Yinchuan Weili Transmission Technology (SZ:300904) Xin Lang Cai Jing·2025-09-17 09:23Company Overview - Weili Transmission was established in 2003 in Yinchuan, Ningxia, with over 1,000 employees. The main business includes R&D, production, and sales of wind power gearboxes, covering various types such as yaw reducers and pitch reducers. The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023, leveraging its technological and quality advantages to become a supplier for many well-known domestic and international wind power companies [2]. Gearbox Technology and Process Advantages - The gearbox is a core component of wind turbines, characterized by high technical content. Weili Transmission's developed gearboxes feature smooth engagement and low noise. The gears are made from high-quality alloy steel and advanced heat treatment processes, achieving external gear precision of grade 5 and internal gear precision of grade 7, with strict flaw detection in key casting areas and machining precision also reaching grade 5 [3]. Smart Factory Construction Progress - By the end of August 2025, the company plans to invest a total of 1.231 billion yuan in the smart factory for wind power gearboxes. The civil engineering has been completed, and the first phase is still in a critical construction stage, with production equipment mostly arriving at the site. The company is currently advancing equipment connection debugging and verifying production line processes while preparing talent for production [4]. Gearbox Factory Capacity Status - The smart factory for wind power gearboxes (Phase I) is currently in the initial stage of capacity ramp-up. Factors such as the proficiency of the production team, optimization of production line connections, and equipment debugging and calibration are affecting the full release of capacity. The company plans to proceed with a "steady ramp-up and gradual release" approach to approach the designed capacity [5]. Impact of Gearbox Business on Gross Margin - The high value of each wind power gearbox is expected to result in a gross margin higher than that of conventional wind power reducer products. The scale effect after the smart factory commences production will lower unit costs through improved component processing precision and qualification rates, as well as by diluting fixed costs, thereby boosting the overall gross margin of the company [6]. Market Outlook for Gearbox Products - The global and Chinese wind power installed capacity continues to expand, providing strong demand support for the wind power gearbox market. From 2025 to 2030, the global new installed capacity for wind power is expected to reach 981 GW, with China's new installed capacity from January to June 2025 projected at 51.39 GW, a year-on-year increase of 98.88%. The market size for main gearboxes used in wind power in China is approximately 3.136 billion USD in 2023, expected to grow to 4.263 billion USD by 2030. Industry technological iterations are leading to a concentration of market share among companies with technological advantages, positioning Weili Transmission to capture a larger share [7]. Overseas Market Layout - Weili Transmission has established sales service points in Hamburg, Germany, and Copenhagen, Denmark, and has entered the qualified supplier lists of several international well-known wind power companies. In the future, the company aims to consolidate and expand its international market share by enhancing service capabilities, thereby increasing its global influence and competitiveness [8].