Core Viewpoint - The report highlights Delijia's specialization in wind power gearboxes, indicating significant growth potential following its recent financing and production expansion [1] Company Overview - Delijia, established in 2017, specializes in wind power main gearboxes (gear reducers) and currently has a production capacity of approximately 4,000 units, making it the second-largest supplier in China after Nankai Gear [1] - The company achieved a net profit attributable to shareholders of 630 million yuan in Q1-Q3 2025, representing a year-on-year growth of 65.0% [1] Financial Performance - Delijia is set to be listed on the Shanghai Stock Exchange on November 7, 2025, with a financing amount of 1.87 billion yuan, aimed at expanding its gearbox production capacity by an additional 1,800 units [1] - Following the expansion, the company is expected to further increase its market share and enter a phase of rapid growth in revenue and net profit from 2025 to 2027 [1] Industry Outlook - The domestic wind power industry is experiencing a favorable cycle, suggesting that the gearbox market will continue to grow [1] - Delijia's market position is solid, and with the financing and production expansion, the company is likely to see sustained profitability and market share growth [1]
研报掘金丨国海证券：首予德力佳“买入”评级，盈利弹性有望持续释放