调研速递|威力传动接受长江证券等15家机构调研 聚焦增速器工厂建设等要点

Company Overview and Business Progress - Weili Transmission Technology Co., Ltd. was established in 2003 in Yinchuan, with over 1,000 employees and specializes in the R&D, production, and sales of wind power gearboxes and speed increasers. The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 and has become a supplier for many well-known domestic and international wind power companies [1][2]. Investor Relations Activity - On September 1, 2025, the company held an online meeting with 15 institutions, including Changjiang Securities and Huizhong Fund, to discuss company overview and business progress. The meeting was attended by the Vice President and Board Secretary, Mr. Zhou Jianlin [1]. Key Questions from Institutions - The company has invested a total of 123,120.81 million yuan in the construction of a smart factory for wind power speed increasers as of August 29, 2025. The civil construction is complete, and the first phase is in a critical stage of construction, with equipment arriving and being tested [2]. - The first phase of the speed increaser factory is in the initial stage of capacity ramp-up, with production capacity not fully released due to factors such as team proficiency and equipment debugging [2]. - The design, processing, and assembly of wind turbine speed increasers require high technical barriers, with complex manufacturing processes that necessitate precise calculations and rigorous testing [2]. - The decline in profits in the first half of 2025 is attributed to increased labor costs due to workforce expansion and rising operational expenses. However, long-term improvements in gross margin and profit levels are expected as the wind power speed increaser business progresses [2]. - The main product, the yaw asynchronous motor, has been supplied in bulk to multiple companies, and breakthroughs have been made in the electric drive business for new energy vehicles, with prototypes delivered and customer expansion ongoing [2]. - The company's wholly-owned subsidiary has received approval for a 65MW wind power project under the "Thousand Villages and Ten Thousand Villages Wind Action" initiative, which will promote synergy between new energy generation and wind power transmission businesses [2].