“驭风”系列报告：风电齿轮箱行业简析

Investment Rating - The report maintains a positive investment rating for the wind power gearbox industry, suggesting a focus on companies like Weili Transmission, Guoda Special Materials, and Delijia [4][38]. Core Insights - The demand side shows robust growth in both onshore and offshore wind power bidding, with a total public bidding capacity of approximately 164.1 GW in 2024, a year-on-year increase of 90%. The average bidding price for wind turbine units was 1616 RMB/kW, reflecting a 10% increase year-on-year [1][9]. - The supply side indicates a high concentration in the wind gearbox industry, with the top four manufacturers holding a combined market share of 79% in 2023. The industry has significant barriers to entry, including technological, financial, and validation barriers [2][34]. - The global wind gearbox market is projected to grow from 5.941 billion USD in 2024 to 7.824 billion USD by 2030, with a compound annual growth rate (CAGR) of approximately 4.70% [27][29]. Demand Side Summary - The domestic wind power bidding is thriving, with onshore bids reaching 152.8 GW (up 97% year-on-year) and offshore bids at 11.3 GW (up 27% year-on-year) in 2024. The first half of 2025 saw an additional 71.9 GW in new bids, marking an 8.8% increase [1][9]. - The shift towards larger wind turbines has led to a structural increase in demand for gearboxes, as major manufacturers transition from direct-drive to semi-direct or doubly-fed systems [1][25]. Supply Side Summary - The wind gearbox industry has high entry barriers due to the need for advanced technology and significant capital investment. The top four manufacturers dominate the market, indicating a stable competitive landscape [2][34]. - The gearbox accounts for about 15% of the total cost of wind turbines, making it a critical component in the wind power generation process [31][34]. Key Companies and Investment Recommendations - Weili Transmission is recognized for its long-standing expertise in precision transmission and is expanding its gearbox production capacity with a new smart factory project [39]. - Guoda Special Materials is focusing on integrated supply for gearbox components and has seen significant revenue growth, with a 187% increase in gearbox component revenue in 2024 [44]. - Delijia is positioned as a leading manufacturer in the wind gearbox sector, with plans for an IPO and significant market share in both global and Chinese markets [50].