Financial Projections - The company forecasts net profits of 0.52 million CNY, 3.05 million CNY, and 4.24 million CNY for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 275.1%, 490.3%, and 38.7% [3][4]. - Revenue is expected to increase significantly from 345.19 million CNY in 2024 to 2.73 billion CNY in 2026, reflecting a growth rate of 81.14% [4]. Market Dynamics - The global wind power gearbox market is highly concentrated, with the top four manufacturers holding over 70% market share [1]. - The demand for gearboxes is expected to rise due to the trend of larger wind turbines, which necessitate advanced gearbox technologies [51][53]. Competitive Position - The company has established strong relationships with major wind turbine manufacturers, becoming a key supplier to both domestic and international clients [31][1]. - The company has a robust R&D framework, with a focus on continuous innovation and the development of new products to meet evolving market demands [17][33].

Summary of the Conference Call for 威力传动 Company Overview - **Company**: 威力传动 (Weili Transmission) - **Industry**: Wind Power and Gearbox Manufacturing Key Points and Arguments Sales and Production Forecast - **2025 Sales Target**: Expected sales of 60,000 to 70,000 reducers, with revenue projected at 700 to 800 million yuan, a significant increase from over 20,000 units sold last year, indicating a doubling in sales volume [2][7] - **Q3 2025 Expectations**: Anticipated monthly production and sales of 7,000 to 8,000 reducers, marking the peak season for the wind power industry [4] - **2025 Output Forecast**: Expected output of 400 to 600 units for the gearboxes this year [6] Expansion Plans - **Expansion Project**: The gearbox expansion project is expected to reach production status by the end of 2025, with a target capacity of 1,000 to 1,500 units for 2026 [5][8] - **Investment Plans**: Phase one of the expansion involves an investment of 2 billion yuan for a capacity of 1,500 units, while phase two will require 3 billion yuan to reach a total capacity of 4,000 units by the end of 2028 [8][9] Market Dynamics - **Domestic and International Demand**: The gearbox is primarily used in photovoltaic and wind power projects, with current capacity at 70,000 to 80,000 units, and potential for expansion. The overseas market shows high demand and profitability, although the audit cycle is lengthy [10][11] - **Pricing Trends**: The price of gearboxes is influenced by supply and demand dynamics, with expectations of price increases if supply remains tight [33] Profitability and Margins - **Gross Margin Expectations**: The company aims to improve gross margins by approximately 5 percentage points through increased self-manufacturing of components [2][6][12] - **Future Margin Projections**: The gross margin for reducers is expected to stabilize and potentially exceed 20% as production scales up and depreciation impacts diminish [14][22] Competitive Landscape - **Market Position**: The company is positioned as a significant player in the gearbox market, with a focus on maintaining competitive pricing and quality standards [15][19] - **Supply Chain Challenges**: The company faces supply chain issues, particularly in the context of increasing demand for offshore wind power, which may lead to a similar surge in demand as seen in 2020 [16] Talent Retention and Incentives - **Employee Retention Strategy**: The company has initiated a stock buyback program to retain talent, with plans for a second round of incentives expected to begin in mid-2025 [28][29] Non-Wind Power Ventures - **Diversification Efforts**: The company is exploring opportunities in non-wind sectors, including engineering machinery gearboxes and electric motors, although these areas are not currently a primary focus [27] Future Outlook - **Overall Growth Projections**: The company anticipates a strong growth trajectory in the coming years, driven by robust market demand and strategic investments in production capacity [32][34] Additional Important Information - **Employee Growth**: The workforce has expanded from approximately 700 to 1,600 employees, with expectations to reach 1,800 to 2,000 by the end of 2025 [31] - **Project Approvals**: The company has received approvals for several distributed generation projects, which are expected to enhance profitability and improve cost structures [30]

| 团队，能够快速响应客户需求制定出合理、可行、高效的技术方案。 | | --- | | 2、公司增速器产品的优势是什么？ | | 答：风电增速器被誉为"风电装备制造业王冠上的宝石"，是 | | 风力发电机组科技含量最高的核心部件。增速器属于多级传动，其 | | 一般由行星齿轮机构、平行齿轮机构、箱体、轴承、螺栓、销等多 | | 种零部件装配而成。公司研制的增速器具有啮合平稳、噪声小、密 | | 封性能好、效率高、重量轻、成本低等优势，得益于公司领先的技 | | 术与工艺：齿轮使用优质的合金钢材料，采用渗碳淬火、感应淬火 | | 及氮化等热处理工艺，提升齿轮的耐磨性和疲劳寿命；采用数控磨 | | 齿、硬齿面加工等先进工艺，使外齿轮精度可达 5 级、内齿轮精度 | | 可达 7 级，确保低噪音、高效率传动；铸件采用耐低温冲击材料， | | 关键部位 UT 探伤、MT 探伤按照 1 级执行、加工精度可达 5 级。 | | 3、公司是否有计划进一步扩大海外市场？ | | 答：公司在海外市场拓展方面制定了明确且系统的战略规划。 | | 我们已经在多个关键市场设立了全球服务网点，包括德国汉堡、印 | | 度金奈和日本东 ...

