闯进“注册关”，德力佳18.81亿元募资能否如愿

Core Viewpoint - Delijia Transmission Technology (Jiangsu) Co., Ltd. has submitted its IPO registration after over 7 months of waiting, marking a significant step towards listing on the A-share market [1][3]. Company Overview - Delijia specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, primarily serving the wind power generation sector with its core product being the wind turbine main gearbox [1][3]. IPO Details - The company aims to raise approximately 1.88 billion yuan through the IPO, which will be allocated to projects including the annual production of 1,000 units of 8MW and above large onshore wind power gearboxes and an annual production of 800 units of large offshore wind power gearboxes in Shantou [3]. Financial Performance - From 2021 to 2023, Delijia experienced growth in both revenue and net profit, but forecasts indicate a decline in both metrics for 2024, with expected revenue of about 3.715 billion yuan and a net profit of approximately 534 million yuan [3]. - In the first half of 2025, the company reported revenue of about 2.487 billion yuan, reflecting an 81.29% year-on-year increase, and a net profit of approximately 393 million yuan, up 67.56% year-on-year [3]. Related Transactions - Delijia has a high proportion of related party transactions, with significant sales to major clients such as Sany Renewable Energy and Envision Energy, which accounted for 37.39%, 45.43%, and 43.56% of sales from 2022 to 2024 [4][5]. - The company’s revenue is heavily reliant on its top five customers, with sales to these clients representing 98.86%, 95.92%, and 94.73% of total revenue from 2022 to 2024 [6]. Customer Dependency - The company faces risks associated with high customer concentration, as over 90% of its revenue comes from its top five clients, primarily due to the concentrated nature of the wind power equipment manufacturing industry [6].