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风电主齿轮箱领域头部企业德力佳开启申购 产销率维持高位水平
Zhi Tong Cai Jing·2025-10-27 22:45

Core Viewpoint - Delijia (603092.SH) has initiated its subscription with an issue price of 46.68 yuan per share and a maximum subscription limit of 0.95 million shares, with a price-to-earnings ratio of 34.98 times, underwritten by Huatai United Securities [1] Company Overview - Delijia primarily engages in the research, production, and sales of high-speed heavy-duty precision gear transmission products, with a focus on wind turbine gearboxes as its core product [1] - The company has established strong partnerships with leading wind turbine manufacturers such as Goldwind Technology, Envision Energy, Mingyang Smart Energy, and SANY Heavy Energy [1] Market Position - According to QY Research, Delijia holds a global market share of 10.36% in 2024, ranking third globally, and a market share of 16.22% in China, ranking second domestically [1] Industry Growth - The China Wind Energy Association (CWEA) reports that from 2014 to 2024, China's newly installed wind power capacity is expected to grow at a compound annual growth rate of over 14%, reaching a cumulative installed capacity of 561.3 GW by the end of 2024, an increase of 18.26% year-on-year [3] Financial Performance - In 2024, Delijia's main business revenue is projected to decline by 16.61% to approximately 3.68 billion yuan, influenced by falling product prices and the impact of Envision Energy's self-produced gearboxes [6] - The company's main business gross margin remains stable, attributed to ongoing cost control measures [6] - Key financial metrics for Delijia include: - Revenue: 3.68 billion yuan in 2024, down from 4.41 billion yuan in 2023 [7] - Net profit: 534 million yuan in 2024, compared to 634 million yuan in 2023 [7] - Total assets: 6.66 billion yuan in 2024, up from 6.49 billion yuan in 2023 [8] - Return on equity: 20.63% in 2024, down from 32.10% in 2023 [9] Production and Sales - The production and sales of Delijia's main products have shown a rapid growth trend, with a production and sales rate of 94.79% in 2024 [7] - The production of wind turbine gearboxes is expected to be 2,651 units in 2024, a slight decrease of 2.29% from 2023 [7]