Core Insights - 德力佳 (603092.SH) has initiated its subscription with an issue price of 46.68 yuan per share and a subscription limit of 0.95 million shares, with a price-to-earnings ratio of 34.98 times [1] Company Overview - 德力佳 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 power main gearbox [1] - The company has established strong partnerships with leading firms in the wind power industry, including Goldwind Technology, Envision Energy, Mingyang Smart Energy, and SANY Heavy Energy [1] Market Position - According to QY Research, 德力佳 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] - The China Wind Energy Association (CWEA) reports that from 2014 to 2024, the annual compound growth rate of newly installed wind power capacity in China exceeds 14%, with a projected cumulative installed capacity of 561.3 GW by the end of 2024, representing an 18.26% year-on-year increase from 2023 [1] Financial Performance - 德力佳's production and sales volume have shown a rapid growth trend, maintaining a high production-sales ratio; however, the main business revenue is expected to decline in 2024 due to falling product prices and the impact of Envision Energy's self-produced gearboxes [2] - The company's main business gross margin has remained relatively stable, attributed to effective cost control measures under the "cost reduction and efficiency enhancement" initiative [2] - Financial results for the years 2022, 2023, and 2024 show revenues of approximately 3.108 billion yuan, 4.442 billion yuan, and 3.715 billion yuan respectively, with net profits of approximately 540 million yuan, 634 million yuan, and 534 million yuan respectively [2]
A股申购 | 风电主齿轮箱领域头部企业德力佳(603092.SH)开启申购 产销率维持高位水平
Zhi Tong Cai Jing·2025-10-27 22:43