Summary of Key Points Core Viewpoint - 威力传动's stock price has decreased by 1.15% compared to the previous week, with a current market capitalization of 3.849 billion yuan, ranking 20th in the wind power equipment sector and 3613th in the A-share market [1]. Company Announcements - 威力传动 has repurchased a total of 876,500 shares, accounting for 1.2109% of its total share capital [1]. - The company approved a share repurchase plan on March 14, 2025, with a total fund allocation between 60 million yuan and 90 million yuan, and a maximum repurchase price of 70.00 yuan per share [1]. - As of May 31, 2025, the repurchased shares had a total transaction amount of approximately 44.21 million yuan, with the highest transaction price being 54.05 yuan and the lowest at 46.56 yuan per share [1].

Core Viewpoint - The wind turbine gearbox industry is experiencing rapid growth due to the global transition to clean energy and increasing demand for renewable energy sources, particularly wind power, which is becoming a significant part of the global electricity production structure [1][6][27]. Group 1: Industry Overview - Wind turbine gearboxes are essential components in wind power generation, converting low-speed, high-torque rotation from the wind turbine blades into high-speed, low-torque rotation required by generators [3][6]. - The wind turbine gearbox market in China is projected to grow significantly, with production capacity expected to reach 225,000 units and a market size of approximately 1.804 billion yuan in 2024, increasing to about 1.889 billion yuan in 2025 [1][8][27]. Group 2: Market Demand and Supply - In 2024, the demand for wind turbine gearboxes in China is estimated at 122,798 units, with specific demands for yaw gearboxes at 77,630 units and pitch gearboxes at 45,168 units [6][8]. - The production capacity of wind turbine gearboxes in China has increased from 105,000 units in 2017 to 225,000 units in 2024, indicating a robust growth trajectory [8][27]. Group 3: Competitive Landscape - The wind turbine gearbox market is characterized by a high concentration of leading companies, with the top three manufacturers—Yinchuan Weili Transmission, Nanjing High Precision Gear Group, and Chongqing Gearbox—holding over 70% of the market share [19][23]. - Key players in the industry include Weili Transmission, which reported revenues of 335 million yuan from wind turbine gearboxes in 2024, and Nanjing High Precision Gear Group, which generated approximately 149.93 billion yuan from wind power gearboxes, accounting for 67.92% of its total revenue [22][25]. Group 4: Industry Development Environment - The wind power sector is supported by various government policies aimed at promoting renewable energy, which further stimulates the growth of the wind turbine gearbox industry [16][18]. - The industry is expected to benefit from the ongoing push towards carbon neutrality, providing substantial market opportunities for wind turbine gearbox manufacturers [1][8][27].

Core Viewpoint - Ningxia Securities Regulatory Bureau is implementing measures to support private enterprises and enhance high-quality development through comprehensive company visits and problem-solving initiatives [1][2][3][4] Group 1: Company Visits and Support - The bureau aims for full coverage of listed companies in the region, having conducted five joint visits this year, with plans for a second round by the end of the year [2] - The bureau is focusing on high-tech, manufacturing, and traditional manufacturing companies, interpreting policies related to mergers, acquisitions, and dividends [2] - Companies eligible for dividends have announced a total cash dividend of 3.689 billion, a year-on-year increase of 41.85%, with the number of dividend-paying companies reaching a historical high [2] Group 2: Risk Management and Governance - The bureau emphasizes proactive risk management by visiting companies to assess their operational conditions and governance structures [3] - Two companies are set to raise over 3.4 billion through targeted placements and public REITs, with the bureau engaging in detailed discussions about their management and industry conditions [3] - The bureau is focusing on high-risk companies to ensure they implement necessary improvements and manage expectations effectively [3] Group 3: Addressing Challenges for SMEs - The bureau is addressing urgent issues faced by small and medium-sized enterprises, coordinating solutions for nearly 70% of the problems identified [4] - Specific companies in niche markets are being supported to enhance their core businesses and develop new productive capacities [4] - A mechanism for ongoing visits and follow-ups is being established to ensure continuous support and problem resolution for listed companies [4]

证券代码：300904 证券简称：威力传动 公告编号：2025-036 截至 2025 年 5 月 31 日，公司通过回购专用证券账户以集中竞价交易方式 累计回购股份数量为 876,500 股，占公司总股本的 1.2109%，最高成交价为 元（不含交易费用）。本次回购符合公司回购股份方案、回购报告书及相关法 律法规的要求。 二、其他说明 （一）公司回购股份的时间、回购股份数量及集中竞价交易的委托时段、交 易价格等符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 第十七条、十八条及公司回购股份方案的相关规定，具体如下： （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 （1）委托价格不得为公司股票当日交易涨幅限制的价格； 银川威力传动技术股份有限公司 关于回购股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 银川威力传动技术股份有限公司（以下简称"公司"）于2025年3月14日召 开第三届董事会第三十次会议审议通过了《关于 ...