德力佳（603092）：注册制新股纵览 20251021：风电齿轮箱龙头企业

Investment Rating - The report assigns a neutral investment rating to the company, with an AHP score of 1.99, placing it in the 26.9% percentile of the non-technology innovation system AHP model [2][5]. Core Insights - The company, Delijia, is a leading manufacturer of wind turbine gearboxes, ranking third globally and second in China, with a market share of 10.36% in the global wind gearbox market and 16.22% in the Chinese market as of 2024 [7][8]. - Delijia is actively promoting the domestic substitution of wind turbine bearings, which has led to improved profit margins and strengthened relationships with upstream manufacturers [13]. - The wind power market is expanding steadily, with a projected growth in the global wind gearbox market from $5.827 billion in 2024 to $8.370 billion by 2030, driven by the trend towards larger wind turbines [15][16]. Summary by Sections AHP Score and Expected Allocation Ratio - Delijia's AHP score, adjusted for liquidity premium factors, is 1.99, indicating a mid-to-upper tier position in the market [5][6]. Company Highlights and Features - Delijia was founded in 2017 and has rapidly developed into a market leader by acquiring assets from SANY Heavy Energy and capitalizing on the industry's "rush installation" trend [7]. - The company has a comprehensive product range, covering both doubly-fed and semi-direct drive technologies, with a significant focus on high-speed transmission products, which accounted for 67% of revenue in the first half of 2025 [8][12]. - Delijia has secured over 6 billion yuan in orders for offshore wind turbine gearboxes, indicating strong growth potential in this segment [14]. Financial Comparison with Peers - Delijia's revenue and profit levels are positioned in the mid-range compared to comparable companies, with a TTM average P/E ratio of 25.82X for peers, while Delijia's industry P/E ratio stands at 44.10X [17][18]. - The company has seen a significant increase in revenue, achieving 24.85 billion yuan in the first half of 2025, a year-on-year growth of 81% [18]. Investment Projects and Development Vision - Delijia plans to use the proceeds from its IPO to fund projects aimed at increasing production capacity for large wind turbine gearboxes, including a project in Shantou with an investment of 2.525 billion yuan [29][30].